Daily Report - 10 May 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: as we said yesterday ... the weekly chart shows a bearish weekly candle inside key area of resistance 1.1400-1.1715. After last Friday's inside pin bar and with 1.1400 support failing yesterday... we think this week we could see the beginning of a downtrend developing, but price is now at 20 sma dynamic support so we may get a small bounce tomorrow which we may sell into.
Technical Recommendation: Look to go Short.
                                                                 EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: after last week's bearish engulfing pattern at the 38.2 Fib level we think a downward continuation possibly to re-test the 1.4050-1.4130 area of support is likely. Today's inside candle formation below the 20sma at 1.4430 support may provide us with a Selling opportunity higher up tomorrow on a retracement.
Technical Recommendation: Looking to go Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

► AUD/USD: price at key 0.7380 support as shown by the weekly chart. After last week's very large weekly bearish candle, it would be easy to call for further downside but lets wait and see what happens at this level. Today's bullish piercing pattern in the daily chart happens at the end of a 3 wave downtrend from recent highs so we could easily also see a bounce from here.
Technical Recommendation: Stand aside.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: bias is still bearish even though price has been rebounding slowly all through last week and the bounce has gained momentum so far this week. The 20 sma and mid-Bollinger band failed to stop the rise so we expect price now to reach the 50 sma which acted as resistance at the end of April. We will see how price reacts to this area when it gets there. Our preference would be to get a Sell SIgnal there.
Technical Recommendation: Re-assessing with a Shorting bias.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD:  price bounced off confluent support today at 1263 and the 20 ema. We will need to see how price reacts to this area before we take a new stance.
Technical Recommendation: Stand aside.
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500:  the daily chart shows a possible broad Head & Shoulder reversal pattern as price chops around below 2100 key resistance. We are definitely not going Long at these levels ..but we wait to see if we get a clear Selling opportunity.
Technical Recommendation: Stand aside. Looking for Shorting opprtunities.
                                                               SP500 - Daily
                                                             SP500 - Weekly


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