EURUSD – Euro/dollar loses ground but remains above key support
The EURUSD basically went nowhere last week as it lost slight ground with price floundering near recent lows. We have been bullish on this pair in recent weeks but currently everything depends on major support between 1.1670 – 1.1550; price needs to hold that region if bulls are to take prices higher again. We are going to wait on the ‘sidelines’ this week and will look for a price action signal within that major support zone to get long.
USDJPY – Dollar/yen could push higher from key support
The USDJPY has been in a sort of trading-range as of late and we can see last week it rotated lower, holding above support near 112.00. We are looking for a move back up this week if that 112.00 level can hold. Price could re-test recent highs up near 113.70 – 114.50 if buyers can push prices higher early this week. Otherwise, if last week’s lows fail on a closing basis we could see another move lower.
Crude Oil – Crude remains buoyant, looking to buy
Following on from our recent bullish analysis of Crude Oil, the price action is compressing after moving sideways last week. However, we are continuing to look to buy this market above 55.00 support and we will look to buy the dips to that level or wait for a clear price action signal to get long.
Gold – Gold remains subdued under key resistance zone
Last week, we discussed selling Gold on a retrace towards 1260.00 resistance – notice that price just touched that level on Friday and seemed to fail, forming a small bearish pin bar. If price cannot rally up past 1260.00 early this week we could see a large sell-off unfold this week. Traders can continue to look for selling a opportunity around 1260.00 – 1280.00 for now.
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.