Weekly Trade Setups: AUDUSD, OIL, GOLD and S&P500 Index

AUD/USD – aussie/dollar continues to lose ground

The AUD/USD has been in a sustained downtrend for several weeks now and we remain aggressively bearish (looking to sell) as we have been for three weeks now. Our focus this week in the AUD/USD is on looking to trade price action sell signals on the 1hr, 4hr or daily chart time frame on any price strength (upward movement). While price is contained under 0.7360 to the 0.7380 area, we feel that this market is highly likely to move lower. Of immediate interest this week is that we see 0.7250 acting as a potential resistance since this level failed mid-week last week and prices re-tested it on Friday and failed again. This market remains weak and we could see it falling lower and testing 0.7000 area very soon.

Oil – crude oil moves higher, but key resistance levels loom

Oil has staged an impressive recovery to the upside over the last few months, however, the long-term down trend can’t be ignored and we now find ourselves approaching major key levels or resistance / containment around $50 to $51, and again near $55. Traders should watch out for a major exhaustion move in prices up near those resistance levels that may lead to a bearish reversal signal at some point in the coming days and weeks ahead. Such an event could produce a $3 to $5 move lower as prices reverse off those major levels and take a breather. We would also look at being buyers at some point, but the nearest support worth considering to go long (buy) from is well below at $42.50 and isn’t relevant at this moment in time since it's so far away.

Gold – gold pulls back but a lot of support coming in below

Gold has pulled back to the downside considerably over the last couple of weeks following an impressive run higher. We remain bullish (looking to buy) on this market and we see a number of support levels to look to buy from not far below. The first support area to look for price action buy signals from this week is near support at 1240 - 1250 and then down near 1200 - 1225 area. We are waiting for a strong bullish price action buy signal and see the potential for bulls to take the price above 1300 at some point in the near future if support holds.

S&P500 – S&P500 still trading above key support levels

We are still bullish on the S&P500, in line with the longer term uptrend. In our commentaries recently, we have been focused on looking to buy between 2030.00 - 2000.00 as we see that range as a key support / value area. Whilst this support area holds, we will look to buy dips (weakness) down into it, and we would like to see a strong price action confirmation form before initiating a long position.

This article was written byNial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com