End of Day – 04 May 2015

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

EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD, NZDUSD

GOLD and SP500 



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: Euro was quietly weaker after last week’s strength. 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.
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GBP/USD: As discussed in our last DAILY 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.
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► AUD/USD: The 0.7900 level did not act as clear support as anticipated as weakness prevailed on Friday. Today was a non event day with AUD closing virtually unchanged.
Our recommendation remains unchanged.
Technical Recommendation: Looking to re-enter Long.
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► 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.
Technical Recommendation: Stand aside.
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► 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.
Technical Recommendation: We are Short. Position ca 145 pips in profit.
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NZD/USD: Nothing of note for this pair post Friday’s sell off. 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.
Technical Recommendation: We are Long. Position close to B/E.
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► GOLD: We were unfortunately stopped out of our recently entered long position only to witness a decent bounce today. Whether the bounce was shorts closing profitable positions (most likely) or bargain hunters is too early to say. Technically we are neutral whilst fundamentally bullish.
Technical Recommendation: Neutral.
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SP500: No weakness on Friday and none today so therefore our technical stance has not altered. We have been spoofed before into thinking the market was going to collapse when it didn’t so we remain sidelined.

Technical Recommendation: Re-assessing.
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