AUDUSD- Aussie/dollar uptrend intact
The AUDUSD has been in an uptrend for well over a month now, and it moved up totest key resistance near 0.7730 last week. Price did pullback late last week,modestly, but ultimately we still see the bullish momentum as being intact andso we are looking to trade in-line with it. Our strategy of choice is to lookto be buyers until the uptrend is invalidated. Traders can look to buypullbacks in price whilst we remain above the recent support near 0.7500 -0.7520 area. The obvious upside target area would be the recent range highsnear 0.7730 – 0.7800.
USDJPY – Dollar/yencontinues to weaken
USDJPY remains contained under 115.30 resistance, in this latest downward move.We remain bearish on this chart for now, meaning we are looking to sell. Wewill watch for upside movement (strength) in order to get short (sell) thisweek, whilst prices are contained under 115.30 level.
EURGBP – Euro/pound bearish bias remains
The EURGBP tried to recover last week, but as we can see below, bears came back in on Friday and did a pretty good job of containing the rally. Our downward bias remains whilst under 0.8850 key resistance, in-line with our view in recent weeks. Traders not already short can wait for another sell signal this week whilst prices are contained under 0.8850 resistance.
Crude – Crude Oilbuyers remain in control
Crude Oil continues to consolidate, moving sideways, but has remained buoyantin recent weeks and has most recently been trending higher. The weekly chart,seen below, shows us multiple bullish tailed bars, an indication that buyersare in charge here. We can look to be buyers on a pullback whilst the trendholds and price continues to remain above 49.30 and 50.80. A break of recenthighs near 54.00 potentially signals higher prices into 58-60.00.
Gold – Gold uptrend intact
Gold trending higher Gold continues to trend higher in recent weeks, following a bottom put in downnear $1180.00. Notice that price tested $1220.00 last week and then bouncedhigher, a signal that buyers are still in charge here. We could see more upsidemovement this week, into $1250.00 and possibly even $1300.00 in the weeksahead. We remain buyers whilst price are above $1180.00 support and are lookingto get long (buy) on any price weakness. This week, $1220.00 area is ourpreferred area to look to get long from if we get a pullback.
Nial Fuller is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 17,000+ students since 2008. Checkout Nial’s Blog – Learn To Trade The Market.