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EURUSD – Euro/dollar remains in long-term uptrend
The EURUSD retraced lower last week following its latest swing higher within the overall uptrend that has been in place now for months. As we have discussed in recent weeks, we are still looking to buy this pair on weakness as it retraces lower to support / value areas. This week, we are watching support down near 1.1660 as the primary buy-area – we will be watching for strong 4 hour or daily chart price action signals to get long (buy) as price approaches that level. We remain bullish above 1.1450 – 1.1300 key support zone and stay tuned to our daily members market commentaries for further updates on the EURUSD this week as the price action plays out.
AUDUSD – Aussie/dollar setting up to continue higher
The AUDUSD has moved sideways to slightly higher over the last two weeks, following the bullish pin bar we saw three weeks back showing rejection of key support near 0.7800 which was also the previous resistance / breakout area. We see the potential for more upside in this market in the weeks and days ahead and can continue to look buy following a retrace lower whilst price is above 0.7748.
Gold – Gold buy signal leads to continuation of uptrend
In our September 1st Gold commentary, we discussed that the market exploded higher following the bullish fakey signal that formed back on August 25th. The Gold market is clearly in a strong uptrend and after the recent breakout above 1300.00 area key resistance, it’s looking like the trend is very healthy and could continue higher. Anyone who missed the recent fakey signal entry can continue to look to buy this market this week if we get a retrace lower, the primary area we are watching is near-term support near 1300.00 – 1297.00 but we remain aggressively bullish whilst above 1275.00 / the fakey pin bar low from August 25th.
S&P500 – S&P500 bounces higher from support as buyers remain in control
The S&P500 found strong buying interest down near 2420.00 last week as price bounced significantly from that level. The overall trend is still up and given the strong bounce from support last week, we are still more interested in the long / buy side. This week, we can watch retraces lower for price action buy signals whilst above 2400.00 to get long and trade in-line with the long-term uptrend.
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.