Daily Report - 6 January 2016

End of Day Technical Analysis Report for:

GOLD, and SP500

► EUR/USD: after yesterday's break below key 1.0800 support, today price went and retraced back to it. We expect this area to act as resistance and hopefully give us a sell signal in the next couple of sessions.
Technical Recommendation: Looking for a Selling opportunity.
                                                                 EURUSD - Daily

GBP/USD: price has reached 1.4600 as we have been discussing. Now that we're here well see if price attempts a bounce. If this level fails next support is at 1.4230 which dates back to Jan 2010.
Technical Recommendation: Price at key 1.4600 support.
                                                                 GBPUSD - Weekly

► AUD/USD: the Aussie today broke through the bottom trendline of the long term triangle we had marked out which has now clearly failed. This opens up further downside.
Technical Recommendation: Looking to sell on a retracement.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: 118.70 key support failed so now we can see price go all the way down to the 116 area, but 118.06 minor support is in the way.
Technical Recommendation: Price likely to show further downside.
                                                                 USDJPY - Weekly

GOLD: price finally broke through 1085-1090 resistance as sellers finally capitulated. After such a long stint stuck between the 1050-1090 range, we can now see further upside. First likely stop will be 1118. We are now going to go Long on any pull back.
Technical Recommendation: Looking to go Long on a pull back.
                                                               XAUUSD - Daily

► SP500: yesterday's inside pin bar did not work as a Buy signal, so just as well we didn't do anything. Today price made a new low but interestingly retraced back to 1995 once again. Also the 1 hr chart shows a potential Double Bottom reversal pattern which, if triggered, could pave the way to a major bounce off this 2000 key support area.
Technical Recommendation: Bounce off Key Support still possible. Watch the Double Bottom in the 1 hr.
                                                               SP500 - Daily
                                                                SP500 - 1 hr


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