USD/JPY – dollar/yen continues lower after bearish price action
A huge bearish reversal formed on Wednesday in the USD/JPY. This came following the pin bar sell signal from September 14th which we discussed extensively shortly after it formed in our members’ daily trade setups newsletter.
We expect more downside in this pair and those who missed this trade can watch for upside retraces (strength) to get short.
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Gold – gold remains buoyant
The gold market is in a long-tern uptrend and we continue to look to be buyers from support levels on pullbacks to them. Gold pushed higher last week from the key support area near 1310.00 – 1300.00 that we have been discussing for months now as a buy area. This week, traders can look for buying opportunities down near that 1310.00 – 1300.00 if price rotates down to it.
Crude Oil – crude oil falls from resistance
Crude oil continues to swing back and forth between key support and resistance levels. We were looking to sell somewhere in the resistance zone between 44.40 – 46.40 recently and we can see in the daily chart below that price moved up just about exactly to 46.40 resistance last week before reversing and falling significantly lower from there into Friday’s close. We are still looking to sell crude oil in the near-term and traders can watch strength this week for opportunities to be a seller up near resistance.
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