Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here
EURUSD – Euro/dollar bulls remain in control as uptrend continues
The EURUSD remained buoyant last week as the uptrend continued. Price did pull back slightly on Friday and we are now watching this pull back for a buying opportunity. 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 price to test either the 21 day EMA (blue level) or horizontal support near 1.1480 – 1.1300 and look for price action buy signals on the 1 hour, 4 hour or daily chart to rejoin the uptrend from value.
AUDUSD – Aussie/dollar pulls back, buying opportunity setting up
The AUDUSD has recently broken out from and closed above a major trading range it had been in for over a year, so we would expect price to continue to move higher in the coming weeks. This week, 0.7830 – 0.7770 zone and the 21 day EMA is near-term support and we are looking to buy near those areas if we get a price action entry signal following some weakness. The next key resistance / target area is up near 0.8162. Check our members daily trade setups newsletter for on-going updates as the price action unfolds this week.
Crude Oil – Crude Oil bullish run continues, looking to buy on a pull back
Crude oil consolidated last week but we remain bullish on it and can consider long entries on a pullback back to 47.20 – 46.20 area or just above. The next major resistance is not until up near 52.00 and we could see price test that key level in the coming weeks. Stay tuned to our daily members trade setups commentary for updates on Crude Oil this week.
SPI200 – Australian Stock Index remains contained under key resistance
Our recent analysis has yielded well for traders who have sold strength whilst prices remain contained beneath the 5800.00 containment level. We reiterate the same analysis as last week, price remains overwhelmingly pressured under 5800.00 and so traders can continue to look to sell short the SPI on any price strength whilst price remains contained beneath that major resistance. This strategy has paid off for traders over the past few weeks. Until a strong close above 5800.00, expect more downside back into 5600 levels.
S&P500 – S&P500 U.S. Stock Index remains in strong uptrend
Price remained buoyant last week as it consolidated just above the 21 day EMA, the uptrend is clearly still intact however. We could see a rotation lower this week, if that happens we will look to buy near 2436.00 area ideally on a 1hr 4hr or daily chart buy signal. We remain aggressively bullish whilst prices are above 2400.00 key support.
Want More Trade Setups Ideas & 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.