Daily market report – 04 Nov 2015

Posted On 04 Nov 2015

By : TFF

End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY

GOLD, and SP500

► EUR/USD: breakout of the larger mother candle from last Wednesday and a close below minor support at 1.0870. 1.0800-1.0820 key support area in very close now so we have to concede we missed this move down and move on. Standing by to see what price does at this key support when it gets there.

Technical Recommendation: Stand aside as price enters key support.

EURUSD – Daily

► GBP/USD: this pair is at a key area of resistance. Today ends as a bearish inside candle which is also a bearish engulfing pattern. We see a downside breakout of yesterday’s mother candle low and a push back down to 1.5245 and possibly beyond. Looking to go Short.

Technical Recommendation: Looking to go Short.

GBPUSD – Daily

► AUD/USD: a pull back today which could give us the opportunity to go Long we were waiting for. We’ll be watching the lower time frames to find an entry signal.

Technical Recommendation: Looking to go Long.

AUDUSD – Daily

► USDJPY: we’ve stated that If price goes back up into 121.50-121.70 area we would look for a signal to go Short. Today price entered the area so we hope to get a sell signal here or on a fake upside breakout.

Technical Recommendation: Looking for to go Short higher up.

USDJPY – Daily

► GOLD: today price broke through the channel support we had drawn. We believe price will meet with buying in the 1100-1105 key support area so we started building a Long position today with second limit buy order which may get filled overnight. We hope we are right and price will rotate at 1100 support.

Technical Recommendation: Long.

XAUUSD – Daily

► SP500: today price retested 2100 as support which held again ending the day in an inside candle. We can expect an upside breakout of yesterday’s mother candle and the market to reach all time highs again around 2133.

Technical Recommendation: Upside breakout. Look for all-time-highs to be reached.

SP500 – Daily

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