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End of Day Technical Review – 08 June 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD,
GOLD
and DAX
► EUR/USD: today’s strong green candle appears to be negating last Thursday’s bearish pin bar. Price has bounced off 1.1100 support and the EMA layer so now is headed towards 1.1450 resistance which is likely to be reached this week. Today’s range unfortunately gives us little R:R to 1.1450 so we can’t go Long at this level. Hopefully we’ll get a pull back tomorrow.
Technical Recommendation: Looking to go Long on a pull-back.
EURUSD – Daily
► GBP/USD: We remain Long. Today’s bullish candle remains inside Friday’s so we hope to see an upside breakout tomorrow.
Technical Recommendation: We are Long. Position just above Break/Even.
GBPUSD – Daily
► AUD/USD: today’s green candle brings price back to the 0.7700 significant level. The EMA layer is also in thsi area acting as resistance. We still feel there’s a strong chance of another move to 0.7560 support so we’ll remain sidelined for now.
Technical Recommendation: Stand aside. Price likely to reach 0.7560 support.
AUDUSD – Daily
USDJPY – Daily
► USD/CAD: price still inside last Tuesday’s mother bar and inside 1.2380 – 1.2448 key area. We think Friday’s fake upside breakout could be the prelude to a sell off.
► GOLD: Friday’s pin bar was not followed by an upward rotation, in fact today’s small range candle closes well off the highs, suggesting tomorrow or next session we may see the test of 1160 and bottom of the megaphone pattern we have been looking at. If price reaches this area and rotates higher, the pattern would be validated, and if that happens we may look to go Long. Sidelined for now.
Technical Recommendation: Stand aside.
XAUUSD – Daily
► SP500: 2100 and the 50 sma have well and truly failed as support. We haven’t gone Short as we are already short the DAX but we feel this could be the start of a downward correction, so traders should be looking to Short on any retracement.
Technical Recommendation: Look to go Short on a retracement.
SP500 – Daily
► DAX: we are still STTS Short and this is now looking like a great trade. Our targets are lower down and off the charts. We may well revise them even lower.
Technical Recommendation: We are Short. Position 640 points in profit.
DAX – Daily
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