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EURUSD – Euro/dollar consolidates after gap higher
The EURUSD consolidated last week following the surge and gap higher at last week’s open. Price is currently having trouble moving up past 1.0905 key resistance and may rotate lower from here. We are watching for downside pull backs to be a buyer, to trade in-line with recent bullish momentum. The gap area from last week will likely act as support if price does pull back this week.
GBPUSD – Sterling/dollar surging higher
After a strong surge higher the week before last, the GBPUSD broke higher again last week after several days of consolidation. As we discussed in our members area last week, traders not already long can still watch for pull backs ideally followed by a price action buy signal on the 1 hr, 4 hr or daily charts to get long. We are watching 1.2755 near-term support as the key support – buy area this week if price pulls back.
AUDUSD – Aussie/dollar sells off from key resistance
Following the recent price action in the AUDUSD, we are initiating a short bias under 0.7611 handle, which is now a strong containment level for prices. The longer-term view is showing major resistance overhead up near 0.7750 area, a level that has contained the market in recent months. The market has been grinding lower over the last month or so and continues to sell-off after each attempt at a rally. This week, prices have pierced the 0.7472 level (recent swing low) and the market remains bearish. From here, whilst price remains contained under 0.7611 resistance, we will look to be short-selling AUDUSD on any price strength with downside targets near 0.7420 – 0.7450 area. Check our members daily trade setups newsletter for updates on AUDUSD.
Gold – Gold pulls back to support, forms inside bars
After continuing higher recently, in-line with the overall uptrend, Gold pulled back last week and formed an inside bar pattern late last week just above 1260.00 support. It’s a potential buying opportunity if price breaks out past the mother bar high. Keep in mind, however, support runs from current levels down to 1240.00 and we can also look to buy within that support zone if this inside bar pattern fails to break higher. Also, watch for a potential bullish fakey pattern to form if price initially breaks lower from this inside bar pattern.
S&P500 – S&P500 moves higher, looking to buy on pull back
The S&P500 gapped higher to start last week and consolidated after that and is now threatening to potentially rotate lower. If price pulls back to the downside this week, we will watch last week’s gap area as a near-term support / buy area to potentially get long. We are looking to buy on weakness whilst above 2317.00 key support.
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