EURUSD – Euro/dollar remains in downtrend
The EURUSD remains in a downtrend on the daily chart time frame, so we are looking to trade short as we mentioned last week. Price retrace higher last week, moving up to 1.1660 resistance. However, we are not seeing any obvious sell signals just yet so we will wait and see what develops this week. Whilst price remains contained under the previous swing-high at 1.1860 we are going to be looking for sell signals on any further strength / upward movement. Traders can watch for these sell signals ideally on the 4 hour or daily chart time frame. We are also watching resistance near 1.1720 for price action sell signals this week.
USDJPY – Dollar/yen looking strong, watch support for buying opportunities
The USDJPY pulled back to the downside last week as price repelled down from key 114.50 key resistance. We remain bullish on this market as we can see a clear uptrend is being carved out on the daily chart. Traders can look to buy this week whilst price is above or near 112.90 – 113.30 short-term support. Watch for price to break up through the recent highs near 114.50 in the coming days.
AUDUSD – Aussie/dollar weakens, looking for sell signals
As discussed in recent weeks, we are currently bearish on the AUDUSD and looking for selling opportunities as a result of the recent bearish price action. Whilst price remains contained under the previous swing high at 0.7890 we will be looking to sell. Traders can look to sell on strength near or under 0.7730 this week, ideally on a 4 hour or daily chart price action signal.
Crude Oil – Crude Oil buyers remain in control
Crude Oil consolidated last week after a push higher on Monday. Price has surged significantly higher in recent weeks, breaking above key long-term resistance levels easily. We are watching for a pull back to nearby support levels to be a buyer of this market. Watch 53.80 near-term support this week; whilst price is above or near that level we are watching for 1 hour 4 hour or daily chart price action signals to get long and trade 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.