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EURUSD – Euro/dollar uptrend continues as price breaks higher again
The EURUSD has been in a strong uptrend for months now and last Friday it broke higher, in-line with the uptrend, from an inside bar pattern that formed earlier last week. We talked about looking to buy this pair from ‘current levels’ in our August 21st weekly market outlook, so hopefully some traders got on board this uptrend last week. However, the trend is still up and we see short-term support at 1.1688 and we can look to buy on retraces lower this week.
AUDUSD – Aussie/dollar primed to keep tracking higher
The AUDUSD uptrend we have discussed in recent commentaries is still very much in place and we are looking to buy this pair again this week. Notice that price has retraced back down to 0.7830 support recently and consolidated just above that level last week. This level was previously the resistance that price broke above to end a multi-year trading range, so it’s a strong level and one that we believe is now acting as very strong support to hold the market up. We see the potential for upside in this market in the coming days and weeks and can continue to look buy on weakness this week whilst above 0.7748.
S&P500 – S&P Stock Index remains volatile, here’s how I’m playing it
The S&P500 has recently undergone a strong sell-off after failing to close above 2480.00 on August 8th and creating a strong false-break of that level. Price has recently retraced back up to near-term resistance at 2450.00 and is currently stalled out around that level. We could see price fall from here this week and try to re-test key support near 2400.00 where we would then flip to the buy side and watch for strong buy signals to get long.
GOLD – Buy signal in Gold could lead to upside breakout
Gold has been in a strong uptrend recently and as we can see below, it was consolidating between 1280.00 and 1300.00 last week. Price tried to break down from this consolidation last Friday, but buyers quickly came in and pushed price back to the upside, which resulted in a fakey pattern forming – a pattern that signals price may continue moving higher from here. We see this pattern as a signal that price may breakout to the upside soon and continue moving higher, in-line with the recent uptrend. Traders can look to buy this week whilst prices are above the low of Friday’s fakey buy signal.
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.