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EURUSD – Waiting for euro/dollar sell signal
We saw a modest rotation higher in price late last week, but a strong downtrend remains in EURUSD. Should this retrace higher continue this week, we will keep our eyes on key resistance up near 1.3500 for price action selling opportunities to rejoin the downtrend. If we get an obvious sell signal near that resistance, we expect to see a continuation of the downtrend, perhaps down to re-test the key support near 1.3295.
AUDUSD – Aussie/dollar bears still in control
The near-term trend continues to remain bearish in the AUDUSD. Prices did recover on Friday, paring losses and ending slightly higher, forming a bullish tailed bar. If we get a retrace higher this week, we will look to be sellers on strength under 0.9330 key near-term resistance. Our first downside target would be near 0.9200 key support level, and if bearish momentum continues through that support, we could see lower prices.
GBBJPY – Sterling/yen bearish momentum takes hold
The GBPJPY broke and closed below major level through 172.50 last week, flipping this level from resistance to support. The daily chart trend is now bearish and so we will look to sell on strength this week should the market rotate higher. Note the inside-pin bar combo setup that activated last week, if price retraces up to near the tail of that pin bar / just below 172.50 resistance, we will watch closely for another price action sell signal to trade back down toward the key support near 169.00 area.
S&P 500 – U.S. stock indices firm up after recent sell-off
The S&P 500 recouped some of its recent lost ground on Friday as price bounced significantly higher from the support near 1890 – 1885 region that we discussed in our recent S&P 500 commentary. We expect the bulls to continue defending the recent low at 1890 and we will look to be a buyer if price dips back down into the support between 1890 – 1885 this week.
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