Technical Review – 13 May 2015

Posted On 13 May 2015
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End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY, USDCADGOLD , SP500

and DAX


 

► EUR/USD: technical analysis is back after a week’s of travel commitments. Since our last commentary and STTS video the Euro retraced and today bounced strongly again off the EMA layer. We had been recommending to remain partially Long and if flat to go Long on a retracement. So our readers should be Long. However, strong resistance beckons at 1.1450.
Technical Recommendation: Should be Long.
                                                                 EURUSD – Daily

GBP/USD: in our last technical commentary price was at 1.5350 where we predicted a retracement urging previous Longs to either trail the Stop or consider taking profit at that level. The pull back occurred in our absence with price meeting with strong confluent support at the EMA layer and 1.5165. We hope our readers went Long again at this level. Price now looks headed towards 1.5878, the 50% Fib retracement level of the downtrend started in July last year. 1.5785 resistance is likely to be broken.
Technical Recommendation: If Long, look for price to reach 1.5878.
                                                                 GBPUSD – Daily

► AUD/USD: in our last technical commentary we suggested to go Long again so we hope our readers did just that as price met with strong confluent support at the EMA layer and 0.7900. Price now looks headed to reach 0.8215 and the 200 sma above that, currently around 0.8340.
Technical Recommendation: Should be Long.
                                                                 AUDUSD – Daily
                             Back to Top

► USD/JPY: the chart below says it all. This pair has been trading sideways since December 2014 and doesn’t look like this is going to change any time soon, so we remain sidelined for the time being.
Technical Recommendation: Stand aside.
                                                                 USDJPY – Daily

► USD/CAD: this pair is the only one where we kept a Short position while away on our travels. After consolidating just below our entry levels, this week price appears to finally be going our way again. We remain Short as we see this bearish trend continuing. Our 1st Target is just above 1.1700.
Technical Recommendation: We are Short. Position ca 240 pips in profit.
                                                                 USDCAD – Daily

GOLD: just before going away we were Long and got stopped out. Price has today bounced back and is looking strong again. We are however still within the recent range 1180-1220 and 1220 resistance is now joined by the 200 sma which makes the present level very significant indeed. If price can break above this we may see a stronger move to the upside. We will look to go Long if price does break and re-test the current level as support.

Technical Recommendation: Looking to go Long if price breaks to the upside and retraces.
                                                                 XAUUSD – Daily

► SP500the Index continues to hover around 2100. We continue to maintain that this sort of price action is the prelude to potentially a major correction. Slow grinding action to the upside and if new highs are made, they lack follow through. But when the market corrects, it does so more sharply. Longs should consider exiting this market.

Technical Recommendation: Longs should look to exit or take partial profit. We are looking to go Short.
                                                                SP500 – Daily

DAX:  in our last STTS video on May 3rd we identified that this market had triggered a Head and Shoulders reversal pattern with a target of 10875. In our absence price retested the neckline as resistance and has since resumed to the downside. We hope our readers are Short. If so, look to exit partially at 10875 but maintain some Short exposure as this could be the start of a major correction.

Technical Recommendation: Should be Short.
                                                                 DAX – Daily

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CHARTING LEGEND:


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