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End of Day Technical Review : 22 April 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD, GOLD
and SP500
► EUR/USD: yesterday’s long tailed doji was counter-acted by today’s long wick. The EMA layer is still presenting resistance. Price action is neutral right now so we prefer to stand aside.
Technical Recommendation: If price can break through 20 ema, look for a re-test of 1.1030.
EURUSD – Daily
► GBP/USD: yesterday we called for a breakout of 1.4970 resistance and today it happened. We did not take a position, sadly, as we already have enough exposure Short dollar but we hope some of our readers did go Long. Now price will need to surpass 50 sma resistance. If you’re long think about moving your stop to break even sooner rather than later as this pair can turn on a sixpence right now.
Technical Recommendation: We are flat but if Long, stay Long and move stop to B/E asap..
GBPUSD – Daily
► AUD/USD: yesterday we went Long expecting 0.7700 to act as strong support. Today we were rewarded by a definite surge which tried to extend north of 0.7700.Unfortunately price did retrace quite a bit later in the day leaving us with a smaller profit but we remain Long hoping for the upside to resume tomorrow.
Technical Recommendation: We are Long. Position 25 pips in profit.
AUDUSD – Daily
USDJPY – Daily
► USD/CAD: we are still in a 3-entry Short trade to try and capture a pull-back to resistance where we expect price to then rotate to the downside once again. Today ends with a red candle which we hope will not cause the market to resume to the downside yet as we want price to rally further so we can fill the other 2 orders.
Technical Recommendation: We are Short. 2 more Limit Sell Orders in the market.
USDCAD – Daily
► GOLD: Gold today broke through 120 quite decisively. We deleted the channel we had drawn as it did not look a viable pattern. Price is still stuck between 1180 ‘ish and 1220 and we will not trade as long as we remain within this range. Not clear enough direction!
Technical Recommendation: Stand aside.
XAUUSD – Daily
► SP500: the S&P is also giving mixed signals no as yesterday’s long wicked pin bar was counter acted by a long tail today. 2100 is key resistance and price doesn’t seem to make up its mind. We would still prefer to be Short at these levels but we will wait for a clearer sell signal.
Technical Recommendation: Looking to go Short.
SP500 – Daily
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