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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar uptrend continues
The EURUSD moved higher last week and we remain bullish on this market in the near-term. However, price is approaching a band of strong long-term resistance up near 1.2000 – 1.2300 area that could slow down the current uptrend. We could see some short-term consolidation near current levels but we still favor the long side, however, we will remain cautious at this major resistance area (zoom your chart out to see it). Traders can still look for price action buy signals from nearby support levels following any pullbacks in the coming days.
AUDUSD – Aussie/dollar remains buoyant
The AUDUSD kept to moving higher last week as the uptrend continued. Price recently bounced up from key support (which was old resistance) down near 0.7800 after retracing back to that area. We see the potential for this market to continue higher in the coming days and we will look for price action buy signals on the 1 hour, 4 hour or daily charts on any weakness or pullbacks to support.
GOLD – Gold buy signal leads to uptrend continuation
Gold kept moving higher last week as the uptrend remained firmly in place. Note, the bullish fakey buy signal (reversal buy signal) which we recapped in our September 1st commentary has now led to significant gains for anyone who traded it. We remain a buyer of Gold and will look to buy it from support near 1300.00 – 1295.00 or the 21 day EMA this week following a pull back. Traders can look to target long-term resistance up near 1370.00 – 1400.00 area as we expect this uptrend continue at least up into that area.
S&P500 – S&P500 uptrend intact but price consolidates
The S&P500 U.S. stock index consolidated last week but stayed afloat within the overall uptrend. Our approach to this market remains as it has for months now; we are looking to buy it on a pull back to support levels, ideally with a price action confirmation as entry signal. Traders should keep an eye on 2420 – 2400 key support as the prime buy area in the coming days.
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.