EURUSD – The EURUSD fell lower again last week as price continues to trend lower, however, it is still trading just above 1.0520 support area; a level price will need to break under to extend the downtrend. We can see that there was a bearish daily tailed bar that formed on Friday and two more this week so far, signaling potential for prices to move lower. We still favor the downside whilst prices are contained under 1.0800 – 1.0875 area resistance.
GBPUSD – The GBPUSD has weakened so far this week, falling down to just above key support at 1.2350 / low of the bullish pin bar from February 7th. This market is clearly weakening and we are moving to the side lines for now / no longer have a bullish bias. A close under 1.2350 would open the door for further downside movement.
AUDUSD – The AUDUSD was seen consolidating last week, within the current swing higher, but price looks to be struggling near overhead resistance at 0.7730-80 and has rotated lower so far this week. We are continuing to watch for buying opportunities between 0.7600 support and 0.7515.
US500 – The US500 continues to trend higher, hitting new all-time highs again last week. Prices remain very buoyant here, with no end in sight for the uptrend. Traders can still look to buy short-term price dips whilst prices remain above short term key support levels. This week, we will watch 2336.00 area and 2300.00 for buying opportunities on any pullbacks.
Gold – Gold has moved higher since our February 14th commentary, in which we discussed looking to buy on pullbacks. We can see that price broke up through 1250.00 last week, closing the week above that level. Our recent call of looking to buy pullbacks whilst the market is above 1200-1220 support remains; we will watch for any weakness this week and look at the 1hr, 4hr or daily charts for price action buy signals to trade in-line with the uptrend, targeting 1300.00.