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NIAL FULLER
Professional Trader, Author & Trading Coach

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EURUSD – Euro/dollar bulls and bears battling at key resistance area

Following a strong run higher in recent weeks, the EURUSD is showing indecision up at the key resistance area near 1.0770 – 1.0875. Bulls and bears are clearly battling here and we will need to wait for the price action to develop to see who wins. We give preference to the overall downtrend and remain slightly more bearish whilst under 1.0875, but we will wait for a clear signal to develop before initiating any new positions this week. Check our members daily trade setups commentary for updates on the EURUSD.

GBPUSD – Sterling/dollar approaching key support

The GBPUSD held above the support we mentioned last week, near 1.2400 – 1.2435.  Note the prior inside bar breakout near that 1.2400 level; that is an event area and now the line in sand for buyers. If we hold there, expect prices to rotate back up to 1.2700 and beyond, but we expect this pair to continue to swing intra-week as the price has been volatile. We favor the upside this week unless price fails and closes under 1.2400 convincingly.

USDJPY – Dollar/yen weakens, floundering at key support

The recent downtrend we’ve seen in the USDJPY over this current swing lower, remains intact. We see 113.80 as the short-term resistance, and whilst price is below that level we can look to sell. This market is sitting just above 112.50 major support, and if we break and close through this region it’s logical to assume prices will collapse in the short-term, into the next relevant support nearer to 110.90.

AUDUSD – Aussie/dollar surges higher from inside bar pattern

In the AUDUSD last week, price broke up from an inside bar pattern on Thursday and took out the key 0.7606 level that we mentioned last week in our commentary. Last week’s lows at 0.7520-40 are significant in the short-term as the bulls have control above that support. Price can easily trade up into key resistance overhead near 0.7735 before experiencing any sell pressure. This week, traders could play longs from 0.7520-40 support and shorts from 0.7735-0.7800 region. We will update members accordingly in our daily members market commentaries.

Gold – Gold looking primed for a breakout

Gold prices have found a nice bottom again at $1180 area in the last two weeks, and they’re already up and knocking on the door of $1220.00 resistance. Price should remain buoyant and we could see further upside into $1250.00 this week and potentially $1300.00 in coming weeks. The market looks to have enough momentum to trade $50 to $100 higher in a short space of time. Whilst above recent lows $1180.00, traders can look to buy weakness if and where possible this week.

S&P500 – S&P500 bulls remain in control

On Friday, the S&P500 broke higher, in-line with our last weekly commentary in which we discussed the potential for more upside in this market. Prices remain very buoyant here, near the all-time highs, with no end in sight for the uptrend. Traders can still look to buy the dips whilst above support down near 2227.00.

SPI200 – Australian stock index potential buying opportunity

The SPI200 continues to be firm in the context of the overall uptrend this market has been in for months now. We called it long at support recently, at prior week’s lows around 5555, not a bad trade for those who had the guts to fade (trade against most recent market direction) the sell-off and go long. That 5555 level remains the line in the sand for bulls; above this level and the market can facilitate higher prices to the overhead recent resistance at 5666 area.

Want More Trade Setups Analysis ? In the members’ daily trade setups newsletter we discuss potential trade setups and provide detailed chart analysis on Currency Pairs, Commodities, Stock Indices and more. For more information click here.

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial's Professional Forex Course here.

Recent

  1. Petrus July 31, 2017 at 3:15 pm

    Thank you.
    I would like to know your advice or suggestion on how swing traders who are using daily time frame dealing with gapping up or down that usually happen on Monday.

    Reply
  2. Samuel July 31, 2017 at 11:57 am

    Great analysis.. your insight into the market is always refreshing. Keep it up Neil

    Reply

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