Daily Report - 8 February 2016

End of Day Technical Analysis Report for:

GOLD, and SP500

► EUR/USD: we were looking for a bigger pull back to enter Long. Today's retracement was not sufficient for us but price closed strongly and looks like we may get an upside continuation after all.  Next resistance is at 1.1400 so we would still like to join this rally.
Technical Recommendation: Looking to go Long.
                                                                 EURUSD - Daily

GBP/USD: We are still Long. Price retreated off 1.4600 and re-tested levels close to our in-cost today, meeting with 20 sma confluent support. As long as price remains above this area we will remain Long, as discussed in yesterday's Weekly Bonus Video.
Technical Recommendation: We are Long. Position +98 pips in profit.
                                                             GBPUSD - Daily

► AUD/USD: please watch yesterday's Weekly Bonus Video. We remain Long.
Technical Recommendation: We are Long. Posistion +80 pips in profit.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: the pair broke through 116.00 key support again today. This looks now like a well entrenched downtrend. The weekly chart shows that if price breaks through the 115.56 level, there is no static support until 110.
Technical Recommendation: Looking to go Short if current support fails.
                                                                 USDJPY - Daily
                                                            USDJPY - Weekly

GOLD: both our targets were hit today, though we took an early exit for the second half of our position at 1192 as price had tried to reach 1200 early in the day and failed. It made it later on but quickly retreated closing off the highs. Looks like we placed our targets in the right area. We're happy to walk away with +1085 pips profit ($ 108.50 and 4.1 x Risk).
Technical Recommendation: Targets hit! +1085 pips ($ 108.50 and 4.1 x Risk). Re-assessing.
                                                               XAUUSD - Daily

► SP500: as discussed in yesterday's Weekly Bonus Video we thought today there was a chance our in-cost would be tested but were expecting buying coming in below 1835 support which happened. We had hoped for a stronger close however. Price made a Lower Low in the process which is worrying short term. We are still in profit but only just, which is a pity having got so close to our targets at the start of last week. We may decide to exit this trade only to re-enter Long later.
Technical Recommendation: We are Long. Position just in profit.
                                                               SP500 - Daily


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