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EURUSD – Euro/dollar continues to trend higher, looking to buy
The EURUSD moved higher following a modest pull back in price last week. We have recently been bullish on the EURUSD and looking to buy it on weakness or a pull back to support levels. We retain the same view for this week; we are looking to buy if price retraces lower. Support remains at 1.1290 and key support down at 1.1118 area; we can watch for any weakness near these support levels to be buyers. Price overall looks to be heading up towards the long-term key resistance at 1.1500 to 1.1600 area.
AUDUSD – Aussie/dollar falls, more downside possible
The AUDUSD was approaching an important resistance level up near 0.7770 last week, following its recent run higher. Price reversed just below that level and has since fallen significantly lower, currently trading around 0.7600. We see the potential now for price to fall further continuing last week’s bearish move, and we can watch for price action sell signals on any retraces to the upside whilst under last week’s swing high at 0.7713 area.
USDJPY – Dollar/yen trending higher but approaching key resistance
The USDJPY is approaching key resistance up near 114.36 – 115.55 key resistance area after its recent run higher. We could see price begin to rotate lower from this resistance area and if we get a strong reversal signal we could consider selling. However, we would prefer to be a buyer near support levels following a modest pull back. The major support level is 111.80 within the uptrend and whilst above that we can look to buy on any major pullbacks.
OIL – Crude Oil weakness continues
Crude Oil moved lower from 47.20 last week as this market has been very weak recently. The 47.20 level is one we had discussed as a major selling opportunity in our trade setups commentary last week. Those traders not already short can watch for price action sell signals on any upside retracement whilst price remains contained under 46.20 – 47.20 to be sellers again in-line with downtrend.
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.