Daily Report - 26 April 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: another pin bar today after last Thursday's. 1.1335 acting as static resistance together with the 20 sma. Actually the wick on today's candle isn't large enough for this to classify as a 'pin bar' but it does show a strong enough rejection of higher prices and makes us comfortable with our Short position which is back at our original in-cost.
Technical Recommendation: We ar Short.
                                                                 EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: contrary to our expectations, price today finally broke out of the Weekly candle range from 6 weeks ago. Interestingly enough today's high was the 38.2 Fib level of the last downtrend (see weekly chart) so we will see if this causes a downside rotation ... but given today's upside breakout we think it is more likely we will se price continue to the upside at least to reach the 50 Fib at 1.4882.
Technical Recommendation: breakout of Key resistance. Looking for makt to reach 50 Fib level.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

► AUD/USD: as per our recent analysis, we expected the 0.7650-0.7700 band of support to cause an upward rotation and today it did. We are happy to remain Long despite last week's weekly pin candle.
Technical Recommendation: We are Long.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: the Bullish Morning Star formation in the weekly tiem frame has caused us to revise our stance to Bullish. We said this week we would be looking to go Long on retracements. Today's pin bar at 111.10 support could be that opportunity.
Technical Recommendation: Looking to go Long.
                                                                 USDJPY - Daily

GOLD:  Gold is struggling to break through 1228 support but, as per our recent analysis, last week's weekly pin bar is a powerful bearish signal so we will stick to our guns and remain Short.
Technical Recommendation: We are Short.
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500: after having taken our profits at 2100, we can see this market retrace. Yesterday's and today's candles go against each other and signify indecision. We are unlikely to go Short in what has been a strong market ...but if we saw a few more failed attempts to break 2100 resistance, we might change our mind. For now we prefer to stay in re-assessing mode.
Technical Recommendation: Stand aside.
                                                               SP500 - Daily
                                                              SP500 - Weekly


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