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EURUSD – Looking to sell Euro/dollar whilst under key resistance
The EURUSD downtrend remains intact following last week’s rally and subsequent reversal at key resistance near 1.0855 – 1.0900. A look at the weekly EURUSD chart will show you a big bearish pin bar reversal formed last week, reflecting the bearishness in this pair right now. We will continue to look to sell whilst price is under that key resistance / containment area by watching for strength to get short. Traders should watch the 1 hour, 4 hour or daily charts for price action sell signals following any strength to get short.
GBPUSD – Sterling/dollar holding above key support level
After surging higher in recent weeks, the GBPUSD pulled back modestly last week, but is still remaining buoyant above the key near-term support level at 1.2335. That level is currently the line in the sand for bulls and we are looking to be a buyer whilst price is above it. Traders should continue to watch for price action buy signals whilst price is at or above that support level, and there’s upside potential into 1.2877 resistance area.
AUDUSD – Aussie/dollar a potential sell under 0.7505 key resistance
The AUDUSD has rallied back up to key near-term resistance at 0.7505 following a dramatic reversal and sell-off from 0.7735 key resistance back in early November. We are still looking to trade in-line with that bearish momentum and this recent retrace higher may be presenting us with a nice opportunity to do so. Traders can look to get short this week near current levels or closer to 0.7505 on any early strength. We remain bearish whilst prices remain under that 0.7505 key resistance level on a closing basis.
Oil – Crude Oil bulls in control
As we have discussed in recent commentaries, crude oil has surged higher recently after bottoming out down near 43.00. This market could hook higher in the short-term and we still favor looking to buy on the dips. Short-term support / potential buy level is down near 49.30 and we see potential for crude oil prices to test 52.00 and beyond if bulls can remain in control
Gold – Gold approaching key support area, watching for buying opportunities
Gold lost more ground last week as the entrenched downtrend continued. This market has fallen a long ways and is nearing weekly long-term support handle near 1130.00 – 1140.00, so we wouldn’t be keen sellers at these prices. Rather, we would look to be opportunistic at that 1130.00 – 1140.00 area and watch for convincing price action buy signals on the 4 hour or daily chart to confirm an entry. Stay tuned to the members’ daily commentary for updates on this market.
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