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EURUSD – Euro/dollar bulls push prices higher
The EURUSD exploded higher last week, in-line with our bullish bias that we have discussed in recent commentaries. We can watch for any retraces lower this week to get long, ideally on a 1 hour or 4 hour or daily chart buy signal. Notice the power of pull backs in-line with the existing market momentum as price pulled back recently to support at 1.0830 before exploding higher in-line with the existing upward momentum. Check our members daily trade setups newsletter for updates on the EURUSD and any potential buying opportunities this week.
AUDUSD – Aussie/dollar pushes higher, but resistance area approaches
The AUDUSD made up some recent lost ground last week after it retraced higher, ending the week just below 0.7470 resistance. If price can hold under 0.7470 in the near-term, we could see the recent downtrend continue early this week. However, if price continues higher and breaks above 0.7470 we could then see 0.7522 area tested in the coming days. We are looking to sell within the 0.7522 – 0.7610 zone on a price action signal this week, and we retain that view until price closes back above 0.7610.
GBPUSD – Sterling/dollar remaining buoyant
The GBPUSD moved higher last week, in-line with recent bullish momentum. Momentum and near-term daily trend are still up, so we could see more upside movement if price can get ignited here. Ideally, we will look to buy on a pullback to support at 1.2828 – 1.2755 with a price action entry confirmation signal.
Crude – Crude Oil surges higher, looking to buy on a pull back
Crude Oil took a turn to the upside last week breaking higher on Friday after several days of consolidating near 48.80. Bulls are clearly in control here and so we want to look to buy on a pull back to support this week, and we are watching 47.10 – 48.80 area as the primary buy zone. We will keep a close eye out for price action buy signals this week on any weakness / pull backs whilst above 47.10. Check our members’ commentary throughout the week for updates on Gold.
Gold – Gold bulls regain control
After a recent dramatic sell-off and retrace to the downside, Gold shot higher last week after breaking above 1240.00 resistance. Momentum is clearly up now and we can watch for pull backs to support to get long. We are watching 1240.00 – 1220.00 area support as the primary buy zone this week on any weakness.
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