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Weekly Forex Price Action Market Commentary | May 4-9
GBPUSD – Buy Signal at 1.6820 In Profit
In our daily commentary from May 1st, we suggested getting long at 1.6820 as we felt trading with the trend was the best until we get a daily close below 1.6600. After the USD gained heavy post NFP shocker, the cable went right down to our entry level to the pip, stopped on a dime, and climbed +60 pips higher, so congrats to those members who profited from this.
For now, as long as the price holds above our entry at 1.6820, we’ll remain bullish in the short term. 1.6920 is the upside hurdle, but past this the ‘big figure’ at 1.7000 is up next.
AUDUSD – Long Tailed Pin Bar + False Break
After a two week pullback and testing the support waters at 9215, the Aussie on Friday formed a long tailed pin bar signal to close the day. This strong rejection and false break suggests buyers were willing to step in and hold the line and continue the medium term bullish trend. If the bulls can clear 9300, then we’ll likely see a push higher to test the bears between at 9375 and 9450. Only a daily close below 9200 will shift the bullish sentiment, so stay long while above 9200.
Gold – False Break + Engulfing Bar Pullback Setup Gains Heavy
We suggested back in our April 29th analysis and members commentary, that as long as the precious metal holds above 1267, the outlook will be bullish. Gold pulled right back to the support around 1275, and again formed a false break + engulfing bar signal, which took out the prior 3 days of selling.
This suggests the PM will likely climb as the bulls came in stronger this last time around then the engulfing bar before. 1304 is short term intra-day resistance, but past this, then 1320/1330 should be the next resistance target for bulls. Only a daily close 1267 will sour the short term bullishness, but short term, I’ll stay bullish and look for 1320/1330 to be attacked shortly. Bulls not already long will look for corrective intra-day pullbacks towards 1284 with stops below Friday’s low.
Check out our latest Live Price Action Trades of the Week May 3rd
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