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Gold – Bullish pin bar fakey combo signal could lead to upside breakout in Gold
Gold has been trending higher in recent weeks and we can see in the chart below that most recently it was consolidating near 1300.00 key resistance. Last week, price formed a false-break of this consolidation as well as 1280.00 support, which resulted in the formation of a bullish fakey pattern. We see this pattern as a signal that price may breakout to the upside soon and continue moving higher, in-line with the recent uptrend. Traders can look to buy this week whilst prices are above the low of Friday’s pin bar / fakey bar.
EURUSD – Euro/dollar pops higher as uptrend continues
The EURUSD broke higher last Friday from an inside bar pattern that formed earlier last week. We did discuss looking to buy this pair from ‘current levels’ in our August 21st weekly market outlook, so hopefully some of you got on board. The trend is still up and we see short-term support at 1.1688 once again and we can look to buy on any weakness – we remain bullish above 1.1450 – 1.1300 key support zone.
AUDUSD – Aussie/dollar setting up for another potential swing higher
The AUDUSD has retraced lower over the last three 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. If you look at the weekly chart, you will notice a bullish pin bar that formed the week before last week, 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. Note the inside pin that formed last week too, and stay tuned to our daily members market commentaries throughout the week for updates on the AUDUSD.
USDCAD – Dollar/Cad downtrend set to continue
There is a solid downtrend in place in the USDCAD, as we can see in the daily chart below. If support at 1.2413 breaks, we could see much lower prices in the coming weeks. Traders can look for sell signals on strength this week, in order to rejoin the downtrend from resistance. Take note of the near-term resistance up at 1.2760 area; we are looking to sell near that level or just below on a 1hr, 4hr or daily chart price action signal this week.
S&P500 – S&P Stock Index retraces to resistance, will it fall?
Last week, 2450.00 was the resistance / sell level we discussed in the S&P500. Price hovered around that level all week last week after retracing up to it, forming a small bearish pin bar on Friday. We could see price rotate down into 2400 in the coming weeks, where would then look for buy signals.
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