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