Daily Market Commentary – February 15th 2017

EURUSD – Euro/dollar continues to fall from resistance after reversing up near 1.0770 the week before last. With the close under 1.0620 today and yesterday, the path is clear to the downside. Traders can look to sell on any strength this week, with the potential target area down near 1.0450 – 1.0350.

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GBPUSD – The GBPUSD moved slightly higher last week, following the bullish pin bar / buy signal which formed and that we discussed in our February 7th commentary. Our view hasn’t changed; we can still look to be buyers whilst prices are above key support at 1.2400. However, a decisive close under 1.2400 – 1.2350 would open the door for more losses.

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Gold – As we have discussed in our recent Gold commentaries, prices have been buoyant following a recent bottom that was carved in down near $1180.00 recently. Price has since reclaimed $1200.00 and $1220.00, both of which have now flipped from resistance to support levels. Our recent views of looking to buy this market on pullbacks to support remain; we see the potential for prices to re-test $1250.00 area in the coming days and possibly $1300.00 in the weeks ahead. Whilst above the recent lows at $1180.00, traders can look to buy weakness; watch the relevant support areas near $1220.00, $1200.00 and $1180.00 for buying opportunities as this market retraces.

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