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EURUSD – Euro/dollar uptrend intact, waiting for pull back to buy
The EURUSD moved sideways last week after a big run higher in previous weeks. The trend is still up and we are looking for a deeper pull back (to the downside) to watch for a buying opportunity from support, in-line with the uptrend. We are watching for buying opportunities down near 1.1075 to 1.1020 near-term support this week and we remain bullish whilst prices are above 1.0830 key support level.
AUDUSD – Aussie/dollar rotates lower after hitting resistance level
The AUDUSD moved slightly lower last week, forming a bearish pin bar (reversal sell signal) on the week, in-line with the bearish pin bar sell signal we discussed on Tuesday in our members commentary. If price holds under 0.7522 this week, we would expect to see more downside movement. Initial downside target is at 0.7328, if that breaks, 0.7165 is the next support or target area for those who are short (sellers). A close above 0.7522 would nullify our downward bias for now.
S&P500 – S&P500 uptrend moves to new highs
The S&P500 continues to surge higher, in-line with the overall uptrend and printing fresh all-time highs last week. We can watch for price to rotate lower in the coming days to be buyers, in-line with the trend, whilst above 2320.00 area. Ideally, we would wait to enter until we see a clear price action buy signal from 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.