Daily Technical Review – 04 June 2015

Posted On 04 Jun 2015
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End of Day Technical Analysis Report for:




and DAX

► EUR/USD: price seemed headed towards 1.1450 resistance but today’s bearish pin barcould be the prelude to a pull back to 1.1100 support where we hope to get a buy signal. Tomorrow’s NFP could provide this opportunity.
Technical Recommendation: Looking to go Long.
                                                                 EURUSD – Daily

GBP/USD: yesterday’s long tailed pin bar was practically nulllified by today’s candle with long wick. We remain Long.
Technical Recommendation: We are Long. Position just above Break/Even.
                                                                 GBPUSD – Daily

► AUD/USD: price found the EMA layer and at 50 sma resistance too strong a resistance and price seems now to have resumed its move to 0.7560 support. Not enough R:R to take the trade after today’s close so we will remain sidelined for now.
Technical Recommendation: Stand aside. Price likely to reach 0.7560 support.
                                                                 AUDUSD – Daily
                             Back to Top

► USD/JPY: another inside candle today. More inside bars can have a coiling effect making the resulting breakout quite significant. Question is, will it be to the upside or the downside? Hard to tell at the moment.
Technical Recommendation: Stand aside.
                                                                 USDJPY – Daily

► USD/CAD: another inside candle today. We think price may be stuck in a bull flag pattern so we would now potentially favour an upside breakout.
Technical Recommendation: Looking for an upside breakout of bull flag pattern.
                                                                 USDCAD – Daily

GOLD: looks like the short stance we have been advocating might have been the right call, though we didn’t take the trade ourselves! If price reaches 1160-ish and rotates higher, our megaphone pattern would be validated, and if that happens we may look to go Long. But for now …you guessed it! … We remain sidelined.
Technical Recommendation: Stand aside.
                                                                 XAUUSD – Daily

► SP500this price action continues to baffle. More chopping above 2100 level which was tested as support today. Let’s see if suport here fails in which case we may see the start of a downward correction.
Technical Recommendation: Looking to go Short.
                                                                SP500 – Daily

DAX:  we are still STTS Short. Today looked like 11300 would act as strong support but the day ends in bearish mode which, again, is a good sign for our trade.

Technical Recommendation: We are Short. Position 400 points in profit.
                                                                 DAX – Daily




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