Daily Market Commentary: September 9th 2016

EURUSD – The EURUSD hit resistance up near 1.1340 today before reversing late in the day and forming a bearish tailed pin bar. We aren’t exactly bearish here, given the recent volatility, but if price can break down past this pin bar’s low it could potentially fall lower as there is quite a bit of room from here to nearby support levels.

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GBPUSD – The GBPUSD weakened today following the inside bar pattern we discussed yesterday that formed at the resistance near 1.3375. We could see price rotate lower from here and we remain bearish under 1.3540.

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AUDUSD – Today saw a bearish pin bar reversal form up at resistance near 0.7690 – 0.7750 in the AUDUSD. If price can remain under 0.7750 we could see it fall lower following this pin bar.

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Gold – Gold fell a little lower today following the big surge higher early this week, as the bullish momentum from last week continued. Notice that price bounced up from 1310 – 1300 key support late last week, a support area that we have been discussing as a buy-zone on a signal or blind entry for weeks now in our recent Gold commentaries. You will also notice that price is following through to the upside after a pin bar buy signal formed last week on the weekly chart time frame. 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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