Daily Market Commentary: November 9th 2016

EURUSD – The EURUSD has been selling off so far this week, staying contained under resistance up near 1.1125. If price remains under that level this week we could see more downside and we can look to get short on a 1hr, 4hr or daily chart signal whilst under that resistance.


AUDUSD – The AUDUSD broke higher so far this week, in-line with our expectations in our weekly market outlook. We could see prices try to continue higher this week and eventually re-test key resistance up near 0.7835 area. Traders can watch for price action buying opportunities on pullbacks to support, perhaps around 0.7700 area.


USDJPY – The USDJPY has been surging higher so far this week. Notice that it pulled back to support near 103.30, a level that we discussed as a potential buy-area recently. Clearly, bulls seem to have control of this market right now and we can continue to watch pullbacks for potential buying opportunities, targeting resistance up near 106.80.


Gold – Spot Gold opened lower this week after moving up into the key resistance zone between 1300 – 1310 last week. Price clearly is respecting that resistance and we can look to be sellers this week on any strength up towards that zone, whilst under 1310.00.


Crude Oil – Crude Oil has been very weak in recent weeks, selling off with ease. This market could collapse if Trump wins the U.S. presidential election. This chart is very bearish after failing at 51.60 resistance. Looking to be a seller on strength is the likely play here this week but expect volatility due to elections so be careful and wait for clear price action signals before taking any positions.