Daily Market Commentary: July 28th 2016

EURUSD – The EURUSD surged higher today but it’s still below 1.1130 key over-head resistance and we will remain bearish whilst price is contained under that level. We would still consider a short entry up near that 1.1130 if we get an obvious 4 hour or daily chart bearish reversal signal there. 01-EURUSD

GBPUSD – The GBPUSD has continued to consolidate so far this week, whilst contained under the key overhead resistance at 1.3480. We remain bearish on this pair under that level and will continue to look for selling opportunities.


USDJPY – The USDJPY tried to rally today but backed off the highs into the day’s close as it neared 106.65 key over-head resistance. We remain bearish on this pair while it’s contained under 106.65 key resistance.


Crude Oil –
The crude oil market continues to sell-off after repelling down from 46.80 key resistance that we discussed in recent commentaries. We can see today price closed under 42.50, showing no respect for that key support. This was another bearish sign and we could more weakness in the day’s ahead and can look for sell signals on any temporary strength.

04-XTIUSD-Curde oil

Gold – Gold surged higher today just ahead of 1300.00 key support. We can see price didn’t quite make it down to that support but it’s showing buying interest near current levels. We should watch any intraday pullbacks for price action buy signals to get long whilst above 1300.