Daily Market Commentary : July 29th 2016

EURUSD – The EURUSD rallied up to resistance near 1.1130 today before backing off the highs into the day’s close, forming a pin / bearish tailed bar. Ideally we would like to see this pin protruding up through the level, so it’s not an ‘ideal’ sell signal, but if prices remain under that 1.1130 on a closing basis we could see a rotation lower from here.


GBPUSD – The GBPUSD continues to consolidate sideways and we are still bearish whilst under 1.3520 – 1.3480 area and we are watching for price action sell signals any further strength whilst below that resistance zone.


NZDUSD – The NZDUSD formed a small bearish pin bar today that is in-line with the recent sell-off / bearish momentum we saw in this market before the retrace higher we’ve seen this week. This pin could be good for a quick test of support down near 0.6950 area or lower if that level breaks.


Gold – Gold fell slightly lower today as it continues to hover just above 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 intra-day pullbacks for price action buy signals to get long whilst above 1300.


S&P500 – The S&P500 is showing continued strength this week as it consolidates sideways near the recent highs. Notice all the bars this week have had bullish tails / bullish pin bars, indicating that bulls are keeping this market buoyant. If we don’t get a pullback into 2120 we can watch next week for a breakout to the upside from this pin bar cluster as a potential long trigger.