Daily Market Commentary: August 9th to 10th 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.

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GBPUSD – The GBPUSD broke lower today, down from the inside bar pattern we discussed yesterday and in-line with the downtrend in this market. We see potential for more downside in this pair whilst under 1.3520 key resistance.

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AUDUSD – The AUDUSD has remained buoyant so far this week, moving up to resistance at 0.7670 and ending the day right at it. If price can close above this resistance it will be a bullish sign that could signal a continuation of this current bullish momentum and a potential re-test of key resistance near 0.7830. However, a reversal here could still lead to a sell-off back toward support.

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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

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Crude Oil – Crude Oil staged a modest rally to end last week, but we can see recent momentum and trend have been down so we are watching this rally closely for a reversal / sell signal to rejoin the downtrend. We are watching 44.40 as the key level to look to sell from or near this week.

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