Daily Report - 23 November 2015


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY
GOLD, and SP500



► EUR/USD: The bias is still bearish with a possible target of 1.0465 but recent price action suggests this pair may be consolidating below 1.0820 and today's pin bar confirms this. We are not prepared to go Long in this market so we have to wait for a clear sell signal at confluent resistance on a retracement.
Technical Recommendation: Stand aside.
                                                                 EURUSD - Daily

GBP/USD: the daily chart shows Friday's bearish engulfing candle representing heavy selling at confluent dynamic resistance of 50/20 smas, 50 fib and 1.5250. This is a clearer bearish picture short term than the weekly chart, so our idea of going Short last week may have been correct after all, only we expected the 50 fib to act as strong resistance, instead the market climbed as far as the 61.8 fib where it met with selling. A great shame. We should have gone short again today as price is now clearly headed for 1.5045 support. We missed out.
Technical Recommendation: Look for 1.5045 to be reached.
                                                                 GBPUSD - Daily

► AUD/USD: last week's closes above the trendline were bullish as they also cleared 0.7200 key level. With price retracing today and re-testing the trendline and the 50 sma and the 8 ema, we think price now looks set to reach 0.7360 resistance.
Technical Recommendation: Looking to go Long.
                                                                 AUDUSD - Daily
                           Back to Top


► USDJPY: we have been Long in 1/2 Risk expecting the market to reach 124.25-125.80 prior resistance and today we added to the position as intraday we got a strong buy signal in the lower time frames. We are now long in 1 x Risk. Today however ends in a pin bar going against us so we hope not to get stopped out tomorrow.
Technical Recommendation: We are Long.
                                                                 USDJPY - Daily

GOLD: we went Long late last week after the bullish Morning Star formation at key support expecting a hefty retracement. Not so far and in fact today we came very close to being stopped out. We hope to see a quick reversal from here.
Technical Recommendation: We are Long.
                                                               XAUUSD - Daily

► SP500: we maintain our Long stance expecting recent highs to be reached. Any retracement will be used to add to the position.
Technical Recommendation: We are Long.
                                                               SP500 - Daily

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