Daily Report - 30 Aug 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: in our weekend STTS video we said we held a short term bearish bias and we felt next support would be at the 50sma and 1.1150. Today the market got there and stopped. If this area fails we can see price testing the bottom Bollinger band at 1.1070 and 1.1000 significant level.
Technical Recommendation: Should be Short.
                                                                 EURUSD - Daily

GBP/USD: price seems to be trading inside a medium term triangular consolidation. If 1.3065 support fails we can expect price to possibly test the bottom of the triangle around 1.2900, so we are looking to go Short.
Technical Recommendation: looking to go Short.
                                                                  GBPUSD - Daily

AUD/USD: in our weekend STTS video we said that the substantial bear candle on Friday and 50sma support failing meant price was likely to continue to the downside this week with 0.7445 as a likely first target and the 200 sma below that. Today we were proven right as price collapsed and is now well on its way to 0.7445.
Technical Recommendation: Should be Short
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: great news for our Long trade as today we got a major push to the upside breaking through the 38.2 Fib level and the 50 sma without any resistance at all. This totally justifies our trade management decision yesterday to move our first and second targets up. We will exit 2/3 of the position at the 50 FIB if we get there.
Technical Recommendation: We are Long. Position +265 pips in profit.
                                                                 USDJPY - Daily

GOLD: in our Weekly Bonus Video at the weekend we said that Friday's bearish daily pin bar, there was potential for the market to finally break 1300 support even this week. Today we saw a substantial sell off taking price below 1312 minor support, so we are well on the way to 1300 and possibly beyond.
Technical Recommendation: Look for price to re-test 1300$.
                                                               XAUUSD - Daily

► SP500: we got this wrong at the weekend thinking that price was looking like rolling over to the downside, though we did advocate treading carefully ahead of this Friday's NFP data. 2168 yesterday confirmed itself as a major support and today's inside candle with a long tail does point at a potential upside resumption, but we don't trust this market here. It's very choppy and lacking direction, so we prefer to stand aside.
Recommendation: Stand aside.
                                                               SP500 - Daily

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