Daily Report - 6 Sep 2016


End of Day Technical Analysis Report for:

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



► EUR/USD: the Euro surged today bouncing strongly off 1.1140 support. Price is now likely to re-test 1.1345 resistance so look to go Long on any retracement.
Technical Recommendation: Look to go Long on any retracement.
                                                                 EURUSD - Daily

GBP/USD: Sterling surged today breaking to the upside of the 23.6 Fib level whihc had proven as resistance since the Brexit sell-off. We were waiting to go Long on aretyracement but intraday price action convinced us to go Long earlier today just ahead of the surge and we are now enjopying a nice profit. Our targets are teh 50 Fib retracement of teh Brexit collapse and beyond.
Technical Recommendation: We are Long. Position+ +90 pips in profit.
                                                                  GBPUSD - Daily
                                                                  GBPUSD - Weekly

AUD/USD: the Aussie surged today bouncing strongly off confluent dynamic support. Price is now likely to re-test 0.7720-0.7750 resistance area. As this is already very close we are forced to stay into stand aside mode. We missed this opportunity!
Technical Recommendation: Stand aside.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: our LL3 trailing stop on the remaining 1/3 position was taken out today for a combined +294 pips profit (3.26 x Risk). Good trade. We no re-assess, though Shorting on any pull back seems like a good strategy from here.
Technical Recommendation: We are Flat for +294 pisp profit. Re-assessing.
                                                                 USDJPY - Daily

GOLD: Gold surged today bouncing strongly off confluent dynamic support. Price is now likely to re-test 1365-1375 resistance area. As this is already very close we are forced to stay into stand aside mode. We missed this opportunity!.
Technical Recommendation: Stand aside.
                                                               XAUUSD - Daily

SP500: the index continues its directionless dance between 2168 and 2190. We may see an uspide breakout but we don't see any major strength on thehorizon so it will most probably be short lived.

Technical Recommendation: Stand aside. Preference to the upside
                                                               SP500 - Daily

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