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EURUSD – Euro/dollar rallies up into sell-zone, reverses
Last week, the EURUSD rallied up into the key resistance / sell-zone between 1.0530 – 1.0670 that we had been discussing recently in our commentaries. Note, the bearish pin bar reversal that formed within this zone last Friday as bears came back into the market and pushed it lower. This signal is in-line with the overall downtrend and if price can stay contained below the pin bar high, we could see lower prices in the days and weeks ahead.
GBPUSD – Sterling/dollar falls back under key support level
In the GBPUSD, 1.2335 was a key support level that we were discussing in our recent commentaries. Last week, price fell back under that level and remained under it all week. We can see on Friday, price tried to rally higher but ultimately stayed contained under that old support / new resistance at 1.2335. We could see lower prices in the coming days in this pair if bears can keep prices contained below 1.2335.
S&P500 – S&P approaching support / buy zone
The S&P500 uptrend continues to remain intact, but last week, prices did retreat a bit, approaching support levels. We are still looking to buy this market from support / value on pullbacks, and now that it is approaching 2212.00 – 2179.00 support zone we will keep a close eye out for price action buy signals to get long and re-join the uptrend. Check our daily trade setups newsletter throughout the week for potential buying opportunities on the S&P500.
Crude Oil – Crude Oil bullish trend continues
As we have discussed in our recent Crude Oil commentaries, this market has been in an uptrend and we have been looking to get long on pullbacks. We can see that last week prices pushed slightly higher and then just consolidated into the week’s end. Our views have not changed; we are still looking to get long on weakness / pullbacks to support. Keep an eye on $52.20 as the near-term support level to look to be a buyer from this week.
Gold – Gold hits key long-term support
Gold made a modest turn to the upside last week as it ran into a key support level near 1130.00, a level we have discussed in recent commentaries as a potential buying opportunity. At this point, we are remaining cautious buyers on Gold and will watch for a strong price action buy signal on the 4 hour or daily chart before initiating any positions. Stay tuned to our members area throughout the week for further updates on potential Gold trades.
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