Daily Market Commentary – April 5th 2017

EURUSD – Last week, the EURUSD sold-off from 1.0875 key resistance after the false break there at the start of the week, and moved lower into the week’s close. With price having fallen quite significantly last week, we can’t see any real chance of being able to sell near current levels. But, we can consider selling by watching for a pull back to the upside followed by a 1hr, 4hr or daily chart sell signal. We can also watch key support down near 1.0520 for buy signals if price tests that level this week, as that is the key support of the trading range this pair is in right now.

EURUSD_Apr_05

GBPUSD – The GBPUSD bounced up from support near 1.2400 last week, a level we recently suggested traders look to buy on a pull back. We see the potential for prices to re-test 1.2620 – 1.2700 resistance area in the coming days. Whilst prices are above 1.2350 – 1.2400 we can look to buy on pull backs, ideally on a 1hr, 4hr or daily chart buy signal after the pullback.

GBPUSD_Apr_05

AUDUSD – Following a strong bounce higher from key support near 0.7500 two weeks ago, price has since pulled back modestly, but is still trading above that key support. Our recent views of looking to buy on a pull back to support remain. We are watching 0.7550 – 0.7500 area as a strong potential buy zone either on a signal or blind entry.

AUDUSD_Apr_05