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Technical Review
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD,
GOLD
and DAX
► EUR/USD: 1.1300 area still not conquered by this pair, which is in itself quite telling considering all the other currencies’ strength against the greenback today. This makes us want to shy away from going Long especially with strong resistance slightly higher up at 1.1450. But we will consider going Long on a pull back.
Technical Recommendation: Looking to go Long on a pull-back.
EURUSD – Daily
► GBP/USD: yesterday’s bullish pin bar was indeed the prelude to the upside breakout we were hoping for. We remain STTS Long. Our target is off this chart.
Technical Recommendation: Long. Position +180 pips in profit.
GBPUSD – Daily
► AUD/USD: price broke into the EMA layer today with only the 20 ema holding out as resistance. A possible double bottom forming. We will look to change our stance to going Long.
Technical Recommendation: Possible Double Bottom pattern. Looking to go Long.
AUDUSD – Daily
USDJPY – Daily
► USD/CAD: another down day which makes us even more disappointed having been short last week and getting just stopped out before this downtrend developed. Right call ..wrong timing! Still hoping for a retracement to enter Short which did not happen today.
► GOLD: looks like last Friday’s pin bar was a short term buy signal after all. Price is looking like gravitating to 1200 once again as Gold’s dance around this level continues. We are really find this choppy consolidation hard to trade so …guess what? We won’t!
Technical Recommendation: Stand aside.
XAUUSD – Daily
► SP500: a very strong bounce off 2074 support today. Given past action over the last few months we will not be suckered into going Long here as we see little upside. We hope to be presented with a selling opportunity higher up.
Technical Recommendation: Looking to go Short higher up.
SP500 – Daily
► DAX: today the Dax bounced strongly back to a key area around 11300 which acted as support back in May. We are still partially STTS Short after 1st Target was hit yesterday and will start trailing the stop from here, but we hope the present area will become resistance and cause the market to turn south again.
Technical Recommendation: T1 hit for +785 points profit and 2.2 x Risk. Remaining 30% +390 points in profit.
DAX – Daily
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CHARTING LEGEND:
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