EUR/USD – euro/dollar continues to lose ground
The EUR/USD sell-off continued last week as prices capitulated lower. Price is approaching a key support level down near the 1.0500 area, but we remain bearish on this pair and will watch for any strength this week to get short. Traders can watch the 8 / 21 day exponential moving average layer for selling opportunities, with the key sell-level being up near 1.0850; whilst under that level we remain aggressively bearish.
USD/JPY – dollar/yen bulls in control
As we have discussed in recent members market commentaries on the USD/JPY, the trend appears to have turned as the yen has weakened across the board. It looks like the USD/JPY found a short-term bottom and is now pushing firmly higher; note the large bullish pin bar where price reversed from lower to higher and closed above that level. We’ve had followed through to the upside and any short-term retrace lower could be a buying opportunity. We are looking to buy above 106.80 this week and traders can watch for buy signals on any near-term weakness, perhaps near the 8 / 21 day EMA dynamic resistance layer with plenty of upside potential in this pair.
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S&P500 – S&P500 bullish run continues
The S&P500 moved higher again last week as the bullish momentum following the U.S. election continues. Our views haven’t changed on this market; we are still looking to get long on weakness, ideally down near support around 2150.00 area to 2106.00 on a 1 hour, 4 hour or daily chart price action buy signal.
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