Daily Report - 21 January 2016

End of Day Technical Analysis Report for:

GOLD, and SP500

► EUR/USD: our Long was stopped out today only for price to then close well off the lows. Price stuck between 1.0800 and 1.0970. Maybe tomorrow's data will cause a breakout of this range but we've been stopped out 3 times in this pair recently so we have to bow out for now.
Technical Recommendation: Stopped out. Re-assessing.
                                                                 EURUSD - Daily

GBP/USD: we've been saying a pull back is overdue and when it happens it will be quite violent. Today's pin bar may be the start but certainly not violent yet. 1.4230 is a key resistance level now (from weekly chart) so let's see if it gives way.
Technical Recommendation: Possible retracement.
                                                             GBPUSD - Daily

► AUD/USD: yesterday we said today we would probably see an attempt at closing above the 8 ema. It happened and it was a very strong break. Price met with static resistance at 0.7015 but it is likely we will see further upside tomorrow. This is a proper retracement. We've missed the move so far but we will look at possibly entering Long if we see eveidence of 0.7015 giving way as resistance.
Technical Recommendation: Look for an upside break of 0.7015 resistance.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: yesterday we said we were likely to see a bounce off this key support area. We went Long before the Asian session and are enjoying upside continuation. Price closed above the 8 ema which looks good for our position.
Technical Recommendation: We are Long. Position +66 pips in profit.
                                                                 USDJPY - Daily

GOLD: price attempted to retrace today but buying came in causing a similar close to yesterday but an inside pin bar which is quite bullish and bodes well for our Long position.
Technical Recommendation: We are Long. Position +19.5 $ in profit.
                                                               XAUUSD - Daily

► SP500: as price looked like bouncing off 1830 support, as discussed in last night's report, today we entered Long on a 50% retracement of yesterday's lont tailed pin bar. Still some resistance at the 8 ema and 1870 but we hope for upside continuation tomorrow.
Technical Recommendation: We are Long. Position +18 points in profit.
                                                               SP500 - Daily
                                                             SP500 - Weekly


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