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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar remains in overall uptrend
The EURUSD has been in an uptrend basically since January and although it is now getting closer to key resistance levels, we see the potential for some upside movement left. Price moved slightly lower last Thursday after a bearish pin bar on Wednesday, however prices mildly recovered into Friday, and closed the week above near-term support at 1.1100. We are still looking to buy whilst price is above the support at 1.1100 and 1.0900 on the daily chart and we will be watching for a clear price action buy signal this week. Price is approaching long-term key resistance however, at 1.1400 – 1.1600 on the weekly chart, so that would be the target for this upward move and at that point we might consider selling short if a signal presents itself.
USDJPY – Dollar/yen bounces at key support level
The USDJPY made a significant recovery up from 109.10 support last Thursday and moved back up through 110.00 key level. Price is currently stuck in a trading range between 109.00 and 112-114.00 resistance zone. However, the weekly chart shows two consecutive bullish tailed reversal bars indicating we may see some temporary upside move in this market if we can remain above 109.00 support. This week, more aggressive traders can look to buy around 110.00 and ride the market up to 112-114.00 area at the top of range, we may then see sell signals in that resistance zone.
Gold – Gold moves lower but key support levels approaching
Gold has fallen lower the last few days after several bearish price action formations on the daily chart. Whilst price is retracing to the downside we must remember the chart remains in an overall uptrend, so we want to watch now for opportunities to buy. We can watch for buy signals this week between 1245 – 1225. Looking at the longer-term chart we can see a gentle upward trend with lower lows, so expect that swinging uptrend to continue until major support at 1120-1180 fails.
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.