Daily Market Commentary – February 9th 2017

EURUSD – The EURUSD modestly fell lower so far this week, following a small bearish fakey / pin bar that formed last week, in the resistance zone between 1.0770 – 1.0875 area. We see the potential for further declines in this pair whilst under key resistance at 1.0875. Traders can look to sell on strength whilst under that level.

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GBPUSD – The GBPUSD has been flirting with a key support level near 1.2400 in recent weeks. Yesterday, we can see price initially fell under that level before bulls came in and pushed price higher, resulting in a bullish pin bar buy signal from key support. We can look to buy on any weakness whilst above 1.2400 and the obvious upside target is the recent highs near 1.2700 – 1.2770 area.

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AUDUSD – In the AUDUSD last week, price broke up from an inside bar pattern on Thursday and took out the key 0.7606 level that we mentioned last week in our commentary. Last week’s lows at 0.7520-40 are significant in the short-term as the bulls have control above that support. Price can easily trade up into key resistance overhead near 0.7735 before experiencing any sell pressure. This week, traders could play longs from 0.7520-40 support and shorts from 0.7735-0.7800 region.

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US500 – Price has consolidated so far this week in US500, near all-time highs. Prices remain very buoyant here, near the all-time highs, with no end in sight for the uptrend. Traders can still look to buy the dips whilst above support down near 2227.00.

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