GBP/USD – sterling/dollar inside bar setup could lead to move higher
The price action in the GBP/USD recently shows us that this market has been holding above a key support level at 1.2335. Notice last Friday an inside bar pattern formed on the daily chart time frame as price remains buoyant above the aforementioned support. If price breaks higher from this inside bar setup, there is very little resistance until the 1.2850 area, so we could see a nice move higher. The short-term view is bullish above the core support at 1.2335, which is the line in the sand right now for bulls. Watch for the breakout of the inside bar early this week.
S&P500 – U.S. stock market keeps gaining ground
The S&P500 is in an extremely strong uptrend right now, and as we know from recent history, these upward legs can last far longer than people tend to think, so avoid being on the short side whilst the uptrend remains intact. Savvy traders need to be opportunistic and use any price weakness as a buying opportunity, watch for pullbacks to the 8 or 21 day ema. You may not see a clean price action buy signal, so the more experienced trader may elect for a blind entry (entry with no price pattern as entry signal) at relevant support levels.
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AUD/USD – Aussie/dollar retraces, but bears in control
After failing at major resistance at 0.7800, the AUD/USD has fallen lower and subsequently given up the 0.7440 level as well as 0.7500 to 0.7565 core support zone. The short-term dynamics have now turned bearish in this market. We would be sellers if price moved towards that 0.7500-0.7565 resistance area or on a clear price action sell signal. We will be waiting for prices to stage a short-term bounce and we will then look to aggressively sell short. Traders can keep an eye on the 4 hour or daily chart for price action sell signals in the short term.
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