Daily Report - 26 July 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: today this pair attempted to break above the 8 ema and unfortunately stopped us out of our Short for a 50 pips loss. Price later backed off closing well off the highs and causing a pin bar rejecting prices above the key 1.1000 level. We are likely to re-enter Short on this evidence.
Technical Recommendation: Stopped out. Looking to re-enter Short.
                                                                 EURUSD - Weekly

GBP/USD: 1.3100 still holding as support for now. Price is now flat-lining, waiting for the next fundamental Brexit news item. We are forced to stay on the sidelines.
Technical Recommendation: Stand aside.
                                                                  GBPUSD - Daily

AUD/USD: a surge today re-tested the 20 sma and stopped us out of our Short for a 65 pips loss. Price closed well off the highs but without forming a pin bar so we are not tempted to re-enter Short.
Technical Recommendation: Stopped out. Re-assessing.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: a collapse today through the 8 ema and the 50 sma. The 20 sma posed as dynamic support for now. Our call for upside continuation over the weekend was incorrect, but we still see this pair resuming the bullish tone of the recent bounce, so we are looking for an upward rotation.
Technical Recommendation: Looking for an upward rotation.
                                                                 USDJPY - Daily

GOLD: a small inside candle today but remaining below the 8 ema which is good news for our Short position, which we took after the Head and Shoulders pattern triggered.
Technical Recommendation: We are Short. Position +40 pips in profit.
                                                               XAUUSD - Daily

► SP500: price remaining above the 8 ema and pushing against the 23.6 Fib extension level. We still see further upside at least to reach the 38.2 Fib Extension level at 2192.
Technical Recommendation: Market likely to reach 38.2 Fib extension at 2192.
                                                               SP500 - Weekly


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