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EURUSD – Euro/dollar pulls back to key support zone
The EURUSD remains in an overall uptrend despite the pull back we saw last week. Price pulled back to support near 1.1715 – 1.1666 and bounced there modestly into the week’s close. Our view remains bullish on this market and we will retain that view whilst price is above 1.1666 – 1.1660 key support area. Traders can watch for weakness this week followed by a price action buy signal at or just above 1.1660 to get long and trade in-line with the uptrend.
GBPUSD – Sterling/dollar pulls back to 21 day EMA within overall uptrend
The GBPUSD rotated modestly lower last week, falling down to the 21 day exponential moving average level as the uptrend takes a breather. We remain bullish as the overall trend is still strong and we are watching for a buying opportunity either on a blind entry at 1.3260 or just above or on a price action confirmation signal from current levels down to 1.3260. Stay tuned to our daily members trade setups newsletter for on-going updates on potential GBPUSD trades throughout the week.
AUDUSD – Aussie/dollar retraces back to key support / buy-zone
The AUDUSD has been retracing lower over the last few weeks, all the way down to the key support zone between 0.7825 – 0.7755 where it is currently resting. Notice that price formed a smaller bullish pin bar last Thursday within this support zone, indicating that there is some buying interest at this support. Price will need to remain above 0.7755 on a daily closing basis to really have a chance at a significant swing higher this week. So, we are waiting for a firm buy signal near or above this support zone to get long in-line with the uptrend. More aggressive traders may consider Thursday’s pin bar signal as a potential long entry while keeping in mind stops would need to be placed well below 0.7755.
GOLD – Gold remains within key support / event-zone
Gold retraced lower again last week within the overall upward track this market has had in recent months. Price hit the ‘line in the sand’ for bulls late last week as it retraced down to 1275.00 key support which was also the low of the fakey / pin bar combo pattern seen on the chart below. As we are now in this support / event-zone between 1295.00 – 1275.00 we are waiting for a clean price action buy signal to get long Gold whilst price is above 1275.00 on a daily closing basis. If price can re-gain its footing here we could see another large swing higher to re-test 1330’s area. Stick to our daily members market commentary for daily updates on Gold this week.
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