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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar rebounds from support after retracing lower
The EURUSD remains in an overall uptrend and as we have discussed in recent commentaries, we are looking to buy this market whilst it remains above key support levels. Last week, price moved higher after reversing down near 1.1660 key support on October 6th, forming a bullish tailed bar that day which we discussed as a potential buy signal in last week’s weekly market outlook. This week, we will look to buy on any further pull backs whilst price remains above 1.1660, we would ideally see a price action confirmation signal near 1.1715 – 1.1660 before entering a new long position.
GOLD – Gold resumes long-term uptrend
Gold buyers have returned in an aggressive manner as price surged higher last week following a bounce at 1260.00 – 1276.00 key support zone the week before last. We have been calling Gold a long for several weeks now as it was retracing down towards the previously mentioned key support area. We continue to look to buy Gold this week given the current strong technical picture. Traders can watch for further buying opportunities on any weakness this week whilst price is above 1276.00.
AUDUSD – Aussie/dollar begins pushing higher again after retracing to support
The overall AUDUSD uptrend continued last week as it looks like price is finished retracing to the downside following a test of key support at 0.7755 and subsequent follow-through to the upside. Price easily closed above the 0.7825 – 0.7755 support zone last week, which if you zoom out to the weekly chart, was a long-term key support / previous breakout area. We have been looking to buy from this support zone for weeks now in recent commentaries, so hopefully some of our followers got long (bought) last week. Traders not already long can watch for further pull backs to 0.7825 this week for intraday or daily chart buy signals to re-enter long.
SPI200 – Australian Stock Index moves up from support
The SPI200 Australian Stock Index surged higher last week after bouncing aggressively from 5630 key support; a level we had been looking to buy from in recent weeks. We remain bullish on this market (looking to buy) and even more so now that price has reconnected back up through 5700 – 5800 key resistance. Traders can watch for weakness this week to get long and buy down near 5735.00 which is now support.
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.