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EURUSD – Euro/dollar downtrend carries on
The EURUSD fell lower again last week as the downtrend that has been in place for about the last month, continued. We are looking to trade in-line with this downtrend this week so our plan of action is to look to sell strength / retraces higher whilst price is contained below key resistance. Traders can watch for price action sell signals this week up near 1.1822 resistance or the 21 day ema (blue level) to get short, in-line with the downtrend. Check in with our daily members trade setups newsletter throughout the week for on-going EURUSD updates.
USDJPY – Dollar/yen remains in uptrend after break of key level
The trend is up in the USDJPY after a strong break and close above 107.80 several weeks back. Price rotated lower late last week, within the uptrend, and is now approaching the key support area between 108.60 – 107.80. This week, we are looking to buy within that support area on a price action buy signal on the 1 hour, 4 hour or daily chart time frame, to get long and trade in-line with the uptrend. We remain bullish whilst above 107.80.
OIL – Crude Oil pulling back within broader uptrend
As we have discussed in recent months, the Crude Oil market is and has been in an uptrend for several months now. Last week, price rotated lower / retraced lower within this uptrend, and we are viewing this pull back in price a strong potential buying opportunity to get long, in-line with the trend. Support is clearly down between 66.60 – 65.60 area and we will look to buy near there this week, ideally on a price action buy signal on the 1 hour, 4 hour or daily chart chart, however, more advanced traders may consider a blind entry this week near the aforementioned support area. The chart structure remains bullish.
GOLD – Gold chart shifts to bearish structure after break through support
Following a break and close below previous key support near 1300 area, Gold has shifted from a sideways trading range structure to a near-term downtrend, and we are looking to sell as a result, as we discussed last week too. We see resistance up between 1305 – 1325 area and price should struggle here in the short-term. We are looking to be a seller on strength this week on a 1 hour, 4 hour or daily chart sell signal. Prices could roll-over and re-test 1264 – 1236 in the days / weeks ahead if this current downward leg is sustained.
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