EURUSD – The EURUSD broke up through 1.1185 key resistance (now support) earlier this week, a level we have been talking about in recent commentaries. We are in hurry up and wait mode currently, and we can watch for sell signals up near 1.1400. This market is basically in a big trading range and we favor looking to sell from resistance at this point in time. However, a strong push above 1.1400 could lead to a test of resistance up near 1.1600.
USDJPY – The USDJPY continues to fall lower, in-line with our recent discussions of this pair. Anyone not already short can still look for 1hr, 4hr or daily chart sell signals on any pockets of strength whilst under the key resistance zone between 103.50 – 102.75.
S&P500 – We can see a pin bar formed yesterday in the S&P500 that is in-line with the uptrend. Normally, we like to see a deeper pullback and the pin form closer to support, but given the strength of this uptrend it wouldn’t be surprising to see prices move higher from here. More conservative traders may elect to look for a buy signal / wait for a pullback to 2150.00 before looking to get long.
Gold – Price has remained buoyant this week in Gold and we can see it is threatening to breakout above the highs of several recent bearish tailed bars / pin bars that have formed recently. Whilst these bearish pins are not what we would have traded to go short because the market structure is quite bullish and they formed during consolidation, the fact that the market is quite strong against these three bearish pins means a breakout could be a strong buy signal if it materializes. A breakout above these tail highs could lead to a significant move higher.