Daily Market Commentary: December 8th 2016

EURUSD – The EURUSD surged higher on monday, 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.

dec-08-eurusd

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.

dec-08-gbpusd

AUDUSD – The AUDUSD is showing signs of strength as we can see today with the bullish reversal bar forming. Price is still sitting just under 0.7505 key resistance but we are taking a more neutral bias at this point and would only consider a position following a clear signal. We will update you guys here accordingly.

dec-08-audusd

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 Monday before surging higher from that area. Traders not already long should continue to look for weakness, to potentially get long.

dec-08-us500