End of Day – 19 May 2015

Posted On 19 May 2015
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End of Day Technical Analysis Report for:




and SP500


► EUR/USD: Today’s fall may be what we have been waiting for from a technical point of view to re-establish a long position. Fundamentally we are bearish the $ and would be looking to sell rallies rather than buying $ weakness.
Technical Recommendation: Looking to go Long                                                             

GBP/USD: This pair fell through the level 1.5540 at which we expected upward rotation from a technical point of view. Fundamentally the GBP is our least favourite currency against the USD and we see greater upside potential in the other majors.
Recommendation: Look for price to rotate to the upside and reach1.5878.                                                             

► AUD/USD: Today’s price action took this pair to the EMA which is a great place to go long.
Technical Recommendation: Looking to go Long.                                                               

► USD/CAD: We took a small profit on our short yesterday which in hindsight was a good move. The position can be re-established at better levels and may in the very short term get even better.
Technical Recommendation: Covered Short for tiny gain – Re-assessing!                                                               

GOLD: Buying a break of 1230 proved premature in the short term. Fundamentally we like gold and would have no hesitation in adding to our existing long at this level.
Technical Recommendation: Long.                                                              

► SP500Another high was attempted today but failed to hold. Fundamentally this market is a huge sell. technically however momentum may take it higher. This scenario can only mean that we stand aside.
Technical Recommendation: Stand aside.                                                             

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