Daily Report - 7 Dec 2016


End of Day Technical Analysis Report for:

EURUSD, GBPUSD, AUDUSD, USDJPY and GOLD



► EUR/USD: Monday's upside breakout is likely to continue the reversal but price is likely to meet with confluent resistance at the 38.2 FIB and the 50 sma.
Technical Recommendation: Looking for market to stall around 1.0810
                                                                 EURUSD - Daily

GBP/USD: we have been Long for a while with a total of 3 positions. The market is momentarily capped at the 23.6 Fib since the Brexit collapse but we remai Long looking for the market to at the very least reach the 38.2 Fib level at 1.3130.
Technical Recommendation: We are 2.5 x Risk Long. Pos 1 +400 pips, pos 2 +213 pips, pos 3 +100 pips
                                                                 GBPUSD - Daily
                                                               GBPUSD - Weekly

► AUD/USD: market momentarily stuck between 23.6 and 38.2 Fib but after today's pin bar rejecting lower prices we are very confident price will break to the uspdie and re-test the 50 Fib in coming days, which is the target of our recent Long trade.
Technical Recommendation: We are Long. Position +74 pips.
                                                                 AUDUSD - Daily
                           Back to Top

► USDJPY: market hovering below 114.75 resistance. We are likely to see a retracemnt from here, especially after today's bearish emgulfing candle
Technical Recommendation: Look for a retracement.
                                                                 USDJPY - Daily

GOLD: price likely to bounce off 1165 support but still stuck belkow the 8 ema.
Technical Recommendation: Look for a bounce.
                                                                XAUUSD - Daily

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