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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar loses significant ground
The EURUSD sold-off from 1.0875 key resistance last week, following a false break of that level at the start of the week. Since price has fallen significantly last week, we wouldn’t want to sell near current levels. But, we can consider selling on strength early this week by watching for a pull back to the upside followed by a 1hr, 4hr or daily chart sell signal. We can also watch key support down near 1.0520 for buy signals if price tests that level this week, as that is the key support of the trading range this pair is in right now.
GBPUSD – Sterling/dollar remains buoyant above support
The GBPUSD is currently stuck in a trading range between 1.2100 support and 1.2700 resistance. Last week, price bounced from a short-term support level near 1.2400 and moved higher into the week’s close. We see the potential for price to test the upper boundary of the range in the coming days, near 1.2700. Our strategy of choice is to once again wait for a pull back to support near 1.2400 and look to be a buyer there. A close under 1.2350 would negate our short-term bullish bias.
Gold – Gold uptrend intact, waiting for pull back to buy
Gold recently bounced at $1200.00 key support; a level we had been watching for buying opportunities recently, as we discussed back in our February 14th commentary. Our views remain similar; we see support at $1220.00 – $1200.00 as a key buy zone and ‘line in the sand’ for buyers. So, we will wait and look to buy on a pull back near that support area, either on a price action buy signal or a blind entry (entering without a price pattern as confirmation).
S&P500 – S&P500 pin bar signal sees higher prices
The uptrend continued last week in the S&P500, as price moved higher following a pin bar buy signal that formed near 2330.00 support. Those traders who did not buy last week on the pin bar we discussed, can continue to look for buy signals at near-term support now seen from 2330.00 to the pin bar low from last week, should price rotate lower again.
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.