Daily Report - 24 May 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: another leg down to test this time 1.1140 minor support which is unlikely to hold. Price looks set to carry on to the downside.
Technical Recommendation: Should be Short or looking to go Short on retracement.
                                                                EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: a strong surge today which went against our preferred stance. Still not a Long at these levels with 1.4670 and the 200 sma so close acting as strong confluent resistance.
Technical Recommendation: Stand aside.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

AUD/USD: no early bounce this week as we had hoped to try to sell into. A new lower high and lower low were made so looks like teh downisde will prevail again this week. 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: again conflicting signals. Price seems stuck arounf the 50 sma. We are going to stand aside.
Technical Recommendation: Stand aside.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD:  a fairly major collapse today. Our Short is now well on the way to target.
Technical Recommendation: We are Short. +290 pips so far!
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500: The possible Head and Shoulder we have been following has not materialzed so we will be removing it from the chart. Today's surge is likely to cause the market to re-test 2100 as resistance.
Technical Recommendation: Look for 2100 to be reached once more.
                                                               SP500 - Daily
                                                              SP500 - Weekly


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