Daily Report - 1 March 2016


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY
GOLD, and SP500



► EUR/USD: a doji today mid-way to 1.0780 support. We still consider Shorting on any retracement provided there's a decent R:R to 1.0780 as a target.
Technical Recommendation: Looking to Short on a retracement.
                                                                 EURUSD - Daily

GBP/USD: today we changed our mind and went Long as the lower time frames were giving us indication of a bounce. We went Long at 1.3945 and shortly after, price did surge but stopped dead on the 8 ema and then came back, closing at our in-cost. As the day ends in a pin bar, it does now look like we may see more downside again so we will be looking at the shorter time frames to see if price action warrants us closing our Long and potentially going Short instead.
Technical Recommendation: We are Long. Position at Break Even. Considering a reversal.
                                                             GBPUSD - Daily

► AUD/USD: we went Short yesterday after the NY close, reversing our prior Long. Instead today we got upside. Very frustrated with this pair, as we've probably said a lot lately. Position under pressure and may get stopped out overnight.
Technical Recommendation: Exited Long at B/E. Went Short. Position under pressure.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: we have been STTS Long. Today we added to the position prior to the intraday surge and moved the Stop on the prior trade in line with today's trade, as we believe the market has made a Higher Low. Our 1st target is the 50 Fib retracement of the last downtrend, but we may look at the potential Double Bottom target as well.
Technical Recommendation: We are Long. Overall position +112 pips in profit.
                                                                 USDJPY - Daily

GOLD:  today's pin bar high has further defined the triangular consolidation this market has been stuck in. We are now right in the middle of the triangle and between resistance band 1250-1263 and support band 1190-1200. Indecision abounds. Techncially this is a pennant which is a bullish continuation pattern in this case, but as our Fundamental team is very bearish due to the latest bearish COT report, we think there is more likelihood this market will be heading south. 
Technical Recommendation: Looking to Short.
                                                               XAUUSD - Daily

► SP500: today we got a decisive break to the upside and away from 1945 significant level. Today's action further confirms the large Double Bottom pattern that triggered last week when price closed above its peak (1946.7). In our opinion there is a very high likelihood that this pattern will play out and its target is 2086. We are Long as you know and our preliminary target is 2000, but we may leave some money on the table for the DB target which will however be a longer term trade as it may take a week or more to play out.
Technical Recommendation: We are Long. Position +435 pips.
                                                               SP500 - Daily

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