EURUSD – Euro/dollar continues to fall from resistance after reversing up near 1.0770 the week before last. With the close under 1.0620 the last three days, the path is clear to the downside. Traders can look to sell on any strength this week, with the potential target area down near 1.0450 – 1.0350.
GBPUSD – The GBPUSD fell down to support at 1.2400 today, testing that level before reversing and ending the day basically unchanged, forming a bullish pin bar. We can see this is the second pin bar at this support recently and the last one was the buy signal we discussed recently, that pin is still valid. Today’s pin shows us that bulls are still defending this level and so our views remain the same; we remain bullish biased whilst prices are above 1.2350 – 1.2400, targeting resistance up near 1.2700.
USDJPY – The USDJPY put in a small bearish reversal bar today, up near 115.30 resistance, a level we discussed in recent commentaries as a sell level. We could see prices fall from here, but this is not the best signal in the world, still it is near a resistance level within the recent leg lower so it would not be surprising to see a sell-off into support levels near 112.50.
Gold – As we have discussed in our recent Gold commentaries, prices have been buoyant following a recent bottom that was carved in down near $1180.00 recently. Price has since reclaimed $1200.00 and $1220.00, both of which have now flipped from resistance to support levels. Our recent views of looking to buy this market on pullbacks to support remain; we see the potential for prices to re-test $1250.00 area in the coming days and possibly $1300.00 in the weeks ahead. Whilst above the recent lows at $1180.00, traders can look to buy weakness; watch the relevant support areas near $1220.00, $1200.00 and $1180.00 for buying opportunities as this market retraces. Note the bullish tailed reversal bar that formed today, if prices remain buoyant here we could see the uptrend resume from here and prices push higher.
US500 – The US500 has surged higher this whole week, continuing last week’s push higher, up from 2277.00 support. There isn’t too much to do if you’re not already long, except look for intra-day pullbacks and watch for 1 hour or 4 hour buy signals to potentially get in, but at this point we would ideally wait for a decent pullback as you don’t want to buy here.