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EURUSD – Euro/dollar continues to trend higher
The EURUSD moved higher last week as the uptrend continued with price easily moving and closing above 1.1712 key resistance. The next key resistance is not seen until up near 1.2045 area, so there’s plenty of room for this pair to keep moving higher. Traders can look for any weakness or pull backs in price for buying opportunities on the 1hr, 4hr or daily chart. We are watching 1.1480 – 1.1300 as near-term support and we remain bullish whilst above 1.1300.
AUDUSD – Aussie/dollar uptrend marches on as buyers remain in control
The AUDUSD remains firm and gained more ground last week as the uptrend continued. Price has recently broken out from and closed above a major trading range it had been in for over a year, so we would expect price to continue to move higher in the coming weeks. This week, 0.7875 and the 21 day moving average is near-term support and we are looking to buy near those areas or above if we get a price action entry signal following some weakness. The next key resistance / target area is up near 0.8162.
OIL – Crude Oil pushing higher, towards key resistance
Crude Oil pushed significantly higher last week, closing above 47.20; a level we had discussed in recent commentaries as resistance. We are continuing to look to buy this market and can consider long entries on a pullback back to 47.20 – 46.20 area or just above. The next major resistance is not until up near 52.00 and we could see price test that key level in the coming weeks
S&P500 – S&P uptrend intact, looking to buy on a pull back
The S&P500 remains in a long-term uptrend and so we are continuing to look to buy it on any weakness or pull backs to support levels. If price retraces this week, we will watch support near 2436.00 and the 21 day moving average to buy 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.