Daily Market Commentary – February 1st 2017

EURUSD – Euro/dollar has pushed higher so far this week following a fakey / false-break yesterday. Notice that price pushed higher today and close up above 1.0770 resistance level. Price is still facing key resistance up near 1.0875 and we will have to see what price does there before making any new decisions on this market. We will update you guys as the price action unfolds.


GBPUSD – The GBPUSD retraced down to key support near 1.2435 today, a level we have been discussing in recent commentaries. We were looking to buy at or near that level in the weekly commentary, so hopefully some of you got long there, we did mention it as an event area. We see potential for prices to move up and re-test 1.2770 key resistance area.


EURGBP – As discussed in our January 17th commentary, the EURGBP has been trending lower after topping out in October 2016. Price has fallen significantly lower last week, in-line with our recent discussion and call to sell whilst under 0.8850. For those of you not already short, there’s still potential for this market to continue falling. We are looking to be sellers on any pockets of strength and will retain our bearish bias until a close back above 0.8850 key resistance. Downside targets are near 0.8340 or even lower, potentially.


US500 – Notice in the chart below, a bullish pin bar formed today and yesterday a bullish tailed bar formed, both at support levels /area we discussed in the weekly commentary this week as buy areas. There’s potential for the uptrend to resume from these signals in the coming days. Stops would realistically need to be below 2250.00 to be logically safe.Trade at your own risk, as always.


Crude Oil/WTIUSD – The Crude Oil market consolidated last week, chopping sideways and failed to breakout higher last week. Notice the multiple inside bars triggered a one day break out higher but subsequent failure on Friday. So, right now, we are in ‘hurry up and wait mode’. There’s major support at 49.30 and we are still mildly bullish above that key technical support level. Buy dips remains the view, but wait for strong price action confirmation before entering.