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EURUSD – Euro/dollar consolidating at near-term support
The EURUSD rotated down to support near the 21 day ema and 1.1690 area last week. We remain bullish on this pair and we can see several bullish tailed bars have formed last week at this near-term support area. Aggressive traders may consider long entries near current levels but more conservative traders may want to wait for a larger pull back and more obvious buy signal before entering long. Key support is at 1.1450 and 1.1300 area and we remain bullish whilst above that support.
AUDUSD – Aussie/dollar pulls back to key support / previous breakout area
The AUDUSD has retraced lower over the last two weeks, but the trend is still up and price bounced up from 0.7830 last week – a level we discussed looking to buy from in our last weekly outlook. Notice the bullish pin bar that formed last week on the weekly chart below, this signal formed after a retrace down to the previous resistance / breakout near 0.7830 – 0.7748 which is now acting as key support. We see the potential for upside in this market in the coming days and weeks and can continue to look buy on weakness this week whilst above 0.7748.
GBPJPY – Sterling/yen continues to sell-off after pin bar signals
The GBJPY has been declining for weeks now and you will notice we got back to back bearish pin bars within the downtrend earlier last week. As we discussed in our daily members trade setups newsletter early last week, we can look to sell this pair on any near-term strength whilst under those pin highs and event area near 143.10, targeting support near 139.00.
S&P500 – S&P500 sells-off as volatility picks up
The S&P500 fell significantly lower last week after failing to close above recent all-time highs near 2480.00 the previous week. This week, short-term traders can look to sell short around 2450.00 resistance or buy from 2400.00 major support if there is a price action confirmation signal on 4 hour or daily charts. Stay tuned to our daily members market commentary for updates on the S&P500 this week.
Gold – Gold reverses at key resistance but uptrend clearly intact
Gold formed a bearish pin bar reversal up at key resistance near 1300.oo on Friday. Despite this bearish daily signal, the trend remains very bullish on this market and we are looking to buy it on pull backs to support; watch 1250.00-1267.00 near-term support as a strong buy-zone should price rotate down to it this week.
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