Daily Report - 3 March 2016

End of Day Technical Analysis Report for:


GOLD, and SP500

► EUR/USD: today we got a bounce which defined 1.0830 as minor resistance. We were confident price was going to reach 1.0780 but we were wrong, at least so far. Today's retracement ends at key confluent resistance of 1.0970 and the 50 sma. We will wait and see what price does here before taking a stance.
Technical Recommendation: Stand aside.
                                                                 EURUSD - Daily

GBP/USD: our STTS Long hit 1st target today at 1.4145 for +200 pips profit. Luckily yesterday we moved the 2nd target just below the 50 Fib level which looks likely to be reached soon, possibly even tomorrow.
Technical Recommendation: T1 hit! Still partially Long. Position +228 pips in Profit (+200 Realized)
                                                             GBPUSD - Daily

► AUD/USD: we're sick of looking at this pair! Having been Long for ages, we swtiched to Short 3 days ago and got stopped out. Price today reached our original Long targets! With price now at key resistance, anyone Long should seriously consider taking proft.
Technical Recommendation: Price at Key resistance. Re-assessing.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: a pin bar today as price hovers around the 20 sma and the 23.6 Fib level. We still maintain this market has made a Higher Low and remain STTS Long at an average of 112.825, with as 1st target the 50 Fib retracement of the last downtrend, with an eye on the potential Double Bottom target.
Technical Recommendation: We are Long. Overall position +88 pips in profit.
                                                                 USDJPY - Daily

► EURGBP:  today the market ends on an inside pin bar at 23.6 Fib support. We are STTS Short in this pair and still think considerable downside is to come.
Technical Recommendation: We are Short. Position +39 pips in Profit.
                                                               EURGBP - Daily

GOLD:  today our recent analysis was proven wrong. We expected to see Gold retrace substantially, instead the recent Pennant formation was broken to the upside. Luckily we did not Short. Price closed at the recent high and is now likely to break it. Next resistance level is at 1300$ so we may look to go Long on any retracement next week, provided of course present key resistance is successfuly broken.
Technical Recommendation: Re-assessing.
                                                               XAUUSD - Daily

► SP500: today we got further bullish continuation away from 1945 significant level. We are Long with preliminary target of 2010, but we will run some of the position to the Double Bottom target which we have been discussing.
Technical Recommendation: We are Long. Position +583 pips.
                                                               SP500 - Daily


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