Daily Market Commentary: November 18th 2016

EURUSD – The EURUSD continues to sell-off 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-18-eurusd

GBPUSD – The GBPUSD has formed consecutive inside bars over the last two days as price is consolidating just above 1.2335 near-term support. If price breaks under that support level we could see a continuation of the longer-term downtrend. However, we would not want to sell here as price could also bounce from that level and create a false-break / fakey pattern, then move higher. We will wait and see how price reacts from this inside bar pattern and support level before taking any action.

nov-18-gbpusd

NZDUSD – The NZDUSD continues to be extremely weak and has sold-off this week again, as we can see below. We see potential for price to fall further, at least into support at 0.6960 area. Any temporary strength to the upside is a potential selling opportunity whilst prices are contained under near-term resistance at 0.7105.

nov-18-nzdusd

Gold – The spot Gold market continues to sell-off and is looking like it will likely test key support at 1200.00 in the coming days. Traders can look to sell on any strength, targeting that support, with the potential for lower prices if 1200.00 does not hold.

nov-18-xauusd