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EURUSD – Euro/dollar turns bearish as price closes under key support
The EURUSD weakened significantly last week as sellers came into the market and pushed price below key support at 1.1660 with price closing well below that level on Friday. In light of this development, we are moving to a more bearish bias on the EURUSD and so we will look to sell whilst prices are contained under the previous swing-high at 1.1860. Traders can look to sell on strength below 1.1860 ideally on a 4 hour or daily chart price action signal. Stay tuned to our daily members trade setups newsletter for ongoing updates on the EURUSD this week.
AUDUSD – Aussie/dollar chart turns bearish as prices closes below key support
The AUDUSD also weakened significantly last week, closing under a key support level similar to the EURUSD above. The level we were watching was 0.7750, as that was previously a strong support level after price broke up above it back in July, and now the failure of price to remain above that level turns the chart to bearish. We will retain a bearish bias in the AUDUSD whilst price remains contained under the previous swing high at 0.7890. Traders can look to sell on strength this week, ideally on a 4 hour or daily chart price action signal.
GBPJPY – Sterling/yen remains buoyant above key support area
As we have discussed in recent commentaries, we are bullish on the GBPJPY in-line with the recent uptrend this market has been in and especially after the pin bar buy signal from October 12th which we discussed in our members daily trade setups commentary that day. This pin bar trade has paid off well for those who held it, and from here, we see further upside possible whilst support at 147.00 holds, that level is confluent with the low of the pin bar we just mentioned and is also an event area. Traders can look to buy this week on pull backs / weakness.
S&P500 Index – USA Stock Index remains in very strong uptrend
As we have discussed for months now, the S&P500 is in a very strong uptrend and once again hit new all-time highs last week after moving higher from a bullish pin bar signal on Wednesday, which we discussed in our members area last week. This week, our plan of action is to look to buy on a 1 hour , 4 hour or daily chart price action signal as that view has paid off recently. Traders should watch the lows of last week at the pin bar low of 2540 and look to buy near or above that level on a signal.
SPI200 Index – Australia Stock Index continues to look strong
The SPI200 Index remains a potential buy on a pull back as price remains strong following the recent breakout from a consolidation range which we discussed in recent commentaries. We are watching the old resistance at the high of that range at 5780 – 5830 because it’s now short-term support. Traders can look to buy a pull back this week near that support. Note the large pull back last Friday and subsequent reversal / bounce higher from support. Watch for further pull backs this week to get long.
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