Daily Market Commentary: November 15th to 16th 2016

EURUSD – The EURUSD has continued selling off this week as it easily broke and closed below key support at 1.0825 area, which we mentioned in our weekly outlook. Traders can look to get short whilst under 1.0825 on any strength this week, targeting support near 1.0510 area.

nov-16-eurusd

GBPUSD – The GBPUSD has weakened this week along with the other major USD pairs, but it’s still holding above 1.2335 key support, and it will need to for bulls to stay in control. If price closes under that 1.2335 level we would likely see a further move lower / continuation of the long-term downtrend. If price can hold above 1.2335 then this recent bullish move could continue.

nov-16-gbpusd

AUDUSD – The AUDUSD has basically consolidated this week, below 0.7560 support level. We can see a bullish looking fakey formed today, but given the recent bearish momentum and that key support isn’t really seen until down near 0.7460, we don’t prefer buying here. We would prefer to wait and see if price tests 0.7460 and forms a clear signal near there.

nov-16-audusd

GBPJPY – The GBPJPY has continued moving higher since our last discussion of it, as we expected. We can continue to look to be buyers on any weakness in this pair, ideally down between 132.30 – 129.25 value / support area.

nov-16-gbpjpy

US500 – The US500 continues to be buoyant, moving higher this week so far. As discussed in our weekly outlook, whilst price is above 2106.00 we remain bullish and looking to buy on pullbacks.

nov-16-us500