EURUSD – The EURUSD remained buoyant last week even after a bearish reversal pin bar formed on Thursday. Price held it’s ground on Friday and formed an opposing bullish pin bar just above 1.0675 near-term support, indicating that bulls are still clearly in control here. We are looking to trade in-line with the recent bullish momentum in this pair this week and could see it re-test the key resistance zone up near 1.0830 – 1.0905 area.
GBPUSD – The GBPUSD exploded higher last week as price broke above 1.2570 resistance as well as other nearby resistance levels and closed well above them all. This is obviously a very bullish development and we can look for minor pull backs to the downside to get long and trade in-line with the bullish momentum. Watch the key near-term support zone between 1.2680 – 1.2570 as the primary buy-area this week.
USDJPY – The USDJPY continues to trend lower and we can look to trade in-line with that trend by looking to be sellers on up-side pull backs this week. Watch 111.60 resistance area as well as the 21 day ema for price action selling opportunities.
Gold – Gold is remaining buoyant and is still in the midst of a solid uptrend that has been in place for months. As we have discussed in all our recent commentaries, we are looking to be buyers of Gold on any pull backs to support / value areas, in order to trade in-line with the uptrend. This week, traders can watch 1260.00 – 1240.00 support zone as a potential buy-area should price rotate lower.
Oil – Crude Oil sold off last week, falling significantly lower as bears flooded back in. Price closed under key support levels near 51.20 – 49.80. In light of this aggressive sell-off we are moving to a more neutral bias on this market until more obvious / clear price action develops. We will update you guys here in the commentary of any changes this week.