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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar continues surging higher
The EURUSD continued surging higher last week, breaking up past 1.1020 resistance and ending the week near the highs, in-line with our bullish bias that we have discussed in recent commentaries. We can watch for pullbacks to the downside this week to buy, ideally, on a 1 hour or 4 hour or daily chart buy signal. We will be keeping our eyes on 1.1020 support in the near-term to be a buyer this week should price rotate lower.
AUDUSD – Aussie/dollar retraces but downtrend intact
The AUDUSD made up some recent lost ground after it retraced higher last week, ending the week just below 0.7470 resistance. If price can hold under 0.7470 this week, we could see the recent downtrend continue from near current prices. However, if price keeps moving higher and breaks above 0.7470 we could then see 0.7522 area tested in the coming days. We are looking to sell within the 0.7522 – 0.7610 zone on a price action signal this week, and we retain that view until price closes back above 0.7610.
S&P500 – S&P500 uptrend intact, price bounces at support
The S&P500 pulled back to the key support zone between 2350.00 – 2324.00 last week, bouncing modestly from there on Friday. We have been looking to buy this market on any pullbacks to support, as the overall trend is up. Ideally, we will wait for a clearer price action buy signal before entering long, but we are still looking to buy whilst above 2320.00 area.
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.