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EURUSD – Euro/dollar continues to weaken, more downside possible
The EURUSD consolidated just below near-term resistance at 1.1660 last week as sellers kept price subdued following the strong sell-off that took place the previous week. As we mentioned last week, we are looking to sell this market whilst under the 1.1860 swing high. Traders can look to sell on strength this week, ideally on a 4 hour or daily chart price action signal near 1.1660 or further up whilst below 1.1860.
AUDUSD – Aussie/dollar consolidates, potential for more weakness remains
The AUDUSD remains contained under resistance levels following the recent downward swing we’ve seen in this market. When price recently failed to hold above support at 0.7750 it turned this chart bearish and whilst price is contained under the swing high at 0.7890 we are looking to be sellers. Traders can look to sell on strength whilst below 0.7890, ideally on a 4-hour or daily chart price action signal. Keep an eye on 0.7750 near-term resistance this week as well; we can look to sell at or near that level on a signal.
GBPJPY – Sterling/yen pulling back but plenty of support nearby
We are looking to buy the GBPJPY as the yen pairs are looking fairly strong across the board right now. This view is in-line with the recent uptrend this market has been in and the pin bar buy signal from October 12th which we discussed in our members daily trade setups commentary that day. This pin bar trade has paid off well for those who held it, and from here, we see further upside possible whilst support at 147.00 holds; that is a confluent level with the low of the pin bar we just mentioned and is also an event area. Traders can look to buy this week on pull backs / weakness ideally near or within the 147.70 – 147.00 support zone.
Crude Oil – Crude Oil gains continue
The Crude Oil market continued moving higher last week, in-line with our recent commentaries in which we discussed looking to buy it. We are still bullish on Crude and we will be watching for pull backs this week to get long. Traders can watch support at 52.65 area as well as 51.00 for price action buy signals to get long and trade 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.