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EURUSD – Euro/dollar continues trending higher
After an impressive run higher in recent weeks, the EURUSD spend the later part of last week consolidating before it makes its next move. Given the strong bullish momentum of late, we are looking to join this market on the long side. This week, we can watch for downside pullbacks (weakness) to be a buyer on a price action signal, ideally near the support at 1.1950. However, we remain very bullish on this market whilst above 1.1860 support, which is were this recent up-swing really fired off from after a pin bar signal formed there a couple weeks back. Another interesting note is the monthly chart has formed a large bullish pin bar for the month of December, indicating more upside to come for January, which fits nicely with our above analysis and call to buy on pullbacks.
Gold – Fresh bullish momentum could propel Gold higher
As we discussed in our January 1st Gold commentary, a bullish pin bar reversal formed in December on the monthly chart, and we can see the strong upside follow-through on the daily chart below. Price has reconnected back above all recent key resistance levels and this is all very bullish. We could very well see price move up through 1360.00 or higher in the mid-term, it’s probably going to catch a lot of people who are short. We remain bullish on this market and looking to buy it, note that price bounced at 1305.00 intra-day last Thursday, indicating that any pullbacks are potential buying opportunities right now. Watch for further weakness this week to get long on a 1 hour, 4 hour or daily chart buy signal ideally near or between 1305.00 – 1290.00 support zone.
China50 – Chinese Stock Index in strong uptrend
The China50 Stock Index has recently broken up and out from a consolidation range within the context of a long-term uptrend, as we can see below. We are bullish on this market and are looking to buy it on a pullback this week. Traders can watch for price to pull back to 13340 – 13450 zone and watch for price action confirmation signals or consider a blind entry there to get long, in-line with the uptrend.
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.