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EURUSD – Euro/dollar bulls remain in control
The EURUSD moved higher last week as the uptrend continued with price easily moving and closing above 1.1712 key resistance. 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 any weakness or pull backs in price for buying opportunities on the 1hr, 4hr or daily chart. We are watching 1.1480 – 1.1300 as near-term support and we remain bullish whilst above 1.1300.
AUDUSD – Aussie/dollar remains buoyant as uptrend continues
The AUDUSD remains firm and gained more ground last week as the uptrend continued. Price 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, 0.7875 and the 21 day ema is near-term support and we are looking to buy near those areas or above if we get a price action entry signal following some weakness. The next key resistance / target area is up near 0.8162.
Gold – Gold surging up toward top of trading range
Gold surged higher last week, moving and closing above both 1244.00 and 1260.00 resistance levels, showing that bulls are clearly in control as this market continues to make its way up from the bottom of the trading range at key support near 1214.00. We remain bullish above 1244.00 support and can look to get long on any weakness this week, watching 1260.00 to 1244.00 as a buy-zone. There’s plenty of room to the upside with key resistance not until the recent swing highs at 1296.00 area.
OIL – Crude Oil in upward swing towards key 52.00
Crude Oil pushed significantly higher last week, closing above 47.20 , a level we had discussed in recent commentaries as resistance. We remain bullish on this market 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 – SPI200 Australian stock index remains range-bound
We reiterate the same analysis for the SPI200 as recent weeks as price remains overwhelmingly pressured under 5800. Traders can continue to look to sell short the SPI on any price strength whilst the market remains contained beneath 5800 major resistance. This strategy has paid off for traders over the past few weeks. Until a strong close above 5800, expect more downside back into 5600 levels.
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