Daily Market Commentary: October 21st 2016

EURUSD – The EURUSD tried to rally higher today from support near 1.0960 area, but bears quickly came in an pushed prices lower, resulting in a bearish tailed reversal bar. Price is now threatening to break down through 1.0900 key support level which would likely set off a larger downside move.

oct-21-eurusd

GBPUSD – GBPUSD remains bearish as it consolidates sideways. Momentum and trend are down, and we can look to sell on any upward strength whilst under 1.2855 – 1.3375.

oct-21-gbpusd

NZDUSD – The NZDUSD reversed today after moving just above 0.7230, the previous breakdown level from the consolidation we saw recently. If prices hold under today’s high, we could see another leg to the downside in the coming days.

oct-21-nzdusd

Oil – Notice the key support / buy-zone between 49.30 – 47.70 and that prices bounced up from the 21 day ema (blue line); whilst prices remain at or above that support area, we can watch any weakness for buying opportunities

oct-21-wtiusd