Weekly Market Commentary: August 22nd to 26th 2016

EURUSD pushed higher last week after breaking above 1.1185 early last week. It’s now approaching key resistance at 1.1400 area – where we could look for a sell signal. If nothing forms there and price continues higher, we could see a re-test of 1.1600 previous key resistance. This pair is still in a long-term trading range so we will look for price action sell signals as it approaches these key resistance levels.


GBPUSD continues to remain weak overall, despite a small rebound last week. Price is still contained well-below the nearest overhead resistance area up between 1.3375 – 1.3535 and we are continuing to look for price action selling opportunities this week on the 1 hour, 4 hour or daily chart time frame whilst prices are below that resistance zone.


AUDUSD weakened last week following a series bearish tailed bars / pin bars that formed up near 0.7720 resistance. We are bearish under those recent highs until we close convincingly above the aforementioned tailed bar highs. We could see more downside movement this week if price stays contained under those highs.


Gold is still a buy above 1320.00 – 1310.00 key support zone. Also, as mentioned in our commentary last week on this market, a break above the bearish tail highs that formed recently would be a potential buy signal this week. However, a more conservative approach would be to wait for a pullback down into 1320.00 – 1310.00 key support zone and look for a buy signal there.


S&P500 has remained buoyant in recent weeks and is basically just treading water near recent highs whilst in a strong uptrend overall. We prefer to see a pullback to 2150.00 support before entering but we could also break higher following the bullish pin bars we saw on Friday and Wednesday as the uptrend is strong.AUGUST-22-US500

Crude Oil is in a runaway up move. We have to wait and see if key resistance at 51.65 will slow it down. Hurry up and wait mode now, meaning there’s nothing to do but wait and see what develops in the coming days in this market.