Weekly Market Commentary: August 29th to September 2nd 2016

EURUSD – Euro/dollar reverses lower at key resistance zone

We can see in the chart below that a large bearish reversal took place on Friday in the EURUSD, showing that price is respecting the upper-boundary of the long-term trading range we have discussed in recent commentaries. This reversal could signal that prices are ready to fall further, back down to support levels. So, this week we can look to sell this pair on any temporary strength whilst prices remain under 1.1400; watch for 1 hour, 4 hour or daily chart sell signals to get short on any retraces to the upside.

AUGUST-29-EURUSD

GBPUSD – Sterling/dollar fakey sell signal

You will notice a small bearish fakey signal formed in the GBPUSD on Friday as bears came back into the market just below key resistance up near 1.3375. We can look to sell this pair this week following the bearish fakey from Friday and whilst prices are contained under 1.3375, in-line with the long-term downtrend.

AUGUST-29-GBPUSD

AUDUSD – Aussie/dollar reverses at key resistance, more downside likely

A huge bearish reversal took place on Friday in the AUDUSD, in-line with our recent commentary on this pair in which we discussed looking to sell it. We see the potential for price to re-test support down near 0.7400 this week and traders can look to be sellers early this week, especially i we get any strength early in the week, whilst under 0.7675 area.

AUGUST-29-AUDUSD

Gold – Gold still trading near key support zone

We have been bullish on Gold lately and that bias remains, but Friday we can see a large bearish pin bar formed. However, key support is still coming in just below, down near 1310 – 1300 and until that area breaks there is still hope left for bulls. We will wait and see what happens this week in Gold and update you guys accordingly in the commentary here. A close under 1300 would be a sign that bears could push prices lower still.

AUGUST-29-XAUUSD

S&P500 – S&P500 retraces slightly lower but still plenty of support below

In the S&P500 last week, prices rotated lower following multiple weeks that saw prices slowly drifting higher. This market is still obviously in a strong uptrend so our bias is not changing here. We will be looking for price action buy signals this week near 2150.00 and really all the way down to 2105 support if we get further weakness, in order to rejoin the uptrend from value. Check our members area for updates throughout the week on the S&P500.

AUGUST-29-US500