Daily Report - 5 January 2016


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY
GOLD, and SP500



► EUR/USD: price today broke through key 1.0800 support and closed well below it. This opens up the market to further downside, as far as 1.0530 so we turn our focus to being bearish now and will look for Shorts on a retracement ideally back to re-test 1.0800 as resistance. We will tread cautiously, however, ahead of Friday's NFP data.
Technical Recommendation: Stand aside. Price at Key support.
                                                                 EURUSD - Daily

GBP/USD: as discussed recently, after price broke key 1.4900 support in the thin holiday markets, teh market is likely to retest 1.4600. Today we got a bit closer to it. Not enough R:R for selling so we will need to wait to see what happens if we get there.
Technical Recommendation: Price likely to reach 1.4600 support.
                                                                 GBPUSD - Weekly

► AUD/USD: the Aussie today got a little closer to the bottom of the long term triangular consolidation around 0.7130. We will see what signals we get there.
Technical Recommendation: Stand aside.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: as the weekly chart shows, price is pushing against 118.70 key support and today there was no attempt at any bounce. We may still get one this week. If this support level fails, the next support is down at the 116 area.
Technical Recommendation: Looking for a bounce at Key support.
                                                                 USDJPY - Weekly

GOLD: price still contained inside the wide range 1050-1090 but it is at least making Higher Lows which ties in with our Fundamental bullish view. Although today we got a higher close, no higher high was made and there was still selling at 1080 and above, so we remain in stand-by mode for now.
Technical Recommendation: Stand aside.
                                                               XAUUSD - Daily

► SP500: an inside pin bar today again respecting the band of support 1995-2006. A bounce is now likely at least to re-test 2040.
Technical Recommendation: Price bouncing off Key Support. Look for a re-test of 2040 as resistance.
                                                               SP500 - Daily

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