USDJPY – Bullish bias whilst prices remain atop 108.60 technical support area
Technical View: Buyers have recently defended the 108.60 swing support area. A structured upward swing is now underway with prices looking to move into the next major overhead resistance level up at 111.40.
Trade Scenario: We would consider buying any price weakness this week whilst prices remain supported above the 108.60 support area. The current upward momentum should see a move back to at least 111.40 with a break atop that level likely to see a sustained move higher.
Spot GOLD – Sellers contain prices at $1306 usd/oz technical resistance level
Summary: The sellers remain in control with prices selling off violently last week from the pin bar reversal signal at the $1306 usd/oz resistance level. We have been calling Gold lower in recent commentaries and remain bearish based on the current price action.
Trade Scenario: We would look to continue to sell Gold on any price strength whilst the market is contained under $1306 usd/oz resistance. We might consider a blind entry or wait for a 1 hour, 4 hour or daily price action sell signal to confirm a position.
EURUSD – Down trend regains momentum after bears defend 1.1835 technical resistance level
Summary: The bears have stepped in to defend the 1.1835 resistance level last week, right around the containment area we have been watching closely for selling opportunities in recent commentaries. The bear market has regained downside momentum last week and it appears price is now headed down to the next support level around 1.1509 or possibly even lower.
Trade Scenario: We can look sell on a move up towards 1.1835 resistance or after a 4 hour or daily timeframe price action sell signal to confirm a position.