FXstreet

EURUSD – Euro/dollar consolidating below 1.3670

For the EURUSD, it all depends on 1.3670 resistance from here. Prices have in fact held at the low of the recent daily pin bar from the June 5th, and are trying to creep back up to 1.3670. We could see prices either terminate at that 1.3670 resistance or slice through and push higher. There could be a selling opportunity at 1.3660-70 resistance area, with tight risk. Right now, it’s ‘hurry up and wait mode’ with a possible short from near 1.3660-70 area pending a price action sell signal. However, a close above that level would change the bias to positive and then we could look to buy the dips once the trend change is confirmed.



GBPUSD – Looking to buy pullbacks to support

The GBPUSD strengthened again last week as price cleanly broke and closed above 1.6995 resistance, a level that had contained bulls for some time. Note, the strong up-move from the last two weeks was initiated down near the mid 1.6700′s, which we first discussed in our member’s commentary recently. This week, we continue to be buyers on pullbacks to value / support, 1.6920 is now a major support of this recent leg in the up-trend. Traders can also watch the 8 / 21 day EMA support layer for price action buy signals on any rotation lower this week.



AUDUSD – Aussie/dollar remains bullish

The AUDUSD pushed significantly higher last Wednesday following our discussion of a potential blind entry near 0.9330 support in our June 17th commentary. The market stalled and lost slight ground into the week’s end last Thursday and Friday but our bullish bias remains. We are looking to buy again this week with the key support seen down near 0.9330 area; traders can look to get long on a price action buy signal whilst the market is trading above that support, with targets near 0.9460 key support.



OIL – Crude Oil moves higher from pin bar buy signal

The Crude Oil market pushed modestly higher on Friday from the bullish pin bar buy signal that we discussed in our June 19th commentary. We are still bullish biased on this market whilst it remains above 105.00 support and expect to see more upward price movement this week if the market remains buoyant above that 105.00 level.



Gold – Spot Gold market explodes higher

The recent price action in the gold market has been incredible to say the least, with an explosive move taking prices from 1275 to 1320 last Thursday. Gold has now reclaimed the all important 1277 – 1285 key resistance area (now support) that we’ve discussed in recent commentaries, and whilst price sits above this area we must move to a bullish bias. Earlier last week, we saw a bearish pin bar form at the 1285 resistance level and a day later we saw a bullish pin bar. These opposing pin bars often neutralize the price action, but on this occasion the bulls ran the stops through 1285, leading to an explosive move higher. Any traders who traded the bearish pin bar from June 16th would have been stopped out as prices moved above the high of the pin. We are bullish whilst prices are above 1285 and would look to buy weakness around that key level.