Weekly Forex Chart Analysis with Nial Fuller – May 16, 2017

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EURUSD – Euro/dollar upward track intact

The EURUSD has been on an upward track in recent weeks, as we can see in the chart below. Price rotated down to support near 1.0830 last week and then pushed up from that level into Friday’s close. We have been watching this pair for a pull back like this to get long, as we discussed in our weekly commentary last week. Traders can continue to look for buying opportunities this week on any weakness / further rotations to the downside, ideally followed by price action buy signals to get long from support and trade in-line with the current uptrend in this market.

AUDUSD – Aussie/dollar could lose more ground this week

The AUDUSD has been losing ground in recent weeks and is currently in a downtrend. We can see a bearish fakey pattern formed on Friday (reversal pattern) and that could lead prices to resume their downward trend this week. Whilst price is under 0.7555 – 0.7611 key resistance area, we will be looking to sell. Watch for selling opportunities up near 0.7470 as well, should price continue to retrace higher this week.

S&P500 – S&P500 consolidates while remaining buoyant

The S&P500 consolidated last week following its most recent leg to the upside. Price remains in an uptrend overall and so we are still looking to be buyers, to re-join this uptrend. We are watching near-term support down near 2350.00 as a potential buy level this week on any downside pullbacks. However, we may also consider buying above that level if an obvious price action buy signals forms.

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. 

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