Daily Market Commentary: September 23rd 2016

EURUSD – The EURUSD moved higher today but prices retreated into the day’s close to form a bearish tailed bar just under resistance. If price holds under 1.1300 resistance area we could see it reverse to the downside again. This pair is pretty volatile / erratic right now so it may be best to just stand aside until a more obvious signal forms.

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GBPUSD – The GBPUSD continues to grind sideways to lower. As we have been for weeks and months, we remain bearish and can watch for 1hr, 4hr or daily chart price action sell signals on any strength.

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USDJPY –
A huge bearish reversal formed yesterday in the USDJPY. Hopefully a lot of you caught this trade as we discussed the pin bar from sept. 14th as a sell signal recently. We expect more downside in this pair and those who missed this trade can watch for upside retraces (strength) to get short.

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Gold – Gold shot higher so far this week from the key support area near 1310 – 1300 that we have been discussing for months now as a buy area. Those not long can continue to watch for weakness to get long whilst above 1300.00

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S&P500 – The S&P500 continues to recover quite nicely after its recent sell-off. We can watch for any pullback / retraces lower followed by 1hr , 4hr or daily chart buy signals to get long.

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