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End of Day – 21 May 2015
End of Day Technical Analysis Report for:
GOLD
and SP500
► EUR/USD: price still hovering above key area 1.1030-1.1100. As previously stated we hope to get a Buy signal here, but today’s pin bar is definitely not it! We might see a proper test of the bottom of this band before the market rotates higher (if at all of course). We still believe this level could be old resistance acting as support (change of polarity) and the ideal place to get a Buy signal.
Technical Recommendation: Looking to go Long
EURUSD – Daily
► GBP/USD: today price bounced off 1.5540 support and staged a mini-surge. This is the upward rotation at prior resistance, now acting as support, which we have been hoping for so we will be entering Long if we get a bit of a pull back from the close.
Recommendation: Looking to go Long.
GBPUSD – Daily
► AUD/USD: we have been looking for an upward rotation around the EMA layer. Price is below the EMA layer and so far no signs of an upward rotation. However today’s close provides us with an inside candle formation. Hopefully tomorrow we will see a fake break to the downside and then an upward rotation.
Technical Recommendation: Looking to go Long.
AUDUSD – Daily
► GOLD: price still contained within the EMA layer just above 1200. We still believe price is going to be higher soon so we will be looking for another Long opportunity.
Technical Recommendation: Looking to go Long again.
XAUUSD – Daily
► SP500: the last 2 days of bearish pin bars did not get bearsih confirmation today as price bounced off the 8 EMA and 2117 support. Market not quite ready for further downside it seems. We may yet see some higher prices tomorrow or next few sessions but, as previously stated, we will not go Long of this market at these levels. In fact we are looking for a Shorting opportunity.
Technical Recommendation: Looking to go Short.
SP500 – Daily
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