Daily Report - 16 June 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: a very large pin bar today at 1.1215 support could mean a bounce coming. But we believe market still stuck in long term sideways channel and looks headed for further downside as clearly shown in the Weekly chart. 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. So any further retracement could be a selling opportunity.
Technical Recommendation: looking to go Short.
                                                                EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: we thought price was likely to test 1.4000 and today it did only to bounce very strongly posting a very large daily pin bar at this key level so we are no Longer advocating a Short but instead a short term Long trade could be on the cards.
Technical Recommendation: Look for a bounce off 1.4000.
                                                               GBPUSD - Daily
                                                             GBPUSD - Weekly

AUD/USD: a strong respect of 200 sma and 20 sma today as price closed well off the lows. The fight at 0.7380 is getting tough. Right now we are getting conflicting signals so we go into Stand Aside mode.
Technical Recommendation: Stand aside.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: 105.00 support failed miserably today as the downtrend resumed. We thought we might see a bounce but we didn't get one. Now we should be looking for Shorting opportunities on any pull back.
Technical Recommendation: Looking to go Short.
                                                                 USDJPY - Daily
                                                              USDJPY - Weekly

GOLD: we have been advocating a re test of 1300$ resistance. And recommended that Longs shoudl take some profit there. Today 1300 was indeed tested and met with strong selling. This is a good short term selling opportunity
Technical Recommendation: Look to go Short!
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500: today's bullish pin bar comes after yesterday's bearish one. So a conflict of signals here. Best to stand asider.
Technical Recommendation: Stand aside.
                                                               SP500 - Daily
                                                            SP500 - Weekly


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