Daily Market Commentary – April 20th 2017

EURUSD – The EURUSD surged higher yesterday and closed well above near-term resistance up near 1.0675 area. We can look to buy on a pullback to that level or perhaps further down. We remain bullish above 1.0570 support, targeting 1.0830 key resistance.

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GBPUSD – The GBPUSD exploded higher yesterday as price broke above 1.2570 resistance as well as other nearby resistance levels and closed well above them all. This is obviously a very bullish development and we can look for minor pull backs to the downside to get long and trade in-line with the bullish momentum.

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AUDUSD – The AUDUSD has rotated down to key support near 0.7490 and is sitting right above that level. If price closes below here we see an increased chance of a larger sell-off. If we hold here we could see price push higher again. Let’s wait and see what develops at this key level the rest of this week.

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Gold – The strong uptrend in Gold continued last week as price broke up past resistance near 1260.00. We are still looking to buy this market as we have been for months now and as we recently discussed in our April 11th commentary. Traders can watch for weakness this week to get long. Look for a pull back to support at 1260.00 down to 1220.00 area to get long on a 1 hour, 4 hour or daily chart buy signal to trade in-line with the uptrend from value / support.

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Oil – Crude Oil rotated down to the key support zone between 51.20 – 49.80 today. We still are looking to buy. As this market is now in the key support zone we are watching closely for price action buy signals, especially if it nears 49.80 / 50.00 area.

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