End of Day – 24 March 2014

Posted On 24 Mar 2015
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End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY, GOLD, SP500



► EUR/USD: a nothing day today with French and German PMI data conflicting with each other. The pair is still trading within last Wednesday's mother candle so we're still waiting for some clearer price action signal at the 1.1040-1.1100 band of resistance.

Technical Recommendation: Waiting for a signal at key resistance.
                                                             EURUSD – Daily


 
GBP/USD: CPI slightly less than expected and actually reaching a historic zero today, brought Sterling down today. 1.4830 acted as support. Price still trading within last Wednesday's massive outside candle. Today's candle is also an inside bar so tomorrow may bring some volatility. We would welcome a fake downside breakout of yesterday's mother candle and a signal to go Long.
Technical Recommendation: Stand aside with a view to going Long.
                                                           GBPUSD – Daily

 
► AUD/USD: a doji day as the Aussie takes a breather inside 0.7850-0.7900 key resistance. A significant event is the 8 ema crossing the 20 ema to the upside for the first time since September. This pair may be about to burst to the upside, so we will be looking to go Long.

Technical Recommendation: Looking to go Long.
                                                            AUDUSD – Daily
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► USD/JPY: price today broke below Wednesday's mother candle low but closed off the lows. We are still STTS Short and ca 170 pips in profit and see no reason to get out.
Technical Recommendation: We are Short and 170 pips in profit.

                                                             USDJPY – Daily

 
► GOLD: today price made a higher high/low combo and well and truly entered the key area of resistance between 1190 and the 38.2 Fib level at 1205, with 1200 within it. This is a crucial area for the market to break through if this bounce is going to continue.
Technical Recommendation: Waiting for a signal at key resistance.
                                                           XAUUSD – Daily


► SP500: a down day stopping at the 8 ema. Price still inside last Wednesday's mother candle. We still believe recent price action support a likely retest of recent all time highs so we may see a rotation to the upside again in the next couple of sessions.
Technical Recommendation: Looking for a test of 2117.25.
                                                           SP500 – Daily

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