Daily Market Commentary: August 10th to 11th 2016

EURUSD – The EURUSD pushed higher today and is now resting just below 1.1185 resistance. This pair has been erratic and choppy lately, as we mentioned earlier this week. We are standing aside and will watch and see what happens here at this level and update you guys accordingly tomorrow.

AUGUST-11-EURUSD

GBPUSD – The GBPUSD is still floundering near last week’s lows, basically going nowhere this week. This pair is far weaker than the eurusd and other major USD pairs, reflecting the bearish momentum and trend. We are continuing to look for selling opportunities whilst under key overhead resistance near 1.3377 – 1.3520 area.

AUGUST-11-GBPUSD

AUDUSD – The AUDUSD did push up and close above key near-term resistance at 0.7670 today. We are now more bullish on this pair and can watch for a buying opportunity on a retrace lower. The near-term level to look to potentially get long from is 0.7645 area; if we get a strong 1hr, 4hr or daily chart buy signal there on a pullback.

AUGUST-11-AUDUSD

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.

AUGUST-11-US500

Gold – Gold pushed higher over the last couple of days. We are still waiting for a strong buy signal to get long or for price to fall down to 1320.00 – 1310.00 support zone where we could consider a blind buy entry.

AUGUST-11-XAUUSD