Daily Market Commentary: December 22nd 2016

EURUSD – As we have been discussing in our recent members’ daily market commentaries, a strong downtrend remains intact in the EURUSD and we are looking to sell, to trade in-line with that trend. Price is likely headed down to parity (1.00) and traders can look to use pockets of strength to get short. Notice the containment zone between 1.0530 – 1.0670, watch for price action sell signal near that zone or the 8 and 21 day EMA layer.


GBPUSD – The GBPUSD is right at key support at 1.2335; a level we have been watching in recent weeks. We don’t expect much movement at this point, until after Christmas, but look for a strong move either up or down from this level in the coming days, then we will have a clearer idea of which direction to look to trade in this pair.


AUDUSD – The AUDUSD has been in free-fall mode since topping out and reversing up near 0.7505 a couple weeks back. We can continue to look for sell signals on any strength in the coming days, targeting key support down near 0.7144.


US500 – The US500 has consolidated over the last 7 days following its most recent leg higher. We remain very bullish on this market and will watch any pullbacks for buying opportunities, either in the 8 /21 day ema layer near 2212 support.