Daily Market Commentary – April 26th 2017

EURUSD – The EURUSD gaped higher in explosive upside move at this week’s open. We were discussing that we were still bullish biased in the weekly commentary for this week, so hopefully none of you were short, there was really not reason to be, as explained in the weekly commentary. Watch for downside pull backs to be a buyer. The gap area will likely act as support if price pulls back that far.

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GBPUSD – The GBPUSD exploded higher last week 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. Watch the key near-term support zone between 1.2680 – 1.2570 as the primary buy-area this week.

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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. However, if price can hold above this level we could see price push higher again. Let’s wait and see what develops at this key level before taking any action. Check back for updates tomorrow.

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Gold – Gold is remaining buoyant and is still in the midst of a solid uptrend that has been in place for months. As we have discussed in all our recent commentaries, we are looking to be buyers of Gold on any pull backs to support / value areas, in order to trade in-line with the uptrend. This week, traders can watch 1260.00 – 1240.00 support zone as a potential buy-area should price rotate lower.

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