Daily Market Commentary: November 10th 2016

EURUSD – The EURUSD reversed aggressively today after shooting dramatically higher in the wake of the US election results. We could look to get short this market on some strength followed by a 1 hr, 4 hr or daily chart sell signal. Resistance up near 1.1125 key resistance is the key level for bears.

nov-10-eurusd

GBPUSD – The GBPUSD has basically just consolidated this week above 1.2340 support. If price remains above this level we could see more upside movement in the coming days. If price breaks and closes under that level, we could see more downside movement.

nov-10-gbpusd

AUDUSD – The AUDUSD pulled back today after surging higher recently. We can still look for buy signals near support in this pair. Watch support near 0.7555 and further down near 0.7460.

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USDJPY – The USDJPY surged higher today after reversing intraday today following a huge sell-off. Watch for buying opportunities on weakness whilst above 103.32.

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S&P500 – The S&P500 exploded higher today after reversing intra-day down near 2020.00 key support. Look to buy on a retrace lower, perhaps down near 2106.00 support. The key line in the sand for bulls is support near 2035 – 2020 area.

nov-10-us500

Gold – The spot Gold market reversed today after briefly breaking above 1310.00 resistance. We could see more downside movement in the near-term and look to sell on a retrace up near 1300.00 area on a 1 hr, 4 hr or daily chart sell signal.

nov-10-xauusd