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EURUSD – Euro/dollar moves back up above key level
Last week, the EURUSD reconnected above 1.1664, which was resistance but now flips back to support following the strong close above it. We remain bullish above that level this week, a view that is in-line with the long-term weekly chart uptrend. Traders can watch for buying opportunities on weakness above 1.1664, targeting recent highs near 1.1880. A break above 1.1880 would likely set off a larger swing higher in the EURUSD. Stick with our daily members market commentary for more updates on the EURUSD this week.
GBPUSD – Sterling/dollar moving up after bounce from support
In our recent GBPUSD commentaries, we have maintained that price could bounce as long as it stayed above 1.3040 key support. Notice, price began drifting higher last week following a bounce up from that level recently. This pair is currently range-bound between that support at 1.3040 and resistance up near 1.3340 and we could look to buy on any pull backs above support, targeting 1.3340 resistance.
OIL – Crude Oil moving higher again after pull back
Crude Oil moved higher last Friday after a modest pull back earlier in the week. Price has surged significantly higher in recent weeks, breaking above key long-term resistance levels easily. As mentioned in last week’s commentary, we were watching for a pull back within the uptrend to get long and we continue with that approach for this week. Traders should watch support between 55.00 and 54.00 and look to buy near that area this week should price weaken and form a 1 hour, 4 hour or daily chart price action buy signal within or near that support zone.
GOLD – Gold moves higher from fakey buy signal
In recent weeks, we have been focusing on 1260.00 support in Gold, as a ‘line in the sand’ for buyers. That level has held firm in recent weeks as we can see below, with price beginning to make a swing higher last week. Notice the fakey signal on the chart below, a signal we discussed in the members area last week as a strong buying opportunity. For those who missed that entry, we see potential for Gold to continue tracking higher, potentially up near recent highs at 1350.0 area. As long as price is above 1260.00 support we can continue to look to buy the dips in this market, check the members daily trade setups newsletter for ongoing Gold updates.
S&P500 – Uptrend continues in S&P500 Index
The S&P500 ended last week with a slight loss, however, it did recover nicely on Thursday from earlier in the week. The uptrend is still clearly intact and our approach hasn’t changed from recent commentaries. We are still looking to buy this market on a pull back and a price action signal, ideally. We are watching 2540.00 as the near-term support level to buy at or above on any weakness this week with a 1 hour, 4 hour or daily chart buy signal.
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