Trade Ideas & Chart Analysis For The Week Ahead, May 9th to 13th 2016
Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here
Trade Setups / Chart in Focus:
AUDUSD – Aussie/dollar continues to lose ground
In our May 3rd commentary, we called for more downside in the AUDUSD and we can see it lost significant ground after that, into the week’s close. Our view this week is that whilst price is below 0.7490 key overhead resistance the logical play is to sell the AUDUSD on any strength in anticipation of price continuing lower and eventually testing 0.7380 or lower.
USDJPY – Dollar/yen downtrend continues
We remain bearish on USDJPY and see two major containment (resistance) levels above at 111.00 and 107.90. We will wait for price to enter that resistance range and wait for a price action sell signal on the 4 hour or daily chart to get short. Keep an eye on the members daily trade setups newsletter for updates on potential trading opportunities this week.
S&P 500 – Support at 2030.00 holds
In our S&P500 commentary last week we discussed the significance of support at 2030.00 and we can see that level held price as it tested it on Friday. That support will be an important level to watch this week. Notice the daily bar from Friday shows rejection of lower prices and that aforementioned 2030.00 support, so there’s potential for a recovery this week. We could see one last test of 2030.00 this week but if prices can hold above that support we may well see another push higher. Check our members price action trade setups newsletter for updates on potential trading opportunities this week.
GOLD – Gold Bulls remain in control
Our views from last week on Gold have not changed; we still see the support zone near 1260.00 – 1250.00 as a solid near-term area to look to be a buyer of Gold from should prices fall down to near that support zone and form a 1 hour, 4 hour or daily chart price action buy signal. If any buying opportunities form we will notify members in the daily trade setups commentary throughout the week.
In the members weekly trade setups video newsletter we discuss potential trade setups and detailed analysis on EURUSD, GBPUSD, AUDUSD, NZDUSD, AUDNZD, USDJPY, Gold, Crude Oil, S&P500 and more. For more information on the members daily trade setups newsletter, click here.
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