Daily Report - 7 December 2015


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY
GOLD, and SP500



► EUR/USD: as stated in the weekly STTS video, after last week’s bounce and close above 1.0820, this market looks set for a rally and we envisaged that this week we would see a pull back to 1.0820 whcih was a very significant level in the past and we'd look for a buying opportunity. Today price did exactly as we expected, re-testing 1.0820 and meeting with support just below it at the 38.2 Fib of last week's surge. We will start looking for evidence of an upward rotation from here and a Buy signal even in the lower time frames tomorrow.
Technical Recommendation: Looking to go Long.
                                                                 EURUSD - Daily

GBP/USD: similar story to the Euro. Price last week closed back above significant level 1.5045 and today retraced back to it and the 38.2. Given today's close we may well get price testing the 50 Fib tomorrow which is around 1.5025 so we will wait and see what price does there.
Technical Recommendation: Re-assessing.
                                                                 GBPUSD - Daily

► AUD/USD: as stated in the weekend's analysis, we expected a pull back from 0.7360 resistance which we got today. There's more room to the downside though as we expect the 38.2 Fib and possibly the 50 Fib to be reached. We will look for buying opportunities in that area.
Technical Recommendation: Looking to go Long on further retracement.
                                                                 AUDUSD - Daily
                           Back to Top


► USDJPY: we went Short last week as we identified a potential yet unconventional Head and Shoulders reversal pattern as price seems to be consolidating below 123.60.
The daily chart shows price contained between 123.60 and 122.25 and even after today's mildly bullish day, price is still inside last Thursday's mother candle range so we still hope for a downward rotation.
We are only Short in ½ Risk as this is not the strongest reversal pattern.
Technical Recommendation: We are Short due to a potential H&S reversal pattern.
                                                                 USDJPY - Daily

GOLD: we went Long in Gold on Friday at 1062$ and we suspect this may be a substantial reversal. Today price retraced to the 50 Fib of last week's bounce so we hope there will be an upward rotation from here as 1070 should act as strong support.
Technical Recommendation: We are Long.
                                                               XAUUSD - Daily

► SP500: we ended last week very disappointed as we went Long a while back at 2050 in expectation of a breakout of 2100 and a Xmas rally so we never took profit … we went Long again last week at 2100 expecting the breakout and instead we got a sell off. We got out of the original long with some profit and while we got stopped out of the second position we came out flat in the end. After we got out flat, of course the market rallied so now what do we do? Are we brave enough to go Long again?
Friday’s bullish candle signal does point at a potential upside breakout but today there was no follow through. We do favour the upside so this week we will be looking for buying opportunities  but cautiously as price is at a key resistance around 2100..
Technical Recommendation: Exited Flat. Re-assessing.
                                                               SP500 - Daily

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