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Weekly Trade Ideas & Market Analysis by Nial Fuller – February 13th to 17th 2017


EURUSD – Euro/dollar stays contained under key resistance area
The EURUSD fell modestly lower last week, following a small bearish fakey with pin bar that formed last week in the resistance zone between 1.0770 – 1.0875 area. The market ended last week right at the 1.0620 major support area, so there is a chance prices could bounce from here in the short-term. Overall, we see the potential for further declines in this pair whilst under the key resistance zone at 1.0770-1.0875. Traders can look to sell on strength this week, ideally up near 1.0770 area on a price action signal.



GBPUSD – Sterling/dollar upside potential remains after pin bar signal
The GBPUSD moved slightly higher last week, following the bullish pin bar / buy signal which formed last week and that we discussed in our February 7th commentary. Our view hasn’t changed; we can still look to be buyers whilst prices are above key support at 1.2400. However, a decisive close under 1.2400 – 1.2350 would open the door for more losses.

EURGBP – Euro/Pound remains weak under key resistance
The EURGBP tried to recover over the last two weeks, but as we can see below, bears came back in and held price down again. Our downward bias remains whilst under 0.8850 key resistance, in-line with our view in recent weeks. Traders not already short can wait for another sell signal this week whilst prices are contained under 0.8850 resistance.

AUDUSD – Aussie/dollar remains buoyant, but key resistance looms
The AUDUSD consolidated last week, but did post a modest rally into Friday’s close. The support at the recent lows at 0.7520-40 is still significant in the short-term as the bulls continue to maintain control. Price can easily trade up into key long term resistance overhead near 0.7735-78 before experiencing any sell pressure. This week, traders could play longs from 0.7520-40 support and shorts from 0.7735-0.7778 resistance region.

Gold – Gold uptrend continues, more upside possible
Gold prices have found a nice bottom again at $1180 area recently. Notice price broke up above 1220.00 resistance last week, a level we mentioned in the weekly commentary recently. Price should remain buoyant and we could see further upside into $1250.00 this week and potentially $1300.00 in coming weeks. The market looks to have enough momentum to trade $50 to $100 higher in a short space of time towards $1300. Whilst above recent lows $1180.00, traders can look to buy weakness if and where possible this week. Stay tuned to our daily members trade setups commentary for more Gold updates.