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Daily Technical Review – 04 June 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD,
GOLD
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
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
► SP500: this 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.
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