Forex Trading Commentary - Trade Setups & Trade Signals

EURUSD

The EURUSD continues to chop sideways within a consolidation range between 1.3200 and about 1.3050, we don’t see much to do on the daily charts until price closes outside of this range. There may be possibilities to play the boundaries of the trading range off the 4hr or 1hr chart for more advanced price action traders. The safer route is to wait for this consolidation to break and then look for a price action signal forming with the momentum of the breakout.
AUD/USD
The AUDUSD [/b]has pushed higher since the end of December and the uptrend is looking strong with Friday’s close above key resistance at 1.0750. We can watch this market for price action buy signals on rotations lower into support. The 8 day EMA support has held strong on all retests over the last month and we will watch this level closely for potential buy signal on any rotations lower.


GBP/USD
The GBPUSD [[/b]/B]bounced off the 8 day EMA last Friday and closed the day slightly higher over Thursday’s close, creating a false-break of the inside bar from Thursday. If price can maintain itself above the 8 day EMA this week, we will likely see the recent uptrend continue. Otherwise, we will watch rotations lower for potential support near the 21 day EMA and bullish price action signals forming near there.

Dow Jones cash

The Dow Jones cash market has been in a nice consistent uptrend since about the end of December. We can see the 8 and 21 day EMA support layer has held price on each retest. Note the two pin bars that formed in January showing rejection of the 8 / 21 day EMA layer. We will continue to watch this market for price action buy signals on any rotations lower into support.

AUDUSD

The AUDUSD sliced through 1.0750 key resistance today, closing the week out at 1.0775. Next week, we will look to get long on any rotations lower into support. If price rotates down into the 8 day EMA support level we will watch closely for intra-day or daily price action buy signals.

Gold

The spot gold market failed at $1750.00 today as price sold-off and closed the day well below this resistance at $1724.75. Next week, we will be looking for buying opportunities as we still see the daily momentum as being bullish. If price continues to rotate lower next week, we will watch support near the 21 day EMA for potential buying opportunities to re-join the bullish momentum.

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