Daily Report - 3 December 2015

End of Day Technical Analysis Report for:

GOLD, and SP500

► EUR/USD: we have been saying we may see a bit more of a pull back which we would look at as an opportunity to sell. Well ... what a pull back! Today could represent a major shift in direction and only tomorrow's NFP data could change that. Having not gone Long intraday today, we are obviously not going to do so now. Price should reach the 50 Fib of the most recent downtrend which is at about 1.1000 so only 15 pips from the close but then we'll see what happens there.
Technical Recommendation: Re-assessing.
                                                                 EURUSD - Daily

GBP/USD: we went STTS Short yesterday at 1.5060 and it looked like a great trade but today's dollar sell off brought the price back up sharply and we are now close to our Stop. As per the Euro commentary above, tomorrow's NFP could mean further strength which will then see us stopped out but we hope for a figure bullish for the greenback.
Technical Recommendation: We are Short. Position under pressure.
                                                                 GBPUSD - Daily

► AUD/USD: as we have been saying price looked headed to test 0.7360 resistance, which happened today. Now let's see what happens at this key level. The market may be completing a 3rd wave of a 3 wave uptrend in this area, in which case we couldl see a substantial retracement.
Technical Recommendation: Stand aside. price at key resistance.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: today this pair's price action span the entire 122.25-123.50 recent range and re-tested teh bottom of the range as we had predicted. Now we could see the triggering of the Head & Shoulders pattern we discussed in the weekend's analysis. If that happens we might see a retracement back to the 121.00 area.
Technical Recommendation: Possible H&S reversal pattern.
                                                                 USDJPY - Daily

GOLD: still back inside the range of last week's mother candle with fake breakouts in both directions. 8 ema still acting as resistance. A close above the EMA layer and 1069 is needed for us to consider going Long.
Technical Recommendation: Stand aside.
                                                               XAUUSD - Daily

► SP500: we did say that yesterday's action pointed at short term weakness and earlier today we decided to exit half our position at 2088 for +0.52 x Risk profit to reduce our risk. Later in the day the market collapsed and we were stopped out at 2055 in the other half for -0.5 x Risk loss, so effectively we exited this market flat which is disappointing.  Depending on tomorrow's figures we may now see the index retrace further and could be as far as 1995-2016 area of support.
Technical Recommendation: Exited Flat. Re-assessing.
                                                               SP500 - Daily


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