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EURUSD – Euro/dollar consolidates after recent run higher
The EURUSD has been in a multi-month uptrend over the last several months, as a result, we are continuing to look to be buyers of this pair as we have for weeks now. Last week, price retraced down to support near the 21 day moving average and 1.1690 horizontal support. We can see several bullish tailed bars (bars with longer lower shadows or tails) have formed last week at this near-term support area around 1.1690. Aggressive traders may consider buying near current levels but perhaps the ‘safer’ approach is to wait for a larger pull back and more obvious buy signal before entering long. We see key support is at 1.1450 and 1.1300 area and we will continue to look to buy whilst above that support zone.
AUDUSD – Aussie/dollar pulls back previous breakout area / key support
The AUDUSD has recently broken up and out from a multi-year trading range that formed between 0.7830 and 0.7150 area, indicating that this market is wanting to push higher. Price has retraced lower over the last three weeks, but the trend is still up and price did bounce up from 0.7830 last week – a level we discussed looking to buy from in our last weekly outlook. Notice the bullish pin bar (reversal signal) that formed last week on the weekly chart below, this signal formed after a retrace down to the previous resistance / breakout near 0.7830 – 0.7748 which is now acting as key support. We see the potential for upside in this market in the coming days and weeks and can continue to look buy on any weakness (pull backs) this week whilst above 0.7748.
GBPJPY – Sterling/yen pin bar signals send prices lower
The GBJPY has been falling for weeks now and you will notice we got back to back bearish pin bars (reversal sell signals) within the downtrend earlier last week. As we discussed in our daily members trade setups newsletter early last week, we can look to sell this pair on any near-term strength (short-term moves higher) whilst under those pin bar highs and the key level near 143.10, targeting support near 139.00.
Gold – Gold uptrend intact, looking to buy after a retrace
Following a very strong run higher in recent weeks, Gold reversed at 1300.00 key resistance last week, forming a bearish pin bar reversal on Friday. Despite this potential sell signal, we are sticking with the near-term trend and momentum, which is very strongly up, and will continue to look to be buyers on any downside retraces this week. Watch 1250.00-1267.00 near-term support as a strong buy-zone should price rotate down to it this week.
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.