EURUSD – Euro/dollar buoyant above key support
Last week, the EURUSD reconnected above 1.1664, which was resistance but now flips back to support following the strong close above it. We remain bullish above that level this week, a view that is in-line with the long-term weekly chart uptrend. Traders can watch for buying opportunities on weakness above 1.1664, targeting recent highs near 1.1880. A break above 1.1880 would likely set off a larger swing higher in the EURUSD.
GBPUSD – Sterling/dollar drifts higher within trading range
In our recent GBPUSD commentaries, we have maintained that price could bounce as long as it stayed above 1.3040 key support. Notice, price began drifting higher last week following a bounce up from that level recently. This pair is currently range-bound between that support at 1.3040 and resistance up near 1.3340 and we could look to buy on any pull backs above support, targeting 1.3340 resistance.
OIL – Crude Oil uptrend intact
Crude Oil moved higher last Friday after a modest pull back earlier in the week. 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 within the uptrend to get long and we continue with that approach for this week. Traders should watch support between 55.00 and 54.00 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.
GOLD – Gold price action signal leads to up move
In recent weeks, we have been focusing on 1260.00 support in Gold, as a ‘line in the sand’ for buyers. That level has held firm in recent weeks as we can see below, with price beginning to make a swing higher last week. Notice the fakey signal on the chart below, a signal we discussed in the members area last week as a strong buying opportunity. For those who missed that entry, we see potential for Gold to continue tracking higher, potentially up near recent highs at 1350.0 area. As long as price is above 1260.00 support we can continue to look to buy the dips in this market,
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.