Reminder: Save 30% Off Nial Fuller's Pro Forex Trading Course & Daily Trade Setups Newsletter (Ends August 31st) -
Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

author thumb
By in Forex Trading Commentary on | 3 Comments
MEMBERSHIP SPECIAL: Until August 31st, Save 30% Off Life-Time Membership To Nial Fuller's Pro Trading Courses, Daily Trade Setups Newsletter & VIP Members Community - Click Here.

Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here

EURUSD – Euro/dollar continues moving higher, but nearing l0ng-term resistance

The EURUSD has been in a steady uptrend over the last four months as we can see below on the monthly chart view. However, price is quickly approaching a key resistance level up near 1.1720, which was a major turning point and the upper boundary of the current long-term trading range this pair has been in for over two years now. Price has been very strong as of late, so we still prefer to look to be buyers, but due to the approaching key resistance at 1.1720 and the even bigger level up near 1.2040, we will remain vigilant up near these resistance areas and keep our eyes out for any large bearish reversal bars that may signal an imminent retrace to the downside. For now, the play continues to be to look to buy on weakness (pull backs) to support levels, ideally on a 1 hour, 4 hour or daily chart buy signal. Stay tuned to our daily members market commentary for updates on the EURUSD as the price action unfolds.

GBPUSD – Sterling/dollar pulls back to support within uptrend

Last week, the GBPUSD retraced back down to support near 1.2930 area, forming an inside bar just above that level on Friday. This market has been in a pretty clear uptrend for the last few months, even more visible if you zoom out to the weekly chart, and the next key resistance / target area is not seen until up near 1.3375 area, so there’s plenty of room for the market to run higher. Traders can look for buy signals this week near current levels down to 1.2820 support area in order to get long and trade in-line with the uptrend. We remain bullish whilst above 1.2600 key support level.

AUDUSD – Aussie/dollar bullish run continues, looking to buy a pull back

The AUDUSD continued higher last week with a strong breakout up past 0.7835 resistance on Tuesday. That level now flips to support and we can look to buy from there this week, ideally on a 1 hour, 4 hour or daily chart price action confirmation signal. We can also look to buy from support levels further down; near 0.7712 and also the 21 day exponential moving average. We remain bullish whilst above 0.7570 key support and to the upside there is not much resistance until 0.8160 area.

Crude Oil – Crude Oil sells-off from key resistance level

Crude Oil reversed last Thursday at 47.20 key resistance, a level we have remained bearish under in our recent commentary discussions. We saw a small bearish tailed reversal bar form there followed by a strong move lower on Friday of last week, indicating that bears are still aggressively defending resistance in this market. This week, we can watch for a small move higher, back up 46.20 – 47.20 resistance zone to potential get short in anticipation of a larger downward move materializing. However, a strong close above 47.20 would at least temporarily negate our bearish bias.

S&P500 – S&P500 Index continues printing new highs as uptrend continues

Following our discussion of looking to buy the S&P500 on any weakness in our July 17th weekly market outlook, the market continued to move higher and hopefully some of you got long on the bullish pin bar that formed last Tuesday. Traders not already long can continue to look for pull backs to the downside in order to be a buyer from support to trade in-line with the uptrend in this market. We can watch the 21 day exponential moving average as well as 2436.00 support this week for buying opportunities on a pull back in price.

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.

MEMBERSHIP SPECIAL: Until August 31st, Save 30% Off Life-Time Membership To Nial Fuller's Pro Trading Courses, Daily Trade Setups Newsletter & VIP Members Community - Click Here.
author image

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial's Professional Forex Course here.

Recent

  1. Petrus July 31, 2017 at 3:15 pm

    Thank you.
    I would like to know your advice or suggestion on how swing traders who are using daily time frame dealing with gapping up or down that usually happen on Monday.

    Reply
  2. Samuel July 31, 2017 at 11:57 am

    Great analysis.. your insight into the market is always refreshing. Keep it up Neil

    Reply

Leave a Comment

Your email address will not be published. Required fields are marked *