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Crude Oil – Crude Oil consolidates after surging higher
Crude Oil consolidated last week after a push higher on Monday. Price has surged significantly higher in recent weeks, breaking above key long-term resistance levels easily. We are watching for a pull back to nearby support levels to be a buyer of this market. Watch 53.80 near-term support this week; whilst price is above or near that level we are watching for 1 hour 4 hour or daily chart price action signals to get long and trade in-line with the uptrend.
Gold – Gold consolidates but remains above key support
Gold moved slightly higher last week but has been consolidating overall for the past two weeks. Price continues to trade above 1260.00 key support and whilst it is above that level there’s potential for another move higher soon. Whilst above 1260.00 we can look for obvious buy signals, but beware that a break and close under 1260.00 could result in a price collapse. Overall, we are neutral on Gold this week and we could see more consolidation and choppy price action this week but will be on the lookout for obvious buy signals whilst above 1260.00.
AUDUSD – Aussie/dollar consolidates below near-term resistance
As discussed in recent weeks, we are currently bearish on the AUDUSD and looking for selling opportunities as a result of the recent bearish price action. Whilst price remains contained under the previous swing high at 0.7890 we will be looking to sell. Traders can look to sell on strength near or under 0.7730 this week, ideally on a 4 hour or daily chart price action signal. Check the members daily trade setups commentary throughout the week for AUDUSD trade updates.
EURUSD – Euro/dollar nearing potential sell-zone
The EURUSD remains in a downtrend on the daily chart time frame, so we are looking to trade short as we mentioned last week. Price retraced higher last week, moving up to 1.1660 resistance. However, we are not seeing any obvious sell signals just yet so we will wait and see what develops this week. Whilst price remains contained under the previous swing-high at 1.1860 we are going to be looking for sell signals on any further strength / upward movement. Traders can watch for these sell signals ideally on the 4 hour or daily chart time frame. We are also watching resistance near 1.1720 for price action sell signals this week. Stay tuned to the daily members market commentary for ongoing EURUSD updates.
USDJPY – Dollar/yen pulls back to support zone / potential buy area
The USDJPY pulled back to the downside last week as price repelled down from key 114.50 key resistance. We remain bullish on this market as we can see a clear uptrend is being carved out on the daily chart. Traders can look to buy this week whilst price is above or near 112.90 – 113.30 short-term support. Watch for price to break up through the recent highs near 114.50 in the coming days.
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