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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar uptrend intact, looking to buy pullbacks
The EURUSD remains in a technical uptrend and we are still looking to be buyers of this market. We can see that last week price pulled back to 1.1115 and bounced from that level mid-week into the week’s close, showing that buyers are readily defending support levels. Our plan of action for this week is to look to buy pullbacks until price can make a daily close under 1.1115 support. To the upside, we see targets at the recent highs at resistance near 1.1295.
USDJPY – Dollar/yen strength continues, resistance coming into play
The USDJPY remains strong and we are still looking to buy after the recent reversal off 109.00 long-term support. The market has sustained some upward momentum as we can see by last week’s price action which shows several bullish tailed bars on the daily time frame, suggesting prices may try to push higher into 112.00 area or possibly higher. The weekly chart shows two successive bullish pin bars over the previous three weeks, which is further evidence price may head higher in the short term.
CRUDE OIL – Crude Oil sellers in control
Crude Oil remains very weak and we remain bearish on this market as we have for weeks now. We can look to be sellers on any rallies near or under $45 this week to rejoin this downtrend. The main resistance zone to watch this week is $47 – $45 and whilst prices are contained under or within this zone we are looking to be sellers on strength.
Gold – Gold bounces from key support area
Following a large pull back in over weeks, Gold bounced higher last week from the key buy-zone at $1245.00 – $1225.00 that we mentioned in our previous weekly market outlook. If you’re already long, you can target a move back up into $1280.00 – $1300.00. The buy-zone for this week remains around $1240.00 – $1255.00 area and we can continue to look for buying opportunities near that area this week on any downward price movement.
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.