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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar retraces back to key support area
The EURUSD uptrend remains in place despite the pull back in price that took place last week. We saw price retrace, down to support near 1.1715 – 1.1666 and then bounce there modestly into last week’s close. We retain a bullish view on this market whilst it sits atop 1.1660 key support, however, if price fails that level we will move to the sidelines and take a shorter-term neutral view. For this week, we can look for price action buy signals on a retrace back to 1.1715 – 1.1660 area.
GBPUSD – Sterling/dollar rotates lower within uptrend
The GBPUSD pulled back last week following a strong uptrend run that began in early September. We are still looking to buy this market as it pulls back, watching the 21-day exponential moving average (blue line) as well as support near 1.3260. We would look to buy on a price action signal near either of those levels this week as price continues to retrace within the overall uptrend.
S&P500 Index – SP500 USA stock market hits new all-time highs, again
The S&P500 Index continues to trend higher, making new all-time highs last week as buyers control this market with ease. We are looking to get long (buy) on any weakness (retracements) this week to try and ride the upward momentum as this market continues to move higher. The key areas of support to watch this week are 2484.00 down to 2445.00, we will be especially focused on 2484.00 as a potential buy level this week on a retrace.
GOLD – Gold pulls back to key support zone
Gold continued to fall lower again last week, as it retraces back to the downside in recent weeks following a strong run higher from July to the start of September. Price is now sitting at a key support level near 1275.00, that will need to hold early this week for this market to have a chance at bouncing higher soon. Traders can keep a close eye out for price action buy signals between 1295.00 – 1275.00 this week to get long, targeting 1330’s on the next swing higher.
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.