Daily Market Commentary: September 7th 2016

EURUSD – The EURUSD shot higher today despite the bearish reversal bar from last Friday. Obviously, price action is very volatile right now and so it is best to stand aside and wait for ‘calmer waters’ to materialize. The key areas to watch for signals are resistance between 1.1340 – 1.1400 and support down near 1.1040 area.

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GBPUSD – The GBPUSD pushed higher today as well, and is now within the resistance zone between 1.3375 – 1.3540. We are watching for sell signals here, but if price pushes up through 1.3540 it would be a potentially bullish sign that could lead to more upside.

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AUDUSD – Obviously a big surge higher occurred today in the AUDUSD and price is now threatening to re-test resistance between 0.7690 – 0.7750. If that resistance zone cannot contain price, we could see a larger run higher, but that resistance zone is formidable and we will wait to see what happens there before taking further action.

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Gold – Gold is surging higher after bouncing / reversing higher from the key support / buy area we have been discussing as a buy-zone for weeks now; 1310 – 1300. Anyone not already long from this reversal can watch any near-term weakness this week to look to get long.

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S&P500 – The S&P500 continues to remain buoyant above 2150.00 and we still see any weakness as a buying opportunity to get long. We prefer to see a 1hr, 4hr or daily chart buy signal but we could also consider a blind entry close to 2150.00 near term support.

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