Daily Report - 4 January 2016


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY
GOLD, and SP500



► EUR/USD: price tested today the key 1.0800 support we discussed pre-Xmas and in yesterday's STTS Video. We were looking for Long signals in this area but today's action has not presented us with any. It's a busy week data wise especially in the Us Dollar so we will tread cautiously.
Technical Recommendation: Stand aside. Price at Key support.
                                                                 EURUSD - Daily

GBP/USD: the bearish mode continues as price broke key 1.4900 support in the thin holiday markets. We look set to retest 1.4600 (next Key Support) though today's spinning top doji shows indecision so price may rotate before we get there. Missed the chance to Short so all we ca do is to look for a rotation near 1.4600 and go Long if we get a strong signal.
Technical Recommendation: Price likely to reach 1.4600 support.
                                                                 GBPUSD - Daily

► AUD/USD: the Aussie is still stuck in a long term triangular consolidation but we're getting close to the apex so we're likely to see a breakout soon. Today we got a retracement down to 0.7200 were we were looking for Buy signals but didn't get any. The bottom of the triangle is now looming around 0.7130.
Technical Recommendation: Stand aside.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: in yesterday's STTS video we said we could see price re-test 118.70 support and were hoping for a pull back to Short into today. Instead the pair collapsed reaching 118.70 without giving us an opportunity to Sell. Now that we've reached this Key support we would like to see a clear buying sign looking for a bounce but the tail of today's candle is not sufficient to make us go Long.
Technical Recommendation: Looking for a bounce at Key support.
                                                                 USDJPY - Daily

GOLD: price still contained inside the wide range 1050-1090. We have been wanting to go Long and today looked like being the day to do it as global stocks came under pressure, but the wick of today's candle shows that there is still major selling at 1080 and above, so we remain in stand-by mode for now.
Technical Recommendation: Stand aside.
                                                               XAUUSD - Daily

► SP500: we went long after Xmas on the back of the 28th Dec pin bar which showed the market respecting 2040 support but sadly the market retraced and we got stopped out. Today 2040 was broken as price collapsed once again towards 2000. Buying came in at the band of support 1995-2006 so we may see a further bounce here.
Technical Recommendation: Price bouncing off Key Support. Look for a re-test of 2040 as resistance.
                                                               SP500 - Daily

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