Daily Market Commentary: November 11th 2016

EURUSD – The EURUSD reversed aggressively yesterday 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.

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GBPUSD – The GBPUSD moved higher today after rotating down to near 1.2340 support, indicating bulls are still in control here. We could see more upside movement with the next key resistance not until 1.2860. Traders can look to buy on weakness whilst above that 1.2340 level.

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GBPJPY – The GBPJPY has broken higher this week, surging higher after a bullish pin bar formed yesterday. Price has moved up above 129.00 key resistance and that level is now a key support. We see potential for prices to continue higher in this market and can look for buying opportunities on any weakness in the coming days whilst price is above that 129.00 level.

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Gold – The spot Gold market reversed yesterday 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.

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US500 The US500 exploded higher the last two days after reversing 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.

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