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USDJPY – Dollar/yen bearish move picks up steam
The USDJPY has recently been in a short-term downtrend since failing to push back above 115.30 resistance repeatedly. Price has shown more bearish signs last week as it closed under 112.50 support, opening the door for more movement lower. Now, we see short-term resistance up near 113.70, which was last week’s high, and whilst under that level we are looking to sell this week, in anticipation of price moving lower and testing 111.60 – 110.60 area.
AUDUSD – Aussie/dollar hits key resistance, but bulls are in control
The AUDUSD has been trending higher in recent months, but over the last couple of weeks it has slowed down after hitting key resistance up near 0.7730. The uptrend is still intact, but we feel more comfortable waiting for price to pullback and fall to a support level before initiating any buying. We are watching the support area between 0.7600 and 0.7515 as the nearest and highest-probability buy-zone should this market rotate lower in the coming days.
EURUSD – Euro/dollar downtrend continues
As it has for the last few weeks, the EURUSD lost more ground last week, as it continues to decline after reversing up near 1.0800 key resistance area. Price is now sitting just above a support level near 1.0520, but if the recent / current bearish momentum holds up, we could see the market break below that level this week. We can see that there was a reversal bar with a long upper tail (or wick) that formed on Friday, signaling potential for prices to move lower. We still favor the downside whilst prices are contained under 1.0800 – 1.0875 area resistance and traders can continue to look to be sellers on any intra-day or daily chart strength this week.
Gold – Gold continues to push higher
In our recent discussions of Gold, we had been looking to buy it, in-line with the uptrend it has been following the bottom it put in down near $1180.00 several weeks ago. Price moved higher again last week, pushing up above $1250.00 / oz. and closing above that level. We retain the same view as in recent weeks; looking to buy on pullbacks to support levels. More specifically, we are watching support near $1220.00 – $1200.00 / oz. as potential buy areas this week should price pullback to the downside. We see the potential for prices to push higher potentially into $1300.00 / oz. in the days and weeks ahead.
S&P500 – U.S. stocks continue hitting new highs
The uptrend in the S&P500 continues with no real end in sight. Prices again hit new all-time highs last week and this market remains very buoyant near current levels. We can look to buy short-term pullbacks this week, watching support near 2336.00 and 2300.00 closely for potential buying opportunities.
Crude Oil – Crude Oil remaining buoyant near recent highs
The Crude Oil market has been slowly grinding higher in recent weeks, pushing up against a resistance area near $54.00. We see the path of least resistance as being to the upside and we are looking to be a buyer on a pullback or weakness this week. Whilst prices are above $49.30 – $50.80 key support area, we remain bullish and will look for bullish / buy signals on the daily or 4-hour chart on any pullbacks.
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.