Daily Market Commentary: September 2nd 2016

EURUSD The EURUSD basically went nowhere this week as prices simply moved sideways. 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.

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GBPUSD – The GBPUSD is approaching the key resistance zone between 1.3375 – 1.3540 and we will be watching for price action sell signals within that resistance zone as price gets closer to it. The long-term trend is still down so we want to look to sell from value.

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AUDUSD As we mentioned in our weekly outlook this week, we are bearish on the AUDUSD and were looking to sell after last Friday’s large bearish reversal / pin bar. We still have that same view and the bearish momentum is still intact. Looking to sell rallies is the logical play here, and we expect a larger move down into 0.7400 and potentially lower. Anyone in this trade already can sit tight as it looks like lower prices may eventuate here, but give it time to play out.

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USDJPY – The USDJPY moved up to resistance near 103.80 today, a level we discussed in yesterday’s commentary, and formed a small bearish pin bar there. This is in-line with our recent discussions of looking to sell this pair from resistance. Prices could fall lower from here but keep in mind, if price moves above the pin high they could go even higher as key resistance isn’t seen until up near 106.70.

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Gold – Gold tested 1300.00 key support area today and rebounded into the day’s close, showing some buying interest at that support as we might expect. If prices can remain buoyant above 1300.00 we could see a push higher from here in the coming days and weeks.

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