Daily Market Commentary –February 3rd 2017

EURUSD – The EURUSD reversed today up at 1.0770 key resistance, breaking briefly above that level but ending the day lower, creating a false-break pattern. Given the significance of this key resistance area, it would not be surprising to see the longer-term downtrend resume soon in this market.

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GBPUSD – After breaking higher this week, the GBPUSD reversed lower today, in a pretty aggressive down move. If prices cannot stay above 1.2430, we will likely see a larger decline. But, right now, for bulls, everything depends on that 1.2430 support.

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AUDUSD – The AUDUSD surged higher today, breaking up above 0.7606 resistance. However, there’s a key resistance level / area coming in close above, near 0.7735; that level could contain prices in the near-term, so we would not be initiating any long positions here.

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S&P500 – Price stalled again today in the S&P500, following two small bullish tailed bars the previous two days. We remain bullish on this market and are looking to buy whilst above 2227.00 support.

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