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Today is the French presidential election.. at the time of writing the analysis of the French election result was unknown, and that means increased volatility and that markets may make major movements in certain currencies and indices depending on the result, so traders should be prepared.
EURUSD – Euro/dollar surging higher
The EURUSD continued higher last week, showing that bulls are still in control as price closed above 1.0905 key resistance and is showing no signs of slowing down. Traders can watch for pullbacks to support near 1.0905 – 1.0830 for price action buy signals to rejoin the uptrend this week.
AUDUSD – Aussie/dollar bears push prices lower
The AUDUSD fell lower last week, as we discussed in our May 3rd commentary. We have been looking to sell this pair in light of its recent bearish trend and price action. We can watch for strength this week to get short and sell inline with the near term downtrend. Whilst under 0.7555 – 0.7611 key resistance zone we remain short-biased, check our members daily trade setups newsletter for updates on this market.
GBPUSD – Sterling/dollar remains firm
The GBPUSD pushed higher again late last week after a brief pause in the bullish momentum. As we have discussed recently, traders not already long can still watch for pullbacks ideally followed by a price action buy signal on the 1 hr, 4 hr or daily charts to get long. We are watching 1.2828 to 1.2755 near-term support to look to buy from on a rotation lower.
Crude – Crude Oil reverses, but will it move higher from here?
Crude Oil sold off last week but it appears as though an exhaustion move occurred on Friday with the large bullish reversal bar that formed. We could see price rally higher this week and more aggressive traders could consider a long entry near the 50% level of Friday’s reversal bar. Anther scenario, given the recent bearish momentum, is to watch for sell signals near 48.80 – 51.20 resistance area.
Long-term, the 43.00 level is a major support area and likely buy area to watch in coming days, look for price action around that level for speculative longs or aggressive traders may even consider a blind entry. Check the members’ commentary for daily updates on Crude Oil.
S&P500 – S&P500 uptrend continues
The S&P500 moved higher last week as price broke higher on Friday, in-line with the overall uptrend. Traders can watch for buying opportunities on any weakness this week. The market needs to rotate lower soon and there’s a big chance the gap up from a couple week’s ago will fill. We see that gap as near-term support at 2344 – 2350 and long-term key support is at 2324 and we are watching those areas to buy this week, in-line with the uptrend.
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