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End of Day Review – 11 May 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD, NZDUSD
DUE TO BUSINESS TRAVEL COMMITMENTS DIRECTOR OF TECHNICAL ANALYSIS AND AUTHOR OF THE DAILY REPORT, STEFANO BRESCHI WAS AWAY LAST WEEK. THE DAILY THEREFORE TOOK A SLIGHTLY DIFFERENT LOOK AT THE MARKETS. YOU WILL BE HAPPY TO KNOW THAT NORMAL SERVICE RESUMES TOMORROW.
► EUR/USD: The Euro continued its recent three day retracement. Fundamentally we believe that it will not be much longer before the $ bounce loses energy and the Euro resumes its uptrend.
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.
► GBP/USD: GBP continued its stellar post election performance with another fine up day.
From a technical picture it looks that further upside may be on the cards. Fundamentally however the election honeymoon will come to an end so profit taking would be wise.
Technical Recommendation: Take some profit and/or use a trailing Stop.
► AUD/USD: As suggested in our last DAILY further short term weakness was likely. This is what happened today.
Whilst there is the possibility of some more weakness to come it is getting close to a buy again.
Technical Recommendation: Looking to re-enter Long.
► USD/JPY: We thought a weak NonFram Payroll number would detrimentally affect the $ in this pair. That did not happen today. It will but we remain with our recommendation until a clearer picture emerges.
Stand aside and wait for a better selling opportunity higher up.
Technical Recommendation: Stand aside.
► USD/CAD: A close at virtually unchanged with a spinning top candle formation.
Nothing has changed.
Technical Recommendation: We are Short. Position ca 145 pips in profit.
► NZD/USD: A big down day for the NZD and a close virtually on its lows.
More weakness a distinct possibility. Our view remains as is.
Technical Recommendation: Stand aside.
► GOLD: The 1180 level continues to hold for now.
A wide trading range seems to have established between 1170-1185 with a tight inside range of 1183-1190 indicating a short term series of higher lows.
A break and convincing close above 1190 could potentially scare weak shorts and result in a mover above the 1200 level.
Technical Recommendation: Neutral.
► SP500: A weak day when looked at in isolation. However only an approximate 50% retracement of Friday’s upward move.
Fundamentally the market has huge downside potential. technically we are happy to continue with our recent recommendation.
Stand aside.
Technical Recommendation: Re-assessing.
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