Daily Report - 9 May 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: Weekly chart shows a bearish weekly candle inside key area of resistance 1.1400-1.1715. There's been a few bearish weekly candles in the recent rally but this one has a better chance of working out as it did come inside the key resistance area.
Daily chart shows an inside pin bar on Friday after Tuesday’s pin bar at the top Bollinger band.  Yesterday in the STTS video to our subscribers we said if 1.1400 support fails this week we could see the beginning of a downtrend developing. We think after today this is likely to happen.
Technical Recommendation: Look to go Short.
                                                                 EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: A bearish engulfing pattern last week in the weekly chart at 38.2 Fib level suggests that this week we are more likely to see downward continuation possibly to re-test the 1.4050-1.4130 area of support.
Daily chart shows heavy selling coming in at the 200 sma and top Bollinger. Today the 20 sma failed to support the market so we are likely to see further downside. This week we’ll be looking to sell on a retracement.
Technical Recommendation: Looking to go Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

► AUD/USD: for the analysis, watch our Weekly Bonus Video!
Technical Recommendation: Look to go Short.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: Market was supported last week in an area we had not identified as significant. We felt 105.30 was more likely to be reached but it wasn’t.  Bias is still bearish even though price has been rebounding slowly all through last week. This week we expected price to retrace back to the 107.90 significant level which acted as support before and we thought would act as resistance now. But today price broke through 107.90 easily and is now approaching the 20 sma and mid-Bollinger band. We will see how orice reacts to thsi area over night. Our preference would be to get a Sell SIgnal in this area.
Technical Recommendation: Re-assessing with a Shorting bias.
                                                                 USDJPY - Daily
                                                             USDJPY - Weekly

GOLD:  for the analysis, watch our Weekly Bonus Video!
Technical Recommendation: Look to go Short.
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500:  for the analysis, watch our Weekly Bonus Video!
Technical Recommendation: Stand aside.
                                                               SP500 - Daily
                                                              SP500 - Weekly

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