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EURUSD – Euro/dollar poised to push higher again
The EURUSD consolidated last week after reconnecting above 1.1875 overhead resistance the previous week (which is now support). As we discussed last week, we have changed our bias to bullish after price moved back above 1.1664 key support and we can see that since then, prices have soared significantly higher, taking out 1.1875 as previously mentioned. We will be looking to buy the pull backs whilst price holds above that 1.1664 level and we will be watching the zone between 1.1875 – 1.1664 this week to get long in-line with the overall uptrend. Stay tuned to our daily members trade setups commentary as we do like the EURUSD on the upside and will be looking for an entry.
Oil – Crude Oil uptrend continues, looking to buy near support
Crude Oil consolidated last week and the market remained buoyant within an overall uptrend. Price has surged significantly higher in recent weeks, breaking above key long-term resistance levels easily. As mentioned in last week’s commentary, we were watching for a pull back entry within the uptrend to get long and we continue with that approach for this week. Traders should watch support between 55.00 and 57.00 and look to buy near that area this week should price weaken and form a 1 hour, 4 hour or daily chart price action buy signal within or near that support zone. Stay tuned to our daily members commentary as we like Oil on the upside and will be looking for a buy entry this week.
GBPUSD – Sterling/dollar surges higher from pin bar signal
The GBPUSD surged higher last week following a pin bar signal and after a bounce higher from the key support level down at 1.3040 a few weeks ago. We have discussed the potential for higher prices in recent weeks if that 1.3040 level held, so we are remaining bullish as a result of the recent rally up from it. Price broke and closed well above 1.3340 last week and is still looking bullish. We are looking for pull backs this week to get long whilst price is above 1.3040 – 1.3340 and traders can watch for 1 hour, 4 hour or daily chart price action signals to get long this week on any weakness near or between that support zone. Stay tuned to our members area for on-going updates on the GBPUSD and potential trading opportunities.
AUDUSD – Aussie/dollar consolidating just above support
The AUDUSD firmed up at 0.7530 last week, potentially forming a short-term base of support there. We could see prices rally up to 0.7730 this week where we would need to observe the price action to determine if price will kick-off a larger up move or rotate lower again. Traders might like to sell 0.7730 short-term resistance, but any move above it will change the bias, stay tuned to the members area for updates throughout the week.
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