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EURUSD – Euro/dollar reverses and pushes higher from key support
The EURUSD is clearly oscillating within a defined trading range between 1.2520 resistance and the key support zone down between 1.2200 – 1.2160. We can see in the chart below, price bounced from that support zone last Thursday, continuing gains into Friday’s close. We see this as strong evidence that buyers are still very active and looking to buy at support levels. There’s plenty of room for price to move higher before key resistance comes back in up near 1.2520 area, so we are again looking to buy this week. Traders can watch for price action signals to get long on weakness / pullbacks at 1.2200 – 1.2160 or above; watch for signals on the 1-hour, 4-hour or daily chart time frame and stay tuned to our daily members trade setups newsletter for on-going EURUSD updates throughout the week.
S&P500 – U.S. Stocks setting up for another push higher after pin bar
The S&P500 rotated lower last week after reversing up near 2790 area early in the week, falling lower but forming a bullish pin bar reversal on Friday. Price bounced at support near 2666 – 2646 and the bullish pin bar that formed there on Friday could lead to a push higher this week, potentially to re-test that 2790 area or just below. Keep in mind, there’s still a lot of volatility in the major stock indices so as always, manage risk properly and make sure the risk reward makes sense. Any failure of last week’s low / pin bar low would nullify the bullish view for this week and open the door for more losses.
AUDUSD – Aussie/dollar bullish pin bar at support may lead to upside
The AUDUSD also sold-off early last week and finished on a stronger note, forming a bullish pin bar reversal at 0.7750 support. We could see price push higher this week following this pin bar, with resistance not seen until up near 0.7890 area. This potential buy signal is something traders can consider early this week whilst noting that a move below the pin’s low could lead to more losses and would nullify the bullish bias this week. Look for a trade exit / take profit up near 0.7890 area.
Crude Oil – Back-to-back bullish pin bars may lead to a move higher in Oil this week
Crude Oil remains in an overall / long-term uptrend as we have been discussing for months now in the commentary. Last week, price rotated lower / pulled-back early in the week, leading to double bullish pin bars on Thursday and Friday rejecting the 60.00 price level. We are bullish on this market whilst above 58.00 – 60.00 key support zone and will consider buying following these back-to-back bullish pin bars after the pull back to support. A failure of 58.00 to hold would cause us to reconsider our current bullish bias.
Gold – Gold forms a bullish pin bar buy signal at key support zone
Gold has been trading above key support near 1300.00 area in recent months, bouncing higher from it on recent pullbacks. Price hit that support zone again late last week, forming a nice looking bullish pin bar reversal there on Thursday. This substantial pin bar at key support near 1300 – 1308 could lead to higher prices this week so it’s something for traders to take serious notice of. Price is in a trading range, oscillating between 1300 support and resistance up near 1360 area, so currently we are near the bottom of the range at strong support with a clear signal to potentially buy and target the upper end of the range. Any move under 1300 / low of the pin bar would temporarily nullify our bullish view.
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