EURUSD – Euro/dollar primed to push higher again
The EURUSD surged higher last week, reconnecting above 1.1875 overhead resistance (which is now support). As we discussed last week, we have changed our bias to bullish (looking to buy) after price moved back above 1.1664 key support and we can see that since then, prices have soared significantly higher, taking out 1.1875 as previously mentioned. We will be looking to buy the pull backs whilst price holds above that 1.1664 level and we will be watching the zone between 1.1875 – 1.1664 this week to get long in-line with the overall uptrend.
GBPUSD – Sterling/dollar bounces up from key support
The GBPUSD has remained firm following its recent bounce higher from the key support level down at 1.3040 a couple weeks ago. We have discussed the potential for higher prices in recent weeks if that 1.3040 held, so we are remaining bullish (looking to buy) as a result of the recent rally up from it. Price is currently testing 1.3340 near-term resistance and is looking strong. We are looking for pull backs this week to buy whilst price is above 1.3040, traders can watch for 1 hour, 4 hour or daily chart price action signals (entry signals) to get long this week on any weakness above that level.
OIL – Crude Oil uptrend continues
Crude Oil moved higher last week as this very strong uptrend continues to roll-on. Price has surged significantly higher in recent weeks, breaking above key long-term resistance levels easily. As mentioned in last week’s commentary, we were watching for a pull back entry within the uptrend to get long and we continue with that approach for this week. Traders should watch support between 55.00 and 57.00 and look to buy near that area this week should price weaken and form a 1 hour, 4 hour or daily chart price action buy signal within or near that support zone.
GOLD – Gold remains buoyant above key support level
Gold has found a base of support down near 1260.00 in recent weeks and has begun pushing higher from that level following the fakey signal (price reversal signal) from a couple weeks ago that we discussed in our members commentary the day it formed. Price has potential to track higher in the coming weeks, towards the old recent highs up near 1350.00 as long as it continues to hold firmly above 1260.00. Notice the inside bar pattern (pattern wherein one or more bars is contained within preceding bar) that formed last week, there’s potential for a break higher from this setup, so traders should take note of that this week.
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.