Daily Report – 07 April 2015

Posted On 07 Apr 2015
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End of Day Technical Analysis Report for:


► EUR/USD: the Euro is still inside multiple consolidation patterns: mainly the outside candle formed on 18th March and a rising triangle, the bottom of which is being tested at today's close.  A Daily close below the triangle bottom trendline could cause a push to the mother candle low and possibly 1.0465 support.

Technical Recommendation: Looking to go Short if the lower trendline of the triangle fails as support.
                                                                 EURUSD – Daily

GBP/USD: Cable today follows yesterday's pin bar at confluent resistance as a bearish confirmation. Similarly to the Euro, this pair is also consolidating inside multiple patterns and, as recently stated, we think Cable is not worth getting involved in until a clearer picture emerges on the elections.
Technical Recommendation: Stand aside.
                                                                 GBPUSD – Daily

► AUD/USD: last week we entered STTS Long with a 2 entry strategy as we expected price to rotate to the upside around 0.7560 support. The second buy order was not filled and today we exited the trade for a small 28 pips profit as we saw price fake an upside breakout of last week's outside candle and subsequently struggle to hold 0.7645. This pair now looks likely to test 0.7560 support again.

Technical Recommendation: Exited Long for small profit. Re-assessing.
                                                                 AUDUSD – Daily
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► USD/JPY: we missed out on going Long in this pair ahead of the Easter weekend. Price met today with resistance at 120.45. If this level fails tomorrow, we may see a re-test of 121.70 but, in the final analysis, price is at the same level as it was in Q4 2014.
Technical Recommendation: Stand aside.

                                                                 USDJPY – Daily

► GOLDprice yesterday gapped up but ended in a small pin bar at 1220 resistance. However, it did close above the 50 sma and so it did today. We no think price will try to rotate to the upside around 1200, so we will be looking to go Long.
Technical Recommendation: Looking to go Long .
                                                                XAUUSD – Daily

SP500: last week we went STTS Long with a 2 entry strategy. Both were filled and yesterday, with Europe out of the picture, price surged with a massive bull candle. We thus revised our targets higher and moved the stop to break even. Today ends in a pin bar at the 50 sma which may cause early weakness tomorrow, but we hope price will the rotate upwards again towards our targets.
Technical Recommendation: We are Long.
                                                                 SP500 – Daily



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