Daily Report - 5 July 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: price has re-entered the 1.1060-1.1100 band which acted as support last week but it looks like confluent resistance at the 20/50 smas and 1.1215 won the fight so we expect this market to break 1.1060 tomorrow and start heading south towards 1.0800.
Technical Recommendation: Look to go Short.
                                                                EURUSD - Daily
                                                              EURUSD - Weekly

GBP/USD: we were looking for the top of teh bear flag in the 4 hr chart to be re-tested before going Short but this pair instead broke thorugh the bottom of the flag decisively today and is heading South once again. There are no supports in sight on our charts as we only go back to the early 90s and these levels were not seen even then.
Technical Recommendation: Should be Short.
                                                               GBPUSD - Daily
                                                             GBPUSD - 4hr

AUD/USD: a bearish engulfing candle today sees price closing below the 8 ema once again and 0.7500. We are still Long and our Stop is a long way away but our profit was eaten away today to a mere +33 pips. In light of today's action we may decide to close our trade and re-assess.
Technical Recommendation: We are Long. Position +33 pips in profit.
                                                                 AUDUSD - Daily
                                                               AUDUSD - Weekly
                           Back to Top

► USDJPY: market went against us today as 8ema dynamic resistance proved too strong. We are close to being stopped out.
Technical Recommendation: We are Long. Position under pressure (-92 pips)
                                                                 USDJPY - Daily
                                                               USDJPY - Weekly

GOLD: another bullish candle today as price seems to want to break out of the recent range. We went Long on Monday and hope to see teh market head towards our targets.
Technical Recommendation: We are Long. Position +299 pips in profit.
                                                               XAUUSD - Daily
                                                            XAUUSD - Weekly

► SP500: a bearish candle today closing below 2100 again but still meeting with dynamic support at the 8 ema. We did expect selling to come in but higher up. This could still be a good place to go Short but we hesitate without a proper test of 2120 resistance.
Technical Recommendation: Possible further downside.
                                                               SP500 - Daily
                                                            SP500 - Weekly

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