Daily Report - 16 May 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: for the analysis, watch our Weekly Bonus Video!
Technical Recommendation: Look to go Short.
                                                                 EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: A bearish engulfing pattern in the weekly chart at 38.2 Fib level from 2 weeks ago was followed by a bearish confirmation last week which suggests 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 a fake upside breakout of the recent inside candle  formation, followed by the actual downside breakout on Friday so this week we’ll be looking to sell on a retracement.
Technical Recommendation: Looking to go Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

► AUD/USD3 weekly bear candles in a row so we are likely to see a retracement early this week but then the downside is likely to resume.
Daily chart shows price at the 200 sma and today the market gapped down. We are likely to see further downside so we’ll be looking to sell on a retracement
Technical Recommendation: Look to go Short.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPYMassive weekly bear candle from 2 weeks ago shows market is still in a downtrend although price did bounce a little last couple of weeks. We will be looking for sell signals on a retracement..
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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