Weekly Market Commentary: September 19th to 23rd 2016

EURUSD – The EURUSD sold -off on Friday following several days of consolidation after the bearish pin bar reversal from a week ago which we discussed all week in our members commentary. We could see further downside movement this week into 1.1045 support. Those of you not already short can look for retraces to the upside (strength) to be sellers.

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GBPUSD –The GBPUSD sold-off on Friday following several days of slow movement sideways to lower after an inside bar pattern from September 7th. We discussed that inside bar as a selling opportunity several times recently in our commentaries and we have remained bearish biased for months. Downside potential remains under 1.3375 next week, traders not already short can look for selling opportunities on any near-term strength.

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AUDUSD –The AUDSUD has moved lower since the pin bar reversal sell signal we discussed in our September 8th members commentary. We remain bearish on this pair and anyone not already short can look for strength this week to potentially be a seller, targeting support 0.7400 area.

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USDJPY – The USDJPY is in a long-term downtrend and we can see last Wednesday it formed a bearish pin bar at a confluent area near the 21 day EMA and resistance at 103.50. We remain bearish biased on this pair and we would not be surprised to see the downtrend continue this week if price can remain under that 103.50 level.

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Gold – Gold prices have pulled back to 1310.00 – 1300.00 key support area again. We are watching for a buy signal in this zone as it is still a very strong support area. If we don’t get a clear signal we will stand aside and see what develops. A close under 1300 would nullify our bullish bias at least temporarily. Check our members daily trade setups newsletter for on-going updates on the Gold market.

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Crude – Crude Oil has been selling-off after rallying to resistance levels in recent weeks. We see this market as being more bearish right now and it looks weak under 44.40 – 46.40 zone. We will watch any short-term strength this week for potential price action selling opportunities within that 44.40 – 46.40 resistance area.

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S&P500 – The S&P500 has been volatile lately. Following the big sell-off from 2188.00 resistance, we are taking a more neutral stance as price was unable to stage a strong recovery last week. We will stay in ‘hurry up and wait mode’ for now and wait for a long signal from support a short signal from resistance.

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