Weekly Forex Technical Chart Commentary by Nial Fuller – May 8-12, 2017

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AUDUSD – Aussie/dollar weakness continues

As we discussed in our May 3rd commentary, the AUDUSD continued losing ground last week. Price has been in a clear downtrend since mid-March and recent price action has shown that sellers are still in control of this market. We have been looking to sell this pair in light of its recent bearish trend and price action. We can watch for any upward movement (strength) this week to get short and sell in-line with the current downtrend. Resistance up near 0.7555 – 0.7611 is containing price and we will continue to look to be sellers whilst price is under that zone.

GOLD – Gold falling lower but key support approaching

Gold sold-off last week, losing ground for the third straight week. However, overall, we are viewing this as a pull back within the broader uptrend this market is in. So, we are watching support levels closely for buying opportunities. Keep an eye on key support down near 1200.00 – 1220.00 as a potential buy-zone this week. We would prefer to see a price action buy signal on the 1 hour, 4 hour or daily charts before entering long, however.

S&P500 – S&P500 continues to climb higher

The S&P500 continued moving higher last week as price broke higher late in the week, in-line with the overall uptrend. Traders can watch for opportunities to buy on any weakness (pull backs to the downside) this week. The market may move lower soon and when that happens we will be looking to get long (buy). We see near-term support at 2344 – 2350 and long-term key support is at 2324 and we are watching those areas to buy this week, in-line with the 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.

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Weekly Forex Technical Chart Commentary by Nial Fuller - May 8-12, 2017

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