Daily Report - 14 January 2016


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY
GOLD, and SP500



► EUR/USD: today we responded to intraday price action and closed our prior Short for a small loss (-0.2 x Risk) and reversed to a Long. Looked like a great move for a while but then came the selling above 1.0900 again. This market is chopping around like crazy. Probably best to stay out if this position fails.
Technical Recommendation: We are Long.
                                                                 EURUSD - Daily

GBP/USD: inside doji today. No evidence of this downtrend ending yet. Just indecision at these levels. Next static support is at 1.4230. A pull back to dynamic resistance is overdue.
Technical Recommendation: Market pausing. Possible pull back.
                                                                 GBPUSD - Daily

► AUD/USD: a double fakey first to the upside and today to the downside. Clear indecision at these levels. 0.6900-0.6940 area is key support so a bounce is possible.
Technical Recommendation: Possible bounce.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: yesterday's pin bar at 8 ema resistance looked like pre-cursor to further downside but today price pulled back after initial weakness. The weekly chart supports a bearish stance to the 116 area so we are still more likely to sell into any retracements.
Technical Recommendation: Looking to Short.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD: yesterday we went Long again at midnight as price looked like rallying strongly, adding to our prior Long. We had a tighter Stop in place and we got taken out in today's collapse, which we definitely did not expect. We are still Long from earlier yesterday and that position is just under water as we had a much wider stop. Today's collapse met with dynamic support at the cross over of the 20 sma and 50 sma. Let's hope this area causes the market to rotate to the upside again.
Technical Recommendation: We are still Long.
                                                               XAUUSD - Daily

► SP500: best way to display the Index is with the weekly chart. Price staged a small pull back today after stopping us out yesterday. The chart shows the whole area 1833-1900 as support and we expect price to respect thsi range. Clearly buying on the intraday illusion of a reversal does not work in thsi market. So we may have to employ a ladder entry strategy.
Technical Recommendation: Looking to a ladder entry strategy for a reversal.
                                                               SP500 - Daily

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