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End of Day – 10 March 2015
End of Day Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, GOLD
and Special Situation: WTI Crude
and Special Situation: WTI Crude
( Technical Analysis – STTS )
…
This end of day report is compiled from our trade setups.
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► EUR/USD: the Monthly Chart shows the best picture as price has broken through 1.0750 support and shows no respite. We had been waiting for a pull back to resistance to sell into but there seem to be no pull backs in this market right now. Draghi speaks tomorrow, so let's see if anything he says provides a bit of a retracement.
Technical Recommendation: Looking to sell on a pull back to resistance.
EURUSD – Monthly
EURUSD – Daily
► GBP/USD: Sterling appears to have met with temporary support at 1.5028 which is the top of key support band 1.4950-1.5028. We are looking for a strong buy signal in this area of key support.
Technical Recommendation: Looking for price reaction at Key Support area.
GBPUSD – Daily
► AUD/USD: the Aussie today broke through recent support at 0.7625, thus cancelling out the bullish effect of the February pin bars. We were stopped out of our long last week so now we are watching how price reacts to this key support.
Technical Recommendation: Stopped out last Friday. Re-assessing.
AUDUSD – Daily
► USD/JPY: this pair finally tested prior key resistance at 121.70 and today's sharp sell off the highs provides us with a telling bearish pin bar at this key level. Though we are in a very strong uptrend, we have to stay true to our price action based trading plan so we will be looking to Short here.
Technical Recommendation: Looking to go Short.
USDJPY – Daily
► GOLD: today Gold made a lower low. Even though 1161 support has held out on the close, we see nothing stopping price continuing to the downside and re-test prior support area 1132-1143.
Technical Recommendation: Looking for a sell opportunity on a retracement.
XAUUSD – Daily
► WTI Crude: Crude is trading sideways around the 50 sma. Today's price closed below it and also below the lower trendline of the channel we had drawn. The Channel may not have been a reliable pattern, so we will be deleting off our chart. We remain Long as price is still above our original Buy level and 47.80 area of support.
Technical Recommendation: We are Long in 2.3 x Risk.
WTI Crude – Daily
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