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EURUSD – Euro/dollar hits key support area, potential buy setup
We remain bullish on the EURUSD as we have been in recent weeks, in-line with the overall uptrend. Notice that price pulled back to 1.1660 key support level last week and bounced from that level on Friday, forming a bullish tailed bar and also creating a false break of 1.1715. This 1.1660 is an existing event area, notice the bullish tailed bars that led to up-moves from this level back in August. Traders can look to get long this week whilst price is above 1.1660, targeting a move potentially back up to recent highs near 1.1900 or possibly 1.2090 area.
AUDUSD – Aussie/dollar trying to find support near current levels
The AUDUSD has been in the midst of a decent pull back to the downside in recent weeks, within the structure of the overall uptrend. Price moved down to 0.7755 key support last week, briefly dipping under that level on Friday but bouncing higher into the close to form a small false-break there. The market is clearly trying to find its footing here and we are on the lookout for longs this week near this support. Price needs to hold above 0.7755 this week but as long as it does we are actively looking to buy near current levels.
GBPUSD – Sterling/dollar rotates down towards key support level
In light of the recent sell-off we’ve seen in the GBPUSD and how it sliced right through 1.3260, we are taking a more neutral stance on this market this week. However, there is still swing support at 1.2850 and we can indeed look to buy near that level if a strong 4 hour or daily chart buy signal forms near or just above there this week. More aggressive traders could also potentially consider selling at 1.3260 resistance IF a clear and obvious bearish 4 hour or daily chart reversal signal formed there.
GOLD – Gold firms up after recent decline, will it move higher from here?
Despite its recent crash back to support levels, Gold has seemed to find some footing late last week down near current levels and off 1260.00 support. We are focused on the 1276.00 level this week, as we have been in recent weeks. Since price moved under this level, we will now need to see it re-claim 1276.00 this week, before we commit to longs. We remain bullish above 1276.00 and we prefer to see a buy signal after price reconnects and holds above that level, before getting long. Stay tuned to our daily members market commentary for ongoing updates on Gold.
OIL – Crude Oil pulls back towards key support levels
The Crude Oil market has moved higher in recent weeks but is overall in a longer-term sideways type of trend. We see support between 49.50 – 47.50 and we can see price is approaching this zone as the market corrected lower last week. Following this pull back, we are looking for longs whilst prices remain atop 47.50 support, but we must see a bullish price action buy signal before we confirm a long entry. We could see a move back up to 52.00 resistance if the market regains its footing this week, but don’t expect a major trend move as the chart is sideways overall.
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