EUR/USD – euro/dollar continues to weaken
The EUR/USD has been in a downtrend for several weeks now as we can see in the daily chart below. Prices have been subdued following the Brexit vote and we expect more losses in the coming days. The EUR/USD fell further away from key overhead resistance at 1.1130 last week, continuing the bearish momentum we have seen in recent weeks. This week, we remain very bearish on this pair and we will watch any intra-day pullbacks to the upside (strength) for price action selling opportunities whilst price is contained under that 1.1130 level.
GBP/USD – sterling/dollar remains subdued under resistance
The GBP/USD has continued to remain subdued following the huge sell-off after the Brexit results several weeks back. Prices have been floundering near recent lows and appear to be held well in check under 1.3480 key near-term resistance. We remain very bearish on this pair this week whilst under that 1.3480 level and we will be watching for price action sell signals on the 1 hr, 4 hr or daily chart time frame on any strength under that resistance to rejoin the downtrend.
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S&P500 – the S&P500 bull market continues
A bull market is clearly in place in the S&P500 and we remain very bullish on it. Last week, price basically just consolidated (moved sideways) near the recent new all-time highs after breaking up through the previous highs near 2130.00. This week, we see core support near the old recent highs at 2120-30 area; that area is now a key near-term support zone and a strong area to look to buy from. We are watching for any short-term weakness in prices this week to consider getting long (buying) from that area to rejoin this up-trending market.
Gold – gold uptrend remains intact
Gold has been in a sustained uptrend recently, despite the rotation lower / pullback we have seen over the last couple of weeks. We see this as a counter-trend move that may be reaching its termination point soon with 1300.00 key support coming in close below. For the gold market this week, 1300.00 support will be a very important level to watch as prices continue to hover just above it. Traders should watch the price action closely at 1300.00 and just above this week for a high-probability opportunity to re-join the uptrend 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