AUD/USD – Aussie/dollar falls from pin bar reversal signal
The AUD/USD sold off on Friday following a bearish pin bar sell signal that formed up near resistance at the 0.7700 area. We have been bearish on this pair whilst under 0.7700 – 0.7750 resistance for weeks now and we could see more downside this week.
Anyone not already short can look for upside retraces to rejoin the bearish momentum this week.
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Gold – Gold remains buoyant above key support
Price bounced up from 1310 – 1300 key support in gold recently, a support area that we have been discussing as a buy-zone for weeks now in our recent gold commentaries. You will also notice that price is following through to the upside after a pin bar buy signal formed the week before last on the weekly chart time frame. Anyone not already long from this reversal can watch any near-term weakness this week to look to get long.
S&P500 – S&P sells off but plenty of support coming in below
We had recently been looking to buy weakness at 2150.00 – 2120.00 support area in the S&P500, but we have not seen any confirmation in that area. Following Friday’s large sell-off, we are still bullish overall but we are now waiting for signal at the next major support area of 2105.00 to 2065.00. For now, we will stand aside and wait to see how price action unfolds from here, if we spot a potential opportunity we will update members in the daily trade setups newsletter this week.
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 www.LearnToTradeTheMarket.com