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Daily Market Report – 26 October 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY
WTI Crude ,
GOLD, SP500, and US30Y
► EUR/USD: this pair caught us by surprise last week. After the failure at 1.1450 resistance, we expected price to retreat to around 1.1250 and the 50 sma where we expected an upside rotation. But after Draghi’s comments, the pair collapsed trough this level and the significant 1.1100 support, only stopping on Friday at 1.1000.
After breaching such key levels we can only expect further downside this coming week so we will be looking for a retracement to 1.1100 and a signal to go Short. After today, we’re half way there.
Technical Recommendation: Looking for a Sell signal at 1.1100.
EURUSD – Daily
► GBP/USD: view yesterday’s Weekly Bonus Video for our analysis on this pair. Having taken our profits from prior Longs, and according to our analysys which could see this market now retreat all the way to 1.5107-151.30, together with our Fundamental team having become bearish (view yesterday’s Weekly Fundamentals), earlier today we went STTS Short with a 2 entry strategy. The second Limit Order has not yet triggered.
Technical Recommendation: We are Short.
GBPUSD – Daily
► AUD/USD: we are still Long in this pair having missed being stopped out by 2 pips last week. We hope the stall around the 0.7200 support level will mark a sideways triangular consolidation which could also be a bullish continuation pattern. Today’s bull candle gives us some comfort although price did close 24 pips off the highs.
Technical Recommendation: We still are Long.
AUDUSD – Daily
► USDJPY: we did suggest price would surge after the pin bar of 15th October, but we felt there was insufficient R:R due to the extensive resistance above. But last week we saw this resistance give way, as high up as 121.20 and now price is likely to test 121.70 this week.
Bias has changed to bullish so we may consider going Long on a retracement.
Technical Recommendation: Changed to Bullish bias but looking for a retracement.
USDJPY – Daily
► WTI Crude: price broke through 50 sma dynamic support and stopped dead on 43.50 key static support. A close below it could signal a substantial move to the downside again as there is little support until 37.80 again.
Technical Recommendation: Price at Key static support.
WTI – Daily
► GOLD: we had been Long and looking to add to the position in the 1155-1165 area. But after Friday’s long wicked candle and our Fundamental team turning bearish after COT data, today we exited our previous Long for a 20$ gain (1/2 Risk only) and we now wait to see if price finds any support at the 20 ema. Today’s small inside pin bar could be enough to make us go Short.Technical Recommendation: Profit taken (+20$). Considering going Short.
XAUUSD – Daily
► SP500: last week the index broke through 2040 and 200 sma resistance pausing at 2070. Today was a nothing day really. There’s a lot of past resistance above but it may well be broken if this ends up being a Xmas rally which has the potential of making new all time highs.
So we go into standby mode, hoping for a pull back to go Long again, after having made a 950 pips profit earlier in the month.
Technical Recommendation: Stand aside.
SP500 – Daily
► US30Y: we registered a double loser last week but due to our trade and risk management strategies, the loss was contained to only 0.6 x Risk.
Now we remain in Stand-by mode as this week the 50 sma will prove whether price is going to make a higher low or not. Today’s green inside candle suggests we may see an upward resumption but we will wait and see how this inside bar set-up plays out.
Technical Recommendation: Inside bar at key support. Looking for a break either side.
US30Y Dec Future – Daily
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