Daily Report - 24 March 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: a small pin bar doji today kind of in no man's land so it carries little significance. With the long Easter weekend starting we canexpect little activity and a probable re-test of the 20/50 smas. Price is still likely to test the top of the channel in teh weekly chart so we anticipate an upward rotation which we will use to go Long.
Technical Recommendation:Waiting for an upward rotation.
                                                                 EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: a bounce off 1.4055 which we have now changed to a significant level If price recovers from here we can expect the upside resumption we called for after last week's bullish pin bar. If we close the week below its low, ie 1.4052, we will almost certainly see a test of 1.38 again.
Technical Recommendation: Re-assessing. Price at key support
                                                             GBPUSD - Daily
                                                           GBPUSD - Weekly

► AUD/USD: a pin bar at the 20 sma and middle Bollinger line. In an uptrend thsi can be seen as bullish. We will still need to see a confirmation tomorrow. We are Long mostly 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 -24 pips under water.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: price meeting with 20 sma resistance again today. W eare now back inot the middle of the range traded for most of the last 2 months. We favour the upside but struggling to see buying signals.
Technical Recommendation: Stand aside. Slight preference to the upside.
                                                                 USDJPY - Daily

GOLD:  our new short is still doing well! After yesterday's collapse, price paused once again at the 50 sma. We still feel there is much more to go so we remain Short.
Technical Recommendation: We are Short. Position +375 pips in profit.
                                                               XAUUSD - Daily
                                                               XAUUSD - Weekly

► SP500: a pin bar today respecting the 20 sma and closing above the 8ema once again. This is actually bullish. If we weren'lt already Long we'd be going Long after today. Our target remains the Double Bottom mathematical target which is 2086.
Technical Recommendation: We are Long. Position +110 pips in profit.
                                                               SP500 - Daily
                                                             SP500 - Weekly

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