Weekly Market Commentary: September 12th to 16th 2016

EURUSD –The EURUSD fell lower on Friday following a bearish pin bar near resistance on thursday, which we discussed in our members area. We aren’t heavily bearish here, but if price remains contained under 1.1340 – 1.1400 we see potential for more downside.sep-12-eurusd

GBPUSD – The GBPUSD weakened late last week following the inside bar pattern which formed in the resistance / sell-zone up near 1.3375 – 1.3540, which we discussed on Wednesday in our members commentary . We could see price rotate lower from near current levels this week and we remain bearish under 1.3540.

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AUDUSD –The AUDUSD sold-off on Friday following a bearish pin bar sell signal that we discussed in our members trade setups newsletter on Thursday. We could see more downside movement this week and anyone not short already can look for upside retraces to rejoin the bearish momentum this week.

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Gold –Price bounced up from 1310 – 1300 key support in Gold recently, 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 –We had recently been looking to buy weakness at 2150.00 – 2120.00 support area in the S&P500, but we have not seen any confirmation in that area. Following Friday’s large sell-off, we are still bullish overall but we are now waiting for a signal at the next major support area of 2105.00 to 2065.00. For now, we will stand aside wait to see how price action unfolds from here, if we spot a potential opportunity we will update you guys here this week.

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