Daily Report - 17 March 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: yesterday we placed a Limit Buy order on a small retracement to yesterday's candle with as 1st target the top of the sideways channel (weekly chart). Unfortunately the mareket didn't retrace one bit and we failed to get in. Price then rallied to meet 1.1350 resistance. On Tuesday we drew the red arrow in the daily chart, predicting exactly what happened and yet we didn't capitalize on it. The reason for this is that we did not feel comfortable buying ahead of the FOMC statement and price moved too fast for us after it. These are the challenges of trading. Sometimes we call the market spot on and still fail to make money! We hope some of our readers had better luck on this one! Price is now likely to reach the top of the channel even if key resistance has caused a momentary stall.
Technical Recommendation: Missed the Limit Buy order. Price at significant level.
                                                                 EURUSD - Daily
                                                               EURUSD - Weekly

GBP/USD: this one we did get in on! We had been looking to go Long again so we entered the market yesterday with a 3 entry strategy. 1st and 2nd entries triggered but not the 3rd. So we are Long at average of 1.4238 in 2/3 x Risk. Today price surged and almost reached 1.4520 resistance which we have classified as mild. Our target is higher.
Technical Recommendation: We are Long. Position +234 pips in profit.
                                                             GBPUSD - Daily

► AUD/USD: we got this one right also. Went Long @ the market at 0.7560 yesterday. We have ambitious targets as seen in the weekly chart.
Technical Recommendation: We are Long. Position +82 pips in profit.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: the potential Double Bottom is no more. Today this pair collapsed through all recent static resistances. If 111.00 fails as support we may see thsi market all the way down to 105.30. If price bounces, we may get a Triple Bottom Pattern!
Technical Recommendation: Market at critical support. Re-assessing.
                                                                 USDJPY - Daily
                                                                 USDJPY - Weekly

GOLD:  as discussed yeterday, the Rising Wedge pattern did not play out. Price still seems stuck between 1263 and the 23.6 Fib level, but as we've been saying, we still favour a Short. Today's pin bar may give us that opportunity but we will need to see bearish confirmation tomorrow so we are unlikely to trade until Monday now.
Technical Recommendation: Looking to go Short.
                                                               XAUUSD - Daily

► SP500: we went Long yesterday, as price respected the 8 ema as dynamic support. Our target is the Double Bottom mathematical target. Today the market edged closer by closing at 2039.3. We're on our way!
Technical Recommendation: We are Long. Position +113 pips in profit.
                                                               SP500 - Daily


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