EURUSD – Euro/dollar bearish pin bar reversal
Last week, the EURUSD rallied up into the key resistance / sell-zone between 1.0530 – 1.0670 that we had been discussing recently in our commentaries. Note, the bearish pin bar that formed within this zone last Friday as bears came back into the market and pushed it lower. This signal is in-line with the overall downtrend and if price can stay contained below the pin bar high, we could see lower prices in the days and weeks ahead.
GBPUSD – Sterling/dollar rotates down below support
In the GBPUSD, 1.2335 was a key support that we were discussing in our recent commentaries. Last week, price fell back under that level and remained under it all week. We can see on Friday, price tried to rally higher but ultimately stayed contained under that old support / new resistance at 1.2335. We could see lower prices in the coming days in this pair if bears can keep prices contained below 1.2335.
Gold – Potential opportunity setting up in Gold
Gold made a modest turn to the upside last week as it ran into a key support level near 1130.00, a level we have discussed in recent commentaries as a potential buying opportunity. At this point, we are remaining cautious buyers on Gold and will watch for a strong price action buy signal on the 4 hour or daily chart before initiating any positions.
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