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EURUSD – Euro/dollar still contained under key resistance
The EURUSD fell lower last week, but recouped most losses into the week’s close after bouncing at 1.0520 key long-term support. We still favor the downside whilst prices are contained under 1.0800 – 1.0875 area resistance. This market seems a bit indecisive right now so we are in ‘hurry up and wait mode’ and will update members in the daily trade setups newsletter as the price action plays out this week.
GBPUSD – Sterling/dollar consolidating, grinding lower
The GBPUSD lost slight ground last week as nothing much materialized to the upside after two recent bullish pin bars at 1.2400 area support. This market seems to be slowly grinding lower, down into 1.2400 – 1.2350 support. We remain slightly bullish whilst above 1.2400 – 1.2350. However, a close below 1.2350 could increase the risk of a break lower. As of now, we are not initiating any new positions.
AUDUSD – Aussie/dollar bullish momentum continues
The AUDUSD tried to move higher last week, but it ran into key resistance up near 0.7730 before pulling back modestly late last week. We can see the recent uptrend is still intact and we will look to buy on weakness until the trend is invalidated. Traders can look to buy dips whilst we remain above recent swing lows at support near 0.7500 – 0.7520 area, targeting the recent range highs near 0.7730 – 0.7800. Stay tuned to our members daily commentary for updates on potential AUDUSD trade setups this week.
Gold – Gold remains buoyant, more upside possible
Gold prices remain buoyant and trending higher, as we have discussed in our recent commentaries. Notice that price tested 1220.00 last week before bouncing, signaling that bulls remain firmly in control. This week, we could see further upside into $1250.00 and potentially $1300.00 in the coming weeks. Whilst above $1180.00- $1220.00, traders can look to buy weakness if and where possible this week. Pay close attention for price action buy signals around 1220.00 support this week if we retrace lower.
S&P500 – Bulls remain in control of S&P500
Price pushed higher again last week, in-line with the uptrend in the S&P500. Prices remain very buoyant here, near the all-time highs, with no end in sight for the uptrend. Traders can still look to buy short-term price dips whilst prices remain above nearby key support near 2277.00 and 2300.00. We would much prefer to wait for a pull back in prices before committing to longs.
SPI200 – Australian stock index remains firm
In the SPI200 Australian Stock Index, prices moved all the way up to 5787.00 key resistance last week, a target area we discussed a couple weeks ago as possibly attainable. From here, overall, we still favor the upside / uptrend, and looking to buy pullbacks from support. This week, there is support at 5668 (resistance which was recently reclaimed , an area worth considering longs). Traders can target resistance at 5787.00 area.
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