Daily Market Commentary – April 12th 2017

EURUSD – The EURUSD moved lower last week in-line with recent downward momentum. We have been discussing looking to sell this pair all week last week in the members commentaries. We could see price fall down and test 1.0500 key support still, but at this point we would only sell on a retrace higher followed by a clear price action sell signal. Since this market is range bound we can watch for buy signal near 1.0500 key support as well.


GBPUSD – The GBPUSD bounced up from support at 1.2370 area today, indicating that this market will remain range bound and sideways at least for the next couple days. It would move up and test 1.2560 near-term resistance before / if it rotates lower again. Right now, price seems to be respecting the horizontal levels nicely, so watch for price action signals near those levels (buy or sell).


AUDUSD – The AUDUSD has retraced all the way down to key support at 0.7500 and is resting right at that level. Note that last time around, the market bounced here and we called this support as a buy level, and history may repeat itself here. However, it’s too early to tell without a price action buy signal on daily. Depending on how price action unfolds at 0.7500, we may be looking at going long from 0.7500 or if price can close under 0.7500, we may be looking for sell signals. Check back for updates throughout the week.


Gold – In light of the surge higher today and close above the high of last week’s bearish pin bar, we are moving up our support / potential buy zone to around 1240.00 support. Traders can look for weakness / pull backs to the 21 day ema and that 1240.00 level to potentially get long (ideally on a buy signal on 1hr, 4hr or daily chart) and trade in-line with the uptrend from value.