Daily Market Commentary: September 21st 2016

EURUSD – The EURUSD fell lower today, forming a bearish pin bar, in-line with our expectations of lower prices in this pair. We could see it fall from here and try to re-test 1.1045 area.

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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, traders not already short can look for selling opportunities on any near-term strength.3sep-21-gbpusd

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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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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