Trading Setups / Chart in Focus:
AUDUSD – Aussie/dollar moves into key near-term resistance
The AUDUSD moved up into key near-term resistance at 0.9374 today, as we discussed as a potential in this week’s weekly price action outlook. Advanced price action traders may have entered short on a ‘blind sell entry’ near 0.9374. We are seeing an important containment area really from 0.9374 to about 0.9400, and as long as the market stays below that area on a closing basis, we could see prices move lower in the coming days.
Gold – Spot Gold moves higher but pares gains again
The spot Gold market continued higher today, moving up to a high of $1296 before backing off those highs into the close. As we discussed in our members trade setups forum yesterday, we wanted to give the pin bar sell signal from yesterday a bit of a wider stop. Following today’s bearish tailed bar and yesterday’s bearish pin bar, this market is still looking like it wants to fall; near-term momentum is still bearish. If price weakens from here and takes out the lows near $1270 in the coming days, we could see a larger move lower. However, should price continue retracing higher, we will still look to be sellers, but perhaps from a little further up should another price action sell signal form.