Daily Report - 24 February 2016

End of Day Technical Analysis Report for:

GOLD, and SP500

► EUR/USD: we've been saying price looked set to test 1.0970 and the 50 sma. Today this happened very clearly. A pin bar is formed at thsi confluent support so we can expect a bounce over the last couple of trading sessions of this week.
Technical Recommendation: Price at 1.0970 key confluent support. Expect a bounce.
                                                                 EURUSD - Daily

GBP/USD: Sterling continues its free fall. The next support level is down at 1.3600! We look for a pull back to resistance and any sell signals, but in this strong downtrend pull backs are hard to come by!
Technical Recommendation: Look to sell on pull backs.
                                                             GBPUSD - Daily

► AUD/USD: we are still STTS Long. Yesterday we said we will stay Long unless price closes below the 8 ema on a daily chart. Today the 8 ema has clearly acted as dynamic support with a long tailed pin bar forming. We hope to see the upside continuation we have been waiting for.
Technical Recommendation: We are Long. Position +66 pips in profit.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: we predicted this market was likely to re-test prior support at 111.00. This happened today and the resulting pin bar could mark a potential Double Bottom. We will be looking to go Long on an early entry.
Technical Recommendation: Looking to go Long for potential Double Bottom reversal.
                                                                 USDJPY - Daily

GOLD: yesterday's candle did result in an upside continuation but price met with heavy selling at prior high of 1248. Today's pin bar could mark a sell-off from these levels so we are now considering changing to a Short stance.
Technical Recommendation: Changing our stance to potential Shorting.
                                                               XAUUSD - Daily

► SP500: we have been telling Longs who have taken money off the table at 1945, to stay Long unless the market closes below the 8 ema on the daily chart. Today price tested 8 ema and 20 sma and closed up in strong fashion. This suggests 1945 resistance may be broken tomorrow. If Long stay Long, if Flat look at going Long for a likely breakout.
Technical Recommendation: Stay Long or go Long.
                                                               SP500 - Daily


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