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EURUSD – Euro/dollar remains a buy near support levels
We remain bullish and looking to buy the EURUSD as this pair has remained buoyant above 1.1115 near-term support following its recent surge higher. This week, our plan of action is to look to buy dips until 1.1115 fails, meaning until price makes a decisive close under that level (if it does). Upside targets are the recent highs at resistance near 1.1295 area.
USDJPY – Dollar/yen remains strong, may move up to key resistance soon
We remain bullish on the USDJPY and looking to buy after the recent reversal off 109.00 long-term support. The market has sustained some upward momentum as we can see by last week’s price action which shows several bullish tailed bars on the daily time frame, suggesting prices may try to push higher into 112.00 area or possibly higher. As mentioned in last week’s members commentary, the weekly chart shows two successive bullish pin bars, which is further evidence price may head higher in the short term.
AUDUSD – Aussie/dollar under pressure below major resistance area
In what has been a low volatility period for the AUDUSD in recent weeks, we are currently neutral on this pair. Price remains pressured under 0.7633 and has rotated to as low as 0.7530 during last week’s session. However, after closing nicely up off the lows, this week we could see the market move either way, and we will be waiting for further price action to unfold before committing to a firmer view. Watch 0.7633-0.7735 area for sell signals as that is the most likely major resistance area to expect a major reversal. Check our members daily trade setups newsletter for ongoing updates on the AUDUSD.
GOLD – Gold bounces from core buy zone
After pulling back significantly in recent weeks, Gold prices bounced higher last week from the core buy-zone at $1245.00 – $1225.00 that we mentioned in our previous weekly market outlook. Those who are long can target a move back up into $1280.00 – $1300.00. The buy zone for this week remains around $1240.00 – $1255.00 area and we can continue to watch for buying opportunities near that area this week on any downward price movement.
SPI200 – Australian Stock Index remains contained below key resistance
The SPI200 price remains pressured under 5800.00 key resistance area and traders can continue to look to sell this market on any price strength whilst price remains contained beneath 5800.00. Check our members daily trade setups commentary for updates throughout the week on this and other markets.
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