Expect sellers to defend 1.1840 key technical level this week
Summary – The downtrend that we discussed last week in the EURUSD remains intact whilst price is contained under the resistance at 1.1838-50 area. Price retraced modestly higher last week but we expect price to continue lower once again from nearby resistance levels.
Forecast – While price is trading below the 1.1838-50 resistance zone, we will look to be a seller on any price strength or we will wait for a price action signal on the 4 hour or daily chart.
The line in the sand for GOLD remains 1282 this week
Summary – A strong downtrend remains whilst price is contained under the technical resistance levels at 1282 and 1305.
Forecast – Whilst price is contained below the 1282 to 1305 resistance zone, we would look to sell short on any price strength towards 1282, or wait for a price action sell signal on the 4 hour or daily chart.
CRUDE OIL WTI
The bulls are likely to squeeze the shorts and push CRUDE OIL higher this week
Summary – Very strong bullish trend underway with price contained above the technical support levels at 69.36 and 66.63.
Forecast – Whilst contained above the 69.36 to 66.35 support zone, we would look to buy on any price weakness towards 69.36, or wait for a price action buy signal on the 4 hour or daily chart.
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.