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Screenshot of a breaking news alert e-mail from Q2 2017
GBPUSD – Sterling/dollar may continue higher this week after pin bar signal
The GBPUSD has been in a long-term uptrend in recent months, however, more recently it has pulled back to the downside, retracing lower within the uptrend. We have been watching this retrace for buying opportunities to get long and re-join the overall uptrend. Last week, price approached 1.3060 support and formed a bullish reversal / buy signal on Friday, a pin bar signal. We see this pin bar as a sign that price may resume its overall upward track this week, providing traders with a potential entry into the uptrend. Traders can look to buy the GBPUSD this week following Friday’s buy signal whilst price remains above 1.3060.
EURUSD – Euro/dollar consolidates above key support zone
The EURUSD has been moving sideways in recent weeks, trading just above the key support zone at 1.1715 – 1.1660 within the context of a longer-term uptrend. That key support zone aligns with prior pin bar low support (circled on the chart), indicating that it is indeed a strong level. We will continue to look for buy signals from or near support levels in the EURUSD, to trade in-line with the longer-term uptrend. Traders can look to get long on a buy signal whilst price continues to hold above 1.1660 support.
Gold – Gold pulls back to key support / potential buy area
We are still looking to buy the spot Gold market as it continues to trade just above 1276.00 – 1260.00 key support, an area that we have mentioned as a buy-zone in recent commentaries. We remain potential buyers whilst price is above or within that zone this week and will wait for a price action signal to reconfirm a buy entry. Look for 1 hour, 4 hour or daily chart buy signals this week near 1276.00 – 1260.00 to be a buyer of gold.
S&P500 – S&P500 trend continues to hit new highs
The S&P500 Index continues to hit new highs as the uptrend in this market shows no signs of stopping. Last week, price surged higher on Friday following a pin bar reversal signal on Thursday, which we discussed in our members’ area that day. This week, traders can watch for pull backs in price for new buying opportunities and we remain optimistic and looking to buy this week whilst price is above the lows of last Thursday’s pin bar at 2540.00. We will continue to look to buy on a 1 hour, 4 hour or daily chart price action signal on any weakness.
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.