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EURUSD – Euro/dollar uptrend intact as price pulls back
The EURUSD began retracing lower last week following its latest swing higher within the overall uptrend that has been in place now for months. As we have discussed in recent weeks, we are still looking to buy this pair on weakness as it retraces lower to support / value areas. This week, we are watching support down near 1.1660 as the primary buy-area – we will be watching for strong 4 hour or daily chart price action signals to get long (buy) as price approaches that level. We remain bullish above 1.1450 – 1.1300 key support zone and stay tuned to our daily members market commentaries for further updates on the EURUSD this week as the price action plays out.
AUDUSD – Looking to buy Aussie/dollar on a pull back
The AUDUSD has consolidated and moved slightly higher over the last two weeks, following the bullish pin bar we saw three weeks back showing rejection of key support near 0.7800 which was also the previous resistance / breakout area. We see the potential for more upside in this market in the coming days and weeks and can continue to look buy on weakness this week whilst above 0.7750. We will continue to look to buy on pull backs this week whilst price is above 0.7750; watch the 1 hour, 4 hour and daily charts for price action buy signals to get long in-line with the uptrend.
USDCAD – Dollar/Cad downtrend continues after bearish reversal
There is a solid downtrend in place in the USDCAD, as we can see in the daily chart below. In our August 28th weekly market outlook, we mentioned that if support at 1.2413 breaks, we could see much lower prices in the coming weeks. Notice that price did close below that support last week following a strong bearish (downward) reversal in price after sellers came back in up near the 21 day exponential moving average (blue line on chart). Traders can look for sell signals on any upward retrace again this week, in order to rejoin the downtrend. We remain bearish whilst price is contained below resistance up at 1.2760 area.
Gold – Gold uptrend continues after fakey buy signal sees strong follow-through
As we discussed in our September 1st Gold commentary, the market exploded higher following the bullish fakey signal that formed back on August 25th. The Gold market is clearly in a strong uptrend and after the recent breakout above 1300.00 area key resistance, it’s looking like the trend is very healthy and could continue higher. Anyone who missed the recent fakey signal entry can continue to look to buy this market this week if we get a retrace lower, the primary area we are watching is near-term support near 1300.00 – 1297.00 but we remain aggressively bullish whilst above 1275.00 / the fakey pin bar low from August 25th. Stay tuned to our members daily trade setups newsletter this week for on-going updates on potential Gold trades.
S&P500 – S&P500 Index remains bullish as price bounces off support
The S&P500 bounced aggressively at 2420.00 support this week, finding some strong buying interest there after a recent downside retracement. The overall trend is still up and given the strong bounce from support last week, we are still more interested in the long / buy side. This week, we can watch retraces lower for price action buy signals whilst above 2400 to get long and trade in-line with the long-term uptrend.
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