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EURUSD – Euro/dollar uptrend continues but resistance looms
The EURUSD has been in a strong uptrend over the last several months as we can see below on the monthly chart. Price is however quickly approaching a key resistance area up near 1.1720, which acted as a major turning point in recent years and is the upper edge of the long-term trading range this pair is in. As mentioned, the EURUSD has been very strong recently, so we still want to be buyers of this market. However, due to the approaching key resistance at 1.1720 and the even bigger level up near 1.2040 we will remain vigilant up near these resistance areas and keep our eyes out for any large bearish reversal bars that may signal a retrace to the downside is coming. For now, the play continues to be to look to buy on weakness (pull backs) to support levels, ideally on a 1 hour, 4 hour or daily chart buy signal.
AUDUSD – Aussie/dollar uptrend continues, looking to buy a pull back
The AUDUSD kept moving higher last week as price posted a strong move and breakout up past 0.7835 resistance on Tuesday. We now see that 0.7835 level flip to support and we can watch for buying opportunities near there this week, ideally on a 1 hour, 4 hour or daily chart price action confirmation signal. Traders may also look to buy from support levels further down; near 0.7712 and also the 21 day exponential moving average, should price rotate further to the downside. We remain buyers whilst above 0.7570 key support and to the upside there is not much resistance until 0.8160 area.
Crude Oil – Crude Oil moves lower as resistance holds
Crude Oil reversed lower last Thursday, selling-off from 47.20 key resistance, a level we have talked about looking to sell from in our recent market commentary discussions. We saw a small reversal bar form there followed by a strong move lower on Friday of last week, showing that bears are still defending resistance in this market. This market remains in an overall downtrend and we can watch for a small move higher, back up to 46.20 – 47.20 resistance zone to potentially get short in anticipation of a larger downward move materializing. However, a strong close above 47.20 would at least temporarily negate our bearish bias.
S&P500 Index – S&P500 Uptrend Continues as Buyers Push Price Higher
We have been talking about looking to buy the S&P500 on any weakness in our commentaries over the recent months, looking to ride the uptrend as it continues higher. The market continued to move higher last week and we can see a bullish pin bar buy signal formed last Tuesday, providing a low-risk entry into the uptrend. Those traders not already long can keep looking for pull backs to the downside to be a buyer from support. Watch the 21 day exponential moving average as well as 2436.00 support this week for buying opportunities if price rotates lower.
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.