Daily Market Commentary – March 16th 2017

EURUSD – The EURUSD has climbed higher this week after a small retrace lower, in-line with our discussion in the weekly outlook. Price is now approaching key resistance up near 1.0800 – 1.0875 area, and we will watch that area closely for price action sell signals. If price were to close above 1.0875, would no longer be looking to sell at that point.

EURUSD_MARCH_16

GBPUSD – The GBPUSD surged higher today on the back of a surprise interest rate hike in the US. Price is now trading just below key 1.2350 – 1.2400 resistance area and it will need to break above that to really have a chance at making any significant gains. We will wait and see what develops and update you guys accordingly.

GBPUSD_MARCH_16

AUDUSD – The AUDUSD shot higher today, in-line with the overall bullish trend this pair has been in since early this year. We can now watch for a pullback to get long. Watch 0.7630 near-term support down to 0.7500 key support for price action buy signals on the 1 hr, 4hr or daily chart to be a buyer.

AUDUSD_MARCH_16

USDJPY – The USDJPY sold off today, following a couple days of consolidating just below 115.30 key resistance. This move was accelerate by the surprise US interest rate hike today, but it was preceded by a bearish pin bar last Friday, at that key resistance. We remain semi-bullish here and can continue watching for buy signals closer down to 111.60 support, this market is range bound so we are looking to trade from the boundaries of the range.

USDJPY_MARCH_16

US500 – The US500 pushed higher today as price activated a fakey, following the false-break yesterday of a small inside bar from Monday. We could see the uptrend continue from here and traders can watch for any weakness to get long. As always, trade at your own risk.

US500_MARCH_16