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EURUSD – Euro/dollar consolidates but uptrend intact
The EURUSD consolidated last week as we can see below on the daily chart. However, this market is in the midst of a strong uptrend with a lot of bullish momentum behind it and we see no reason for that to change this week. We are looking for a pullback before buying with close focus being paid to the 21 day exponential moving average (blue line) and the support / value zone between 1.2090 to 1.1950. We will be looking for 1 hour, 4 hour or daily chart price action buy signals this week on any weakness whilst price is trading within or above that support zone.
GBPUSD – Sterling/dollar moves higher, looking to buy pullbacks
The GBPUSD moved higher last week despite a bearish pin bar that formed on Wednesday. We see the potential for more gains in the coming days and weeks in this market and as a result, we are still looking to buy it. Traders should watch support / value down near 1.3600 – 1.3650 for buying opportunities this week on a pullback. We may also consider buying above that zone on weakness and a clear price action confirmation entry signal.
Oil – Crude Oil pulls back slightly, bullish trend intact
Crude Oil rotated slightly lower last week within the overall long-term uptrend this market is in. Momentum and trajectory remain very bullish and although there was a small bullish pin on Friday, it’s not really in the right location for us to commit to a new long position just yet. We are looking for a pullback to 61.00 – 59.00 support area to buy on weakness and rejoin this uptrend form value support. Stay tuned to our members daily trade setups commentary for ongoing updates on Crude Oil and other commodities.
Gold – Gold consolidating within broader uptrend
Last week, Gold consolidated within the overall bullish trend this market is in. Our views remain unchanged from recent weeks; we are looking to get long Gold on a price action signal after a pullback or a blind entry at 1306.00 key support level.
S&P500 – S&P500 continues to push higher and higher
As per recent weeks and months, the S&P500 just kept going last week with only a minor pullback. However, the current swing higher is likely due for a retrace to support at some point in the near-future. As such, we will be waiting for a pullback and price action signal near support before getting long. The closest and most obvious support is down near 2698 area and we would prefer to see a decent pullback to near that support before considering fresh long entries.
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