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EURUSD – Euro/dollar consolidates above key support zone
The EURUSD basically just consolidated last week, within the trading range structure between 1.2160 – 1.2520 we have been discussing in recent commentaries. We remain bullish on this market as the overall trend is up and price is trading above key support levels still. Traders can watch for a pull back into 1.2240 – 1.2160 support area this week and look for price action buy signals there or slightly above to get long. However, failure at that support would open the door for larger decline into 1.1900 area and would temporarily nullify our bullish bias.
GBPUSD – Sterling/dollar uptrend continues
The GBPUSD remains in an uptrend overall and price has risen higher in recent weeks after bouncing at 1.3760 support after a bullish pin bar there, as pictured below. We remain bullish on this market above the key support zone at 1.3760 – 1.3615 and traders can look for buy signals on a pullback whilst price is above that zone, watch the 21 day ema (blue level) for long signals as well. Stay tuned to our daily members trade setups newsletter for ongoing GBPUSD trade updates throughout this week.
Gold – Gold bounces higher from key support zone
The Gold market surged higher last week after bouncing up from the key support zone at 1306.00 – 1295.00 on Wednesday. We have been looking to buy at that zone in our recent commentaries following the multiple bullish reversals and pin bars that have formed there in recent weeks. Traders who may have missed the long entry at support can wait for a pull back this week to get long on a 1 hour, 4 hour or daily chart buy signal as we feel there is more upside potential in Gold in the coming weeks.
Crude Oil – Crude Oil surging higher from key support
Crude Oil moved higher again last week as the bulls continue to push price higher as it keeps bouncing at key support near 60.00 – 58.00 area. We remain bullish on this market and we will watch for pull backs this week to get long on a clear 1 hour, 4 hour or daily chart buy signal. We remain bullish whilst prices are above 58.00. Check our daily members market commentary throughout the week for updates on potential Oil trades.
S&P500 – S&P500 sells-off but key support zone coming in close below
The S&P500 sold-off last week as volatility picked up. We prefer to avoid shorts right now as the market has been prone to huge bullish reversals from lower levels in the last few years. We prefer to stick to the long-term uptrend as it’s paid off well for those patient enough to take on risk during these corrections. We are going to watch for long entries down near 2530 – 2488 this week if price pulls back further.
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