Daily Market Commentary: October 26th 2016

EURUSD – The EURUSD fell significantly lower last week as the recent bearish momentum continued with prices breaking down through 1.0900 key support on Friday and closing under that level. The next support is 1.0800 area and resistance is now seen up at 1.1125 and 1.1030 area. We are still looking to be sellers on any strength this week, ideally with a price action confirmation signal.

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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.

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NZDUSD The NZDUSD fell lower on Friday following Thursday’s bearish reversal bar at resistance at 0.7230, which we discussed as a sell signal that day in our members commentary. Look for more downside movement this week and watch any strength for price action selling opportunities whilst we remain under the key level 0.7230.

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Gold – We remain bearish on Gold despite the bullish up-tick we saw last week. There’s plenty of resistance overhead and we will watch strength to get short, ideally on a price action sell signal.

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