Weekly Forex Trade Setups Commentary


Charts in Focus: EURUSD, GBPUSD, AUDUSD

The EURUSD has been trading within a range between 1.1270 support and 1.1500 resistance for about a month now. Price did show some rejection of support near 1.1270 last Friday, but it's not enough to get us interested in a long entry. We will continue to wait and see what price does this week and we will be looking for a price action sell signal up near 1.1500 resistance to rejoin the overall downtrend in this market.

EURUSD

In recent weeks, the GBPUSD has carved out a nice little uptrend and we can see that last week it moved up into the key resistance near 1.5500. We prefer to wait for price to pull back to support down between 1.5270 - 1.5200 where we would look for a price action buy signal. If price does retrace to that support, we will look at the 1 hour, 4 hour and daily chart time frames for a price action buy signal to get long and trade back up toward 1.5500 key resistance. 

GBPUSD

The AUDUSD has moved higher following the bullish reversal from the lows near 0.7650 on February 12th. We have been bullish biased on this market since the pin bar trade signal from February 3rd formed, which showed rejection of the key support level down near 0.7650 - 0.7625. We still see the potential for price to move up into 0.8030 key resistance. If price does pull back soon, anyone not already long can look for a buying opportunity down near 0.7750 - 0.7650 key support zone.

audusd

Post By Nial Fuller, Founder of Learn To Trade The Market.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD drops below 1.0800 after German Retail Sales data

EUR/USD drops below 1.0800 after German Retail Sales data

EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus. 

EUR/USD News

GBP/USD stays weak near 1.2600 amid market caution

GBP/USD stays weak near 1.2600 amid market caution

GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull. 

GBP/USD News

Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets

Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets

Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session. 

Gold News

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase. 

Read more

The other terminal rate: How far will policy rates be cut?

The other terminal rate: How far will policy rates be cut?

Recent communication by the Federal Reserve and the ECB has made it clear that the first cut in official interest rates is coming. Both central banks are saying the same but the ECB communication is more opaque than that of the Fed.

Read more

Majors

Cryptocurrencies

Signatures