Technical Review : 30 April 2015

Posted On 30 Apr 2015
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End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY, USDCAD, NZDUSD

GOLD and SP500 



► EUR/USD: the Euro bounce continues, probably driven by Short covering at end of month, so we may see a retracement tomorrow. As per last commentary you should remain partially Long. Use a trailing Stop.
Technical Recommendation: Should still be partially Long. If flat look to buy on a retracement.
                                                                 EURUSD – Daily

GBP/USD: today price didn’t make it to 1.5540 resistance and instead formed a bearish piercing pattern. Longs should be either trailing the Stop, as per previous reports, and also consider taking profit here. A pull back is likely from these levels.
Technical Recommendation: Take some profit and/or use a trailing Stop.
                                                                 GBPUSD – Daily

► AUD/USD: yesterday’s doji at 0.8060 resistance was followed today by a sharp sell-off which provided the retracement we were looking for, having bagged nice profits from a previous Long earlier in the week. 0.7900 which acted previously as resistance is now support so we are looking for change of polarity at this level and a rotation upwards again, so we are looking to go Long again.
Technical Recommendation: Looking to re-enter Long.
                                                                 AUDUSD – Daily
                             Back to Top

► USD/JPY: this pair is trading sideways 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: yesterday’s long tailed doji did result in a retracement as envisaged. We happily remain Short as we see this bearish trend continuing. Our 1st Target is just above 1.1700.
Technical Recommendation: We are Short. Position ca 145 pips in profit.
                                                                 USDCAD – Daily

NZD/USD: today resulted in a sell-off which has now brought our Long trade nearly back to break even.We remain Long hoping the middle of the Bollinger band will act as dynamic support, as it did today, and cause an upward rotation once again.
Technical Recommendation: We are Long. Position close to B/E.
                                                                 NZDUSD – Daily

► GOLDyesterday, after our Daily Report was posted, we succumbed to the temptation to go Long and sadly today we witnessed a sharp sell off, bringing price back below 1200 and threatening to test 1180 support once again. We’re still in the trade and we hope the bottom of the Bollinger bands, combined with 1180 support, will cause the market to rotate upwards!
Technical Recommendation: Long. Position under pressure.
                                                                XAUUSD – Daily

SP500:  today’s test fo the 50 sma could mean further weakness tomorrow, but we have been spoofed before into thinking the market was going to collapse when it didn’t so we remain sidelined.

Technical Recommendation: Re-assessing.
                                                                 SP500 – Daily

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