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GBPUSD – Sterling/dollar surges higher as bullish momentum continues
The GBPUSD pushed higher last week as the current uptrend in this pair continued. This latest move to the upside came following a retrace to 1.2820 support (a level we discussed last week in our members area) and reversed higher from there. There’s a strong area of support between 1.2970 – 1.2820 and we can watch that support this week to be a buyer if price pulls back down to it. We remain bullish whilst above 1.2600 key support and with no key resistance up until about 1.3375, this market has plenty of room to run higher in the coming days.
AUDUSD – Aussie/dollar explodes up to test key resistance level
The AUDUSD moved significantly higher last week, ending near the week’s highs at 0.7835 after beginning last week near 0.7570 – 0.7600 support. The trend has been technically bullish and price had recently retraced to the 0.7600 support area before consolidating for several days and then shooting higher last week. We can watch for further pull backs to be a buyer of this pair again in the coming days. However, we will have to wait and see what happens as price is currently trading just below an important resistance level near 0.7835, so we certainly want to wait for a pull back to support levels before buying again.
S&P500 – S&P500 uptrend continues as price hits new highs
The S&P500 gained more ground last week as the overall uptrend continued following a bullish pin bar reversal buy signal that formed on Tuesday. Price has cleared has cleared all recent key resistance levels and closed above them, showing the strength and conviction bulls still have in this market. At this point, we can watch for 1 hour, 4 hour or daily chart buy signals on any pull backs whilst above 2400.00 in order to get long and trade in-line with the uptrend.
Gold – Gold moves up from 1200.00 support area following buy signal
Gold moved higher last week following a pin bar reversal buy signal on Monday that formed at support near 1200.00; a level we had been discussing in our recent commentaries. We discussed this pin bar in-depth in our members trade setups commentary as a potential buying opportunity early last week and we can see that the market followed through to the upside. Traders can look for another buying opportunity in Gold this week on a retrace lower whilst above 1214.00 area. Resistance is at 1240.00; a level we could consider selling at on a signal if price tests it in the coming days.
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.