EURUSD – Euro/dollar consolidates but uptrend intact
The EURUSD consolidated last week after reconnecting above 1.1875 overhead resistance the previous week (which is now support). As we discussed last week, we have changed our bias to bullish after price moved back above 1.1664 key support and we can see that since then, prices have soared significantly higher, taking out 1.1875 as previously mentioned. We will be looking to buy the pull backs whilst price holds above that 1.1664 level and we will be watching the zone between 1.1875 – 1.1664 this week to get long in-line with the overall uptrend.
GBPUSD – Sterling/dollar pushes higher after buy signal
The GBPUSD surged higher last week following a pin bar signal and after a bounce higher from the key support level down at 1.3040 a few weeks ago. We have discussed the potential for higher prices in recent weeks if that 1.3040 level held, so we are remaining bullish as a result of the recent rally up from it. Price broke and closed well above 1.3340 last week and is still looking bullish. We are looking for pull backs this week to get long whilst price is above 1.3040 – 1.3340 and traders can watch for 1 hour, 4 hour or daily chart price action signals to get long this week on any weakness near or between that support zone.
USDJPY – Dollar/yen moves up towards key resistance zone
The USDJPY has fallen lower over the last month, however, last week we saw it retrace back up near 113.00 resistance. We have been talking about looking to sell near the key resistance zone at 113.00 – 113.50 in our recent market commentaries and we retain that view headed into this week. Traders can watch for price action sell signals within that resistance zone should price continue to retrace higher.
Oil – Crude Oil remains buoyant, looking to buy
Crude Oil consolidated last week and the market remained buoyant within an overall uptrend. Price has surged significantly higher in recent weeks, breaking above key long-term resistance levels easily. As mentioned in last week’s commentary, we were watching for a pull back entry within the uptrend to get long and we continue with that approach for this week. Traders should watch support between 55.00 and 57.00 and look to buy near that area this week should price weaken and form a 1 hour, 4 hour or daily chart price action buy signal within or near that support zone.
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.