Daily Market Commentary: September 28th 2016

EURUSD – Last week saw the EURUSD move modestly higher, but it is still sideways overall and stuck within a large trading range between 1.1400 – 1.0900. In the near-term, price held under 1.1300 so far this week, if this continues we could see it fall further and try to test support. We remain on the sidelines here until a clear signal forms.

sep-28-eurusd

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.

sep-28-gbpusd

AUDUSD – The AUDUSD hit resistance up near 0.7700 today but didn’t show signs of reversing there. We will wait and see what happens at this key resistance zone. If price closes above 0.7750 it would be a show of strength. If a strong bearish reversal signal forms here we would look to sell.

sep-28-audusd

USDJPY – A huge bearish reversal formed last Wednesday in the USDJPY. This came following the pin bar sell signal from September 14th which we discussed extensively here in the members commentary the week it formed. We expect more downside in this pair and those who missed this trade can watch for upside retraces (strength) to get short.

sep-28-usdjpy

Gold – Gold shot higher last week from the key support area near 1310.00 – 1300.00 that we have been discussing for months now as a buy area. Those not long can continue to watch for weakness this week to get long whilst above 1300.00, ideally on a price action signal but aggressive traders can also consider a blind entry near 1300.00.

sep-28-xauusd