Daily Market Commentary: August 15th to 16th 2016

EURUSD – The EURUSD remains in a consolidation state right at 1.1185 resistance. Price did remain buoyant today, closing right at the resistance level basically. If it breaks higher and closes above that level we could see more upside. However, a reversal signal here could lead to a sell-off. Still waiting and watching.

AUGUST-16-EURUSD

GBPUSD – In the GBPUSD, price continues to weaken as the downtrend rolls-on. We discussed an inside bar pattern (sell signal) in our members commentary last Tuesday and notice in the chart below price has fallen lower since then, in-line with our expectations. Traders not already short can continue to look for price action sell signals on any near-term strength this week whilst under 1.3533 key resistance to rejoin the downtrend from value.

AUGUST-16-GBPUSD

Gold – Gold showed some weakness late last week but the trend is still up and we are still waiting for a pullback into support followed by a buy signal so we can rejoin the trend from value. We are watching 1310.00 as the key line in the sand this week to look to buy from. We would prefer a strong 4 hour or daily chart signal before getting long.

AUGUST-16-XAUUSD
S&P500 – The S&P500 remains in a strong uptrend and we can see prices were buoyant last week, staying up near the recent highs. We prefer to buy from support on a pullback / retrace and we can watch 2150.00 near-term support for buy signals this week if we get any weakness. More aggressive traders may consider a long if the inside bar pattern from Friday breaks out to the upside.

AUGUST-16-US500