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End of Day Technical Review – 26 May 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD,
GOLD
and DAX
► EUR/USD: the Euro today failed to be supported at the 50 sma where we were hoping to see an upward rotation. With some positive data out of the US fuelling recent greenback strength, we now need to stand aside as we cannot Short this pair right now in this oversold environment. This G7 week can throw some real surprises at us so we hope to be there to react.
Technical Recommendation: Stand aside.
EURUSD – Daily
► GBP/USD: price breaks down today below the 20 ema. We have been right in holding back from buying expecting an uypward rotation which never came. Same as the Euro, we can’t short here so let’s stand aside and watch for the next couple of sessions.
Technical Recommendation: Stand aside.
GBPUSD – Daily
► AUD/USD: again …missed the boat! We’ve been expecting an upward rotation which never came. We are now in a likely downtrend resumption but in oversold territoty so all we can do is stand aside for now.
Technical Recommendation: Stand aside.
AUDUSD – Daily
► USD/JPY: we discussed this pair in the weekly STTS video. We expected a breakout of the 121.70 key resistance level but we were hoping for a reversal which has not come. This is a strong bullish breakout and next likely target is resistance at 124.00 dating back to 2007.
Technical Recommendation: Look for price to reach 124.00.
USDJPY – Daily
► USD/CAD: we closed our Short at Break even last week and good job too as price has rallied strongly. We are now at key resistance band 1.2380-1.2448. Will price rotate downwards from here? We have the BOC Rate statement tomorrow so we may get a sharp move either way.
► GOLD: price collapsed through 1200 again and here we go again! Back inside the range of last few weeks. Nothing to do here unless you’re day trader trading the range.
Technical Recommendation: Stand aside.
XAUUSD – Daily
► SP500: as discussed in our weekly STTS video, the slow grind at new highs was indeed followed by a sharp correction, or what could be the start of one. We should be looking to go Short of this market.
Technical Recommendation: Looking to go Short.
SP500 – Daily
► DAX: again, as discussed in the last video, we were looking for a downward rotation at the 50 sma after the H&S had failed. Price is now likely to resume to the downside and reach the H&S target anyway.
Technical Recommendation: Go Short.
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