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EURUSD – Euro/dollar bullish trend continues
The EURUSD moved slightly higher last week following a small pull back and two bullish tailed bars on Wednesday and Thursday. The next key resistance is not seen until up near 1.2045 area, so there’s plenty of room for this pair to keep moving higher. Traders can look for pull backs to horizontal support or to the 21 day ema for buying opportunities on the 1hr, 4hr or daily chart this week. We are watching 1.1615 – 1.1480 as the primary buy-zone this week and we remain bullish whilst above 1.1300.
AUDUSD – Aussie/dollar pulls back to support, forms bullish fakey pattern
The AUDUSD has retraced lower over the last two weeks, but the trend is still up and price has formed a fakey pattern as of last Friday, just above support at 0.7830. We could see price push higher this week following this fakey pattern and we remain aggressively bullish whilst above 0.7770 support. Be sure to check our daily trade setups newsletter for updates on the AUDUSD as the price action unfolds.
GBPUSD – Sterling/dollar pulls back to support
The GBPUSD has pulled back to just above 1.2930 support and consolidated there last week, indicating that the selling has paused for now and that we could see another swing higher soon. If price can gain traction here, we could see it push to the upside again and challenge the recent highs. However, if it keeps falling we would watch 1.2930 – 1.2820 for other buying opportunities. We remain bullish on this market and looking to buy from support levels this week.
GOLD – Gold explodes higher as bulls take over
Gold exploded higher last week following a pull back and bullish reversal at 1250.00 support, which we discussed as a potential buying opportunity in our members commentary last Wednesday. We could see price challenge 1300.00 in the coming days and anyone not already long can look to buy on another pull back in price this week, although ideally we would look to get long from near-term support at $1274.00 or $1250.00 area.
OIL – Crude Oil consolidates but remains buoyant
Crude oil dipped slightly lower last week but closed back within its recent consolidation range on Friday following a false breakout to the downside. We remain bullish on this market and can consider long entries near current levels down to $47.20 – $46.20. The next major resistance is not until up near 52.00 so there’s plenty of room for this market to move higher in the coming days.
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