Daily Report - 16 Aug 2016

End of Day Technical Analysis Report for:

, GOLD, and SP500

► EUR/USD: price today broke out of 1.1220 resistance and remains bullish. Next resistance level is at 1.1400.
Technical Recommendation: Look for price to reach 1.1400
                                                                 EURUSD - Daily

GBP/USD: a bullish engulfing candle today at 1.2850 support. A big bounce is on the cards. Should now be Long with 1.3345 as next target.
Technical Recommendation: Should be Long.
                                                                  GBPUSD - Daily

AUD/USD: our Short was stopped out today. Price is back above 0.7645-0.7675 resistance band which could now act as support. The long wick in today's pin bar makes us reluctant to go Long though, for the time being. Price is now likely to re-test 0.7825 prior high.
Technical Recommendation: Stand aside. Preference to the upside.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY:  100.00 support reached and price bounced off it. Not enough eveidence to go Long though.
Technical Recommendation: Stand aside.
                                                                 USDJPY - Daily

GOLD: our Short was stopped out today and sadly price formed yet another pin bar rejecting prices above 1355 resistance. Still a chance we may see price rotate to the downside here but we go into re-assessing mode.
Technical Recommendation: Stpped out. Re-assessing.
                                                               XAUUSD - Daily

► SP500: as we have been advocating for some time, the market today finally reached the 38.2 Fib extension of the move that broke the previous all time high 2136.5 at 2192.7.  2200 is very close so we expect the market to reach it. However any longs should consider taking some profit here. In any case remain long as long as price stays above the low of 2 weeks ago which is 2146.5.
Technical Recommendation: Take some profit but stay Long.
                                                               SP500 - Weekly


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