EURUSD – Euro/dollar weakness continues
The EURUSD fell further away from key over-head resistance at 1.1130 last week, continuing the bearish momentum we have seen in recent weeks. This week, we remain very bearish on this pair and we will watch any intra-day pullbacks to the upside (strength) for price action selling opportunities whilst price is contained under that 1.1130 level.
GBPUSD – Sterling/dollar bears in control
The GBPUSD continues to remain very weak and we can see that last week prices stayed contained under near-term key resistance at 1.3480. We remain very bearish on this pair this week whilst under that 1.3480 level and we will be watching for price action sell signals on the 1 hr, 4 hr or daily chart time frame on any strength whilst under 1.3480 resistance this week.
AUDUSD – Aussie/dollar range-bound
The AUDUSD has sold-off since false-break and reversing at 0.7644 key resistance. We now see price approaching the key support level down near 0.7320 and we could potentially look for shorts this week on any strength early this week. However, as prices get closer to 0.7320 we will watch for price action buying opportunities.
Gold – Watching for price action buy signals near 1300.00 this week
For the Gold market this week, 1300.00 support will be a very important level to watch as prices continue to hover just above it. We have seen a decent pullback to the downside over the last two weeks in this market and we would not be surprised to see the uptrend resume soon. Traders should watch the price action closely at 1300.00 and just above this week for a high-probability opportunity to re-join the uptrend this week.
Crude Oil – Price selling-off from 46.80
As we have been discussing in our recent daily members commentaries, we are bearish on Crude Oil and are looking to be sellers whilst under 46.80 near-term resistance. We can watch any temporary strength this week to get short under 46.80 for a potential move down into 42.50 key support.