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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar remains firm above support
The EURUSD remained buoyant last week even after a bearish reversal pin bar formed on Thursday. Price held it’s ground on Friday and formed an opposing bullish pin bar just above 1.0675 near-term support, indicating that bulls are still clearly in control here. We are looking to trade in-line with the recent bullish momentum in this pair this week and could see it re-test the key resistance zone up near 1.0830 – 1.0905 area.
GBPUSD – Sterling/dollar buyers push price higher
The GBPUSD exploded higher last week as price broke above 1.2570 resistance as well as other nearby resistance levels and closed well above them all. This is obviously a very bullish development and we can look for minor pull backs to the downside to get long and trade in-line with the bullish momentum. Watch the key near-term support zone between 1.2680 – 1.2570 as the primary buy-area this week.
AUDUSD – Aussie/dollar trading near key support level
The AUDUSD has once again rotated down to key support near 0.7490 in recent weeks and is sitting right above that level. We see this support as the ‘line in the sand’ for bulls and if price closes below here we see an increased chance of a larger sell-off. However, if price can hold above this level we could see price push higher again.
Gold – Gold uptrend intact
Gold is remaining buoyant and is still in the midst of a solid uptrend that has been in place for months. As we have discussed in all our recent commentaries, we are looking to be buyers of Gold on any pull backs to support / value areas, in order to trade in-line with the uptrend. This week, traders can watch 1260.00 – 1240.00 support zone as a potential buy-area should price rotate 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.