Daily Report - 23 May 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: for the analysis, watch our Weekly Bonus Video!
Technical Recommendation: Should be Short or looking to go Short on retracement.
                                                                EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: Weekly chart shows price reacting once again to the 38.2 Fib level, but conflicting signals with a bearish engulfing candle 3 weeks ago and a bull sash candle last week ..so difficult to make a decision based on this chart …however the long wick of last week’s candle does show heavy selling coming in. Looking at the daily chart, we can see last Thursday’s doji at confluent resistance (1.4670 and 200sma) was followed on Friday by bearish confirmation so this week we think there may be a Short trade possibly on a retracement with the 50sma and 1.4330 as potential target.
Technical Recommendation: Possible Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

AUD/USD: 4 weekly bear candles in a row so we are in a strong downtrend now. Also of note is the fact that price now seems to be trading well below 0.7380 significant level so we are likely to see this market continuing to the downside to eventually re-test prior supports at 0.7035, 0.6915 and 0.6830. Daily chart shows a bull candle on Thursday which may mean we will see an early bounce this week which we would try to sell into. Targets could be 0.7025 or even 0.6830.
Technical Recommendation: Should be Short or looking to go Short on retracement.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: at the weekend we wrote that we felt this market was likely to next re-test 111.80 resistance but after today's bearish engulfing candle we may have to re-think! This is a bearish signal in line with recent downtrend.
Technical Recommendation: Possible Shorting opportunity.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD:  for the analysis, watch our Weekly Bonus Video!.
Technical Recommendation: We are Short.
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500: for the analysis, watch our Weekly Bonus Video!.
Technical Recommendation: Stand aside with an eye on the H&S pattern.
                                                               SP500 - Daily
                                                              SP500 - Weekly

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