The EURUSD tried to test resistance up between 1.1100 – 1.1200 on Friday, but bears stepped in and quickly pushed the market back lower. Price formed a pin bar signal after reversing from the bottom edge of the resistance zone between1.1100 – 1.1200. This week, traders can look to sell this market perhaps up near the 50% level of Friday’s pin bar or they may wait for an intraday (1 hour or 4hour chart) sell signal from up closer to 1.1100 area. We will remain bearish whilst price is contained under 1.1200 key resistance.
GBPUSD – Sterling/dollar remains buoyant
GBPUSD has remained buoyant recently, despite the weakness in the other major USD pairs. We are looking to be buyers of this market perhaps on a rotation down to near-term support at 1.5500 or slightly above, with a price action confirmation signal. We will remain bullish biased on this market whilst price is trading above 1.5330 key support.
AUDUSD – Aussie/dollar trading just above key support
Last week, the AUDUSD consolidated just above the key support level at 0.7250 and price is still trading just above that level currently. We don’t want to sell here, as we don’t want to sell right into that key long-term support, but the trend is still down and we are bearish on this market so we will wait and look for price action sell signals from higher prices. Traders can watch 0.7450 for price action selling opportunities this week if price retraces higher. A decisive break and close down under 0.7250 would also be a cause to look for sell signals on intraday charts or the daily chart.
USDJPY – Dollar/yen remains buoyant
The USDJPY remains a potential buy from key support down near 1.2250 – 1.2200 or just above on a 1 hour, 4 hour or daily chart buy signal.
Gold – Spot Gold weakness continues
The spot Gold market continues to remain very weak and we are still watching 1105.00 near-term resistance for 1 hr, 4hr or daily chart sell signals to get short and re-join the downtrend. If price rallies decisively above that level however, we will wait for it to potentially move back up to the key level near1140.00 – 1150.00 and look to sell from there.
Post by Nial Fuller, founder of learntotradethemarket.com
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