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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar surges higher after bouncing from key support
The EURUSD moved up near 1.0800 resistance as price continued higher for the fourth straight week last week. If price stays contained under 1.0875 – 1.0950, we could see it fall lower as this market is still in a trading range and price is currently trading near the top of the range. Traders can continue to look for price action sell signals near current levels up to 1.0875. However, if we close above 1.0950 it will nullify any bearish (sell) bias. Another scenario is to look for buy signals on a retrace lower, down near 1.0620 – 1.0520.
AUDUSD – Aussie/dollar rotates lower but uptrend still intact
After a recent bounce to the upside after a pull back, the AUDUSD rotated lower last week. However, the trend is still up overall and so we are remaining bullish on this pair and will continue to wait for a clear price action buy signal before buying. We are watching key support near 0.7500 as the line in the sand for bulls and whilst prices are above that level we are actively looking for a clear price action buy signal to get long and trade in-line with the recent up trend.
Gold – Gold bulls remain in control, but waiting for pull back to buy
Gold gained ground again last week as the bounce from 1200.00 continued, in-line with the recent uptrend. We can look to be buyers on a pull back toward support this week and watch 1220.00 – 1200.00 as the key buy zone; watch for price action buy signals at or near that support zone if price rotates lower this week.
Crude – Crude Oil weakness persists
Crude Oil continued losing ground last week as the sell-off continue since price broke 50.70 key support. Price has now closed under 49.30 key resistance area and we see that level as a potential sell-zone on any retraces higher this week. Watch resistance at 49.30 and further up near 50.80 this week for potential selling opportunities.
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.