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Thread: Daily Technical Analysis from ACFX

  1. #221

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    Daily Technical Analysis
    17th April 2014





    EURUSD



    Summary
    Wednesday EURUSD experienced a fairly volatile session as the price action pivoted around its 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 high. The daily trend is now in gear with the strong weekly up trend. This price action has put the daily time frame in gear with the positive weekly trend. Furthermore the large head and shoulders pattern would appear to be invalidated by the recent bullish momentum.

    Focus on today
    This morning EURUSD has opened bullishly as the price action tests the high of Wednesday’s candle.

    I am this morning monitoring the price actions for a potential upside move to the 1.3900 level.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a test of trend line support.



    GBPUSD



    Summary
    Wednesday GBPUSD traded spiked through the 1.6795 level as the price action bounced off its 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. Last week’s price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.

    Focus on today
    This morning GBPUSD has opened bullishly as the price action trades above the 1.6822 level being the 17th February pivot high.

    I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.



    USDJPY



    Summary
    Wednesday USDJPY bounced higher as the price action closed above the 5 day range.

    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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.

    Focus on today
    This morning USDJPY has opened negatively as the price action trades within Wednesday’s candle range.

    Today I am monitoring USDJPY for a test of the 34 period daily moving averages.

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



    USDCHF



    Summary
    Wednesday USDCHF continued to correct to the upside as the price action closed above its 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. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. I am therefore considering the break down from trend line and Fibonacci resistance as a resumption of the down trend.

    Focus on today
    This morning USDCHF has opened negativley as it trades within Wednesday’s candle range.

    Today I am monitoring the price action to see if USDCHF can potentially bounce lower of the averages and take out the 0.8743 level being the 11th April pivot low.

    Alternatively a failure to sustain lower prices could possibly see a test of the averages and move towards the down trend line.



    Gold



    Summary
    Wednesday Gold traded for the entire session at the lows of Tuesday’s candle range.

    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 test of 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.

    More recently Gold has experienced a strong rally that has push the price action back into the daily averages. This area can possibly be viewed as a value area to add shorts. Notwithstanding as Gold is now approaching the large downward sloping trend line we may see the price action naturally be drawn to this area.

    Focus on today
    This morning Gold has opened quietly as the price action trades within Wednesday’s candle range.

    Today I am monitoring the price action for Gold to test the 50% Fibonacci support level.

    Alternatively a failure to sustain lower prices could see Gold to bounce off Fibonacci support and trade up to the 1335.00 resistance level.


    AUDUSD



    Summary
    Wednesday AUDUSD found support at the 8 period daily 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. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.

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

    I am this morning monitoring the price action for a potential move beneath the low of Wednesday’s candle range and move into the direction of the 34 period daily moving averages.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.



    Oil



    Summary
    Wednesday Oil traded tested and bounce higher off the 103.00 support level and 8 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 bulllishly as the price action trades within Wednesday’s candles range.

    Today I am monitoring the price action for a test 105.00 resistance level.

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

  2. #222

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    Daily Technical Analysis
    22nd April 2014





    EURUSD



    Summary
    Monday EURUSD traded in a fairly small bank holiday range as the price action tested the 1.3789 level being the low of the 15th April.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. This price action has put the daily time frame in gear with the positive weekly trend. Furthermore the large head and shoulders pattern would appear to be invalidated by the recent bullish momentum.

    Focus on today
    This morning EURUSD has opened quietly as the price action tests the lows of Monday’s candle.

    I am this morning monitoring the price actions for a potential test of the 1.3789 level being the low of the 15th April.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a breach of the averages and a test of last week’s high of 1.3864.



    GBPUSD



    Summary
    Monday GBPUSD experienced a quiet day’s trading as the price action hovered around the 1.6795 level.

    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. Last week’s price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.

    Focus on today
    This morning GBPUSD has opened quietly as the price action tests the 1.6795 level.

    I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.




    USDJPY



    Summary
    Monday USDJPY continued to trade higher as the price action closed above the 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 has seen a failure of the head and shoulders pattern which confirms the current upward momentum. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.

    Focus on today
    This morning USDJPY has opened negatively as the price action trades within Monday’s candle range.

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

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



    USDCHF



    Summary
    Monday USDCHF continued to correct to the upside as the price action closed above its 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. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. However we require a breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

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

    Today I am monitoring the price action to see if USDCHF can potentially test the downward sloping trend line.

    Alternatively a failure to sustain higher prices could possibly see a resumption of the daily down trend.




    Gold



    Summary
    Monday Gold traded in a fairly volatile sessionas the price action tested Fibonacci support.

    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 test of 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.

    More recently Gold has experienced a strong rally that has push the price action back into the daily averages. This area can possibly be viewed as a value area to add shorts. Notwithstanding as Gold is now approaching the large downward sloping trend line we may see the price action naturally be drawn to this area.

    Focus on today
    This morning Gold has opened quietly as the price action trades within Monday’s candle range.

    Today I am monitoring the price action for Gold to test the 50% Fibonacci support level.

    Alternatively a failure to sustain lower prices could see Gold to bounce off Fibonacci support and trade up to the 1310.00 resistance level.


    AUDUSD



    Summary
    Monday AUDUSD traded in a narrow range under the 8 period daily 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. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.

    Focus on today
    This morning AUDUSD has opened bullishly with the price action tests the 8 period daily moving averages.

    I am this morning monitoring the price action for a potential move beneath the low of Monday’s candle range and move into the direction of the 34 period daily moving averages.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.


    Oil



    Summary
    Monday Oil traded lower as the price acton tested the 103.00 support 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.

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

    Today I am monitoring the price action for a test 105.00 resistance level.

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

  3. #223

    Default

    Daily Technical Analysis
    23rd April 2014







    EURUSD




    Summary
    Tuesday EURUSD continued to trade in smallish range with the price action testing but not able to close beneath the 1.3789 level being the low of the 15th April.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.

    Focus on today
    This morning EURUSD has been trading with a volatile range that has seen the price action trade above the averages.

    I am this morning monitoring the price actions for a potential test of the 1.3789 level being the low of the 15th April.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a breach of the averages and a test of last week’s high of 1.3864.



    GBPUSD



    Summary
    Tuesday GBPUSD continued to trade above the the 1.6795 level.

    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. Last week’s price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.

    Focus on today
    This morning GBPUSD has opened quietly as the price trades within yesterday’s candle ranges.

    I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.



    USDJPY



    Summary
    Tuesday USDJPY traded marginally higher but ultimatley the price action closed just below its opening price.

    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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.

    Focus on today
    This morning USDJPY has opened quietly as the price action trades within Tuesday’s candle range.

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

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



    USDCHF



    Summary
    Tuesday USDCHF traded marginally higher but ultimatley the price action closed just above its opening price.

    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. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. However we require a breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

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

    Today I am monitoring the price action to see if USDCHF can potentially test the downward sloping trend line.

    Alternatively a failure to sustain higher prices could possibly see a resumption of the daily down trend.



    Gold



    Summary
    Tuesday Gold continued to trade lower and tested the 1277 level being the 1st April low.

    Market overview
    Yesterdays breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

    However we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.

    Focus on today
    This morning Gold has opened quietly as the price action trades within Tuesday’s candle range.

    Today I am monitoring the price action for Gold to retest the 1277 level being the 1st April low.

    Alternatively a failure to sustain lower prices could see Gold to bounce off Fibonacci support and trade up to the 1310.00 resistance level.


    AUDUSD



    Summary
    Tuesday AUDUSD traded higher as the price action tested the the 8 period daily 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. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.

    Focus on today
    This morning AUDUSD has opened bearishly as the price trades beneath last week’s low.

    I am this morning monitoring the price action for a potential continuation of the downside momentum and move into the direction of the 34 period daily moving averages.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.



    Oil



    Summary
    Tuesday Oil traded lower as the price acton tested the 103.00 support 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.

    Focus on today
    This morning Oil has opened bearishly as the price action moves into the direction of the 34 period daily moving averages.

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

    Alternatively a failure to sustain lower prices could see Oil trade back up to the 103.00 level.

  4. #224

    Default

    Daily Technical Analysis
    25th April 2014








    EURUSD




    Summary
    Thursday EURUSD experienced a mixed day as the price action spiked above and below its averages.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.

    Focus on today
    This morning EURUSD has opened quietley as the price action trades within Thursday’s candle range.

    I am this morning monitoring the price actions for a potential test of Thursday’s high.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the range of this week’s low.



    GBPUSD



    Summary
    Thursday GBPUSD continued to trade around the 1.6795 level and 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. The recent price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.

    Focus on today
    This morning GBPUSD has opened quietly as the price trades within Thursday’s candle ranges.

    I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.



    USDJPY



    Summary
    Thursday USDJPY traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.

    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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.

    Focus on today
    This morning USDJPY has opened quietly as the price action trades within Thursday’s candle range.

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

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



    USDCHF



    Summary
    Thursday USDCHF traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.

    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. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

    Focus on today
    This morning USDCHF has opened quietly as it trades within Thursday’s candle range.

    Today I am monitoring the price action to see if USDCHF can move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

    Alternatively a failure to sustain lower prices could possible retest of the upward sloping trend line.




    Gold



    Summary
    Thursday Gold traded strongly higher as the price action rejected the 1270.00 support level and closed back at the 8 period moving averages.

    Market overview
    The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

    However yesterday’s strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.

    Focus on today
    This morning Gold has opened quietly as the price action trades at the highs Thursday’s candle range.

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

    Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.




    AUDUSD



    Summary
    Thursday AUDUSD continued to trade lower as the price action moved into the direction of the 34 period daily 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 correcting lower following a rejection of the Fibonacci resistance area.

    Focus on today
    This morning AUDUSD has opened quietly as the price trades at the lows of Thursday’s candle range.

    I am this morning monitoring the price action for a potential continuation of the downside momentum and move into the direction of the 34 period daily moving averages.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.


    Oil




    Summary
    Thursday Oil experienced a quiet day as the price action hovered 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.

    However the recent price action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.

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

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

    Alternatively a failure to sustain lower prices could see Oil trade back up to the 103.00 level.

  5. #225

    Default

    Daily Technical Analysis
    30th April 2014






    EURUSD





    Summary
    Tuesday EURUSD broke down from the previous days high as the price action traded down to its averages.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.

    Focus on today
    This morning EURUSD has opened quietly as the price action trades at the lows of Tuesday’s candle range.

    I am this morning monitoring the price action for a potential test of this week high.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the averages.



    GBPUSD




    Summary
    Tuesday GBPUSD traded within Monday’s candle range.

    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. The recent price activity has as expected, broken the converging triangle to the upside with GBPUSD now trading at the 8 period moving averages.

    Focus on today
    This morning GBPUSD has opened quietly as the price trades within Tuesday’s candle ranges.

    I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.



    USDJPY



    Summary
    Tuesday USDJPY traded higher as the price action closed above the 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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.

    Focus on today
    This morning USDJPY has opened bearishly as the price action trades beneath the low of Tuesday’s candle range.

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

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



    USDCHF




    Summary
    Tuesday USDCHF traded higher as the price action tested the downward sloping trend line.

    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. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

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

    Today I am monitoring the price action to see if USDCHF can test the upward sloping trend line.

    Alternatively a failure to sustain higher prices could see USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.



    AUDUSD



    Summary
    Tuesday AUDUSD tested the 34 period daily moving averages. However by the end of business AUDUSD have paired its losses and closed higher.

    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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

    Focus on today
    This morning AUDUSD has opened positively as the price trades at the above Tuesday’s candle range.

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

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




    GOLD



    Summary
    Tuesday Gold spiked beneath the 8 period daily moving averages however ultimatley closed at its open.

    Market overview
    The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

    However the recent strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.

    Focus on today

    This morning Gold has opened quietly as the price action trades at the lows Tuesday’s candle range.

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

    Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.



    OIL




    Summary
    Tuesday Oil spiked higher and tested the 8 period moving averages. However the price action was not able to sustain higher and ultimatley closed the day lower.

    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 action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.

    Focus on today
    This morning Oil has opened negatively as the price action trades beneath Tuesday’s candle range.

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

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

  6. #226

    Default

    Daily Technical Analysis
    5th May 2014





    EURUSD




    Summary
    Friday EURUSD spent most of the London session trading in a tight range as the market awaited the Non Farm Payroll data. The better than expected numbers intially had the impact of EURUSD breaking lower as the price action penetrate under its expected lower range boundary and testedm the 34 period daily moving averages. However at these level buyers came into the market as EURUSD paired all the losses for the day and eventually closed marginally higher.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.

    With Friday’s price action closed slightly above trend line resistance I will be monitoring EURUSD for further upside momentum.

    Focus on today
    This morning EURUSD has opened quietely as the price action trades at the highss of Thurday’s candle range.

    I am this morning monitoring the price action for a potential test of the 1.3900 resistance level.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the prior broken down trend line.



    GBPUSD



    Summary
    Friday GBPUSD initially spiked lowed as the price action penetrated the 8 period daily moving averages and tested the 1.6795 support level. However by the closed of business GBPUSD had paired the majority of its lossess and closed slightly down on the day.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

    Focus on today
    This morning GBPUSD has opened quietly as the price trades within Friday’s candle ranges.

    I am today monitoring the price action for a test of last week’s candle range high.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6795 support level.





    USDJPY



    Summary
    Friday USDJPY spiked higher off the Non Farm Payroll data. However the 103.00 level offered good resistance as the price action was undable to sustain a move above this level. This ultimatley led to a collapse as sellers came into the market. By the close of business USDJPY closed down on the day and under 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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

    Focus on today
    This morning USDJPY has opened negatively as the price action trades under last week’s candle range.

    Today I am monitoring USDJPY for a test of the 101.70 support level.

    Alternatively a failure to sustain higher prices could see USDJPY retest the 13.00 resistance level.



    USDCHF



    Summary
    Tuesday USDCHF spiked higher off the Non Farm Payroll data as the price action tested the downward sloping trendline. However this trendline once again proved to be good resistance as USDCHF was unable to maintain a move above this level. This ultimatley led to a collapse as sellers came into the market. By the close of business USDCHF closed down on the day and under its 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. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

    Focus on today
    This morning USDCHF has opened negatively as it trades under Friday’s candle ranges.

    Today I am monitoring the price action to see if USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

    Alternatively a failure to sustain lower prices could see USDCHF can test the upward sloping trend line.



    Gold



    Summary
    Friday Gold experience a strong up day as the price action rejected the 1270.00 support level. The price action continued to trade higher and was only held at the 1310.00 resistance level and the 34 period daily moving averages.

    Market overview
    The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

    A breach of the 1270.00 support level would confirm the daily down trend.

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

    Today I am monitoring the price action for Gold to test the 1310 resistance level.

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



    AUDUSD



    Summary
    Friday AUDUSD spiked lower off the Non Farm Payroll data as the price action tested the upward sloping trendline. However this trendline proved to be good resistance as AUDUSD was unable to maintain a move below this level. This ultimatley led to a rally as buyers came into the market. By the close of business AUDUSD closed marginally up on the day.

    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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.

    Focus on today
    This morning AUDUSD has opened quietly as the price trades within Friday’s candle range.

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

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the upward sloping trend line.



    Oil



    Summary
    Friday Oil traded higher as the price action tested 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 action has seen a strong downward correction towards the 98.00 support level.

    Focus on today
    This morning Oil has opened positively as the price action trades within Friday’s candle range.

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

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

  7. #227

    Default

    Daily Technical Analysis
    6th May 2014







    EURUSD




    Summary
    Monday EURUSD in a tight range during the UK bank holiday.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.

    Focus on today
    This morning EURUSD has opened quietely as the price action trades at the within Monday’s candle range.

    I am this morning monitoring the price action for a potential test of the 1.3900 resistance level.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the prior broken down trend line.



    GBPUSD



    Summary
    Monday GBPUSD in a tight range during the UK bank holiday.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

    Focus on today
    This morning GBPUSD has opened positively as the price trades above Monday’s candle ranges.

    I am today monitoring the price action for a test of last week’s candle range high.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6795 support level.




    USDJPY




    Summary
    Monday USDJPY had an indifferent trading day with the price action closing marginally beneath its open.

    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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

    Focus on today
    This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.

    Today I am monitoring USDJPY for a test of the 101.70 support level.

    Alternatively a failure to sustain higher prices could see USDJPY retest the 13.00 resistance level.



    USDCHF



    Summary
    Tuesday USDCHF gapped down but by the close of business ended the days trading closing higher.

    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. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

    Focus on today
    This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.

    Today I am monitoring the price action to see if USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

    Alternatively a failure to sustain lower prices could see USDCHF can test the upward sloping trend line.


    Gold



    Summary
    Monday Gold traded higher as the price action tested the 1310.00 resistance level.

    Market overview
    The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

    A breach of the 1270.00 support level would confirm the daily down trend.

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

    Today I am monitoring the price action for Gold to test the 1310 resistance level.

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



    AUDUSD



    Summary
    Monday AUDUSD traded within a tight range around the 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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.

    Focus on today
    This morning AUDUSD has opened quietly as the price trades within Monday’s candle range.

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

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the upward sloping trend line.



    Oil



    Summary
    Monday Oil traded lower as the price action failed to closed above 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 action has seen a strong downward correction towards the 98.00 support level.

    Focus on today
    This morning Oil has opened positively as the price action trades within Monday’s candle range.

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

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

  8. #228

    Default

    Daily Technical Analysis
    7th May 2014







    EURUSD





    Summary
    Tuesday EURUSD broke higher as the price action traded and closed above the 1.3905 level being the 11th April high.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.

    Focus on today
    This morning EURUSD has opened quietely as the price action trades at the within Tuesday’s candle range.

    I am this morning monitoring the price action for a potential test of the 1.3966 level being the 13th March high.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the 8 period daily moving averages.





    GBPUSD





    Summary
    Tuesday GBPUSD broke higher from its averages as the price action tested the 1.6985 resistance level.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

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

    I am today monitoring the price action for a test of the 1.6985 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the averages.





    USDJPY





    Summary
    Tuesday USDJPY experienced a strong down day as the price acion tested the 101.70 support 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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

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

    Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.

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



    USDCHF





    Summary
    Tuesday USDCHF continued to trade lower as the price action tested and closed under the 0.8743 being the swing low of the 11th April.

    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. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.

    Focus on today
    This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.

    Today I am monitoring the price action to see if USDCHF can test the 0.8698 level being the 2014 low.

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



    Gold





    Summary
    Tuesday Gold traded at the highs of Monday’s candle range as the price action tested the 1310 resistance level.

    Market overview
    The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

    However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

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

    Today I am monitoring the price action for Gold to test the 1310 resistance level.

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



    USDCAD





    Summary
    Tuesday USDCAD broke lower off the daily moving averages and trend line resistance.

    Market overview
    USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. A breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

    Focus on today
    This morning USDCAD has opened quietly as the price trades at the lows of Tuesday’s candle range.

    I am this morning monitoring the price action for a potential test of the 1.0857 level being the daily swing low of the 9th April

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0940 resistance level.


    Oil





    Summary
    Tuesday Oil traded around the 100 level and with Monday’s candle 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 action has seen a strong downward correction towards the 98.00 support level.

    Focus on today
    This morning Oil has opened positively as the price action trades within Tuesday’s candle range.

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

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


    AUDUSD




    Summary
    Tuesday AUDUSD broke higher off the daily 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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.

    Focus on today
    This morning AUDUSD has opened quietly as the price trades at the highs of Tuesday’s candle range.

    I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

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

  9. #229

    Default

    Daily Technical Analysis
    8th May 2014




    EURUSD



    Summary
    Wednesday EURUSD traded within a tight 30 pip range for most of the day as the market awaited the FOMC statement and hearing.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.

    Focus on today
    This morning EURUSD has opened quietely as the price action trades at the within Wednesday’s candle range.

    I am this morning monitoring the price action for a potential test of the 1.3966 level being the 13th March high.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the 8 period daily moving averages.


    GBPUSD



    Summary
    Wednesday GBPUSD had a quiet day as the price action consolidated at the highs of Tuesday’s candle range.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

    Focus on today
    This morning GBPUSD has opened quietly as the price trades within Wednesday’s candle ranges.

    I am today monitoring the price action for a test of the 1.6985 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the averages.


    USDJPY



    Summary
    Wednesday USDJPY initially tested the weekly low however buyers came into the market and by the close of business closed the day higher.

    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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

    Focus on today
    This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.

    Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.

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



    USDCHF



    Summary
    Wednesday USDCHF have a quiet as the price action traded within Tuesday’s candle range.

    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. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.

    Focus on today
    This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.

    Today I am monitoring the price action to see if USDCHF can test the 0.8698 level being the 2014 low.

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


    Gold



    Summary
    Wednesday Gold broke down from the 1310 resistance level as the price action traded down to Fibonacci support.

    Market overview
    The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

    However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

    Focus on today
    This morning Gold has opened quietly as the price action trades at the lows of Wednesday’s candle range.

    Today I am monitoring the price action for Gold to test the 1270 support level.

    Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.



    USDCAD



    Summary
    Wednesday USDCAD had a quiet day as the price action trade within Tuesday’s candle range.

    Market overview
    USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. A breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

    Focus on today
    This morning USDCAD has opened quietly as the price trades withins Wednesday’s candle range.

    I am this morning monitoring the price action for a potential test of the 1.0857 level being the daily swing low of the 9th April

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0940 resistance level.


    AUDUSD



    Summary
    Wednesday AUDUSD had a quiet day as the price action trade within Tuesday’s candle range.

    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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.


    Focus on today
    This morning AUDUSD has opened positively as the price trades at the price action tests the 0.9390 resistance level.

    I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

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



    Oil



    Summary
    Wednesday Oil traded broke above the 100 level and tested 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 action has seen a strong downward correction and bounce off the 98.00 support level.

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

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

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

  10. #230

    Default

    Daily Technical Analysis
    9th May 2014






    EURUSD




    Summary
    Thursday EURUSD experienced some strange price action. Initially EURUSD broke higher and traded above the 1.3966 level being the 2014 high. However EURUSD immediatley reversed its directrion and collapsed by over 150 pips. This move down was only halted when EURUSD hit the top of the prior broken triangle formation.

    Market overview
    EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. Yesterday’s collapse has brought EURUSD back into the averages and support. This can possibly be viewed as a value area to add longs.

    Focus on today
    This morning EURUSD has opened quietely as the price action trades at the lows Thursday’s candle range.

    I am this morning monitoring the price action for a potential test of the 34 period daily moving averages and trend line support.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a bounce off support and move back to the 8 period daily moving averages.




    GBPUSD



    Summary
    Thursday GBPUSD had a quiet day as the price action consolidated at the highs of this weeks range.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

    Focus on today
    This morning GBPUSD has opened quietly as the price trades at the 8 period daily moving averages.

    I am today monitoring the price action for a test of the 1.6985 resistance level.

    Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the 1.6795 support level.



    USDJPY




    Summary
    Thursday USDJPY traded within the prior two days candle ranges.

    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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

    Focus on today
    This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.

    Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.

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



    USDCHF



    Summary
    Thursday USDCHF broke down and at one point tested the 2014 low. However the direction immediatley reversed its direction. USDCHF rallied strongly. By the close of business USDCHF had end the day above the 8 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. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.

    Focus on today
    This morning USDCHF has opened quietly as it trades above yesterday’s candle ranges.

    Today I am monitoring the price action to see if USDCHF can potentially bounce lower off trend line resistance.

    Alternatively a failure to sustain lower prices could see USDCHF test both the 34 period daily moving averages trend line resistance.


    Gold



    Summary
    Thursday Gold had a quiet day as the price action traded at lows of Wednesday’s range.

    Market overview
    The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

    However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

    Focus on today
    This morning Gold has opened quietly as the price action trades within Thursday’s candle range.

    Today I am monitoring the price action for Gold to test the 1270 support level.

    Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.



    USDCAD



    Summary
    Thursday USDCAD experienced a strong down day as the price action breached the 9th April low and moved towards the 1.0790 support level.

    Market overview
    USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

    Focus on today
    This morning USDCAD has opened quietly as the price trades at the lows of Thursday’s candle range.

    I am this morning monitoring the price action for a potential test of the 1.0790 support level.

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to 8 periods daily moving averages.




    AUDUSD



    Summary
    Thursday AUDUSD had a strong up day as the price action tested the 0.9390 resistance level.

    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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

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

    I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

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





    Oil



    Summary
    Thursday Oil traded above the 100 level and the 8 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 action has seen a strong downward correction and bounce off the 98.00 support level.

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

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

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

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