Daily Market Commentary – April 13th 2017

EURUSD – The EURUSD has moved higher so far this week, up to 1.0690 resistance area. If price fails to close above that level we could see it rotate lower, otherwise, if this strength continues and price closes above that level, we could see a further push higher.


GBPUSD – The GBPUSD bounced up from support at 1.2370 area earlier this week, as buyers pushed price higher from that level. Price is now testing 1.2560 near-term resistance and it could run into trouble there, at least temporarily. 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 pushed up and away from key support near 0.7500 today, indicating that level is holding, at least for now. We could see price try to make a significant rally from here, whilst it’s holding above 0.7472 area. Traders can look to buy on any weakness whilst above 0.7500 – 0.7472, in anticipation of price moving up to the top edge of this range near 0.7720.


Oil Crude Oil shot higher last week as price broke up past the bearish pin bar high on Friday. This signals bulls are clearly more in control right now and we can look for buy signals on pullbacks to support at 49.80 – 50.70 support zone.