EURUSD – Euro/dollar remains weak, contained under resistance
The EURUSD is in the midst of a downward swing after selling off from key resistance up near 1.0820 – 1.0870 over the last few weeks. Price rotated down from near-term resistance at 1.0670 – 1.0700 area late last week, as it continues to trade just below that level and remain sideways. Currently, this pair is looking like it may continue to move lower, if it can stay contained under 1.0700. We are waiting to see what develops in the coming days before taking any action. Whilst price remains under 1.0700 we can watch any near-term weakness for price action sell signals in anticipation of a move down to the bottom of the trading range, near 1.0520 key support.
GBPUSD – Sterling/dollar remains buoyant above support
The GBPUSD moved higher last week after price tested key support near 1.2365. Price has been able to hold above that level on all recent tests of it, showing that the level is the line in the sand for buyers as they continue to buy near that level. We see the potential for more upside movement in this pair whilst above that level and traders can watch for price action buy signals on pull backs whilst above 1.2365.
Gold – Gold continues to surge higher
The strong uptrend in Gold continued last week as price moved up past and closed above resistance near 1260.00. We are still looking to buy this market as we have been for months now and as we recently discussed in our April 11th commentary. Traders can watch for weakness / rotations lower early this week to be buyers. Look for a pull back to support at 1260.00 down to 1220.00 area to get long on a 1 hour, 4 hour or daily chart buy signal to trade in-line with the uptrend from value / 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.