Daily Report - 8 Dec 2016

End of Day Technical Analysis Report for:


► EUR/USD: confluent resistance at the 38.2 FIB and the 50 sma ended up being stronger than envisaged. Today the market collpased and now looks headed towards 1.0520 support once again.
Technical Recommendation: Looking for market to re-test 1.0520 support
                                                                 EURUSD - Daily

GBP/USD: further retracement today from 1.2680 key level. We remain Long however as we see this market resuming to the upside soon.
Technical Recommendation: We are 2.5 x Risk Long. Pos 1 +350 pips, pos 2 +168 pips, pos 3 +55 pips
                                                                 GBPUSD - Daily
                                                                 GBPUSD - Weekly

► AUD/USD: market still stuck between 23.6 and 38.2 Fib but we believe yesterday's pin bar rejecting lower prices is the over riding signal still likely to cause a break to the upside and re-test the 50 Fib in coming days, which is the target of our recent Long trade.
Technical Recommendation: We are Long. Position +50 pips.
                                                                 AUDUSD - Daily
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► USDJPY: yesterday we shorted this market which sadly still seems to be supported by the 8 ema. However we remain Short looking for a downward rotation and a substantial retracement.
Technical Recommendation: We are Short. Position -30 pips under water.
                                                                 USDJPY - Daily

GOLD: yesterday we went Long as we see pricebouncing off 1165 support. 8 ema acting as dynamic resistance but we hope for an upside breakout in teh coming days.
Technical Recommendation: We are Long. Position -50 pips under water.
                                                                XAUUSD - Daily


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