Daily Report - 11 May 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: we got a bounce today which was more than we expected. We still see last week's weekly pin bar at resistance as the over-riding signal so we are still looking for a downside rotation.
Technical Recommendation: Look to go Short.
                                                                 EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: last week's long wicked weekly bearish engulfing pattern at the 38.2 Fib level will in our opinion cause a re-test the 1.4050-1.4130 area. Today's candle faked an upside breakout but ended in a doji. 20sma acted as resistance once more.
Technical Recommendation: Looking to go Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

► AUD/USD: price still at key 0.7380 support as discussed yesterday. A daily doji signifies indecision right now. We prefer to stay out for the time being.
Technical Recommendation: Stand aside.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: with bias is still bearish even after recent bounce, and the 20 sma and mid-Bollinger band acting as resistance today ... price may not reach the 50 sma after all. We are hoping to get a Sell SIgnal here.
Technical Recommendation: Shorting bias.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD:  price bounced off even more off confluent support today at 1263 and the 20 ema. We may see further upside in the next few sesssions. We stand aside as our Fundamental team are very bearish.
Technical Recommendation: Stand aside.
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500:  the possible broad Head & Shoulder reversal pattern got another boost today as price met with selling at the 20 sma. As price chops around below 2100 key resistance we ate not going Long at these levels ..but we wait to see if we get a clear Selling opportunity.
Technical Recommendation: Looking for Shorting opprtunities.
                                                               SP500 - Daily
                                                             SP500 - Weekly


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