Daily Market Commentary: August 31st 2016

EURUSD – The EURUSD fell lower today after a brief pause yesterday. We can still 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-31-EURUSD

GBPUSD – 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-31-GBPUSD

S&P500 – 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.

AUGUST-31-US500