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End of Day 28 May 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD,
GOLD
SP500
and DAX
► EUR/USD: as discussed yesterday, we think this market is retracing the 2nd wave of a down move so we are looking for sell signals at dynamic resistance to try and catch the 3rd wave down to the 1.0500 level. This event area is between the 50 sma, the EMA layer and 1.1030 significant level. This is text book confluent resistance so a sell signal in this area in the next sessions or so, will be a good trade to take.
Technical Recommendation: Look to Short at dynamic resistance.
EURUSD – Daily
► GBP/USD: the 38.2 Fib level of the recent rally looks like not holding as support so the next level where this market may rotate to the upside is the 50 fib below, where the rising 50 sma is. This could be an area in which to buy if we get a buy signal.
Technical Recommendation: Looking to go Long on a rotation at the 50 Fib level.
GBPUSD – Daily
► AUD/USD: the Aussie easily broke through 0.7700 support. Looks like 0.7560 key support is the next stop for this train. FYI we went STTS Long in the Kiwi overnight, as it had already reached key support, but we were stopped out as these 2 commodity currencies seem to be heading south again.
Technical Recommendation: Stand aside.
AUDUSD – Daily
USDJPY – Daily
► USD/CAD: today’s pin bar at key resistance band 1.2380-1.2448 can be seen as a bearish signal. We should be looking to Short again at this level.
► GOLD: Still inside the range of last few weeks. A small pin bar may lead to some upside tomorrow an possible re-test of 1200 as resistance. We remain sidelined whilst inside this range.
Technical Recommendation: Stand aside.
XAUUSD – Daily
► SP500: today’s inside pin bar does make for a likely re-test of recent highs but we are keeping our eyes open for a compelling sell signal.
Technical Recommendation: Looking to go Short.
SP500 – Daily
► DAX: we went STTS Short 2 sessions ago. Price today tried to break to the downside but failed. Let’s hope tomorrow we get a bearish confirmation.
Technical Recommendation: We are Short.
DAX – Daily
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