Daily Report - 2 March 2016

End of Day Technical Analysis Report for:


GOLD, and SP500

► EUR/USD: another doji today mid-way to 1.0780 support. We have been looking to Short but failed to do so. We went Short of the Euro against Sterling today instead which is looking like a better R:R.
Technical Recommendation: Stand aside.
                                                                 EURUSD - Daily

GBP/USD: we went STTS Long yesterday and were worried by yesterday's pin bar respecting 8 ema resistance. We stayed in and were rewarded by a strong upward move today. We moved the Stop to Break Even and also moved our 2nd Target to near the 50 Fib level of the recent downtrend. 1.4080 resistance is standing in our way for now but we hope it will be broken tomorrow.
Technical Recommendation: We are Long. Position +135 pips in Profit.
                                                             GBPUSD - Daily

► AUD/USD: having been Long for ages, we swtiched to Short 2 days ago and got stopped out overnight. Price is now heading towards our original Long targets. We got this one wrong having been right! Extremely frustrating!
Technical Recommendation: Stopped out. -72 pips Loss. Re-assessing.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: a retracement today. We still believe the market has made a Higher Low. We remain STTS Long with as 1st target 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 +62 pips in profit.
                                                                 USDJPY - Daily

► EURGBP:  today we went STTS Short in this pair intraday as we saw a likely downside breakout in the 1 hr time frame. We think considerable downside is to come, giving us a better R:R than shorting the EURUSD pair.
Technical Recommendation: We are Short. Position +43 pips in Profit.
                                                               EURGBP - Daily

GOLD:  today we wrote a special article explaining why we believe we are about to see Gold retrace substantially. You can read it Here. We were looking for a Sell signal in the 1 hr time frame but we didn't get it. Price still inside recent Pennant formation.
Technical Recommendation: Looking to Short.
                                                               XAUUSD - Daily

► SP500: today we got a continuation to yesterday's decisive upside break away from 1945 significant level. We are Long with preliminary target of 2000, but we may leave some money on the table for the Double Bottom target which we have been discussing.
Technical Recommendation: We are Long. Position +484 pips.
                                                               SP500 - Daily


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