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EURUSD – Euro/dollar uptrend intact, price nearing support
The EURUSD briefly dipped down last Thursday after a bearish pin bar on Wednesday, however prices mildly recovered into Friday, and we closed the week above support at 1.1100. We remain bullish above the support at 1.1100 and 1.0900 on the daily chart and we will be watching for a clear price action buy signal to get long. Price is nearing long-term key resistance overhead at 1.1400 – 1.1600 on the weekly chart, so that would be the target for this upward swing and at that point we might consider selling short. Check our members commentary throughout the week for daily updates on the EURUSD as the price action unfolds.
USDJPY – Dollar/yen weekly chart showing bullish reversals
The USDJPY bounced aggressively from 109.10 support last Thursday and reconnected through 110.00 key level. Price is currently stuck in a trading range between 109.00 and 112-114.00 resistance area. The weekly chart shows two consecutive bullish tailed bars indicating we may see some temporary upside move in the USDJPY if we can remain above 109.00 recent low. This week, aggressive traders may look to buy around 110.00 and ride the market up to 112-114.00 area at the top of range, we may then see sell signals in that resistance area. We will update members as price action unfolds.
AUDUSD – Aussie/dollar remains firm but plenty of resistance overhead
The AUDUSD showed signs of reversing at 0.7600 resistance mid-week last week but on Friday price moved higher again, closing just above that level. We will have to wait and see what develops here but we could see price try to re-test key resistance near the top of the current trading range at 0.7750 before rotating significantly lower. Whilst prices are bullish in the short-term, the mid-term chart remains in a clear trading range, and we still remain slightly more bearish due to overhead resistance levels.
Gold – Gold rotates lower but key support levels coming into play
Gold has rotated lower the last three days after several bearish price bar formations on the daily chart. Whilst price is pulling back, we must remember the chart remains in a technical uptrend, so we want to watch now for buying opportunities. We can watch for buying opportunities this week between 1245 – 1225. Looking at the longer-term chart we can see a gentle upward trend with lower lows, so expect that swinging uptrend to continue until major support at 1120-1180 fails.
SPI200 – Australian Stock Index still contained under overhead resistance
Last week we suggested being a seller of the SPI200 up near 5800 resistance. This week, the line in the sand remains the resistance at 5800. Look to be a seller on strength between 5750 – 5800 area, and look for a potential rotation back down into 5660 support area.
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