Daily Market Commentary: August 11th to 12th 2016

EURUSD – The EURUSD stalled at key resistance up near 1.1185 today as price continues to flirt with this level. Whilst it is contained below it we are still more bearish on this market. However, if price closes above 1.1185 resistance we could see more upside to follow.

AUGUST-12-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-12-GBPUSD

USDJPY – The long-term downtrend in the USDJPY is still firmly in place and we can see below that price is contained well below major resistance up near 106.80. In the short-term, this market is contained under 103.30, and we retain a short bias this week whilst under that level. We want to follow the path of least resistance (down) and even though this pair has already moved a long way, it could still fall significantly further in the coming days and weeks.

AUGUST-12-USDJPY

Gold – Gold pushed higher over the last couple of days, in-line with the long bias we have held in this market for months now. We could see a buying opportunity on Gold soon down near 1320.00 – 1310.00 near-term support and we can look to enter either on a blind entry there or on a price action buy signal on the 1 hour, 4 hour or daily chart time frame.

AUGUST-12-XAUUSD