GBPUSD – Sterling/dollar fakey pin bar buy signal
The GBPUSD has remained buoyant recently and price formed a pin bar fakey combo signal last week after price closed above 1.5660resistance. We see the potential for price to continue higher from this buy signal this week and those traders not already long per our recent commentaries can look for a long entry this week.
EURUSD – Euro/dollar surging higher
The EURUSD surged higher last week and price is now approaching key resistance up near 1.1435. If price closes above this resistance it will open the door for further upside movement and we will watch for price action buy signals on rotations lower this week. We also need to keep an eye out for obvious price action sell signals near that key 1.1435 as price could sell-off from there and rotate back down into this trading range.
AUDUSD – Aussie/dollar falling lower
The AUDUSD has been slowly grinding lower over the last seven days, and this is following a large bullish reversal bar that we saw form on August 12th. If price stays buoyant above support at 0.7215 – 0.7235 there’s potential for upside movement or sideways consolidation, but if we fall under that support it will open the door for further downside in this pair.
USDJPY – Dollar/yen bears take control.
The USDJPY fell significantly lower last week, closing the week well below 123.00 support. We have a more bearish stance on this market currently, at least for this week, and we will watch for price action sell signals this week on the 1 hour, 4 hour or daily chart time frame.
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