Daily Technical Report – 01 Dec 15

Posted On 01 Dec 2015
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End of Day Technical Analysis Report for:

GOLD, and SP500

► EUR/USD: a close above the 8 ema and 1.0620 means we may see a bit more of a pull back tomorrow but in this market any pull back needs to be used as an opportunity to sell. Price should remain on course for re-testing 1.0465 key support (off the daily chart) so any Short needs to have a sufficient R:R for this target.
Technical Recommendation: Looking to go Short.
                                                                 EURUSD – Daily

GBP/USD: as stated before after last week’s bearish continuation, this pair looks now set to break to the downside and re-test 1.4635 support and yesterday’s pin bar could see the market retrace to the EMA layer and 1.5120 where we said we would look to go Short. Today we got a pin bar in this area so we will consider going Short though the body of the candle is too big to officially call it a pin bar so we may require bearish confirmation tomorrow, either at the close or intraday.

Technical Recommendation: Looking to go Short.

                                                                 GBPUSD – Daily

► AUD/USD: today this pair broke out of the recent range and now looks headed to test 0.7360 resistance. We predicted it but didn’t trade it.
Technical Recommendation: Missed opportunity. Stand aside.
                                                                 AUDUSD – Daily
                           Back to Top

► USDJPY: a bear candle today which justifies our stance to remain cautious in this pair which seems to have the upside capped at the moment and stuck in the range 122.25-123.50 and we’re right in the middle of it.

Technical Recommendation: Stand aside.

                                                                 USDJPY – Daily

GOLD: Gold price today may have formed a bearish fakey set-up, in other words a fake upside breakout of Friday’s mother candle, and it happens on a pull back to 1069 resistance. We want to Short but as today’s candle is not quite a pin bar we may wait for bearish confirmation tomorrow either on the close or intraday. Next support is at 1044 but it’s minor. In all likelihood we are now going to see price re-test the 1000$ mark.Technical Recommendation: Looking to go Short.

                                                               XAUUSD – Daily

► SP500: we maintain our Long stance expecting to see further upside into Xmas. Probably in slow grind mode as per previous rallies which made new highs. We are long in 1/2 Risk and would like to add to this position. Today’s bull candle represents an upward rotation which does suggest further strength and at trhe very least a test of 2115 minor resistance.
Technical Recommendation: We are Long and looking to add to it.
                                                               SP500 – Daily


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