Daily Report - 12 May 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: as we were saying yesterday we were looking for a downside rotation and we may have got it today in the daily inside candle. If the 20sma fails as support we should see a substantial drop in this pair.
Technical Recommendation: Look to go Short.
                                                                 EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: today's candle again faked an upside breakout and ended in a doji but with a long wick. With 20sma acting as resistance once more, we feel this would be a good time to Short.
Technical Recommendation: Looking to go Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

► AUD/USD: key 0.7380 resistance has failed. With today's bear candle coming after yesterday's doji at 0.7380 resistance, we can expect further downside to come.
Technical Recommendation: Look to go Short.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: price is undecided at the 20 sma and mid-Bollinger band. With the 50 sma just above, we can't see any trades here in this pair.
Technical Recommendation: Stand aside.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD:  price still at confluent support of 1263 but closes below the 20 ema. As our Fundamental team are very bearish, if we get a break below 1263 overnight we may well see a substantial drop.
Technical Recommendation: Preference to the Short side.
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500:  the possible broad Head & Shoulder reversal pattern is looking more and more likely as price chops around below 2100 key resistance and fails to continue to the upside.  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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