Daily Market Commentary: August 8th to 9th 2016

EURUSD – Price action in the EURUSD has been choppy and erratic lately and as a result, it’s difficult to determine the short-term bias of this pair. Notice that price did reject resistance up near 1.1185 last week as it made a false break of that level. We will wait for price action signals for guidance this week and we can clearly see 1.1160 – 1.1185 is a key near-term level to keep our eyes on in the near-term.


GBPUSD – The GBPUSD fell lower late last week as it neared the key resistance area we discussed in our recent commentaries, up near 1.3520 – 1.3400. We will continue to look to sell rallies (strength) this week whilst price is contained under resistance at 1.3520. We can see a clear resistance zone between 1.3375 – 1.3520 that we can look to sell in or near, ideally on a 1 hour, 4 hour or daily chart price action signal.


USDJPY The USDJPY downtrend continues and we are looking to sell any rallies this week as we can see recent rallies have been met with intense selling pressure. If price rallies up to resistance near 103.60 – 103.90 area we will be watching closely for price action sell signals to rejoin the downtrend from value.


Gold – We remain bullish on Gold as we have been for months now. We could see a buying opportunity on Gold early this week to enter down near 1320.00 – 1310.00 near-term support either on a blind entry or on a price action buy signal on the 1 hour, 4 hour or daily chart time frame.


S&P500 – The S&P500 pushed higher last week after briefly dipping lower to test the near-term support around 2150.00. Price is clearly remaining buoyant here and we want to look to get long this market on any weakness this week by looking to buy at near-term support near 2150.00 or further down if we get a bigger pullback near 2120.00 support.