The EURUSD continues to lose ground and as we can see in the chart
below, all recent retraces back up to the 8 day EMA have resulted in
reversals and lower lows. This week, our bias remains bearish and we
will continue to look for 1 hour, 4 hour or daily chart price action
sell signals on any retraces higher.
GBPUSD - Sterling/dollar continues losing ground
The GBPUSD continues to lose ground and we can see a downtrend is firmly intact here. This pair is seeing much wider swings up and down than the EURUSD for example, so traders need to be vigilant and wait for clear price action sell signals from resistance levels and make sure to use a wide enough stop loss to account for the higher volatility in this pair.
USDJPY - Dollar/yen holds at near-term support
The USDJPY seems to have found support at 122.25 area last week as we can see in the chart below. If price can hold above this level early this week we may see it resume its upward track. We remain aggressively bullish on this pair whilst it's above 121.50 key support level.
Crude Oil - Crude Oil false break of resistance
Crude Oil fell back under the key resistance near 42.75 late last week after a brief pop / false break above it earlier in the week. Notice that the pin bar signal we discussed in last week's weekly market commentary would likely still be in play had you entered using my 'trade entry trick' method with the wider stop loss option described in that article. We expect more downside in Crude Oil this week if it holds under 42.75 / 43.45 area.
Gold - Gold breaks down to new multi-year lows
Gold broke down through a key support level near 1069.00 last week, ending the week at lows not seen since 2010. Clearly, the downtrend is well entrenched in this market and so we do not want to try fighting it or picking the bottom. We will look for price action signals to sell and rejoin the downtrend this week on any strength in this market.
GBPUSD - Sterling/dollar continues losing ground
The GBPUSD continues to lose ground and we can see a downtrend is firmly intact here. This pair is seeing much wider swings up and down than the EURUSD for example, so traders need to be vigilant and wait for clear price action sell signals from resistance levels and make sure to use a wide enough stop loss to account for the higher volatility in this pair.
USDJPY - Dollar/yen holds at near-term support
The USDJPY seems to have found support at 122.25 area last week as we can see in the chart below. If price can hold above this level early this week we may see it resume its upward track. We remain aggressively bullish on this pair whilst it's above 121.50 key support level.
Crude Oil - Crude Oil false break of resistance
Crude Oil fell back under the key resistance near 42.75 late last week after a brief pop / false break above it earlier in the week. Notice that the pin bar signal we discussed in last week's weekly market commentary would likely still be in play had you entered using my 'trade entry trick' method with the wider stop loss option described in that article. We expect more downside in Crude Oil this week if it holds under 42.75 / 43.45 area.
Gold - Gold breaks down to new multi-year lows
Gold broke down through a key support level near 1069.00 last week, ending the week at lows not seen since 2010. Clearly, the downtrend is well entrenched in this market and so we do not want to try fighting it or picking the bottom. We will look for price action signals to sell and rejoin the downtrend this week on any strength in this market.
