Daily Report - 17 May 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: Bearish pin bar in the weekly chart in area of resistance 1.1460-1.1715 was followed by bearish confirmation last week so we now expect price to continue to the downside, possibly falling all the way down to 1.0820. Daily chart shows collapse of the 20/50 smas. We are looking to Sell on any retracement, but after 2 daily dojis, we feel there won;t be much of a retracement. We will be looking to go Short.
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 re-test of 1.4515 and the 20 sma as the market failed to report.
Technical Recommendation: Looking to go Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

► AUD/USD: 3 weekly bear candles in a row so we've been saying we are likely to see a retracement early this week but then the downside is likely to resume. Well. we may be at that point if the 8 ema in the Daily is respected.
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 and price today edged closer to the 50sma without actually touching it and leaving a pronounced pin bar doji in the daily.
Technical Recommendation: Re-assessing with a Shorting bias.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD:  Price still struggling inside recent range 1215-15:00 with a weekly bearish confirmation last week which did not however close below the short term average. So although we are bearish fundamentally, technically we cannot sell this market just yet, even after yesterday's daily pin bar.
We are standing aside for now.
Technical Recommendation: Stand aside.
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500: noting new to say! As price failed at 2100 we have to be now more bearish than bullish. As the daily chart unfolds, there is now a strong chance of we may see a correction in this market. A potential Head & Shoulders reversal pattern looks like triggering this week although it is tough to see a clear neckline. We look at 2035 as a crucial level. If price closes below that we may well see a hefty correction.
Technical Recommendation: Stand aside with an eye on the H&S pattern.
                                                               SP500 - Daily
                                                              SP500 - Weekly


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