Daily Report - 14 March 2016

End of Day Technical Analysis Report for:


GOLD, and SP500

► EUR/USD: we are not taking many positions this week ahead of FOMC but we do expect this pair to retrace to 1.1040 where a  Long trade could be possible with the top of teh sideways channel (weekly chart) as target. .
Technical Recommendation: Look for price to test top of channel.
                                                                 EURUSD - Daily
                                                               EURUSD - Weekly

GBP/USD: we still favour an upside continuation but we expect price to retrace to the 50 sma and possibly 1.4240 before that happens. We will tread carefully though as we have FOMC and the UK Budget this week.
Technical Recommendation: Looking to go Long again.
                                                             GBPUSD - Daily

► AUD/USD: we’ve missed out on the breakout as we were waiting for a pull back to the 8 ema which did not happen. Still room to go Long as price is likely to go as far as 0.8225 as none of the minor static resistance levels before that are likely to put up a fight (Weekly chart). This week we hope for a pull back to the 0.7385-0.7440 area of support.
Technical Recommendation: Looking to go Long on a pull back.
                                                                 AUDUSD - Daily
                                                             AUDUSD - Weekly
                           Back to Top

► USDJPY: this pair has frustrated us. We went Long at 112.35 as an early entry into the potential Double Bottom. As price chopped around and looked like reaching our Stop we took a small profit. We then went Long again last week higher up but got stopped out on crazy Thursday. Still looking to go Long with the Double Bottom target in mind which is 118.72.
Technical Recommendation: Looking to go Long again.
                                                                 USDJPY - Daily

► EURGBP:  went Short 2 weeks ago and almost got stopped out after ECB announcement last week. Missed our stop by a spread. Now we remain Short hoping this week's UK Budget will strengthen Sterling and for our targets to be reached. These targets are in the area around 0.7500 which acted as resistance before.
Technical Recommendation: We are Short. Position '@ the money'.
                                                               EURGBP - Daily

GOLD:  as discussed in yesterday's Weekly Bonus Video, the recent consolidation can be classified as a Rising Wedge bearish reversal pattern. Today it triggered by closing below its lower trendline . Now we may see confluent resistance tested at 1992 significant level / 38.2 Fib and the rising 50 sma, and possibly lower as our Fundamental Team are very bearisg. So we will be looking to go Short again.
Technical Recommendation: Looking to go Short.
                                                               XAUUSD - Daily

► SP500: as discussed in yesterday's Weekly Bonus Video, we went Long at 1935 couple of weeks ago after the Double Bottom pattern triggered, with preliminary target (T1) 2010 and ultimate target 2086 (DB Target) on a trailing stop. T1 was missed by a few pips and we ended up taking profit in the 1990 area after last week’s crazy ECB announcement volatility. Friday’s bullish continuation makes us regret having come out to soon as price is now set to reach the DB target which also happens to be in the 2080-2100 key resistance band. So this week we are looking at going Long again hopefully on a slight pull back with a Stop below Thursday’s doji low.
Technical Recommendation: Looking to go Long again.
                                                               SP500 - Daily


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