Daily Report - 9 Aug 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: we have come to the conclusion that horizontal levels have lost their relevance in these market conditions. We believe the market is now in a rising channel formation. So this week we think the market will pull back to the bottom of the channel in the 1.1000 area and bounce. If we are right current confluent resistance at the 50/200 sma's whill cause the market to roitate to teh downside so we will consider going Short in this area if we see any signs in the lower time frames tomorrow.
Technical Recommendation: Look for price to reach Rising Channel lower trendline around 1.1000.
                                                                 EURUSD - Daily

GBP/USD: Friday’s mother candle low was broken today so we now think we are likely to see a re-test of 1.2850.
Technical Recommendation: Look to be Short.
                                                                  GBPUSD - Daily

AUD/USD: a highre high and higher low today but price still in resistance area. If it breaks we can see price re-testing 0.7800 prior high. We stand aside for now waiting for a breakout and a re-test
Technical Recommendation: Stand aside. Preference to the Upside.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: we were wrong to think we were going to see a push towards 104.00 after yesterday's close above the 8 ema. Price retreated today closing below 102.00 and the 8 ema. We may now see a downside resumption.
Technical Recommendation: Looking to Short.
                                                                 USDJPY - Daily

GOLD: a further retracement today after last week's collapse. We should see a downward rotation in this area for price to go and re-test lows of recent range in the 1300-1312 zone.
Technical Recommendation: Look for 1300-1312 to be re-tested.
                                                               XAUUSD - Daily

► SP500: a second small pin bar at resistance today as teh market struggles to break above 2182. Everyone's talking this market up but the reality is that since mid-July it has really struggled to make any substantial uo moves. A correction would be healthy but tough to short at new all time highs!
Technical Recommendation: Market due a correction so stand aside.
                                                               SP500 - Daily


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