End of Day 02 Jun 2015

Posted On 02 Jun 2015
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End of Day Technical Analysis Report for:




and DAX

► EUR/USD: we went Short yesterday as price had met with confluent resistance at the 50sma. Today’s surge stopped us out! Such a strong close now makes further upside very likely so we shall be switching our stance to going Long on a pull back.
Technical Recommendation: Stopped out. Re-assessing with a view to go Long.
                                                                 EURUSD – Daily

GBP/USD: price closes strong today with a bullish engulfing pattern at the key event area we have been watching where the 50 fib retracement level of the recent rally meets with the rising 50 sma. This is a signal to go Long.
Technical Recommendation: Go Long!.
                                                                 GBPUSD – Daily

► AUD/USD: a very strong close. We expected 0.7560 key support to be reached but this may not happen now. Price is inside the EMA layer and at 50 sma resistance so we will remain sidelined for now but with a view to change to a buying stance.
Technical Recommendation: Stand aside with a preference to go Long.
                                                                 AUDUSD – Daily
                             Back to Top

► USD/JPY: today’s retracement of yesterday’s bullish breakout candle may be the prelude of further weakness but we are not about to short this pair after such a strong showing of late.
Technical Recommendation: Look to go Long on a retracement.
                                                                 USDJPY – Daily

► USD/CAD: Of course, having got stopped out of our Short yesterday, today ends very bearish with a strong sell-off. We stay in re-assessing mode but will consider Shorting again.
Technical Recommendation: Re-assessing.
                                                                 USDCAD – Daily

GOLD: nothing new to add. Price did very little today and stays inside the megaphone pattern. After yesterday’s rejection of 1200, there might be a quick Short trade on to the bottom trendline of this pattern, otherwise wait for a signal at the edges of this consolidation.
Technical Recommendation: Stand aside.
                                                                 XAUUSD – Daily

► SP500still no clarity from this price action. Today’s long tailed pin bar could be followed by strength in the next few sessions and maybe even new highs, but as we have been saying for some time now, we are not about to go Long at these levels but rather look for a shorting opportunity.
Technical Recommendation: Looking to go Short.
                                                                SP500 – Daily

DAX:  we are still STTS Short. Today’s close below the low of yesterday’s long tailed pin bar is a good sign for our trade.

Technical Recommendation: We are Short. Position 335 points in profit.
                                                                 DAX – Daily



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