Daily Market Commentary: December 7th 2016

EURUSD – The EURUSD surged higher yesterday, forming a huge bullish reversal off support down near 1.0520. It would not be surprising to see some follow-through to the upside and savvy traders could potentially look for intraday buy signals on weakness whilst above 1.0520. We would look to sell up near 1.0950 key resistance if price rallies back up to that area.

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GBPUSD –The GBPUSD is still looking strong following the inside bar breakout on the daily chart that we discussed last week. The bias remains bullish above 1.2330 support, look to buy on weakness.

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AUDUSD – The AUDUSD has sold off after testing 0.7490-0.7505 resistance area.The bias remains bearish whilst below 0.7505, look to sell on strength.

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Gold – Gold is approaching major long term support at the 1140 area. Look to be a potential buyer around 1140 if we see a price action signal confirmation.

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US500 – As mentioned in the weekly outlook; short-term pullbacks are buying opportunities in the US index. Notice that price pulled back into the 21 day ema dynamic support yesterday before surging higher from that area. Traders not already long should continue to look for weakness, to potentially get long.

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