Daily Report - 23 March 2016


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY
, GOLD, and SP500



► EUR/USD: the 8 ema and the 1.1210 level failed to act as confluent support today. Price could now retrace all the way back down to the rising averages. The weekly chart still tells us that price is still likely to rotate to teh upside soon to test the top of the channel so we are not likely to go Short but rather wait for an upward rotation to buy into.
Technical Recommendation:Waiting for an upward rotation.
                                                                 EURUSD - Daily
                                                            EURUSD - Weekly

GBP/USD: STerling fell hard in teh last 3 days, breaking all static supports. Sadly our Long was stopped out today. We took teh trade on teh back of last week's very bullish weekly pin bar, but all of last week's gains have been wiped out. We re-assess now and see if price finds support at 1.4080.
Technical Recommendation: Stopped out. Re-assessing.
                                                             GBPUSD - Daily
                                                           GBPUSD - Weekly

► AUD/USD: similar action to the Euro in this pair. Price closed below th e8 ema so we may see price retrcae to teh 20 sma overnight. But again we went Long due to last week's weekly chart showing a pin bar closing above prior resistance so we will remain Long.
Technical Recommendation: We are Long. Position -22 pips under water.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: after yesterday's bounce off 111.35 support today price met with selling above 112.23. We now have 2 conflicting pin bars so we can see teh market is undecided. We do favour the upside so we might look at buying opportunities.
Technical Recommendation: Stand aside. Slight preference to the upside.
                                                                 USDJPY - Daily

GOLD:  our new short is doing well! Price today collapsed. We feel there is much more to go so we remain Short.
Technical Recommendation: We are Short. Position +350 pips in profit.
                                                               XAUUSD - Daily
                                                               XAUUSD - Weekly

► SP500: we went Long last Wednesday, as price respected the 8 ema as dynamic support. Our target is the Double Bottom mathematical target which is 2086. Today the market retraced which is to be expected. We will stay Long hoping volatitliy does not stop us out before reaching our target.
Technical Recommendation: We are Long. Position +90 pips in profit.
                                                               SP500 - Daily
                                                             SP500 - Weekly

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