Daily Market Commentary: October 19th 2016

EURUSD – We remain bearish on the EURUSD as we have been for weeks now. Price is looking like it may test key support of the trading range near 1.0900 – 1.0800 this week. If we get any upward retracements early this week, traders can watch for 1 hour, 4 hour or daily chart price action sell signals, targeting 1.0900 – 1.0800 key support area.


The NZDUSD remains a potential sell on a sell signal whilst prices are under 0.7370 area. But we can see price is pushing higher currently so we will wait on the sidelines until an obvious 4 hour or daily chart sell signal forms, ideally up near that resistance zone seen below.


Gold – Gold basically just chopped sideways at 1250.00 support last week, following the large sell-off the preceding week. If prices cannot hold above this support, we could see them test 1200.00 in the coming days. If we hold here, we could see a move higher, and if that happens we will watch for selling opportunities up near 1300.00 – 1310.00 resistance.


Oil – We remain bullish on Crude Oil and can see support down near $49.30 – $47.80 area. We mentioned in our weekly outlook that we were looking to buy on a pullback down toward that support. Notice price rotated lower on Monday, coming very close to that support zone before shooting higher today and into early-asian trading on Wednesday. Anyone not already long can continue to look for pullbacks to that support zone for buying opportunities this week.