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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar buying opportunity setting up
We are looking to buy the EURUSD this week, as we have been in recent weeks, in-line with the overall uptrend. Notice that price pulled back to 1.1660 key support level last week and bounced from that level on Friday, forming a bullish reversal bar and also creating a false break of 1.1715. This 1.1660 level is an existing key level and notice the bullish tailed bars that led to up-moves from this level back in August. Traders can look to get long this week whilst price is above 1.1660, targeting a move back up to recent highs near 1.1900 or possibly 1.2090 area.
GBPUSD – Sterling/dollar approaching key support level
We are taking a more neutral stance on the GBPUSD this week following the recent sell-off we’ve seen in this market and how it sliced right through 1.3260. However, there is still swing support at 1.2850 and we can indeed look to buy near that level if a strong 4 hour or daily chart buy signal forms near or just above there this week. More aggressive traders could also potentially consider selling at 1.3260 resistance IF a clear and obvious bearish 4 hour or daily chart reversal signal formed there.
S&P500 index – USA Stock continues to hit new highs, looking to buy
The S&P500 Index continues to push higher as the overall uptrend shows no signs of slowing. Price made new all-time highs again last week and we see swing support at 2480 – 90 as well as 2445. We can look to buy a pull back in prices whilst this market is holding above 2480 – 90 level this week.
GOLD – Will Gold finally begin pushing higher again?
Gold seemed to find some footing late last week down near current levels and off 1260.00 support, despite its downward swing. We are focused on the 1276.00 level this week, as we have been in recent weeks. Since price moved under this level, we will now need to see it re-claim 1276.00 this week, before we commit to buying again. We remain potential buyers above 1276.00 and we prefer to see a buy signal after price reconnects and holds above that level.
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.