EURUSD – The EURUSD gaped higher in explosive upside move at this week’s open. We were discussing that we were still bullish biased in the weekly commentary for this week, so hopefully none of you were short, there was really not reason to be, as explained in the weekly commentary. Watch for downside pull backs to be a buyer. The gap area will likely act as support if price pulls back that far.
GBPUSD – The GBPUSD is looking very firm here. We could see price breakout to the upside from this current tight consolidation pattern. Make sure the risk reward makes sense and remember near-term support is down at 1.2680.
AUDUSD – The AUDUSD moved down and closed under 0.7490 key support today, as this market has been working its way lower lately. Now that price has closed under that level we could see bears try to push it lower. Traders can potentially consider getting short on an upside retrace with a 1hr, 4hr or daily chart sell signal.
Oil – Careful on this bearish pin bar in Crude Oil today. It has formed ‘in traffic’ / not sticking out or really rejecting any resistance. It’s also sitting just above key support area following a big downside move. So, we have to question the risk reward of selling here. It doesn’t make sense to us so we will wait on the sidelines until a clearer signal develops.
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.