EURUSD – moved lower last week in-line with recent downward momentum. WE have been discussing looking to sell this pair all week last week in the members commentaries. We could see price fall down and test 1.0500 key support still, but at this point we would only sell on a retrace higher followed by a clear price action sell signal. Since this market is range bound we can watch for buy signal near 1.0500 key support as well.
GBPUSD – broke lower late last week after some sideways consolidation just above 1.2400. If price closes under 1.2350 this week we will view that as a bearish development that could lead to this pair rotating down to the bottom of the range near 1.2100 key support in the coming days. We will consider sell signals this week should any form on some temporary strength, but ultimately we need to wait and see what price does within this 1.2400 – 1.2350 support zone before taking any action.
AUDUSD – has retraced all the way down to key support at 0.7500 and is resting right at that level. Note that last time around, the market bounced here and we called this support as a buy level, and history may repeat itself here. However, it’s too early to tell without a price action buy signal on daily. Depending on how price action unfolds at 0.7500, we may be looking at going long from 0.7500 or if price can close under 0.7500, we may be looking for sell signals. Check back for updates throughout the week.
USDJPY – Whilst the chart shows a sustained downtrend in USDJPY, we can see several daily price bars lower tails testing 110.30, suggesting mild buying support and a potential bounce due. Price could rally into resistance this week and this could provide a selling opportunity around 111.70 – 112.60 resistance. More aggressive players could look to buy around 110.30, there is scope for a small bounce here until price fails the recent lows.
NZDUSD – The Kiwi/dollar has continued to weaken in recent weeks after failing at 0.7050 area. Whilst price is under that level we can watch any strength for price action sell signals to get short in-line with the downtrend.
Crude – Crude Oil shot higher last week as price broke up past the bearish pin bar high on Friday. This signals bulls are clearly more in control right now and we can look for buy signals on pullbacks to support at 49.80 – 50.70 support zone.
Gold – Gold has undergone a very strong surge higher since it bounced at $1200.00 key support; a level we had been watching for buying opportunities as we discussed back in our February 14th commentary. Our views remain similar; we see support at $1220.00 – $1200.00 as a key buy zone and ‘line in the sand’ for buyers / bulls, so we will wait and look to buy on a pull back to that support zone, either on a price action buy signal or a blind entry. There was a large reversal on Friday which produced a bearish pin bar on daily time frame, this may see prices pull back slightly this week and provide an opportunity to buy at value down near support.