Daily Report - 4 Aug 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: a further retracement today through confluent support at 1.1150.  Price now at 38.2 Fib of recent uptrend. We may see an upward rotation here.
Technical Recommendation: Look for an upward rotation. Good place to go Long.
                                                                 EURUSD - Daily

GBP/USD: interest rate cut and subsequent drop down to re test 1.3100 support. Had the pound not fallen so much post Brexit, we would have seen a much bigger fall of course. All eyes tomorrow in NFP and 1.3100 for this pair. If broken we are likely to see a push back down to 1.2850.
Technical Recommendation: price at Key Support. Stand aside.
                                                                  GBPUSD - Daily

AUD/USD: price even closer to the top Bollinger Band and 0.7645. This is a key resistance area. If Long look to partly exit at 0.7645.
Technical Recommendation: Price close to confluent resistance. Stand aside.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: again, nothing new to add! Price close to 100.60 support. If short look to partly cover position.
Technical Recommendation: Pice close to key support. Stand aside.
                                                                 USDJPY - Daily

GOLD: Gold tried to test the 8 ema but bouncd back. Price edging closer to key 1375 resistance. Longs should look to take some profit when market gets there.
Technical Recommendation: Look for 1375$ to be re-tested.
                                                               XAUUSD - Daily

► SP500: we still think price is likely to retrace to the 50 sma and 2120 below the 23.6 Fib level 2136.5.
Technical Recommendation: Look for retracement down towards 2120.
                                                               SP500 - Daily

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