Daily Market Commentary: December 16th 2016

EURUSD – Following our weekly market commentary this week, in which we discussed looking to sell the EURUSD on any strength, we can see in the charts below that the market broke lower today after a brief retrace higher early this week. Clearly, bears are very much in control of the EURUSD right now and it has potential to move even lower, perhaps into parity. We have been short biased and been advising members to sell on strength and we are still committed to that same view. Traders can watch any retraces higher / strength for selling opportunities to get short and trade in-line with this very weak market.

dec-16-eurusd

AUDUSD – The AUDUSD sold-off again today after hitting key resistance up near 0.7505 yesterday 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.

dec-16-audusd

NZDUSD – The NZDUSD sold-off over the last two days, following our discussion of it in the weekly commentary in which we mentioned looking to sell up near 0.7220. Traders not already short, can look to sell on any strength whilst below 0.7220 in the coming days.

dec-16-nzdusd

US500 – The US500 has pulled back to the 8 day ema. 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 on the 1hr, 4hr or daily chart, to get long, in-line with the uptrend.

dec-16-us500