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Thread: Daily Technical Analysis from ACFX

  1. #201

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    Daily Technical Analysis
    21st March 2014






    EURUSD



    Summary
    Thursday EURUSD continued to trade lower throughout the day’s trading nut the slide was halted at the 34 period moving where we witnessed a minor bounce 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. However the recent correction has seen EURUSD trade back to its long average and just above the 50 to 78.6 Fibonacci support level.

    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
    Thursday GBPUSD continued to traded under the 34 period moving averages and the 1.6570 support level and has now broken under 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 beneath the upward sloping trend line.

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

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 78.6 Fibonacci level.



    USDJPY



    Summary
    Thursday USDJPY experienced a small range day as it traded at the highs to the recent up spike in prices.

    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. The recent price is now indicating that the 101.00 support level is likely to hold.

    Focus on today
    This morning USDJPY has opened quietly as the price action trades at the highs of Wednesdays 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
    Thursday USDCHF traded higher and its upward moment was only ended at the 34period moving averages.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to built that will allow for further upside at least to the downward sloping trend line. However the bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

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

    Today I am monitoring the price action for a retest 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
    Thursday Gold traded down to the 34 period moving averages and upward sloping trendline but was not able to break through this support are.

    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 bullishly as the price action trades above 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
    Thursday 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 negatively with the price action trading within 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 test 98 level.

  2. #202

  3. #203

    Default

    Daily Technical Analysis
    24th March 2014





    EURUSD



    Summary
    Friday EURUSD consolidated at the lows of the past two days downside correction and above the 34 period moving averages where we witnessed a minor bounce 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. However the recent correction has seen EURUSD trade back to its long average and just above the 50 to 78.6 Fibonacci support level.

    Focus on today
    This morning EURUSD has opened quietly as it trades within the previous two 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 there is a possibility that EURUSD trades back up to the 8 period moving averages.




    GBPUSD



    Summary
    Friday GBPUSD continued to traded under the 34 period moving averages, the 1.6570 support level and 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 at the lows of this recent downside correction.

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

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 78.6 Fibonacci level.



    USDJPY



    Summary
    Friday USDJPY experienced a small range day as it traded at the highs to the recent up spike in prices.

    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. The recent price action is now indicating that the 101.00 support level is likely to hold.

    Focus on today
    This morning USDJPY has opened positively as the price action trades above both averages.

    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
    Friday USDCHF consolidated at the highs of the recent upside correction as the price action tests the 34 period moving averages.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to built that will allow for further upside at least to the downward sloping trend line. However the bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

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

    Today I am monitoring the price action for a retest 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
    Friday Gold continued to consolidate above the 34 period moving averages and upward 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 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 bearishly as the price action test support.

    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
    Friday Oil breifly spiked above the 100 level and ended the day fairly strongly but still closed between the 98 and 100 range as the price action continued to consolidated 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 negatively with the price action trading within 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 test 98 level.




    AUDUSD



    Summary
    Friday AUDUSD closed strong with the price action ending the day above both averages.

    Market overview
    AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend.

    Focus on today
    This morning AUDUSD has opened with much activity as the price action initially put in a new high but them collapsed back to the 8 period moving averages where support held and buyers came into the market.

    I am this morning monitoring the price action for a potential test of the 0.9137 level being last week’s high.

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests the 34 period moving averages.

  4. #204

    Default

    Daily Technical Analysis
    26th March 2014




    EURUSD




    Summary
    Tuesday EURUSD traded between and tested bo the the 8 and 34 period daily moving averages without being to sustain a break above or beneath either.

    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 within the previous two days range.

    I am this morning monitoring the price action for a potential move higher and a test of 8 period moving averages.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility that EURUSD trades back up to the 34 period moving averages.




    GBPUSD



    Summary
    Tuesday GBPUSD continued to traded under the 34 period moving averages, the 1.6570 support level and 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 at the lows of this recent downside correction.

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

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 78.6 Fibonacci level.




    USDJPY



    Summary
    Tuesday USDJPY experienced a small range day as it continued to trade at the highs to the recent up spike in prices.

    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. The recent price action is now indicating that the 101.00 support level is likely to hold.

    Focus on today
    This morning USDJPY has opened quietly as the price action trades at both averages.

    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
    Tuesday USDCHF once again tested but could not sustain a close above the 34 period daily moving averages.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to built that will allow for further upside at least to the downward sloping trend line. However the bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

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

    Today I am monitoring the price action for a retest 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
    Tuesday Gold traded at the lows of the recent large downside correction in what was a very small range day.

    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 tests the 1310.00 support level.

    Today I am monitoring the price action to test the 1310.00 support level.

    Alternatively a failure to sustain lower prices could see Gold test the upward sloping trend line and move and the 34 period moving averages.



    Oil



    Summary
    Tuesday Oil again breifly spiked above the 100 level but was not able to close above this level. Oil continues to trade between the 98 and 100 range as the price action continued to consolidated 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 within the previous 3 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 test 98 level.




    AUDUSD



    Summary
    Tuesday AUDUSD continued to trade higher and closed above the 0.9135 level being a recent swing pivot high.

    Market overview
    AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend.

    Focus on today
    This morning AUDUSD has positivley as the price action trades above the highs of yesterday’s range and is approaching the 50% Fibonacci resistance level.

    I am this morning monitoring the price action for a potential test of the Fibonacci resistance area.

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back to the 8 period daily moving averages.



    Dow30



    Summary
    Tuesday Dow30 continued to trade higher as it bounced off the 8 period daily moving averages.

    Market overview
    Dow30 has been trading in a daily down trend following the breach of the 015664 level being the swing low pivot of the 26th December. However the weekly chart continues to trade in a weekly up trend.

    Focus on today
    This morning Dow30 has positivley as the price action trades at the highs of yesterday’s range.

    I am this morning monitoring the price action for a potential test of the 16447 level being last week’s high.

    Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 tests the 8 period moving averages.

  5. #205

    Default

    Daily Technical Analysis
    27th March 2014



    EURUSD



    Summary
    Wednesday EURUSD traded between and the 8 and 34 period daily moving averages as the price action consolidates within a tight 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 quietly as it trades within the previous five days range.

    I am this morning monitoring the price action for a potential move higher and a test of 8 period moving averages.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility that EURUSD breach the 34 period moving averages.




    GBPUSD



    Summary
    Wednesday GBPUSD tested and close above the 1.6570 level but was not able to sustain a move above the prior broken up 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 bouncing higher off Fibonacci support which and this could possily signal an to the current downside correction.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades at the highs of yesterday’s candle.

    I am today monitoring the price action for a test of the upward sloping trend line and the 34 period daily moving averages.

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




    USDJPY



    Summary
    Wednesday USDJPY experienced a small range day as it continued to trade at the highs to the recent up spike in prices.

    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. The recent price action is now indicating that the 101.00 support level is likely to hold. However a breach of the 101.19 level being the 4th March swing low would technically change the daily trend to down and this would be in line with the formation of a bearish head and shoulders pattern.

    Focus on today
    This morning USDJPY initially opened negatively as the price action tested the 101.70 level but has since reversed the morning losses.

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

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



    USDCHF



    Summary
    Wednesday USDCHF once again tested but could not sustain a close above the 34 period daily moving averages.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to built that will allow for further upside at least to the downward sloping trend line. However the bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

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

    Today I am monitoring the price action for a retest 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 Gold tested and closed under the 1310.00 support level.

    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 within the previous days candle range and below the 1310.00 support level.

    Today I am monitoring the price action for a continuation of yesterday’s downside momentum.

    Alternatively a failure to sustain lower prices could see Gold test the 1310.00 level.



    Oil



    Summary
    Wednesday Oil tested and closed above the 100 level.

    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 at the highs of yesterday’s candle 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 Oil trade under the 100 level and test the 8 period daily moving averages.




    AUDUSD



    Summary
    Wednesday AUDUSD continued to trade higher and closed withing the 50 to 61.8 Fibonacci resistance area.

    Market overview
    AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now trading into the Fibonacci resistance area. That AUDUSD has formed a large inverse head and shoulders pattern it will be interesting to see if either this pattern trades to its upside target which comes in at the 0.9535 level of if Fibonacci resistance will offer a strong barrier to further upside momentum.

    Focus on today
    This morning AUDUSD has positivley as the price action trades above the highs of yesterday’s range.

    I am this morning monitoring the price action for a potential continuation of the move higher.

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back to the 8 period daily moving averages.



    Dow30



    Summary
    Wednesday Dow30 traded higher as it above last weeks high. Higher the price action was not able to sustain itself above this level and eventually closed just under the 8 period daily moving averages.

    Market overview
    Dow30 has been trading in a daily down trend following the breach of the 015664 level being the swing low pivot of the 26th December. However the weekly chart continues to trade in a weekly up trend.

    Focus on today
    This morning Dow30 hasopened positivley as the price action trades at the lows of yesterday’s range.

    I am this morning monitoring the price action for a potential re-test of the 16447 level being last week’s high.

    Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 tests the 34 period moving averages.

  6. #206

    Default

    Daily Technical Analysis
    28th March 2014




    EURUSD




    Summary
    Thursday EURUSD broke down fron the congestion area that was framed by the 8 and 34 period daily moving averages and traded down to the 50% Fibonacci support area.

    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. However there has been a recent strong correction which has had the effect of creating a bearish head and shoulders pattern that is marked by the ellipse. A break beneath the right shoulder could see EURUSD trade down to trend line support.

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

    I am this morning monitoring the price action for a potential test of yesterdays low and move to the 1.3670 support level.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility that this pair trades back to its averages.



    GBPUSD



    Summary
    Thursday GBPUSD succesfully tested and closed above the above the prior broken up 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.

    More recently GBPUSD has experienced a strong downside correction and this has had the effect of creating a large converging triangle consolidation pattern. As GBPUSD has bow bounced off Fibonacci support and with the weekly trend pointing up I would expect this triangle pattern when it breaks to trade higher.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades at the highs of yesterday’s candle.

    I am today monitoring the price action for a test of 34 period daily moving averages and move in the direction of the 1.6700 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6570 support level.




    USDJPY




    Summary
    Thursday USDJPY tested both the highs and lows of this weeks range as it trades around its averages.

    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. The recent price action is now indicating that the 101.00 support level is likely to hold. However a breach of the 101.19 level being the 4th March swing low would technically change the daily trend to down and this would be in line with the formation of a bearish head and shoulders pattern which is marked by the ellipse.

    Focus on today
    This morning USDJPY has opened quietly as the price action trades within the range of the previous 6 days trading.

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

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



    USDCHF




    Summary
    Thursday USDCHF broke and closed above the 34 period daily moving averages.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to be built that will allow for further upside move and a test of the downward sloping trend line. The bullish inverse head and shoulders pattern that is forming puts the price pattern in line with this hypothesis. However daily and weekly bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

    Focus on today
    This morning USDCHF has opened positively as it tests the highs of this week’s range.

    Today I am monitoring the price action for a move to Fibonacci resistance.

    Alternatively a failure to sustain higher prices could see USDCHF trade back to its averages.




    Gold



    Summary
    Thursday Gold continued to with its downside momentun following the breach of the 1310.00 support level.

    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.

    That Gold has experienced a strong daily time frame correction has pushed the price action towards Fibonacci support and the ability or not of Fibonacci support to push Gold higher will give an indication if the bullish daily up trend or the bearish weekly down trend will win this current battle.

    Focus on today
    This morning Gold has opened quietly as the price within the previous days candle range and below the 1310.00 support level.

    Today I am monitoring the price action for a continuation of yesterday’s downside momentum and a move to the 0.618 Fibonacci support area.

    Alternatively a failure to sustain lower prices could see Gold test the 1310.00 level.



    Oil



    Summary
    Thursday Oil continued to trade higher following its succesful test the 100 level and followed this with a break and close above the 34 period daily 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 seen the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.

    Focus on today
    This morning Oil has opened positively with the price action trading at the highs of yesterday’s candle range.

    Today I am monitoring the price action for a test of the 103.00 resistance level.

    Alternatively a failure to sustain higher prices could see Oil trade under the 100 level and test the 8 period daily moving averages.



    AUDUSD



    Summary
    Thursday AUDUSD continued to trade higher and closed withing the 50 to 61.8 Fibonacci resistance area.

    Market overview
    AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now trading into the Fibonacci resistance area. That AUDUSD has formed a large inverse head and shoulders pattern it will be interesting to see if either this pattern trades to its upside target which comes in at the 0.9535 level of if Fibonacci resistance will offer a strong barrier to further upside momentum.

    Focus on today
    This morning AUDUSD has opened positivley as the price action trades above the highs of yesterday’s range.

    I am this morning monitoring the price action for a potential continuation of the move higher.

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back to the 8 period daily moving averages.



    Dow30



    Summary
    Thursday Dow30 traded down to its averages where it spen the majority of the day.

    Market overview
    Dow30 has been trading in a daily down trend following the breach of the 15664 level being the swing low pivot of the 26th December. However the weekly chart continues to trade in a weekly up trend.

    Focus on today
    This morning Dow30 hasopened quietly as the price action trades within yesterday’s range.

    I am this morning monitoring the price action for a potential re-test of the 16447 level being last week’s high.

    Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 tests the 16175 level.

  7. #207

    Default

    Daily Technical Analysis
    31st March 2014





    EURUSD



    Summary
    Friday EURUSD attempted to trade into the 50 to 61.8% Fibonacci support only for buying to come into the market. By the end of business EURUSD closed up 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. However there has been a recent strong correction which has had the effect of creating a bearish head and shoulders pattern that is marked by the ellipse. A break beneath the right shoulder could see EURUSD trade down to trend line support.

    Focus on today
    This morning EURUSD has opened quietly as it trades within the previous days range.

    I am this morning monitoring the price action for a potential test of the 1.3670 support level.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility that this pair trades back to its averages.



    GBPUSD



    Summary
    Friday GBPUSD continued to trade above the above the prior broken up 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.

    More recently GBPUSD has experienced a strong downside correction and this has had the effect of creating a large converging triangle consolidation pattern. As GBPUSD has bow bounced off Fibonacci support and with the weekly trend pointing up I would expect this triangle pattern when it breaks to trade higher.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades at the highs of the recent up move.

    I am today monitoring the price action for a test of 34 period daily moving averages and move in the direction of the 1.6700 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6570 support level.




    USDJPY



    Summary
    Friday USDJPY broke higher from its recent congrestion area and tested but did not break above the 103.00 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. The recent price action is now indicating that the 101.00 support level is likely to hold. This is being confirmed by failure of the head and shoulders pattern to break lower.

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

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

    Alternatively a failure to sustain higher prices could see USDJPY trade down to its averages.



    USDCHF



    Summary
    Friday USDCHF attempted to break higher only for sellers to come into the market.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to be built that will allow for further upside move and a test of the downward sloping trend line. The bullish inverse head and shoulders pattern that is forming puts the price pattern in line with this hypothesis. However daily and weekly bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

    Focus on today
    This morning USDCHF has opened positively as within Friday’s candle range.

    Today I am monitoring the price action for a move to Fibonacci resistance.

    Alternatively a failure to sustain higher prices could see USDCHF trade back to its averages.





    Gold



    Summary
    Friday Gold traded lower only for it to bounce off the 50% Fibonacci level and close higher.

    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.

    That Gold has experienced a strong daily time frame correction has pushed the price action towards Fibonacci support and the ability or not of Fibonacci support to push Gold higher will give an indication if the bullish daily up trend or the bearish weekly down trend will win this current battle.

    Focus on today
    This morning Gold has opened quietly as the price within the previous days candle range.

    Today I am monitoring the price action for Gold to test the 1310.00 level.

    Alternatively a failure to sustain higher prices could see Gold trade down to the 0.618 Fibonacci support area.



    Oil



    Summary
    Friday Oil continued to trade higher following its succesful test the 100 level and close above the 34 period daily 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 seen the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.

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

    Today I am monitoring the price action for a test of the 103.00 resistance level.

    Alternatively a failure to sustain higher prices could see Oil trade under the 100 level and test the 8 period daily moving averages.




    AUDUSD



    Summary
    Friday AUDUSD experience its first lower daily close which was followed by 5 preceeeding up days. This down day occurred in the 50 to 61.8 Fibonacci resistance area.

    Market overview
    AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now trading into the Fibonacci resistance area. That AUDUSD has formed a large inverse head and shoulders pattern it will be interesting to see if either this pattern trades to its upside target which comes in at the 0.9535 level of if Fibonacci resistance will offer a strong barrier to further upside momentum.

    Focus on today
    This morning AUDUSD has opened negativley as the price action trades below Friday’s range.

    I am this morning monitoring the price action for a potential move back down to the 8 period daily moving averages.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD tests Friday’s high.



    Dow30



    Summary
    Friday Dow30 continues to trade at the averages.

    Market overview
    Dow30 has been trading in a daily down trend following the breach of the 15664 level being the swing low pivot of the 26th December. However the weekly chart continues to trade in a weekly up trend.

    Focus on today
    This morning Dow30 hasopened quietly as the price action trades within the previous 9 days candle range.

    I am this morning monitoring the price action for a potential re-test of the 16447 level being last week’s high.

    Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 tests the 16175 level.

  8. #208

    Default

    Daily Technical Analysis
    1st April 2014




    EURUSD




    Summary
    Monday EURUSD continued to traded higher following its bounce off the 50 to 61.8% Fibonacci support area. This lead to an upward penetration of the 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. However there has been a recent strong correction which has had the effect of creating a bearish head and shoulders pattern that is marked by the ellipse. There has been a break beneath the right shoulder could see EURUSD trade down to trend line support.

    Focus on today
    This morning EURUSD has opened positively as it trades within the previous days range.

    I am this morning monitoring the price action for a potential test of the 1.3875 being the 24th March pivot high.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility that this pair trades back to Fibonacci support.



    GBPUSD



    Summary
    Monday GBPUSD continued to trade above the above the prior broken up 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.

    More recently GBPUSD has experienced a strong downside correction and this has had the effect of creating a large converging triangle consolidation pattern. As GBPUSD has bow bounced off Fibonacci support and with the weekly trend pointing up I would expect this triangle pattern when it breaks to trade higher.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades at the highs of the recent up move.

    I am today monitoring the price action for a test of the 1.6700 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6570 support level.



    USDJPY



    Summary
    Monday USDJPY following the break of the 103.00 level yesterday also tested the 103.40 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. The recent price action is now indicating that the 101.00 support level is likely to hold. This is being confirmed by failure of the head and shoulders pattern to break lower.

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

    Today I am monitoring a potential test of the 103.40 level.

    Alternatively a failure to sustain higher prices could see USDJPY trade down to its averages.



    USDCHF



    Summary
    Monday USDCHF again attempted to break higher only for sellers to come into the market.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to be built that will allow for further upside move and a test of the downward sloping trend line. The bullish inverse head and shoulders pattern that is forming puts the price pattern in line with this hypothesis. However daily and weekly bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

    Focus on today
    This morning USDCHF has opened negatively as within Monday’s candle range.

    Today I am monitoring the price action for a move down from moving average value area.

    Alternatively a failure to sustain lower prices could see USDCHF test last week’s high.





    Gold



    Summary
    Monday Gold traded lower as the preice action penetraded the 50% Fibonacci level.

    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.

    That Gold has experienced a strong daily time frame correction has pushed the price action towards Fibonacci support and the ability or not of Fibonacci support to push Gold higher will give an indication if the bullish daily up trend or the bearish weekly down trend will win this current battle.

    Focus on today
    This morning Gold has opened positively as the price within the previous days candle range.

    Today I am monitoring the price action for Gold to test the 1270.00 level.

    Alternatively a failure to sustain lower prices could see Gold trade up to the 1310.00 level.



    Oil



    Summary
    Monday Oil continued to trade lower as the price action was not able to trade above Friday’s high.

    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 the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.

    Focus on today
    This morning Oil has opened negatively with the price action trading within Monday’s candle range.

    Today I am monitoring the price action for a test of the 103.00 resistance level.

    Alternatively a failure to sustain higher prices could see Oil trade under the 100 level and test the 8 period daily moving averages.





    AUDUSD



    Summary
    Monday AUDUSD partial reverese Friday’s lower close as the price action trades within the 50 to 61.8 Fibonacci resistance area.

    Market overview
    AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now trading into the Fibonacci resistance area. That AUDUSD has formed a large inverse head and shoulders pattern it will be interesting to see if either this pattern trades to its upside target which comes in at the 0.9535 level of if Fibonacci resistance will offer a strong barrier to further upside momentum.

    Focus on today
    This morning AUDUSD has opened quietley as the price action trades above Monday’s range.

    I am this morning monitoring the price action for a potential move to the 61.8 Fibonacci level.

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests 8 period moving averages.



    Dow30




    Summary
    Monday Dow30 bounce higher off the moving average support area.

    Market overview
    Dow30 has been trading in a daily down trend following the breach of the 15664 level being the swing low pivot of the 26th December. However the weekly chart continues to trade in a weekly up trend.

    Focus on today
    This morning Dow30 haso pened quietly as the price action trades at the highs of the previous days candle range.

    I am this morning monitoring the price action for a potential re-test of the 16500 resistance level.

    Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 tests the 8 period moving averages.

  9. #209

    Default

    Daily Technical Analysis
    2nd April 2014





    EURUSD




    Summary
    Tuesday EURUSD continued to traded higher following its bounce off the 50 to 61.8% Fibonacci support area. This lead to an upward penetration of the 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. However there has been a recent strong correction which has had the effect of creating a bearish head and shoulders pattern that is marked by the ellipse. There has been a break beneath the right shoulder could see EURUSD trade down to trend line support.

    Focus on today
    This morning EURUSD has opened positively as it trades within the previous days range.

    I am this morning monitoring the price action for a potential test of the 1.3875 being the 24th March pivot high.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility that this pair trades back to Fibonacci support.



    GBPUSD



    Summary
    Tuesday GBPUSD continued to trade above the above the prior broken up 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.

    More recently GBPUSD has experienced a strong downside correction and this has had the effect of creating a large converging triangle consolidation pattern. As GBPUSD has bow bounced off Fibonacci support and with the weekly trend pointing up I would expect this triangle pattern when it breaks to trade higher.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades at the highs of the recent up move.

    I am today monitoring the price action for a test of the 1.6700 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6570 support level.




    USDJPY



    Summary
    Tuesday USDJPY continued to trade higher as it approached the 103.76 level being the prior swing high of the 7th March.

    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. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum.

    Focus on today
    This morning USDJPY has opened strongly with the price action penetrating the 103.76 level being the prior swing high of the 7th March.

    Today I am monitoring a potential close above the 103.76 level.

    Alternatively a failure to sustain higher prices could see USDJPY trade down to the 103.00 level.



    USDCHF



    Summary
    Tuesday USDCHF continued to reject higher prices at the 8 to 34 period daily moving averages.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to be built that will allow for further upside move and a test of the downward sloping trend line. The bullish inverse head and shoulders pattern that is forming puts the price pattern in line with this hypothesis. However daily and weekly bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

    Focus on today
    This morning USDCHF has opened negatively as within Tuesday’s candle range.

    Today I am monitoring the price action for a move down from moving average value area.

    Alternatively a failure to sustain lower prices could see USDCHF test last week’s high.





    Gold



    Summary
    Tuesday Gold traded lower as the preice action penetraded the 50% Fibonacci level.

    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.

    That Gold has experienced a strong daily time frame correction has pushed the price action into Fibonacci support and the ability or not of Fibonacci support to push Gold higher will give an indication if the bullish daily up trend or the bearish weekly down trend will win this current battle.

    Focus on today
    This morning Gold has opened positively as the price within the previous days candle range.

    Today I am monitoring the price action for Gold to test the 1270.00 level.

    Alternatively a failure to sustain lower prices could see Gold trade up to the 1310.00 level.



    Oil



    Summary
    Tuesday Oil broke lower as the price action slashed through the 100.00 level.

    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 the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher. However Oil needs to hold above the 97.35 level so as to maintain its daily uptrend.

    Focus on today
    This morning Oil has opened negatively with the price action trading at the bottom of Tuesday’s candle range.

    Today I am monitoring the price action for a test of the 98.00 support level.

    Alternatively a failure to sustain lower prices could see Oil trade back up to the 100 level.




    AUDUSD



    Summary
    Tuesday AUDUSD managed to trade above last weeks high but was not able to sustain higher prices and eventually closed the day down.

    Market overview
    AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now trading into the Fibonacci resistance area. That AUDUSD has formed a large inverse head and shoulders pattern it will be interesting to see if either this pattern trades to its upside target which comes in at the 0.9535 level or if Fibonacci resistance will offer a strong barrier to further upside momentum.

    Focus on today
    This morning AUDUSD has opened quietley as the price action trades with Tuesday’s range.

    I am this morning monitoring the price action for a potential move to the 61.8 Fibonacci level.

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests 8 period moving averages.



    Dow30




    Summary
    Tuesday Dow30 continued to trade higher as the price action tested the 16,570 resistance level.

    Market overview
    Yesterday’s move above the 16,514 being the 7th March swing high has changed the daily trend to up. This has put the daily trend in gear with the weekly trend.

    Focus on today
    This morning Dow30 haso pened quietly as the price action trades at the highs of the previous days candle range.

    I am this morning monitoring the price action for a potential re-test of the 16,570 resistance level.

    Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 tests the 8 period moving averages.

  10. #210

    Default

    Daily Technical Analysis
    3rd April 2014





    EURUSD




    Summary
    Wednesday EURUSD intially traded higher but was not able to close above the 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. However there has been a recent strong correction which has had the effect of creating a bearish head and shoulders pattern that is marked by the ellipse. There has been a break beneath the right shoulder could see EURUSD trade down to trend line support.

    Focus on today

    This morning EURUSD has opened negatively as it trades within the previous days range.

    I am this morning monitoring the price action for a potential move back to Fibonacci support.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility tests 1.3875 being the 24th March pivot



    GBPUSD



    Summary
    Wednesday GBPUSD continued to trade above the above the prior broken up 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.

    More recently GBPUSD has experienced a strong downside correction and this has had the effect of creating a large converging triangle consolidation pattern. As GBPUSD has bow bounced off Fibonacci support and with the weekly trend pointing up I would expect this triangle pattern when it breaks to trade higher.

    Focus on today
    This morning GBPUSD has opened quietly as the price action trades at the highs of the recent up move.

    I am today monitoring the price action for a test of the 1.6700 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6570 support level.



    USDJPY




    Summary
    Wednesday USDJPY continued to trade higher as it penetrated the 103.76 level being the prior swing high of the 7th March.

    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. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum.

    Focus on today
    This morning USDJPY has opened quietly with the price action trading at the highs of yesterday’s candle range.

    Today I am monitoring USDJPY for a move towards the 104.85 level being the prior swing high of the 25th January

    Alternatively a failure to sustain higher prices could see USDJPY trade down to the 103.40 level.



    USDCHF



    Summary
    Wednesday USDCHF the prior two day down move as it slashed through and closed above the 8 to 34 period daily moving averages.

    Market overview
    USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to be built that will allow for further upside move and a test of the downward sloping trend line. The bullish inverse head and shoulders pattern that is forming puts the price pattern in line with this hypothesis. However daily and weekly bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.

    Focus on today
    This morning USDCHF has opened quietly as it trades at the highs of Wednesday’s candle range.

    Today I am monitoring the price action to potentially trade up to last week’s high.

    Alternatively a failure to sustain higher prices could see USDCHF test the moving averages.





    Gold



    Summary
    Wednesday Gold bounce higher off the 50% Fibonacci support level.

    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.

    That Gold has experienced a strong daily time frame correction has pushed the price action into Fibonacci support and the ability or not of Fibonacci support to push Gold higher will give an indication if the bullish daily up trend or the bearish weekly down trend will win this current battle.

    Focus on today
    This morning Gold has opened positively as the price action trades at the highs of the previous days candle range.

    Today I am monitoring the price action for Gold to trade up to the 1310.00 level.

    Alternatively a failure to penetrate the 8 period moving averages could see Gold trade down to the 1270.00 level.



    Oil



    Summary
    Wednesday Oil continued to trade lower as the price action closed at the lows of the previous days range.

    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 the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher. However Oil needs to hold above the 97.35 level so as to maintain its daily uptrend.

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

    Today I am monitoring the price action for a test of the 100.00 support level.

    Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 level.




    AUDUSD



    Summary
    Wednesday AUDUSD experienced a quiet day as it traded down to the 8 period moving averages.

    Market overview
    AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now trading into the Fibonacci resistance area. That AUDUSD has formed a large inverse head and shoulders pattern it will be interesting to see if either this pattern trades to its upside target which comes in at the 0.9535 level or if Fibonacci resistance will offer a strong barrier to further upside momentum.

    Focus on today
    This morning AUDUSD has opened negativley as the price action tests the 8 period moving averages.

    I am this morning monitoring the price action for a potential move into the direction of trend line support.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD tests the 61.8 Fibonacci resistance level.



    Dow30



    Summary
    Wednesday Dow30 continued to trade higher as the price action tested the 16,570 resistance level.

    Market overview
    The move above the 16,514 being the 7th March swing high has changed the daily trend to up. This has put the daily trend in gear with the weekly trend.

    Focus on today
    This morning Dow30 haso pened quietly as the price action trades within the previous days candle range.

    I am this morning monitoring the price action for a potential re-test of the 16,570 resistance level.

    Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 trades down to the 16,500 support level.

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