Daily Market Commentary – January 27th 2017

EURUSD – The EURUSD is resting on an important near-term support level at 1.0670 area, after pulling back down to that level today. What happens here will be important; a close below that support could open the door for more downside movement into next week, but if prices can remain buoyant here, we could see the market push higher again.


GBPUSD – The GBPUSD broke higher yesterday, following what was almost an inside pin bar signal Tuesday. This is in-line with our recent bullish bias following the big false-break of 1.2100 support, seen below. It may be a bit late to buy now, as key resistance is coming in up near 1.2735 and we will have to see what price does there. However, it is good to see how false-breaks of key levels can start big directional moves. Look for a false-break like the one below, and then look for a pullback to get into a position in-line with the momentum.


AUDUSD – The AUDUSD fell down to support at 0.7525 today, resting just above that level. What happens here, like in the EURUSD, will be critical in the coming days and for next week. If we close under this support, the door is open for a large decline. However, if prices remain buoyant here, we could see an up move, into overhead resistance levels.


US500 – The US500 broke higher yesterday, hitting new all-time highs and breaking above recent consolidation. Anyone not already long can now watch for any pullback in prices to be a buyer.