Daily Market Commentary: December 15th 2016

EURUSD – The EURUSD fell lower today following a brief retrace higher earlier this week. As we mentioned earlier this week, we were looking for strength to get short, so the retrace we saw Monday and Tuesday provided an opportunity. Anyone not already short can continue to watch for strength and price action sell signals to join this downtrend.

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AUDUSD – The AUDUSD sold-off today after hitting key resistance up near 0.7505 and reversing, a level we have been talking about looking to sell under for the last week or more. It really is amazing how often and well these key horizontal levels hold and cause price to change direction. Traders not short already, can watch for strength whilst under 0.7505 to get short.

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USDJPY – The USDJPY is in a runaway uptrend, and we have been looking to get long this pair for some time now. Traders can watch for pullbacks to the 8 / 21 day ema for buying opportunities in the coming days.

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WTIUSD – Crude Oil is pulling back after a gap higher at this week’s open. WE are still watching for price action buy signals and as this market approachs 49.30 key near-term support, we will watch closely for 1hr, 4hr or daily chart buy signals

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US500 – The US500 pulled back today. We are looking to buy this market on a further pullback and buy signal. We will watch support down near 2210.00 as well as the 8 / 21 day ema layer for price action buy signals to get long.

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