Daily Technical Review – 03 Nov 2015

Posted On 03 Nov 2015
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End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY

 GOLD, and SP500



► EUR/USD: a bear candle today breaking the low of Friday’s pin bar. This points even more at a downside breakout of the bottom of the larger mother candle from last Wednesday which has defined support at 1.0900. We missed the Short entry in the early morning in the lower time frames so we will be looking for any shorting opportunity in the coming days.
Technical Recommendation: Looking for a major breakout. We favour the downside.
                                                                 EURUSD – Daily

GBP/USD: after yesterday’s rejection of prices above 1.5475 and the trendline, today ends in a countering pin bar the other way. Price still at same level as Friday’s close so … indecision here. We will need to be patient and see how price behaves in this area of resistance in the next couple of seessions.

Technical Recommendation: Price still at key resistance 1.5450-1.5475. Stand aside.

                                                                 GBPUSD – Daily

► AUD/USD: today we got continuation of the bounce off the bottom of the rising channel we have identified. We are looking to go Long looking for a retest of the top of the channel around 0.7500 but we missed the early entry yesterday so we are  hoping for a retracement tomorrow.
Technical Recommendation: Looking to go Long.
                                                                 AUDUSD – Daily
                           Back to Top

► USDJPY: yesterday we stated that If price goes back up into 121.50-121.70 area we would look for a signal to go Short. Today we got a bit closer with a close above 121.00.

Technical Recommendation: Looking for to go Short higher up.
                                                                 USDJPY – Daily

GOLD: we badly regret having closed our STTS Short before the close on Friday. We were Short at 1163 and now look at the price! We had hoped for a retracement on Monday to re-enter Short but the market simply ran away from us. Today price closed at the bottom of the channel we have drawn with no sign of a bounce so we may see this market carry on to the downside. 1100-1105 is next horizontal support.Technical Recommendation: Price approaching key support and hugely oversold. Stand aside.
                                                               XAUUSD – Daily

► SP500today price broke above 2100, so price is now likley to be testing all time highs again around 2133. Short term traders should use this as a target.
Technical Recommendation: Upside breakout. Look for all-time-highs to be reached.
                                                               SP500 – Daily


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