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EURUSD – Euro/dollar downtrend hits resistance zone after retrace
The EURUSD has been in a downtrend in recent weeks but last week it did rotate higher, within the downtrend. Price ran into a resistance level that we discussed in last week’s commentary, at 1.1820, late last week. If price holds under 1.1820 resistance this week, we could see the downtrend continue from near current levels. However, a close above 1.1820 opens the door for 1.2000 to be re-tested. Traders should watch closely for price action sell signals near current levels up to 1.2000 this week, to get short and trade in-line with the downtrend.
AUDUSD – Aussie/dollar reverses at key resistance zone
As we said last week, for the AUDUSD bears, it all depends on 0.7646 – 0.7750 resistance zone once again this week. Notice that price began pulling back from that area late last week after an early-week rally that took price up into it. We may well see the downtrend resume this week if price can stay contained under that resistance zone above. Watch for temporary strength to get short on a 1 hour, 4 hour or daily chart sell signal this week. Stay tuned to our daily members trade setups newsletter for more updates on potential AUDUSD trades this week.
USDJPY – Dollar/yen moves higher after reversing at key support area
After bouncing up from key support near 108.60 – 107.80 on June 1st, a buy-area we discussed in our May 28th commentary, the USDJPY continued to rally early last week but pulled back again slightly late in the week. We remain bullish above key support down near 108.60 – 107.80; the support area we were looking to buy from two weeks ago in our weekly outlook. Hopefully, some of you got long as price reversed there, but if not we can continue to watch for buying opportunities on weakness whilst above 107.80.
Crude Oil – Crude Oil hits key support zone after pull back
Crude Oil formed two bullish tailed bars within the 65.50 – 63.80 support / buy zone we discussed in last week’s commentary, moving slightly higher into the week’s end. We would ideally like to see a clearer buy signal on the 4-hour or daily chart in this support region this week and we will continue to monitor this market for buy signals within that support zone this week. Check our members daily commentary of updates on Crude.
S&P500 -S&P500 breaks higher as bullish momentum continues
The S&P500 pushed higher last week in agreement with our recent commentaries in which we were looking to be buyers, in-line with recent bullish momentum. Traders can look to get long again this week on any weakness either on a 1hr, 4hr or daily chart price action buy signal or a blind entry near 2674 to 2740.
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