11 May, Members Daily Market Analysis

I can't connect to the Internet in the business lounge at the airport, so I'll write today's market analysis, I know I know I will try to improve my grammar isn't it!

EWG gaped up at the US open yesterday as Dax futures traded up to a high print of 7547 before closing at 7507, we are now looking for a close above 7561.5 to keep this upside momentum going. Stop for EWG 60 minute close below 27.20, 1st profit target 28.90 at this level we'll sell a third to secure the trade. Long from 27.90

S&P Futures formed a bullish candle and we (us bulls) would like to see 1348 marubozu support from yesterdays candle hold and a close above 1358.5 high from May 3rd. We'll sell half the position for profits at 1370.  Long from 1346.5

Gold Futures Gold is trading above 1522.10 this morning in European session, we'd like to see a close above this level, support at 1512.50 and 1505.5, we'll sell a third of this position for profits at 1528 to secure the trade, we are long from 1477 and 1502 for an average price of 1489.5.

WTI Crude Futures We were filled long yesterday at 100.33, a 60 minute close below 97.42 we'll see us move to the sidelines. The real work for Crude starts now as it is trading into its 50 and 8 day EMA and the 50% fibonacci retracement taken from May 2nd high to May 6th low at 104.70 ish.  A close above this level is very important if Crude is going to maintain its upside momentum. We'll close a third of this position for profits in front of 104.70 ish to secure the trade.

AUDUSD Since Governor Stevens hawkish comments and the commodities sell off the aussie has bounced strongly we have no intention of taking any profits until 1.10110, we are long from 1.0310 and 1.0773 to give us an average price of 1.0541.5. Support at 1.07935 and 1.07390. We'll secure this trade by selling a third for profits at 1.10110 for plus 469 pips.