Daily Market Commentary – February 17th 2017

EURUSD – Euro/dollar moved higher today, but overall we remain bearish biased whilst prices are contained below 1.0770- 1.0800 area. Watch for price action sell signals as price retraces higher and approaches that resistance area.

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GBPUSD – The GBPUSD fell down to support at 1.2400 yesterday, testing that level before reversing and ending the day basically unchanged, forming a bullish pin bar. We can see this is the second pin bar at this support recently and the last one was the buy signal we discussed recently, that pin is still valid. Today, price moved slightly higher from yesterday’s pin showing us that bulls are still defending this level and so our views remain the same; we remain bullish biased whilst prices are above 1.2350 – 1.2400, targeting resistance up near 1.2700.

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USDJPY – The USDJPY fell lower today following the small bearish tailed reversal bar that we discussed in yesterday’s commentary. Price is now making its way down toward resistance at 112.50 and anyone not already short should wait to see what develops now. We will update you guys again in the weekly outlook.

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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. 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. Note the bullish tailed reversal bar that formed yesterday, if prices remain buoyant here we could see the uptrend resume from here and prices push higher.

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