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Daily Report – 08 April 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, GOLD and SP500
► EUR/USD: the Euro is still inside the candle formed on 18th March but today closed below the triangle bottom trendline we discussed yesterday so we should now see further downside, possibly to test 1.0465 support.
Technical Recommendation: Looking to go Short.
EURUSD – Daily
► GBP/USD: 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. Having said that, today’s pin bar does point at a possible downside breakout, though we prefer to play a Euro short.
Technical Recommendation: Stand aside.
GBPUSD – Daily
► AUD/USD: yesterday we closed our Long from last week for a small profit which in hindsight was premature. Today this pair surged again but, interestingly, failed to close above the 20 ema and last week’s mother candle high, so we may see this strength reversing tomorrow. In any case we are not confident in Shorting so … stand aside.
Technical Recommendation: Re-assessing.
AUDUSD – Daily
USDJPY – Daily
► GOLD: as stated yesterday, we think price will try to rotate to the upside around 1200, so we are looking to go Long. No evidence of said rotation today just yet, though.
Technical Recommendation: Looking to go Long .
XAUUSD – Daily
► SP500: today ends in bullish candle closing above the 50 sma again. We hope price will tomorrow break to the upside and move towards our targets.
Technical Recommendation: We are Long.
SP500 – Daily
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