Daily Report - 1 June 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: Market still stuck in long term sideways channel. Present bounce should provide a good selling opportunity. We see this market heading downwards again. 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: today the market collapsed further, confirming the bearish stance and closing below the 50 sma. Double top could trigger tomorrow. Should be Short or looking ot be Short on any retracement.
Technical Recommendation: Should be Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

AUD/USD: a pin bar at 20/200 smas. 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 pair has us confused. Just as we though 111.80 would be tested we get a large bear candle today. We anticipate further choppiness so recommend standing aside.
Technical Recommendation: Stand aside.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD:  1215 critical level and 8 ema both providing resistance today. We remain Short for now and see no reason for taking our profit just yet!
Technical Recommendation: We are Short. +430 pips so far!
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500: a pin bar today wich could be construed as bullish but 2100 still acts as resistance.As previously mentioned, 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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