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Daily Report – 05 Nov 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY
GOLD, and SP500
► EUR/USD: as discussed yesterday, 1.0800-1.0820 key support area has now been reached and indeed today price met with some demand. The day ends in a small body candle closing back above 1.0870 again. Stand aside and see if we get a bounce here.
Technical Recommendation: Stand aside. Price at key support.
EURUSD – Daily
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► GBP/USD: yesterday we went STTS Short just after posting the Daily Report and today we, together with our STTS subscribers, were rewarded by a collapse as the Bank of England indicated it remains on a cautious footing on the timing of the first interest-rate increase. Our first target was hit intraday and as of the close price is on its way to our second target.
Technical Recommendation: Short. T1 hit intraday (+143 pips Realized). Remainder currently +180 pips.
GBPUSD – Daily
► AUD/USD: a doji today at the 50 sma. We didn’t get the opportunity to go Long we were waiting for in the lower time frames today. We will see tomorrow but we are unlikely to take any position with NFP and weekend looming. We will probably wait for more clarity next week.
Technical Recommendation: Looking to go Long.
AUDUSD – Daily
► USDJPY: again, we’ve stated that we would look for a signal to go Short in the 121.50-121.70 resistance area. Today price broke to the upside and ended closing right at the top of the area we have outlined. A pause at this level but hardly a rejection so still no basis for us to take a position here.
Technical Recommendation: Stand aside. Price at key resistance. USDJPY – Daily
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► GOLD: today price continued to the downside which we were half expecting with a 2nd Limit Buy order at 1105$ which was filled today. So we are now Long at an average of 1111$ in 1/2 Risk as we are going against a trend. We were hoping to see price rotate to the upside today off the lows and for a while it looked like we might get it, but in the end price closed near the lows. Our Stop is below 1100 so let’s hope this level holds as support tomorrow.Technical Recommendation: Long.
XAUUSD – Daily
► SP500: we expected today an upside breakout of Tuesday’s mother candle but instead we got a break to the downside. Price then came back into the fold closing in a doji. This could be a fake downside break resulting in bullish continuation tomorrow but we shall see. Cannot short this market. All we can hope for is negative news tomorrow which may cause a healthy pull back for us to go Long into again.
Technical Recommendation: Looking to go Long on a pull back. SP500 – Daily
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