EURUSD – The EURUSD formed a small bearish pin bar in-line with the downtrend today. Whilst this pin bar is smaller than we would like, it is in-line with the downtrend in what is a very weak looking chart. A re-test down into 1.0820 key support would not be surprising.
GBPUSD – 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.
USDJPY – The USDJPY sold off today after falling under 106.65 resistance. We discussed looking to sell this market in the members commentary last week following the large bearish reversal / false-break at that 106.65 level. Notice also there was a small bearish pin bar that formed yesterday that could have been a nice entry trigger for anyone looking to short following that bearish reversal. We could see more downside in this pair whilst below 106.65.
Gold – 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.
S&P500 – A bull market is clearly in place in the S&P500 and we remain very bullish on it. This week, we see core support near the old recent highs at 2120-30 area; that area is now a key near-term support zone. We are watching for any short-term weakness in prices this week to consider getting long and joining the uptrend. More conservative traders might wait for a price action buy signal in that 2130 – 2120 region however, aggressive traders could consider a blind entry if the market trades in that support zone this week.