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Technical Review – 01 June 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD,
GOLD
SP500
and DAX
► EUR/USD: last week we hinted that we thought this market was retracing the 2nd wave of a down move and we were looking for sell signals at dynamic resistance to try and catch the 3rd wave down to the 1.0500 level. Today price reacted to dynamic resistance at the 50 sma and the 8 ema, ending teh day in a lower high/low combination. This is the Shorting opportunity in this event area we were waiting for.
Technical Recommendation: Go Short.
EURUSD – Daily
► GBP/USD: as discussed last week price has now reached a key event area where the 50 fib retracement level of the recent rally meets with the rising 50 sma. We expected price to meet with strong buying here but that did not materialze today. In the absence of a Buy signal we remain sidelined.
Technical Recommendation: Looking to see what happens at this key support area.
GBPUSD – Daily
► AUD/USD: the Aussie is fast approaching 0.7560 key support. We will have to wait and see what price does when we get there!
Technical Recommendation: Stand aside.
AUDUSD – Daily
USDJPY – Daily
► USD/CAD: we were long after 2 pin bars at key resistance band 1.2380-1.2448 from last week. Sadly today price surged and we got stopped out.
► GOLD: as discussed in our weekly STTS video analysis, in an attempt to try and define the strange consolidation pattern that Gold has been trading in for the last 2 1/2 months, we’ve identified a potential megaphone pattern. After today’s rejection of 1200, there might be a quick Short trade on to the bottom trendline of this pattern, otherwise wait for a signal at the edges of this consolidation.
Technical Recommendation: Stand aside.
XAUUSD – Daily
► SP500: price chopping around above 2100. We can’t get any clarity from this price action. We just know that this type of action is usually a prelude to a major correction BUT it’s tough to trade on this notion using stops.
Technical Recommendation: Looking to go Short.
SP500 – Daily
► DAX: we went STTS Short last week. Thursday’s push to teh downside bodes well for our trade even though today we got a long tailed pin bar closing well off the lows.
Technical Recommendation: We are Short. Position 195 points in profit.
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