End of day review – 14 May 2015

Posted On 14 May 2015
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End of Day Technical Analysis Report for:




and DAX


► EUR/USD: 1.1450 acted as resistance today as discussed yesterday. However it was not properly tested, so no need to panic yet if you’re long. Only react if we get a strong bearish signal at this level.
Technical Recommendation: Stay Long but cautious at this level.
                                                                 EURUSD – Daily

GBP/USD: 1.5785 acted as resistance today, but yesterday we said it is likely to be broken as we believe price will want to test 1.5878, the 50% Fib retracement level of the downtrend started in July last year. So stay Long until this is reached.
Technical Recommendation: If Long, look for price to reach 1.5878.
                                                                 GBPUSD – Daily

► AUD/USD: today price retraced slightly and re-tested 0.8060 as support. We still believe price is likely to reach 0.8215 and the 200 sma above that, currently around 0.8328.
Technical Recommendation: Stay Long.
                                                                 AUDUSD – Daily
                             Back to Top

► USD/JPY: Nothing to add. We remain sidelined for the time being.
Technical Recommendation: Stand aside.
                                                                 USDJPY – Daily

► USD/CAD: today we got a small bullish candle off the lower bollinger band but a lower high/low combo was set. We remain Short as we see this bearish trend continuing. Our 1st Target is just above 1.1700.
Technical Recommendation: We are Short. Position ca 230 pips in profit.
                                                                 USDCAD – Daily

GOLD: today Gold attempted to break out of the recent 1180-1220 range but so far confluent resistance with the 200 sma has held. As this is a very significant level we will look to go Long if price does break and re-test the current level as support, even intraday.
Technical Recommendation: Looking to go Long if price breaks to the upside and retraces.
                                                                 XAUUSD – Daily

► SP500the Index today made a push towards all time highs again. We are not going Long of this market as we believe there is likely to be a major correction. Longs should consider exiting this market. We will wait and see if we get a convincing bearish signal at all time highs.
Technical Recommendation: Longs should look to exit or take partial profit. We are looking to go Short.
                                                                SP500 – Daily

DAX:  a strong close today which almost re-tested the Head and Shoulders neckline as resistance again. As long as price doesn’t close above the EMA layer and the neckline, we recommend to stay SHort with a 1st target of 10875 (the pattern’s mathematical target).

Technical Recommendation: Stay Short.
                                                                 DAX – Daily



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