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End of Day – 05 May 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD, NZDUSD
DUE TO BUSINESS TRAVEL COMMITMENTS DIRECTOR OF TECHNICAL ANALYSIS AND AUTHOR OF THE DAILY REPORT, STEFANO BRESCHI IS AWAY UNTIL NEXT WEEK. THE DAILY WILL THEREFORE TAKE A SLIGHTLY DIFFERENT LOOK AT THE MARKETS IN THE INTERIM.
► EUR/USD: No change in our current stance and no change in the Euro today. Our stance remains unaltered. As per last commentary you should remain partially Long. Use a trailing Stop.
Technical Recommendation: Should still be partially Long. If flat look to buy on a retracement.
► GBP/USD: The GBP did retrace a little yesterday but made it all back today closing slightly stronger in uneventful pre election trading. As discussed in our previous recent reports Longs should be either trailing the Stop and/or also considering taking profit here. A pull back is likely from these levels.
The UK general election is but two days away and uncertainty whilst not prevalent currently will pick up post the event.
Technical Recommendation: Take some profit and/or use a trailing Stop.
► AUD/USD: Overnight rate cut by the RBA must obviously have been priced in over tyhe last few trading sessions as the AUD rallied strongly today. Perhaps short covering and from a technical point of view we continue to view a retracement as the most likely which will be used to re-enter a long position.
Technical Recommendation: Looking to re-enter Long.
► USD/JPY: Technically this pair is trading sideways and doesn’t look like this is going to change any time soon, so we remain sidelined for the time being. However from a fundamental point of view this pair is the most important and any concerted weakness in the USD will be a major signal. Today we witnessed a small fall in this pair.
Technical Recommendation: Stand aside.
► USD/CAD:Our stance has not altered. We happily remain Short as we see this bearish trend continuing. Our 1st Target is just above 1.1700. Today saw a fall followed by a rise of the low forming a pin bar. Indecision over the short term and a likely bounce may occur.
Technical Recommendation: We are Short. Position ca 145 pips in profit.
► NZD/USD: We remain Long hoping the middle of the Bollinger band will act as dynamic support, as it did today, and cause an upward rotation once again. The upward rotation did occur today confirming our long position.
Technical Recommendation: We are Long. Position close to B/E.
► GOLD: Technically we are neutral whilst fundamentally bullish. Today saw an attempt at the 1200 which fell short. We can anticipate some small further weakness but a breakout is fast approaching.
Technical Recommendation: Neutral.
► SP500: A pretty weak day with no discernable bounce into the close. This market feels very heavy and it will take something extraordinary to force new highs. It would seem that the path of least resistance is now to the downside with flurries of small bounces.
Technical Recommendation: Re-assessing.
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