Daily Market Commentary – February 23rd 2017

EURUSD – The EURUSD fell down to support near 1.0520 but put in a small bullish tailed bar there today.The momentum is still bearish overall and we can continue to look to trade in-line with the downtrend in this market by looking to sell on any strength / upward retraces.

EURUSD_FEB_23

GBPUSD – The GBPUSD lost slight ground last week as nothing much materialized to the upside after two recent bullish pin bars at 1.2400 area support. This market seems to be slowly grinding lower, down into 1.2400 – 1.2350 support. We remain slightly bullish whilst above 1.2400 – 1.2350. However, a close below 1.2350 could increase the risk of a break lower. As of now, we are not initiating any new positions.

GBPUSD_FEB_23

AUDUSD – The AUDUSD tried to move higher last week, testing key resistance up near 0.7730 before pulling back modestly late last week. We can see the recent uptrend is still intact and we will look to buy on weakness until the trend is invalidated. Traders can look to buy dips whilst we remain above recent swing lows at support near 0.7500 – 0.7520 area, targeting the recent range highs near 0.7730 – 0.7800.

AUDUSD_FEB_23

US500 – Price has pushed higher so far this week in the US500, in-line with the uptrend we have been commenting on. Prices remains very buoyant here, near the all-time highs, with no end in sight for the uptrend. Traders can still look to buy short-term price dips whilst prices remain above nearby key support near 2277.00 and 2300.00. We would much prefer to wait for a pull back in prices before committing to longs.

US500_FEB_23