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Technical Review – 02 July 2015
End of Day Technical Analysis Report for:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD
GOLD, WTI Crude, SP500, DAX, and US30Y
► EUR/USD: a nothing day today even with NFP data out. Just proof that this pair is waiting for news of the Greek referendum this weekend. We re-iterate that Brokers have already warned clients of a temporary increase in margin requirement for this currency pair.
Technical Recommendation: Stand aside. Too dangerous.
EURUSD – Daily
► GBP/USD: as stated yesterday we are looking for a Buy signal at confluent support at 1.5540 which also coincides with the 50 sma and the 50% retracement of the most recent rally. Nothing to do just yet.
Technical Recommendation: Look for price to reach 1.5540 support area.
GBPUSD – Daily
► AUD/USD: our STTS Long still under pressure and in post-NFP volatility it came very close once again to our stop only to bounce back. This position is starting to feel like the proverbial cat of 9 lives. We continue hoping not to get stopped out and for price to rotate upwards once again.
Technical Recommendation: We are Long. Position -98 pips under water.
AUDUSD – Daily
► USD/JPY: our STTS Short today was stopped out at Break Even by a few pips, only to then move south once again. Frustrating to say the least. With a bearish pin bar at the 20 ema we will probably see this pair collapse now. We should probably re-enter Short but with the Long weekend looming we’ll sit it out.
Technical Recommendation: Stopped out at Break Even. Re-assessing.
USDJPY – Daily
► USD/CAD: price today retraced back to 1.2534 to test it as support after breaking thorugh it as resistance yesterday. We would only go Long on a retracement to the EMA layer.
► GOLD: for a while we have been saying that between 1170 and the bottom of the megaphone was a good area to go Long if we saw any sign of an upward rotation. Well ..today price touched the bottom trendline of the megaphone pattern and bounced back strongly with a pin bar. Even if tomorrow is a US holiday and markets will be thin, and even taking into account the Greek referendum at the weekend, we must react to this signal as we have been predicting it for a while. So, earlier today we went STTS Long.
Technical Recommendation: We are Long.
XAUUSD – Daily
► WTI Crude: we are still STTS Long in Crude. The ‘tea-cup’ pattern we traded has failed. Price is now very close to stopping us out!
Technical Recommendation: We are Long. Position -365 pips underwater.
WTI Crude – Daily
► SP500: a doji day at 2070 which is now increasing in significance as players have chosen this to be the level at which the fight for the next big move post Greece will be decided. Having acted as support for so Long it is now appearing to be acting as resistance so the scene is set for downward push and a possible major correction. Next few sessions will be crucial.
Technical Recommendation: Watching with interest. Price at Crucial level of resistance.
SP500 – Daily
► DAX30: today and inside doji. Stand aside ahead of long Greek weekend. Too much to lose if trading with Stops!
Technical Recommendation: Stand aside.
► US30Y: our STTS Long came under further pressure today but bounced back. Tomorrow we will have to decide whether to stay in over the ‘Greek’ weekend or not.
Technical Recommendation: We are Long. Position -100pips under water.
US30Y Sep Future – Daily
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CHARTING LEGEND:
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