Daily Market Commentary: November 16th to 17th 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-17-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.

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AUDUSD – The AUDUSD has moved down to key support near 0.7460 today. We see no signs of bouncing or bullish price action here so we are not interested in buying just yet. We will wait and see what price action develops near this key support and will update you guys accordingly.

nov-17-audusd

USDJPY – The USDJPY has risen significantly higher in recent days, following a large bullish pin bar on November 9th. We are looking to trade in-line with the bullish momentum by watching for a retrace lower (weakness) followed by a price action buy signal ideally from a horizontal support level or the 8 / 21 day ema layer.

nov-17-usdjpy

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.

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