Daily Report - 31 Aug 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: we've been saying if  50sma and 1.1140 (revised from 1.1150) support fails we can see price testing the bottom Bollinger band at 1.1070 and 1.1000 significant level. Today the support area did seem to work so, ahead of the upcoming unemployemnt and NFP data we recommend any shorts to take profit and go into stand-by mode.
Technical Recommendation: Cover Shorts and go into stand-by.
                                                                 EURUSD - Daily

GBP/USD: 1.3065 support seems to have reacted strongly today. We felt price was likely to test the bottom of the triangle around 1.2900, so we were looking to go Short, but after tpday we go into re-assessing mode. The market could have made a Higher Low but as we are basically still in the middle of this triangular consolidation, we prefer to wait for the upside breakout to consider going Long.
Technical Recommendation: Re-assessing.
                                                                  GBPUSD - Daily

AUD/USD: a doji today does not make us change our view. We still think price is likely to continue to the downside this week with 0.7445 as a likely first target and the 200 sma below that.
Technical Recommendation: Should be Short
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: T1 hit today for +320 pips (+3.6 x Risk). We exited 2/3 of the position and are running the remainder with both a T2 and a trailing stop.
Technical Recommendation: Took profit at 103.50. We are still partially Long.
                                                                 USDJPY - Daily

GOLD:  1312 minor support was broken today and we are well on the way to 1300 support as we have been saying. There is th epotential for this support to fail. Shorts shoudl remain Short unless price sees a major bounce off 1300.
Technical Recommendation: Look for price to re-test 1300$ and possibly beyond.
                                                               XAUUSD - Daily

► SP500: market remains extremely choppy and lacking direction at these levels. We prefer to stand aside and see if the NFP data provide a fresh bias.
Recommendation: Stand aside.
                                                               SP500 - Daily

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