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Thread: Daily Technical Analysis from ACFX

  1. #231

    Default

    Daily Technical Analysis
    13th May 2014







    EURUSD



    Summary
    Monday EURUSD traded in a small range for the entire days business.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now moved into an area of Fibonacci support. This Fibonacci zone could possibly be viewed as a value area where longs could potentially be added.

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

    I am this morning monitoring the price action for a potential bounce back up to the 34 period daily moving averages and trend line resistance.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a test of Friday’s low and the 1.3672 level being the 4th April swing low.


    GBPUSD



    Summary
    Monday GBPUSD traded at tge lows of Friday’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 action trades within Monday’s candle range.

    I am today monitoring the price action for a test of the 1.6795 support level.

    Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 8 period daily moving averages.


    USDJPY



    Summary
    Monday USDJPY traded higher as the price action closed above prior three 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 sustained 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 positively as the price action trades tests the 34 period daily moving averages.

    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 trade back to the 101.32 level being the 11th April swing low.



    USDCHF



    Summary
    Monday USDCHF continued to trade higher as the price action closed above Friday’s high.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.

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



    Gold



    Summary
    Monday Gold experienced a volatile days trading as the price action traded both above and below its 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.

    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 open quietly as it trades within Monday’s candle ranges.

    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 up to the 1310.00 resistance level.



    USDCAD



    Summary
    Monday USDCAD experienced a very quiet days trading following Friday’s impressive rally.

    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 within Monday’s candle range.

    I am this morning monitoring the price action for a potential test of trend line resistance.

    Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD trades back down to the Friday’s lows.


    AUDUSD



    Summary
    Monday AUDUSD had a quiet 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 negatively as the price trades at the price action trades below Monday’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
    Monday Oil traded continued to trade within the 8 and 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 Monday’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 100.00 price levels.

  2. #232

    Default

    Daily Technical Analysis
    14th May 2014





    EURUSD



    Summary
    Tuesday EURUSD broke lower as it traded towards the 1.3672 level being the 4th April swing low.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.

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

    I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to yesterday’s high.


    GBPUSD



    Summary
    Tuesday GBPUSD closed lower as the price action moved into the direction of the 1.6795 support 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 had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 3 periods.

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

    I am today monitoring the price action for a test of the 1.6795 support level.

    Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 8 period daily moving averages.


    USDJPY



    Summary
    Tuesday USDJPY traded higher as the price action tested the 34 period daily moving 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 sustained 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 quietly as the price action trades within Tuesday’s candle ranges.

    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 trade back to the 101.32 level being the 11th April swing low.




    USDCHF



    Summary
    Tuesday USDCHF continued to trade higher as the price action moved towards the 0.8930 resistance level.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.

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


    Gold



    Summary
    Tuesday Gold traded within Tuesday’s candle range for the entire day’s business.

    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 open quietly as it trades within Tuesday’s candle ranges.

    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 up to the 1310.00 resistance level.


    USDCAD



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

    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.

    More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

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

    I am this morning monitoring the price action for a potential test of trend line resistance.

    Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD trades back down to the Friday’s lows.


    AUDUSD



    Summary
    Tuesday AUDUSD had a quiet 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.

    More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.

    Focus on today
    This morning AUDUSD has opened positively as the price trades at the price action trades above Tuesday’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
    Tuesday Oil broke higher as the price action closed 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 action has seen a strong bounce off the 98.00 and 100.00 support level.

    Focus on today
    This morning Oil has opened quietly as the price action trades at the highs of Tuesday’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 back down to the 100.00 price levels.

  3. #233

    Default

    Daily Technical Analysis
    15th May 2014





    EURUSD




    Summary
    Wednesday EURUSD experienced a quiet day as the price action traded at the lows of Tuesday’s candle range.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.

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

    I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to Tuesday’s high.


    GBPUSD



    Summary
    Wednesday GBPUSD traded lower as the price action breached the 1.6795 support level and tested moving average and trend line support.

    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 had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 4 periods.

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

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

    Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.



    USDJPY



    Summary
    Wednesday USDJPY traded lower as the price action 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 sustained 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 quietly as the price action trades within Wednesday’s candle ranges.

    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 trade back to the 101.32 level being the 11th April swing low.




    USDCHF



    Summary
    Wednesday USDCHF experienced a quiet day as the price action failed to test the 0.8930 resistance level.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.

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


    Gold



    Summary
    Wednesday Gold broke 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.

    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 open quietly as it trades within Wednesday’s candle ranges.

    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 trade back up to the 1270.00 support level.


    USDCAD



    Summary
    Wednesday USDCAD tested but failed to breach the downward sloping trend line.

    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.

    More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

    Focus on today
    This morning USDCAD has opened negatively as the price action has broken down from the downward sloping trend line.

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

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.


    AUDUSD



    Summary
    Wednesday AUDUSD made a strong effort to break above the 0.9390 resistance level. However by the close of business the price action failed to close above this 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.

    More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.

    Focus on today
    This morning AUDUSD has opened positively as the price trades at the price action trades within Wednesday’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
    Wednesday Oil traded higher but was not able to test the 103.00 resistance 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 bounce off the 98.00 and 100.00 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 103.00 resistance level.

    Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

  4. #234

    Default

    Daily Technical Analysis
    16th May 2014



    EURUSD



    Summary
    Thursday EURUSD spiked lower as it traded under the 1.3672 level being the 4th April swing low. However EURUSD was not able to sustain the move lower. Buyers did come into the market at support which had the result of EURUSD pairing most of its losses.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area. Yesterday’s price action and more specifically the reject of lower prices at support opens up the possibility for a move back up to the averages.

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

    I am this morning monitoring the price actions for a potential move back up to the averages.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of the 1.3672 level being the 4th April swing low.



    GBPUSD




    Summary
    Thursday GBPUSD traded lower as the price action continued to test moving average and trend line support.

    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 had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.

    From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

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

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

    Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.



    USDJPY



    Summary
    Thursday USDJPY traded lower as the price action closed under 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 sustained 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 quietly as the price action trades within Thursday’s candle ranges.

    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 trade back to the 101.32 level being the 11th April swing low.



    USDCHF



    Summary
    Thursday USDCHF spiked higher as the price action breached the 0.8930 resistance level and moved into the Fibonacci resistance level. However the move higher was viewed as a shorting opportunity by bears and this led to a substantial sell off.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.

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


    AUDUSD



    Summary
    Thursday AUDUSD traded lower as the price action tested 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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

    More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.

    Focus on today
    This morning AUDUSD has opened quietly as the price trades within 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.



    GOLD



    Summary
    Thursday Gold traded lower as the price action traded back down to the 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.

    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 open quietly as it trades within Thursday’s candle ranges.

    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 trade back up to the 1270.00 support level.




    OIL



    Summary
    Thursday Oil traded traded lower as the price action 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 bounce off the 98.00 and 100.00 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 103.00 resistance level.

    Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.




    USDCAD



    Summary
    Thursday USDCAD traded lower as the price action traded down from the averages.

    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.

    More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

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

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

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.

  5. #235

    Default

    Daily Technical Analysis
    19th May 2014








    EURUSD



    Summary
    Friday EURUSD experienced a quiet day as the price action traded within Thursday’s range.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area. The recent reject of lower prices at support opens up the possibility for a move back up to the averages.

    Focus on today
    This morning EURUSD has opened positivley as the price action tests the highs of Friday’s candle range.

    I am this morning monitoring the price actions for a potential move back up to the averages.

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of Friday’s low.


    GBPUSD



    Summary
    Friday GBPUSD traded lower as the price action tested the 8 period moving averages and closed above trend line support.

    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 had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.

    From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

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

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

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




    USDJPY



    Summary
    Friday USDJPY experienced a quiet day as the price action traded within Thursday’s 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. However a sustained 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 test the lows of Friday’s candle ranges.

    Today I am monitoring USDJPY for a test of the 101.00 level.

    Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.



    USDCHF



    Summary
    Friday USDCHF experienced a quiet day as the price action traded within Thursday’s range.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

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



    Gold



    Summary
    Friday Gold experienced a quiet day as the price action traded around the 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.

    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 open quietly as it trades within Friday’s candle ranges.

    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 trade back up to the 1270.00 support level.




    USDCAD



    Summary
    Friday USDCAD traded lower as the price action traded down from the averages.

    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.

    More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

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

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

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.



    AUDUSD



    Summary
    Friday AUDUSD experienced a quiet day as the price action traded within Thursday’s 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.

    More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.

    Focus on today
    This morning AUDUSD has opened quietly as the price trades within Friday’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
    Friday Oil traded traded higher as the price action bounced off 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 bounce off the 98.00 and 100.00 support level.

    Focus on today
    This morning Oil has opened positively as the price action trades above 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 back down to the 100.00 price levels.
    Last edited by Atlas CapitalFx; 05-19-2014 at 14:09.

  6. #236

    Default

    Daily Technical Analysis
    20th May 2014







    EURUSD




    Summary
    Monday EURUSD traded most of the day marginally higher as the price action tested the highs of the previous 3 day range.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. The recent rejection of lower prices at the 1.3672 support level being the swing low of the 4th April and bounce off the 34 period weekly moving averages has opened up the possibility for a move back up to the averages.

    However that the price action is now trading at the 8 period daily moving averages draws our attention is drawn to a potential negative rotation at an area of resistance.

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

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

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of 1.3764 level being the swing low.


    GBPUSD



    Summary
    Monday GBPUSD experienced a quiet day with the price action confined within the averages.

    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 had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.

    From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

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

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

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





    USDJPY



    Summary
    Monday USDJPY spiked lower as the price action tested the 101.00 level. However by the close of business USJPY had paired most of its losses.

    Market overview
    Yesterday’s breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the move beneath the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.

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

    Today I am monitoring USDJPY for a test of the 101.00 level.

    Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.



    USDCHF



    Summary
    Monday USDCHF experienced a quiet day as the price action traded within Thursday’s range.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

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



    Gold



    Summary
    Monday Gold experienced a quiet day as the price action traded around the 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.

    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 open quietly as it trades within Monday’s candle ranges.

    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 trade back up to the 1270.00 support level.


    USDCAD



    Summary
    Monday USDCAD traded higher as the price action traded back up to the averages.

    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.

    More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

    Focus on today
    This morning USDCAD has opened positivley as the price action trades above Monday’s candle range.

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

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.


    AUDUSD



    Summary
    Monday AUDUSD traded lower as the price action tested 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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

    Furthermore this morning we have witnessed a break beneath the averages and trend line support. The opens up a possibility of a lower high forming which adds further weight to the short side.

    Focus on today
    This morning AUDUSD has opened negatively as the price trades under the averages and trend line support.

    I am this morning monitoring the price action for a potential sustained move under trend line support.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back up to the broken trend line.


    Oil



    Summary
    Monday Oil traded traded higher as the price action moved into the direction of the 103 resistance level. However by the closed of business Oil had lost the majority of its gains.

    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 bounce off the 98.00 and 100.00 support level.

    Focus on today
    This morning Oil has opened positively as the price action 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 back down to the 100.00 price levels.

  7. #237

    Default

    Daily Technical Analysis
    21st May 2014






    EURUSD



    Summary
    Tuesday EURUSD experienced a quiet days trade as the price action traded marginally lower. However by the end of business EURUSD had paired the majority of its losses.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. The recent rejection of lower prices at the 1.3672 support level being the swing low of the 4th April and bounce off the 34 period weekly moving averages has opened up the possibility for a move back up to the daily averages.

    However that the price action is now trading at the 8 period daily moving averages draws our attention is drawn to a potential negative rotation at an area of resistance.

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

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

    Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of 1.3764 level being the swing low.




    GBPUSD




    Summary
    Tuesday GBPUSD traded marginally higher as the price action bounced off the averages and trend line support.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. More recently GBPUSD has managed to break above its daily moving averages which can be seen positively for GBPUSD.

    From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

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

    I am today monitoring the price action for a sustained move above the 8 period moving averages.

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





    USDJPY



    Summary
    Tuesday USDJPY resumed its bearish momentum as the price action moved away from the 101.70 resistance level and 8 period daily moving averages.

    Market overview
    The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the move beneath the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.

    Focus on today
    This morning USDJPY has opened negatively as the price action tests within Tuesday’s candle ranges.

    Today I am monitoring USDJPY for a test of the 101.00 level.

    Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.



    USDCHF



    Summary
    Tuesday USDCHF experienced a quiet day as the price action tested the 0.8930 resistance level.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

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




    Gold



    Summary
    Tuesday Gold experienced a quiet day as the price action traded around the 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.

    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 open quietly as it trades within Tuesday’s candle ranges.

    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 trade back up to the 1270.00 support level.


    USDCAD



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

    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.

    More recently USDCAD has corrected back to the 8 period daily moving averages and trend line resistance which could possibly be viewed as a value area to add shorts.

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

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

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



    AUDUSD



    Summary
    Tuesday AUDUSD continued to trade lower as the price action broke trend line support and traded towards the 0.9200 level being the 2nd May swing low.

    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.

    Yesterday’s downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.

    Focus on today
    This morning AUDUSD has opened negatively as the price trades under Tuesday’s candle ranges.

    I am this morning monitoring the price action for a potential a test of the 0.9200 level being the 2nd May swing low.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back up to the broken trend line.


    Oil



    Summary
    Tuesday Oil found support at its averages and broke higher as the price action tested the 103.00 resistance 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 bounce off the 98.00 and 100.00 support level.

    Focus on today
    This morning Oil has opened quietly as the price action at the highs Tuesday’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 back down to its averages.

  8. #238

    Default

    Daily Technical Analysis
    29th May 2014





    EURUSD



    Summary
    Wednesday EURUSD traded lower as the price action tested the 78.6% Fibonacci support level.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly trend continues to be positive.

    More recently we have seen an extended move lower that has traded beneath multiple prior pivot levels. The next major price target being 1.3476 being the 3rd February swing low.

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

    I am this morning monitoring the price actions for a potential test of the 1.3476 support level.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.


    GBPUSD



    Summary
    Wednesday GBPUSD traded lower as the price action tested the 1.6700 support level.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. Yesterday’s move lower traded aggressively as the price action traded under the 1.6731 level being the minor pivot low of the 15th May. This move lower does put a question mark on the health of the daily up trend.

    From a weekly perspective the price action is now trading under the 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which comes in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

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

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

    Alternatively if GBPUSD cannot sustain lower prices could see the price action test the 1.6795 level.






    USDJPY



    Summary
    Wednesday USDJPY tested the 101.70 support level as the price action traded within the 8 and 34 period daily moving averages.

    Market overview
    The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.

    Focus on today
    This morning USDJPY has opened quietly as the price action tests within Wednesday’s candle ranges.

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

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



    USDCHF



    Summary
    Wednesday USDCHF traded higher as the price action tested the 61.8% Fibonacci resistance level.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

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


    Gold



    Summary
    Wednesday Gold continued to trade lower as the price action broke under the 61.8% Fibonacci support 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. The breach of the 1270.00 support level has confirmed the daily down trend.

    Focus on today
    This morning Gold has open negatively as the price action trades below Wednesday’s candle ranges.

    Today I am monitoring the price action for Gold to test the 1250.00 support level.

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


    USDCAD



    Summary
    Wednesday USDCAD experience a positive day as the price action traded above the prior broken downward sloping trend line and tested the 8 period daily moving averages.

    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.

    More recently USDCAD has corrected back to and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.

    A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.

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

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

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retest the broken 34 period daily moving averages.



    AUDUSD




    Summary
    Wednesday AUDUSD closed lower as the price action rejected a move into 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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

    The downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.

    Focus on today
    This morning AUDUSD has opened strongly as the price trades above Wednesday’s candle ranges.

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

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests 0.9200 level being the 2nd May swing low.


    Oil



    Summary
    Wednesday Oil broke lower as the price action traded under the 8 period daily moving averages. The move lower was only halted when the price action 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 action has seen a strong bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.

    Focus on today
    This morning Oil has opened quietly as the price action at the lows 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 lower prices could see Oil trade up to the 105.00 level being the April high.

  9. #239

    Default

    Daily Technical Analysis
    2nd June 2014




    EURUSD




    Summary
    Friday EURUSD reversed its downward momentum as the price action traded above the highs of the previous two days ranges. The up move was only halted at the 8 period daily moving averages.

    Market overview
    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly trend continues to be positive.

    More recently we have seen an extended move lower that has traded beneath multiple prior pivot levels. The next major price target being 1.3476 being the 3rd February swing low.

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

    I am this morning monitoring the price actions for a potential test of the 1.3550 support level.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.


    GBPUSD



    Summary
    Friday GBPUSD traded higher as the price action bounced off the 1.6700 support level.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. However the recent move lower has seen the price action trade under the 1.6731 level being the minor pivot low of the 15th May. This move lower does put a question mark on the health of the daily up trend.

    From a weekly perspective the price action is now trading under the 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which come in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

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

    I am today monitoring the price action for a test of the 1.6795 resistance level.

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






    USDJPY



    Summary
    Friday USDJPY experience a quiet day as the price action initially tested but closed above the 101.70 support level.

    Market overview
    The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.

    Focus on today
    This morning USDJPY has opened bullishly as the price action trades above Friday’s candle ranges.

    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 test the 101.70 support level.



    USDCHF



    Summary
    Friday USDCHF traded traded lower as the price action tested and closed under the 8 period daily moving averages.

    Market overview
    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

    Alternatively a failure to sustain higher prices could see USDCHF move into the direction of the 34 period daily moving averages.



    Gold



    Summary
    Friday Gold continued to trade lower as the price action tested the 1250 support 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. The breach of the 1270.00 support level has confirmed the daily down trend.

    Focus on today
    This morning Gold has open bearishly as the price action trades within Friday’s candle ranges.

    Today I am monitoring the price action for Gold to close under the 1250.00 support level.

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


    USDCAD



    Summary
    Friday USDCAD experienced a quiet day with the price action being squeezed between the downward sloping trend line and the 8 period daily moving averages.

    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.

    More recently USDCAD has corrected back to and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.

    A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.

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

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

    Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retest the broken 34 period daily moving averages.




    AUDUSD



    Summary
    Friday AUDUSD attempted to test the 34 period daily moving averages. However by the close of business the price action close near its open.

    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.

    The downside break opened up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.

    However the recent prior price action has had the effect of creating a bullish consolidation pattern at the highs of this daily up trend.

    Focus on today
    This morning AUDUSD has opened bearishly as the price trades under Friday’s candle ranges.

    I am this morning monitoring the price action for a potential a test of the 0.9200 level being the 2nd May swing low.

    Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trade back up to the last weeks highs.


    Oil



    Summary
    Friday Oil traded lower with the price action closing under both the 103.00 support 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 bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.

    Focus on today
    This morning Oil has opened bullishly as the price action bounces of the 103.00 support level.

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

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

  10. #240

    Default

    Daily Technical Analysis
    5th June 2014









    EURUSD



    Summary
    Wednesday EURUSD traded lower as the price action rejected the 8 period daily moving averages.

    Market overview

    The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly trend continues to be positive.

    More recently we have seen an extended move lower that has traded beneath multiple prior pivot levels. The next major price target being 1.3476 being the 3rd February swing low.

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

    I am this morning monitoring the price actions for a potential test of the 1.3550 support level.

    Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.




    GBPUSD



    Summary
    Wednesday GBPUSD again tested the 8 period daily moving averages however the price action was not able to sustain the move higher and ny the close of business finished the day marginally higher.

    Market overview
    GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. However the recent move lower has seen the price action trade under the 1.6731 level being the minor pivot low of the 15th May. This move lower does put a question mark on the health of the daily up trend.

    From a weekly perspective the price action is now trading under the 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which come in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

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

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

    Alternatively if GBPUSD cannot sustain lower prices could see the price action test the 1.6795 level.








    USDJPY



    Summary
    Wednesday USDJPY continued to trade higher as the price action closed above the 102.14 level being the minor swing high of the 27th May.

    Market overview
    The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.

    More recently yesterday’s price action has traded above the 102.14 level being the minor swing high of the 27th May. This adds further impetus to the long side of the trade.

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

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

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





    USDCHF



    Summary
    Wednesday USDCHF continues to trade around the 8 period daily moving averages.

    Market overview

    The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving within the Fibonacci resistance area. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

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

    Today I am monitoring the price action to see if USDCHF can potentially trade higher within the Fibonacci area and test the 0.9020 resistance level.

    Alternatively a failure to sustain higher prices could see USDCHF move into the direction of the 34 period daily moving averages.





    Gold



    Summary
    Wednesday Gold experience a quiet day at the price action traded within the previous 3 days ranges.

    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. The breach of the 1270.00 support level has confirmed the daily down trend.

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

    Today I am monitoring the price action for Gold to continue its move under the under the 1250.00 support level and test yesterdays lows.

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






    USDCAD



    Summary
    Wednesday USDCAD traded higher as the price action tested the 1.0940 resistance and closed above the 34 period daily moving averages.

    Market overview
    USDCAD is trading in a daily down trend however the weekly uptrend continues to trade positively. A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.

    However the recent price action has seen a double bottom form. This pattern has been confirmed with USDCAD trading higher.

    Focus on today

    This morning USDCAD has opened bullishly as the price action trades at the highs Wednesday’s candle range.

    I am this morning monitoring the price action for a potential move into the direction of the 1.0940 resistance level.

    Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD retest the 1.0790 support level.






    AUDUSD



    Summary
    Wednesday AUDUSD continued to trade between the averages and the converging triangle formation.

    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.

    The downside break opened up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.

    The recent prior price action has had the effect of creating a bullish consolidation pattern at the highs of this daily up trend.

    Focus on today

    This morning AUDUSD has opened quietly as the price trades within Wednesday’s candle ranges.

    I am this morning monitoring the price action for a potential a re-test of the 34 period daily moving averages.

    Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests the 0.9200 level being the 2nd May swing low.




    Oil





    Summary
    Wednesday Oil tested the 8 period daily moving averages but was unable to sustain higher prices and by the end of business 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 OILUSD trade with a very large converging triangle formation.

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

    Today I am monitoring the price action for a test of the 8 period daily moving averages and 103.00 levels.

    Alternatively a failure to sustain higher prices could see Oil trade test to the 34 period daily moving averages.

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