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Daily Technical Review – 08 Dec 15
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY
GOLD, and SP500
► EUR/USD: yesterday we stated that after a re-test of 1.0820 and the 38.2 Fib of last week’s surge, we would start looking for evidence of an upward rotation and a Buy signal in the lower time frames. Today we got what we were looking for in the 1 hr time frame and went Long, together with our subscribers of course. Price closed at the highs of the day which makes us hopeful for an upward resumption tomorrow.
Technical Recommendation: We are Long.
EURUSD – Daily
► GBP/USD: today price tested the 50 Fib as envisaged but kept on going, which we did not expect. In fact the pair went even below the 61.8 Fib level. The close is well off the lows so there may be an attempt at an upward rotation tomorrow but before we go Long we will need to see a convincing signal, probably in the daily time frame.
Technical Recommendation: Re-assessing.
GBPUSD – Daily
► AUD/USD: as expected both the 38.2 Fib and the 50 Fib were re-tested today, as well as 0.7185 support where substantial buying came in causing a long tail to today’s candle. As in Sterling, we may get an upward rotation tomorrow. We will look for buying opportunities in the present area.
Technical Recommendation: Looking to go Long.
AUDUSD – Daily
► USDJPY: today price broke down once more in this pair and closed below our Short entry level. Price is still inside last Thursday’s mother candle range and today’s action bodes well for a possible downside break this week. We remain Short in ½ Risk.
Technical Recommendation: We are Short due to a potential H&S reversal pattern.
USDJPY – Daily
► GOLD: after yesterday’s retracement down to the 50 Fib we hoped for a bounce and an upward rotation. 1070 did act as support as we had envisaged but with no real buying behind it so we hope for a bullish continuation tomorrow. We are still Long at 1062 and have moved our Stop to break even just in case.Technical Recommendation: We are Long.
XAUUSD – Daily
Technical Recommendation: Re-assessing.
SP500 – Daily
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