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EURUSD – Euro/dollar retraces to support level, may push higher
In our recent discussions of the EURUSD, we were looking to buy it on a retrace (pullback) to support levels whilst it was above 1.1660 key support, in order to trade in-line with the uptrend. Last week, price underwent a modest pull back, ending on Friday with a small pin bar signal (buy signal) rejecting 1.1730 support. This signal could lead to higher prices this week, however, traders should keep in mind key support is near 1.1660 so a further pull back is possible as well. We remain bullish (looking to buy) whilst above 1.1660 and will consider buy entries on 4 hour or daily chart buy signals this week.
Oil – Crude Oil uptrend continues, looking to buy on a pullback
Crude Oil saw a modest downside pullback in price last week, but this market is still buoyant within the overall uptrend. Note, the small move higher late last week after a pullback; we were looking to buy weakness in that 57.00 – 55.00 area in our recent discussions. We maintain the same view for this week; we are looking to buy Oil above 54.70 and will continue to watch any weakness / downside pull backs for 1 hour, 4 hour or daily chart price action buy signals to rejoin the uptrend.
Gold – Gold sellers take control, price could lose more ground
Recently, we have been discussing the trading range (zone of sideways price movement where price oscillates between two parallel price levels) that Gold has been in, between 1260.00 – 1295.00. We have been paying close attention to 1260.00 recently, as price traded down close to it. We can see that price did break and close below 1260.00 last week, meaning that sellers have the momentum right now and price may continue falling. We are going to look to sell on a retrace (strength) between 1260.00 – 1295.00 to trade in-line with this recent influx of downward momentum.
S&P500 – S&P500 uptrend intact, is there any end in sight?
In the S&P500 index, price moved higher again last week as we expected, notice the push higher from the pin bar (price action reversal signal) from Dec. 1st. We continue to see support at 2605 and 2540 area and we remain potential buyers this week whilst above 2605. We are still looking to buy weakness (downside pullbacks) and as traders, we can’t become attached to ‘how high’ the market has moved, we just have to assume the bull market will continue until the trend clearly breaks.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn To Trade The Market, the world’s foremost trading education resource.