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EURUSD – Euro/dollar uptrend intact
The EURUSD pulled back to the downside modestly late last week, but the upward trend and momentum are still intact and we are still bullish on this pair. Traders not already long from the May 30th pin bar on the daily chart can watch this pull back for 1 hour, 4 hour or daily chart buy signals to get long. In the short term, we remain bullish this week whilst above 1.1100 support area which is the low of the pin bar from May 30th.
AUDUSD – Aussie/dollar rises but still contained under key resistance
For the near-term, the AUDUSD is looking strong, but there’s plenty of resistance overhead at .7600 and 0.7750 so we don’t feel super comfortable buying here or just yet. We will remain short-biased and looking to sell whilst price is under 0.7600 resistance. We will update you guys accordingly in the members area if any signals form this week.
GBPUSD – Sterling/dollar sells-off but still above key support level
The GBPUSD sold-off on Friday on the back of the UK election results. This pair is still above key support near 1.2550-70 and that is where our attention is focused at this week. We remain slightly more bullish whilst above that level, however, a close under it would be a clear sign that bears have retaken control. Remain patient and check our members daily trade setups newsletter for daily updates on the GBPUSD.
Gold – Gold rotating down toward key support levels / buy areas
After a very strong run higher, Gold has rotated lower the last three days as we might expect. Price is pulling back within the uptrend, so we want to watch now for buying opportunities. We can watch for buying opportunities this week around 1245.00 support, or on a strong price action signal on the daily chart.
SPI200 – SPI200 Australian Stock Index looking weak in near-term
The SPI200 has remained under pressure on recent attempts to move higher; selling-off from 5800 resistance on the previous two attempts to push above it. In light of this price action, we are looking to get short on any rally towards that 5800 level, targeting 5620 support area or lower.
S&P500 – S&P500 remains buoyant
The S&P500 basically consolidated last week after the run higher from the pin bar we discussed on May 31st in our members daily commentary. We can watch for a pull back to the downside here to be a buyer; watch 2400 support as the nearest buy level this week, or slightly above, near 21 day ema.
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