Daily Market Commentary: August 26th 2016

EURUSD The EURUSD consolidated 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.

AUGUST-26-EURUSD

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.

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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.

AUGUST-26-USDJPY

GOLD- Gold has retraced down to support at 1320 – 1310 area. We will watch closely for a strong price action buy signal here to potentially get long..

AUGUST-26-XAUUSD

Oil – Crude Oil has retraced back down to 46.40 support area and appears to be resting just on top of it for now. Given the recent surge higher, we wouldn’t be surprised to see price rally again off this support zone and potentially try to re-test 51.65 key resistance eventually. If prices close back under 44.40 it would be a bearish sign however.

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