Daily Report - 7 March 2016


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY
, EURGBP

GOLD, and SP500



► EUR/USD: as the weekly chart shows this pair is right in the middle of a long term sideways channel. Right now price is at key confluent resistance at the 20 and 200 smas and the static resistance band 1.0985-1.1040. What price does here will determine whether we go Long with the top of the channel as target or go Short with the bottom as target. Recent price action suggests the upside is more likely, but we will wait in any case.
Technical Recommendation: Stand aside. Favouring an upside breakout.
                                                                 EURUSD - Daily
                                                                 EURUSD - Weekly

GBP/USD: having bagged 300 pips profit with our STTS Long last week and with price at the 50 Fib level, we decided to go into re-assessing mode. Today's action closing above the 50 fib level and bouncing off the 8 ema, suggests that further upside is likely so will look at going Long again but we would like to see a pull back first. Hopefully the 50 sma will provide it for us.
Technical Recommendation: Looking to go Long again on a pull back.
                                                             GBPUSD - Daily

► AUD/USD: the Aussie is relentless. It now appears to have broken through 0.7440 resistance. As the weekly chart shows there is considerable upside till we get to the next major resistance at 0.8225. We will be looking to go Long on any decent pull back.
Technical Recommendation: Looking to go Long on a pull back.
                                                                 AUDUSD - Daily
                                                                 AUDUSD - Weekly
                           Back to Top

► USDJPY: we remain Long looking for the Double Bottom to trigger and play out. See the Weekly Bonus Video for our analysis.
Technical Recommendation: We are Long. Position +110 pips in profit.
                                                                 USDJPY - Daily

► EURGBP:  we remain STTS Short from last week. See the Weekly Bonus Video for our analysis.
Technical Recommendation: We are Short. Position +40 pips in Profit.
                                                               EURGBP - Daily

GOLD:  as discussed in the Weekly Bonus Video, after Friday's doji at key 1263 resistance, we were prepairing for a bearish confirmation today to go Short, instead we could not ignore a bullish trigger in the 1 hr time frame earlier today. So we went Long again. The close above 1263 bodes well for our Long. Hopefully tomorrow we will see an upside breakout. Our Stop is quite tight though!
Technical Recommendation: We are Long. Position @ the money.
                                                               XAUUSD - Daily

► SP500: today we took 580 pips profit on 70% of our Long position haviung just missed T1 on Friday by a whisker, as discussed in the Weekly Bonus Video. We remain partially Long looking for an upside resumption with the the Double Bottom target in mind. If we see any pulll back, we will look to add again.
Technical Recommendation: Partial profit taken of  +580 pips. Still Partially Long.
                                                               SP500 - Daily

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