Weekly Market Commentary – April 17th to 21st 2017

EURUSD –The EURUSD rotated down from near-term resistance at 1.0670 – 1.0700 area late last week, as price continues to trade just below that level and remain sideways. Currently, this pair is looking like it may continue to move lower, if it can stay contained under 1.0700. We are in ‘hurry up and wait mode’ and will see what the price action does here over the coming days. Whilst price remains under 1.0700 we can watch any near-term weakness for price action sell signals in anticipation of a move down to the bottom of the trading range, near 1.0520 key support.

EURUSD_17_APR

GBPUSD – The GBPUSD has shown resilience each time recently when it has gotten down to support near 1.2365, showing that the level is the line in the sand for buyers as they continue to buy near that level. We see the potential for more upside movement in this pair whilst above that level and traders can watch for price action buy signals on pull backs whilst above 1.2365.GBPUSD_17_APR

AUDUSD – The AUDUSD pushed up and away from key support near 0.7500 late last week, indicating that level is holding, at least for now. We could see price try to make a significant rally from here, whilst it’s holding above 0.7472 – 0.7500 area. Traders can look to buy on any weakness this week whilst above that key support, in anticipation of price moving up to the top edge of this range near 0.7720.

AUDUSD_17_APRGold – The strong uptrend in Gold continued last week as price broke up past resistance near 1260.00. We are still looking to buy this market as we have been for months now and as we recently discussed in our April 11th commentary. Traders can watch for weakness early this week to get long. Look for a pull back to support at 1260.00 down to 1220.00 area to get long on a 1 hour, 4 hour or daily chart buy signal to trade in-line with the uptrend from value / support.

XAUUSD_17_APR

Crude Oil – Crude Oil shot higher last week after price broke up past the bearish pin bar high last 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 – 51.20 support zone.

 

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