Daily Market Commentary: August 16th to 17th 2016

EURUSD – The EURUSD broke up through 1.1185 key resistance (now support) today, a level we have been talking about in recent commentaries. It appears bulls have won this ‘battle’ and prices are now likely to continue higher at least into 1.1400 key overhead resistance where it could reverse from there. We are in hurry up and wait mode currently and can watch for sell signals up near 1.1400.

AUGUST-17-EURUSD

GBPUSD – The GBPUSD rallied modestly today as the US dollar lost ground across the board. However, overall trend and momentum are still down in this pair and whilst under 1.3533 we are bearish on the GBPUSD. 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-17-GBPUSD

AUDUSD – The AUDUSD popped higher today and appears to be remaining buoyant just above near-term support at 0.7645. If price can remain above this level we could see it re-test 0.7830 key resistance, however it could just as easily fizzle out here and rotate lower. We don’t see any obvious signals right now and will wait for a clearer signal to develop before taking a position.

AUGUST-17-AUDUSD

Gold – Gold is remaining buoyant as we can see in the chart below. notice prices are moving up in spite of the bearish pin bar that formed on Friday. Any 1hr, 4hr or daily chart price action buy signal is a potential opportunity to get long this market whilst above 1310.00.

AUGUST-17-XAUUSD