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EURUSD – Euro/dollar at key resistance level
The EURUSD is still in a downtrend overall, however, over the last few weeks, price has made a strong push to the upside and is now trading just below 1.0670 key resistance. Notice the bullish pin bar reversal that formed last Wednesday; if price can break above that key resistance at 1.0670, we could see it move up into 1.0875 area. Buying this pair right now is certainly a higher risk play, as it’s against the trend, but it’s worth considering this week given the recent bullish surge (upward push). However, given the long-term downtrend in place on this pair, we would also consider selling up near that 1.0875 key resistance level or slightly below on a price action signal.
Gold – Gold continues to move higher from key support level
Gold has built a base following its bounce higher from key support down near 1140.00 – 1130.00; a support zone we have discussed for weeks now. We can see a clear uptrend underway on the daily chart, and we are continuing to look to trade in-line with that trend by watching for buying opportunities as price temporarily pulls back to the downside. Ideally, we would see price pullback to a moving average or horizontal support area and form a price action buy signal, before getting long. If price remains buoyant, we see the potential for it to re-test 1240.00 key resistance zone in the coming weeks.
S&P500 – S&P500 continues trending higher
The S&P500 moved sideways last week, but whilst above 2227.00 and 2170.00 key support, the bulls remain strongly in control and the multi-year bull market continues. We did see a bullish pin bar on the daily time frame last Thursday, but given its position right against previous resistance and all-time highs, it’s hard to know if this signal will produce any upside breakout. It might be a good idea to wait for a breakout and close higher before looking for another long entry or we could wait for a more substantial pull back into the 2227 support handle and look to get long there. Either way, this market is strongly biased to the upside and buying the dips remains the strategy.
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.