Daily Report - 21 July 2016


End of Day Technical Analysis Report for:

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



► EUR/USD:  price again respected confluent key support at bottom of recent range 1.100-1.1150 and lower Bollinger band. Again, no sign of a bounce but a second doji at this level means major indecision. Tomorrow the lower time frames will be key if we're going to see any signs either way.
Technical Recommendation: Price at Key confluent support. Waiting for confirmation either way.
                                                                EURUSD - Daily

GBP/USD: price hovering above dynamic key level (8ema and 20sma). We are still re-assessing but with a Bullish bias.
Technical Recommendation: Re-assessing. Preference to the Buy side.
                                                                  GBPUSD - Daily

AUD/USD: an inside candle today at trendline dynamic support. If this level is broken to teh downside we could see a drop to 0.7300-07340 static support and the 200 sma.
Technical Recommendation: If not already Short look to go Short on the Inside Candle Set-up.
                                                                 AUDUSD - Daily
                                                                 AUDUSD - Weekly
                           Back to Top

► USDJPY: a relatively big correction today as price closes below 106.30 once again. 8 ema dynamic support held though so we are not inclined to go Short here. Short term trend is still up.
Technical Recommendation: Re-assessing.
                                                                 USDJPY - Daily

GOLD: a bounce at the 50 Fib today yet still meeting with dynamic resistance at the 8ema. If we see a downward rotation from here the Head and Shoulders pattern that triggered yesterday will most likely play out. Its mathematical target is 1262.56.
Technical Recommendation: Should be Short.
                                                               XAUUSD - Daily

► SP500: a pause today at the 23.6 Fib extension level. 8 ema holidng as dynamic suppoort so far. Market still in Bullish mode with next logical target is the 38.2 Fib extension at 2192.6.
Technical Recommendation: Should be Long. Target 38.2 Fib extension.
                                                               SP500 - Daily

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