Euro/dollar is a potential sell underneath 1.1370
In recent weeks, the EUR/USD has moved up to the upper boundary of a long-term trading range between 1.1450 and 1.0800. Last week, the price showed clues that it may want to move lower after a pin bar reversal signal formed showing a reversal from the 1.1370 price area. The key level to watch this week is 1.1370; any trader looking to get short (sell) this pair can watch for the price to temporarily strengthen and then watch for selling opportunities up near the 1.1370 – 1.1340 area.
We would note that a convincing daily chart close above the high of the aforementioned pin bar at 1.1400, will nullify the bearish (downward) view.
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AUD/NZD – Aussie/kiwi pair continues to show strength
The AUD/NZD continues to be strong and we have been focused on the buy side of this pair since our discussion of it back on March 2nd. A look at the daily chart below will show you that a strong base of support has been built near 1.1050 in recent weeks. Therefore, our view is to continue to look to be buyers on any temporary pullback (weakness) whilst the price is about that 1.1050. We prefer to wait for a price action confirmation signal after such a pullback, before entering.
S&P500 USA Stock Index – continues to trend higher
The S&P500 has been in a strong uptrend now for weeks. We are looking to join the uptrend by looking for the price to temporarily retrace lower and form a price action buy signal near 2058, a near-term key support level. 2058 represents short-term ‘value’ or support as it intersects with the 21-day moving average and is also a horizontal price level.
This article was written by Nial 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 http://www.LearnToTradeTheMarket.com