Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here
EURUSD – Euro/dollar consolidates after surge higher, looking for pull back to buy
The EURUSD consolidated last week after it’s strong run higher in previous weeks. The trend is still up and we are still looking for a deeper pull back to get long, in-line with the uptrend. We are watching for buying opportunities down near 1.1075 to 1.1020 near-term support this week and we remain bullish whilst prices are above 1.0830 key support level.
AUDUSD – Aussie/dollar stays contained under resistance
The AUDUSD moved slightly lower last week, forming a bearish pin on the week, in-line with the bearish pin bar sell signal we discussed on Tuesday in our members commentary. If price holds under 0.7522 this week, we would expect to see more downside movement. Initial target at 0.7328, if that breaks, 0.7165 is the next support / target area. A close above 0.7522 would nullify our bearish bias for now.
GBPUSD – Sterling/dollar pulls back into support zone
The GBPUSD sold-off on Friday, entering the near-term support zone between 1.2828 and 1.2755; an area we have been looking to buy from recently. We are watching this downward pull back as a potential buying opportunity whilst price is above 1.2570 key support. We need to see a clear buy signal on the 4 hour or daily chart however, before entering long. If we don’t get a signal in the current support zone near 1.2755 – 1.2828, we will remain patient and watch for one closer down near 1.2570 area. Check our members trade setups newsletter this week for updates.
S&P500 – S&P500 hits fresh highs
The S&P500 continues to surge higher, in-line with the overall uptrend, notice last week it ended near fresh all-time highs. We can watch for any pull backs in the coming days to get long, in-line with the trend, whilst above 2320.00 area. Ideally, look to enter on a 1hr, 4hr or daily chart buy signal after a rotation lower.
Gold – Gold continues to gain ground after breakout
After breaking out and moving easily above 1240.00 resistance a couple weeks ago, Gold has continued to move higher, grinding modestly higher last week but ending near the week’s high. Momentum is clearly still bullish and we can watch for pull backs to support to get long this week. The key support / buy area this week is down near 1240.00 support but we can also look to get long above that level if an obvious 1 hour, 4 hour or daily chart price action buy signal forms after some downward movement (weakness).
Want More Trade Setups Ideas & Analysis? In the members’ daily trade setups newsletter, we discuss potential trade setups and provide detailed chart analysis on Currency Pairs, Commodities, Stock Indices and more. For more information click here.