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GBPUSD – Sterling/dollar stalls after recent push higher, uptrend intact
Last week the GBPUSD consolidated following the strong upward surge over the preceding couple of weeks. Overall, the trend is still very strong in this market and so we are looking to buy it as we have discussed in recent weeks in our commentaries. Our plan of action for this upcoming week is to look to get long the GBPUSD (buy) following a pull back to support levels. We are watching 1.3260 as the key support this week; we will watch for a retrace lower followed by a price action buy signal near or just above that 1.3260 level to get long and trade in-line with the uptrend.
EURUSD – Euro/dollar consolidates within broader uptrend
The EURUSD basically moved nowhere again last week as it remained indecisive, moving sideways just above 1.1860 short-term support. As with our recent discussions of the EURUSD, we remain bullish and looking to buy this market to trade in-line with the underlying trend. However, we may see more containment and consolidation near current levels because price is trading just under a long-term resistance area at 1.2000 – 1.2300. This week, we continue to look for buy signals whilst price is trading above the key support down near 1.1666, paying close attention to the zone between 1.1860 – 1.1666 as the primary buy area.
GOLD – Gold retraces down into key support zone
Over the last few weeks, Gold has retraced to the downside following a very strong push to the upside. Price is now entering a key support area between 1295.00 – 1276.00 as we can see in the chart below. There was a powerful price action buy signal that formed off 1276.00 back on August 25th, as we can see in the chart below. Whilst above that 1276.00 level we remain potential buyers of Gold and are watching closely for a long entry. Traders can look to buy within the 1295.00 – 1276.00 layer either on a blind entry (without a confirmation signal) or by waiting for a price action buy signal, we can look to target a move back to 1330.00.
Crude Oil – Crude Oil pushing higher within a large sideways range
The near-term trend in Crude Oil remains mildly bullish, however, overall price is trading in a large sideways trading range, oscillating between support and resistance levels. We see an important support area down between 47.50 – 49.50 and we prefer to see a retrace down within that zone this week before looking to buy. We will watch for a price action buy signal following some weakness (retrace lower) whilst prices remain above 47.50 key support level. A move back up to 52.00 would then not be surprising, but don’t expect a major move because as we mentioned, this chart is sideways overall.
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.