Daily Report - 6 April 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: same commentary as the previous few days ... another long tailed doji today as price remains above the 8 ema and 1.1335. We expect price to test the top of the medimu term sideways channel as seen in the weekly chart, between 1.1485 and 1.1500!
Technical Recommendation: Look for market to reach top of channel.
                                                                 EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: today Sterling looked like dumping as it broke thorugh 1.4052 which is the bottom of the weekly outside mother candle 3 weeks ago. We said if this happened we would almost definitely see a re-test of 1.3850 support. That did not quite materialize today as price ends in a daily pin bar rejecting 1.4052. Looking at the daily chart we might think a bounce is about to come, but taking the lead from the weekly chart, the more likely scenario is still to the downside.
Technical Recommendation: Looking at Shorting opportunities.
                                                             GBPUSD - Weekly
                                                             GBPUSD - Daily

► AUD/USD: price rallied today, wiping out yesterday's losses. We are still Long the Aussie and in profit once again. We still maintain that price is likely to resume to the upside, so we will remain Long !
Technical Recommendation: We are Long. Position +44 pips.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: further downside today while we were hoping for price to retrace back to 111.00 area. As the monthly chart shows, the next support is way down to 105.00-105.30. We are now looking to Sell on retracements, if we get any!
Technical Recommendation: Looking for Sell signals.
                                                                 USDJPY - Daily
                                                              USDJPY - Monthly

GOLD:  price hovering below 1230 resistance which is confluent with the 20/50 smas. We had hoped this resistance would cause the market to resume to the downside, and today we got that, though the day ends well off the lows. We remain Short looking for last week's weekly bearish pin bar to work its magic!
Technical Recommendation: We are Short. Position +315 pips in profit.
                                                               XAUUSD - Daily
                                                             XAUUSD - Weekly

► SP500: a resumption of the rally today, in our opinion! We have been Long for a while and are still confident price will resume to the upside and hit our target this week .
Technical Recommendation: We are Long. Position +370 pips in profit.
                                                               SP500 - Daily
                                                             SP500 - Weekly

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