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Thread: Daily Technical Analysis from ACFX

  1. #191

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    Daily Technical Analysis
    10th March 2014



    EURUSD



    Friday summary
    Friday traded a volatile session. This was mainly due to the US jobs report. However the price action did test and breach for a brief time the the high of the 27th December candle at 1.3893.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high has effectively changed the daily trend to up. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened quietly and trading within the previous days range.

    I am this morning monitoring the price action for a potential retest of the 1.3893 level

    Alternatively if EURUSD fails to sustain a move higher there is a possibility the price action trades back up to the 8 period moving averages.


    GBPUSD



    Friday summary
    Friday trading saw GBPUSD continue to find support at the 8 period moving averages.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades within the range of the previous day’s candle.

    I am today monitoring the price action for a possible breach of 1.6822 levels being last week’s high.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action potentially move back to the 34 period moving averages.


    USDJPY



    Friday summary
    Friday USDJPY continued to trade higher before being turned back at the 103.74 resistance level.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.

    Focus on today
    This morning USDJPY is trading at the lows of the previous day’s range.

    Today I am monitoring USDJPY for a possible retest of the 103.74 level.

    Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.


    USDCHF




    Friday summary
    Friday USDCHF continued to trade lower as it traded down to the a previously broken down trend line.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened negatively as the price action trades within Friday range.

    Today I am monitoring the price action for a sustained move beneath the 0.8776 level being the 28th February low.

    Alternatively as the price action is now extended from its averages and with USDCHF trading at a previous broken trend line there is a possibility that we see a corrective bounce.

  2. #192

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    Daily Technical Analysis
    11th March 2014



    EURUSD



    Summary
    Monday EURUSD traded within Friday’s range as the price action continued to test the high of the 27th December candle at 1.3893.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened negativly as it tests the bottom of Friday’s range.

    I am this morning monitoring the price action for a potential retest of the 1.3893 level

    Alternatively if EURUSD fails to sustain a move higher there is a possibility the price action trades back up to the 8 period moving averages.




    GBPUSD



    Summary
    Monday GBPUSD broke down from the 8 period moving averages as the price action breached the 1.6639 level being the recen daily pivot low.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook.

    Focus on today
    This morning GBPUSD has opened neutral as the price action trades at the bottom of the range of the previous day’s candle.

    I am today monitoring the price action for a possible test of the 34 period moving averages.

    Alternatively if GBPUSD cannot sustain lower prices could see the price action potentially trade up to the 8 period moving averages.



    USDJPY



    Summary
    Monday USDJPY traded within the range of Friday’s candle as price action traded between the 8 period moving averages and the 103.74 resistance level.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.

    Focus on today
    This morning USDJPY is trading at the highs of the previous day’s range.

    Today I am monitoring USDJPY for a possible retest of the 103.74 level.

    Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.




    USDCHF



    Summary
    Monday USDCHF trade within Monday’s candle as the price action tested but failed to sustain a move beneath the previously broken down trend line.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened positively as the price action trades above Mondays range.

    Today I am monitoring the price action for a test of the 8 period moving averages.

    Alternatively a failure to sustain higher prices could see USDCHF test the 0.8755 level being the last isolated low.

  3. #193

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    Daily Technical Analysis
    12th March 2014




    EURUSD



    Summary
    Tuesday EURUSD traded within Monday’s range as the price action test 1.3835 support level.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened neutral as it trades within Friday’s range.

    I am this morning monitoring the price action for a potential retest of the 1.3893 level

    Alternatively if EURUSD fails to sustain a move higher there is a possibility the price action trades back up to the 8 period moving averages.





    GBPUSD




    Summary
    Tuesday GBPUSD continued its recent downward trajectory but eventually found support coming in at the 8 period moving averages.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recen daily pivot low has added a question to the overall health of the uptrend.

    Focus on today
    This morning GBPUSD has opened neutral as the price action trades within the range of the previous day’s candle.

    I am today monitoring the price action for a possible test of the 34 period moving averages.

    Alternatively if GBPUSD cannot sustain lower prices could see the price action potentially trade up to the 8 period moving averages.





    USDJPY




    Summary
    Tuesday USDJPY continued to trade within the range of 8 period moving averages and the 103.74 resistance level.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.

    Focus on today
    This morning USDJPY is trading at the highs of the previous day’s range.

    Today I am monitoring USDJPY for a possible retest of the 103.74 level.

    Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.





    USDCHF



    Summary
    Tuesday USDCHF continued to trade within the range of the previous 3 day’s candle.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened positively as the price action trades within yesterday’s range.

    Today I am monitoring the price action for a test of the 8 period moving averages.

    Alternatively a failure to sustain higher prices could see USDCHF test the 0.8755 level being the last isolated low.

  4. #194

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    Daily Technical Analysis
    13th March 2014




    EURUSD



    Summary
    Wednesday EURUSD traded higher as the price action broke and closed above the 1.3893 resistance level.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened positivley as it trades above the 1.3915 level being the most recent high pivot.

    I am this morning monitoring the price action for a potential for a test of the 1.4000 level.

    Alternatively if EURUSD fails to sustain a move higher there is a possibility the price action trades back up to the 8 period moving averages.






    GBPUSD



    Summary
    Wedday GBPUSD continued to find support coming in at the 8 period moving averages.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recen daily pivot low has added a question to the overall health of the uptrend.

    Focus on today
    This morning GBPUSD has opened positively as the price action trades at 34 period moving average support areas.

    I am today monitoring the price action for a possible test of the 8 period moving averages.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action once again trade back to the 34 period moving averages.





    USDJPY



    Summary
    Wednesday USDJPY continued to trade within the range of 8 period moving averages and the 103.74 resistance level.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.

    Focus on today
    This morning USDJPY has breach the 8 period moving averages as the downside correction gathers pace.

    Today I am monitoring a potential move back to the 34 period moving averages.

    Alternatively a failure to sustain lower prices could see USDJPY retest of the 103.74 level.




    USDCHF



    Summary
    Wednesday USDCHF finally broke under the 0.8755 level as the downtrend resumed.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened negatively as the price action trades beneath yesterday’s range.

    Today I am monitoring the price action for a continuation of the move lower and possibly to the 0.8875 level.

    Alternatively a failure to sustain lower prices could see USDCHF trade back up to the 8 period moving averages.




    GOLD




    Summary

    Wednesday Gold traded higher as the price action bounce off a recent pullback to the 8 period moving averages.

    Market overview
    Gold continues to trade in a daily uptrend following the breach of the 1.267.99 level being the swing high of the 10th December. The weekly time frame continues to point down however we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility. However first Gold will need to break above the large downward sloping trend line.

    Focus on today
    This morning USDCHF has opened positively as the price action trades up to the downward sloping trend line.

    Today I am monitoring the price action for a continuation of the move higher and a potential breach of the downward sloping trend line.

    Alternatively a failure to sustain higher prices could see Gold trade back up to the 8 period moving averages.

  5. #195

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    Daily Technical Analysis
    14th March 2014



    EURUSD



    Summary
    Thursday EURUSD experience a volatile trading session with the price action almost engulfing the prior days range.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened negativley as it trades at the lows of the previous days range and just above the 1.3835 suppor level.

    I am this morning monitoring the price action for a potential for a test of the 1.4000 level.

    Alternatively if EURUSD fails to resume its upward momentum there is a possibility the price action test support and trades back up to the 34 period moving averages.



    GBPUSD



    Summary
    Thursday GBPUSD tested the 8 period moving averages following a bounce off the 34 period moving averages.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recent daily pivot low has added a question to the overall health of the uptrend.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades between both moving average support areas.

    I am today monitoring the price action for a possible test of the 8 period moving averages.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action once again test the 34 period moving averages.



    USDJPY



    Summary
    Thursday USDJPY broke down from moving average support as the price action traded back into the direction 101.00 level.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.

    Focus on today
    This morning USDJPY has opened negatively as the price action trades at the lows of the previous day’s range.

    Today I am monitoring a potential test of the 101.00 level.

    Alternatively a failure to sustain lower prices could see USDJPY trade back up to the averages.


    USDCHF



    Summary
    Thursday USDCHF bouced higher as the price action became extended from its averages.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened positively as the price action trades at the highs of yesterday’s range.

    Today I am monitoring the price action for a continuation of the move back up to the 8 period moving averages.

    Alternatively a failure to sustain higher prices could see USDCHF test the 0.8875 level.



    Gold



    Summary
    Thursday Gold traded higher as the price action tested the downward sloping trendline.

    Market overview
    Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The weekly time frame continues to point down however we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility. However first Gold will need to break above the large downward sloping trend line.

    Focus on today
    This morning Gold has opened quietly as the price action tests up to the downward sloping trend line.

    Today I am monitoring the price action for a continuation of the move higher and a potential breach of the downward sloping trend line.

    Alternatively a failure to sustain higher prices could see Gold trade back up to the 8 period moving averages.




    Oil



    Summary
    Thursday Oil traded at the lows of then previous days candle in what was a relativley small range day.

    Market overview
    Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

    Focus on today
    This morning Oil has opened quietly as the price action trades within the previous day’s range.

    Today I am monitoring the price action for a continuation of the move lower and into the direction of the 95.50 level.

    Alternatively a failure to sustain lower prices could see Oil trade back up to the 8 period moving averages.

  6. #196

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    Daily Technical Analysis
    17th March 2014



    EURUSD




    Summary
    Friday EURUSD found support at the 8 period moving averages from where it traded and closed higher.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened quietly as it trades at the highs of the previous days range and just above the 1.3982 price level which corresponds to the 27th December isolated high.

    I am this morning monitoring the price action for a potential for a test of the 1.4000 level.

    Alternatively if EURUSD fails to resume its upward momentum there is a possibility the price action test support and trades back up to the 8 period moving averages.



    GBPUSD



    Summary
    Friday GBPUSD traded throuhout the day between the 8 and 34 period moving averages.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recent daily pivot low has added a question to the overall health of the uptrend.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades between both moving average support areas.

    I am today monitoring the price action for a possible test of the 8 period moving averages.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action once again test the 34 period moving averages.



    USDJPY



    Summary
    Friday USDJPY continued to trade lower as the price action tested the 101 support area.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.

    Focus on today
    This morning USDJPY has opened positively as the price action away from the 101.00 level.

    Today I am monitoring a potential move to the 34 period moving averages.

    Alternatively a failure to sustain higher prices could see USDJPY test the 101.00 level.



    USDCHF



    Summary
    Friday USDCHF traded throughout the day within Thursday’s range.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened positively as the price action trades within a two day range.

    Today I am monitoring the price action for a test of the 8 period moving averages.

    Alternatively a failure to sustain higher prices could see USDCHF test the 0.8875 level.



    Gold




    Summary
    Friday Gold traded and closed higher as the price action succesfullty tested the downward sloping trendline.

    Market overview
    Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The weekly time frame continues to point down however we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility. The break above the large downward sloping trend line adds impetus to the current positive bias.

    Focus on today
    This morning Gold has opened positively as the price trades above Friday’s range.

    Today I am monitoring the price action for a continuation of the move higher and into the direction of the 1433.70 level the 28th August high.

    Alternatively a failure to sustain higher prices could see Gold trade back up to the 8 period moving averages.



    Oil



    Summary
    Friday Oil bounce higher as the price action makes an attempt to retrace to the 8 period moving averages.

    Market overview
    Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

    Focus on today
    This morning Oil has opened quietly as the price action trades at the highs of Friday’s range.

    Today I am monitoring the price action for a continuation of the move to the 8 period moving averages.

    Alternatively a failure to sustain higher prices could see Oil trade back down to the 97.53 level being last week’s low.

  7. #197

    Default

    Daily Technical Analysis
    18th March 2014





    EURUSD




    Summary
    Monday EURUSD continued to trade higher following its bounce off support at the 8 period moving averages.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened positivly as it trades at the highs of the previous days range and just above the 1.3982 price level which corresponds to the 27th December isolated high.

    I am this morning monitoring the price action for a potential for a test of the 1.4000 level.

    Alternatively if EURUSD fails to resume its upward momentum there is a possibility the price action test support and trades back up to the 8 period moving averages.




    GBPUSD



    Summary
    Monday GBPUSD traded throuhout the day between the 8 and 34 period moving averages.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recent daily pivot low has added a question to the overall health of the uptrend.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades between both moving average support areas.

    I am today monitoring the price action for a possible test of the 8 period moving averages.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action once again test the 34 period moving averages.


    USDJPY




    Summary
    Monday USDJPY traded higher following a bounce off the 101 support area.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.

    Focus on today
    This morning USDJPY has opened positively as the price action trades at the highs of the previous day’s range.

    Today I am monitoring a potential move to the 34 period moving averages.

    Alternatively a failure to sustain higher prices could see USDJPY test the 101.00 level.


    USDCHF



    Summary
    Monday USDCHF traded throughout the day within the range of the previous 2 days.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened quietly as the price action trades within a 3 day range.

    Today I am monitoring the price action for a test of the 8 period moving averages.

    Alternatively a failure to sustain higher prices could see USDCHF test the 0.8875 level.




    GOLD




    Summary
    Monday Gold initially extended its move above the downward sloping trendline. However later in the day selling came into the market. This would lead to Gold breacing and closing beneath the downward sloping trendline.

    Market overview
    Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The weekly time frame continues to point down however we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility. The break above the large downward sloping trend line adds impetus to the current positive bias.

    Focus on today
    This morning Gold has opened negatively as the price action trades down to the 8 period moving average support levels.

    Today I am monitoring the price action for a retest of the downward sloping trendline and possible continuation of the move higher and into the direction of the 1433.70 level the 28th August high.

    Alternatively a failure to sustain higher prices could see Gold test the 8 period moving averages.




    OIL



    Summary
    Monday Oil continue to experience a minor rally that led to a higher close. However failed to test the 8 period moving averages.

    Market overview
    Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

    Focus on today
    This morning Oil has opened negatively with the price action testing the 97.53 level being last week’s low.

    Today I am monitoring the price action for a breach of the 97.53 level being last week’s low.

    Alternatively a failure to sustain lower prices could see Oil trade back up to the 8 period moving averages.

  8. #198

    Default

    Daily Technical Analysis
    19th March 2014





    EURUSD




    Summary
    Tuesday EURUSD once again tested the 8 period moving averages before popping and closing higher on the day.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened negativley as it trades at the highs of the previous days range and just above the 1.3895 price level which corresponds to the 27th December isolated high.

    I am this morning monitoring the price action for a potential for a test of the 1.4000 level.

    Alternatively if EURUSD fails to resume its upward momentum there is a possibility the price action test support and trades back up to the 8 period moving averages.




    GBPUSD



    Summary
    Tuesday GBPUSD breached the 34 period moving averages and the 1.6570 support level before ending the days business down on the day but above these key support levels.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recent daily pivot low has added a question mark to the overall health of the uptrend.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades within the range of the previous days candle and beneath the 34 period moving averages.

    I am today monitoring the price action for a possible test of the 1.6570 level.

    Alternatively if GBPUSD cannot sustain lower prices could see the price action once again test the 1.6700.





    USDJPY



    Summary
    Tuesday USDJPY traded lower as it once again attempted to test the 101 support area.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. However a breach of the 101.19 level being the 4th March swing low would technically change the daily trend to down.

    Focus on today
    This morning USDJPY has opened positively as the price action trades within the range of the previous 4 day’s candles.

    Today I am monitoring a potential test of the 101 level.

    Alternatively a failure to sustain lower prices could see USDJPY trade up to the 34 period moving averages.





    USDCHF



    Summary
    Tuesday USDCHF once again tested the 8 period moving averages however there was a rejection of higher prices and the price action eventually closed near to its open.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened quietly as the price action trades within a 4 day range.

    Today I am monitoring the price action for a re-test of the 8 period moving averages.

    Alternatively a failure to sustain higher prices could see USDCHF test the 0.8875 level.




    GOLD




    Summary
    Tuesday Gold continued to correctly to the downside and ultimatley closed beneath its 8 period moving averages.

    Market overview
    Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The weekly time frame continues to point down however we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility. The break above the large downward sloping trend line adds impetus to the current positive bias. However the subsequent corrections lower needs to be monitored with support coming in at the 1320.00 level.

    Focus on today
    This morning Gold has opened negatively as the price action trades beneath the 8 period moving average and within the range of yesterday’s candle.

    Today I am monitoring the price action for a test of the 8 period moving averages.

    Alternatively a failure to sustain higher prices could see Gold trade into the direction of the 1320.00 support area.




    OIL




    Summary
    Tuesday Oil continue to trade in a narrow range as it tested the 8 period moving averages.

    Market overview
    Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias. The recent price activity has see Oil trade down to an area of Fibonacci support which could potentially offer a buying opportunity.

    Focus on today
    This morning Oil has opened quietly with the price action trading within the previous day’s range.

    Today I am monitoring the price action for a breach of the 97.53 level being last week’s low.

    Alternatively a failure to sustain lower prices could see Oil trade back up to the 8 period moving averages.

  9. #199

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  10. #200

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    Daily Technical Analysis
    20th March 2014





    EURUSD




    Summary
    Wednesday EURUSD broke lower from the 1.3895 support it what was an impressive one day correction.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.

    Focus on today
    This morning EURUSD has opened positivley as it trades at the lows of the previous days range.

    I am this morning monitoring the price action for a potential move lower and a test of 34 period moving averages.

    Alternatively if EURUSD fails to sustain lower prices here is a possibility that EURUSD trades back up to the 1.3895 resistance level.




    GBPUSD



    Summary
    Wednesday GBPUSD continued to traded under the 34 period moving averages and the 1.6570 support level and at one point was testing the upward sloping trend line.

    Market overview
    GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recent daily pivot low has added a question mark to the overall health of the uptrend. Furthermore breaches of moving average, horizontal and trend line support is adding to the downside pressure. However GBPUSD is now entering an area of Fibonacci support which could stall further downside price action.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades within the range of the previous days candle and at the upward sloping trend line.

    I am today monitoring the price action for a bounce off trend line support and test of the 1.6570 level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 61.8 Fibonacci level.




    USDJPY



    Summary
    Wednesday USDJPY bounce higher off the 101 support level in what turned out to be a strong rally.

    Market overview
    The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. However a breach of the 101.19 level being the 4th March swing low would technically change the daily trend to down.

    Focus on today
    This morning USDJPY has opened quietly as the price action trades at the highs of the previous day’s range.

    Today I am monitoring a potential test of the 103.00 level.

    Alternatively a failure to sustain higher prices could see USDJPY test the 101.70 level.


    USDCHF



    Summary
    Wednesday USDCHF slashed through the 8 period moving averages as the price action traded aggressivley higher.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias.

    Focus on today
    This morning USDCHF has opened quietly as the price action trades at the highs of the previous day’s range.

    Today I am monitoring the price action for a test of the 34 period moving averages.

    Alternatively a failure to sustain higher prices could see USDCHF trade back to the 8 period moving averages.




    GOLD



    Summary
    Wednesday the downside moment for Gold increased broke down aggressivley lower. The move lower has put the upward sloping trend line insight.

    Market overview
    Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The break above the large downward sloping trend line adds impetus to the current positive swing bias. Furthermore we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.

    However the weekly time frame continues to point down. That the recent rejection of higher prices has come off a bounce from a downward sloping trend line and Fibonacci resistance level could indicate that the recent rally in Gold is part of a bigger cycle correction that ultimately sends Gold lower.

    Focus on today
    This morning Gold has opened quietly as the price action trades at the bottom of yesterdays range.

    Today I am monitoring the price action for a potential bounce off the upward sloping trend line.

    Alternatively a failure to sustain higher prices could see Gold test the upward trend line and move to the area of 1310 being a prior daily minor swing low.




    OIL



    Summary
    Wednesday Oil continue to trade between the 98 and 100 range as the price action consolidates above Fibonacci support.

    Market overview
    Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias. The recent price activity has seen Oil trade down to an area of Fibonacci support which could potentially offer a buying opportunities.

    Focus on today
    This morning Oil has opened positively with the price action trading above the previous day’s range.

    Today I am monitoring the price action for a breach of the 100 level.

    Alternatively a failure to sustain higher prices could see Oil trade back up to the 98 level.

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