Daily Market Commentary: August 25th 2016

EURUSD The EURUSD weakened again today as it is struggling just under 1.1400 key resistance. If prices cannot rally above that level we could see it sell-off from near current levels and re-test support down near 1.1185 or potentially lower.


GBPUSD – The GBPUSD continues to remain weak overall, despite a small rebound recently. 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 – Based on our previous comments regarding the recent bearish tailed bars (up near 0.7720)in the AUDUSD, as well as bearish pin bars on the weekly time frame, this pair is looking ripe for a move to the bottom of the range, near 0.7400 support. Until the market closes above the recent highs of the aforementioned tailed bars we have a bearish bias and will look for price action sell signals on any intra-day strength.


USDJPY – The USDJPY continues to flounder near recent lows. We are bearish overall and can look to be sellers on any pockets of strength whilst under 102.75 on a price action sell signal.


S&P500 – The 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.