EUR/USD – euro/dollar contained under key resistance
In our recent commentaries on the EUR/USD, we focused on a false breakout above 1.1450 resistance that occurred the week before last and that near-term momentum in this pair was bearish (moving downward). As a result, we are bearish in the near-term and while price is contained under 1.1450 – 1.1530 we see the potential for more downside movement and can look to be sellers should price form a price action signal on any temporary rally back toward 1.1420 – 1.1450 area. It’s important to note that an upward move and close above 1.1530 would invalidate our bearish view.
AUD/USD – Aussie/dollar continues to lose ground
The AUD/USD remains bearish (weak) and in line with our recent discussions of this pair we will continue to look for selling opportunities on any strength in price (upward movement) in the coming days and look for price action sell signals whilst under the 0.7490 key resistance level.
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S&P 500 – potential for more upside remains whilst above 2000.00
Recently, we have been discussing the importance of key support near 2000.00 in the S&P500 and that we were looking to buy on any weakness whilst above that support, ideally within the 2030.00 – 2000.00 range. We are still bullish (upward) biased on this market whilst above that key 2000.00 support level and we will look to buy on pullbacks to near 2000.00 this week ideally on a price action confirmation signal.
GOLD – gold continues to remain buoyant above key support levels
We remain solely focused on the buy side in gold and looking to buy it between 1260.00 – 1240.00 this week on any weakness down into that area. Traders can wait for a price action confirmation signal on the 1 hour, 4 hour or daily chart or they can consider a blind entry (entry without a price action signal as confirmation) within that support this week should price fall down into it.
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