Daily Report - 20 July 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: today price respected confluent support at bottom of recent range 1.100-1.1150 and lower Bollinger band. As mentione in last few reports, this is a key support. If it breaks we coudl see further substantial downside. Today it held but no sign of a bounce. With a bullish confirmation tomorrow we may decide to go Long but the opposite coudl also be true, so let's see what tomorrow brings.
Technical Recommendation: Price at Key confluent support. Waiting for confirmation either way.
                                                                EURUSD - Daily

GBP/USD: price still inside recent range 1.2880-1.3460 and ultimately still at same level as post Brexit result. Price also chopping around dynamic key level (8ema and 20sma).
Technical Recommendation: Re-assessing.
                                                                  GBPUSD - Daily

AUD/USD: though we haven't ourselves traded this pair, yesterday we said should be Short with 50 sma as first target and 0.7300-07340 static support as second target area. Today price broke decisively through 0.7500 level and is headed towards these targets. %0 sma is about 45 pips away.
Technical Recommendation: Should be Short. 1st Target 50 sma.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: yesterday we said that upside continuation was liekly but to watch out for the possible rising wedge. Today key resistance 106.30 and top Bollinger band were broken and teh rising wedge pattern did not play out. Next minor resistance is at 107.90 and beyond that there is nothing until 111.00.
Technical Recommendation: Should be Long.
                                                                 USDJPY - Daily

GOLD: 8ema and 20 sma dynamic resistance proved too strong today and both the 38.2 Fib and the rising channel bottom were broken today. Although the 50 Fib acted as support today, there was little sign of any buying coming in at thsi level (1312.75). If this level fails as support the market may turn its attention to the Head and Shoulders pattern that triggered today (see second chart). If this plays out, the mathematical target is 1262.56.
Technical Recommendation: Should be Short.
                                                               XAUUSD - Daily
                                                        
                                                         XAUUSD - Daily (OTHER)

► SP500: index today rallied and closed above the 23.6 Fib extension level which we thought woudl cause teh market to retrace. Market still in Bullish mode and trading at new all time highs so the next logical target is the 38.2 Fib extenbsion at 2192.6.
Technical Recommendation: Should be Long. Target 38.2 Fib extension.
                                                               SP500 - Daily

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