Daily Report - 31 May 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: Market well and truly stuck in long term sideways channel. 4 consecutive weekly bearish candles and our fundamental team being bullish on the US Dollar, we can only see this market heading downwards. There will be support at 1.0800-1.0925 but we could see the market even testing the bottom of the channel at 1.0500. So you should be Short or looking to go Short on any retracement.
Technical Recommendation: looking to go Short on retracement.
                                                                EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: we see from the weekly chart that there is consistent selling at the 38.2 Fib level around 1.4600. So with our Fundamental US Dollar bullishness and the fact that Brexit referendum is still a few weeks away ..we can’t see much upside in this pair from these levels in the short term.
The daily chart shows a potential Double Top at 1.4650-1.4700 resistance and the 200 sma. Today the market collapsed, confirming the bearish stance..
Technical Recommendation: Should be Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

AUD/USD: market flat-lining around 0.7235. Shorting stance is preferred with possible targets 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: this pairfinally broke the 110.00 Level. Price looks set again to reach 111.80 resistance.
Technical Recommendation: Look for 111.80 to be re-tested.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD:  a bounce today, albeit quite small. Price re-tested 1215 critical level.We remain Short for now and see no reason for taking our profit just yet!
Technical Recommendation: We are Short. +420 pips so far!
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500: after the strong rally and a consolidation below 2100, we have now had 2 strong weeks as price attempts to break through 2100. We are not going to go Long as our Fundamental team has suddenly turned bearish after their COT report analysis, so we will be looking for any selling signals in this area of resistance the market is entering..
Technical Recommendation: Look for Shorting opportunites inside 2100-2110 resistance area.
                                                               SP500 - Daily
                                                            SP500 - Weekly

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