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Thread: Daily Technical Analysis from ACFX

  1. #301

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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 18.12.2014





    EURUSD



    The intraday technical outlook

    Yesterday evening the Euro extended its losses after the Fed announcement on interest rates.

    Pressure on EURUSD continues this morning as the US Dollar continues to strengthen.

    EURUSD made feeble attempts yesterday to trade back into its up channel and the breach of the 1.2420 level completed the bearish story by turning the intraday trend from up to down.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2575 level.

    Support comes in at 1.2280 and 1.2245.

    Alternatively resistance can be found at 1.2330 and 1.2360.



    GBPUSD




    The intraday technical outlook

    Yesterday GBPUSD collapsed from its up channel and traded down to the 1.5540 support area.

    During the Asia trade GBPUSD did manage to muster a minor rally up to the 1.5590 level but in the past two hours is coming under pressure.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5790 level.

    Support can be found at 1.5540 and 1.5500 levels.

    Alternative resistance comes in at 1.5600 and 1.5625.


    USDJPY



    The intraday technical outlook

    Yesterday USDJPY continue to trade higher following the break of its down channel.

    Overnight we had a test of the 119.05 level.

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

    A 1 hour close above this level will technically change the trend from down to up.

    USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.05 level

    Support is at 118.25 and 117.50.

    Alternatively resistance levels are at 119.05 and 119.55.


    USDCHF



    The intraday technical outlook

    Yesterday’s move higher from its down channel was accelerated following the FOMC news.

    This morning USDCHF has continued to rise as it breaks through the 0.9795 and 0.9820 resistance levels.

    USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9555 level

    Support is at 0.9820 and 0.9795 levels.

    Alternative resistance is at the 0.9840 and 0.9900 levels.



    AUDUSD



    The intraday technical outlook

    Yesterday AUDUSD also like other currencies had a wild ride.

    The price action did actual try to trade above its down channel but was unable to sustain the move higher.

    What followed was an aggressive spike down that took out the days low of 0.8138.

    This morning AUDUSD is experiencing a minor rally as the price action would appear that it wants to test the top of its down channel.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.

    Support is at the 0.8100 and 0.8070.

    Alternatively resistance can be found at 0.8200 and 0.8265.



    GOLD



    The intraday technical outlook

    Gold yesterday did spike lower on the Fed news however the move lower was held at the 1186.25 level.

    The price action over the last 3 days of trading has created 3 lower low swings within a relatively tight range which are closely spaced together.

    With the price action now hovering under the 1203.00 resistance level I am interested to see if XAUUSD can breach this level and make an attempt to test the top of its down channel.

    Gold is trading in an intraday 1 hour downtrend with the line of control at the 1203.00 level.

    Current support comes in at 1191.65 and 1186.25.

    Alternatively upside resistance comes in at 1203.00and 1215.00



    OIL



    The intraday technical outlook

    Yesterday crude had a strong rally following the breech of its down channel.

    The move higher took out the 56.50 level which necessitated a change of trend from down to up.

    At one point it appeared that Oil would even attempt to make a test of the 59.25 resistance level.

    However into the news Oil like most other instruments weakened against the US Dollar.

    The move lower was however held at the 56.50 support level.

    This level becomes today’s battle ground with a move away in either direction potentially dictating the trend for today.

    Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.

    Resistance comes in at 56.50 and 59.25.

    Alternatively support comes in at 53.60 and 50.35.




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  2. #302

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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 19.12.2014






    EURUSD




    The intraday technical outlook

    Yesterday EURUSD continued to trade lower.

    However overnight the price action has based around the 1.2280 level.

    This could be a precursor to a possible upside correction with traders looking to take profits after making a killing from this two day collapse in EURUSD.

    The signs of a corrective move is a foot would be if we get a close above the 1.2295 level.

    This level corresponds to the high of the lowest candle printed in this down sequence.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2575 level.

    Support comes in at 1.2280 and 1.2245.

    Alternatively resistance can be found at 1.2330 and 1.2360.




    GBPUSD



    The intraday technical outlook

    Yesterday GBPUSD traded higher and effectively painted a 1 hour double bottom formation above the 1.5540 level.

    Cable however continues to be stuck at the 1.5660 resistance level.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5790 level.

    Support can be found at 1.5625 and 1.5600 levels.

    Alternative resistance comes in at 1.5660 and 1.5725.




    USDJPY



    The intraday technical outlook

    Yesterday’s move above the 119.00 level took a prior intraday swing high.

    This move has technically changed the trend from down to up.

    This morning USDJPY continues to move higher.

    I will be watching for a potential test of the 119.55 resistance level during the London open.

    USDJPY is trading in an intraday 1 hour u[trend with the line of control at the 118.25 level

    Resistance levels are at 119.55 and 119.90.

    Alternatively support is at 119.05 and 118.25.




    USDCHF



    The intraday technical outlook

    Yesterday’s move by the Swiss National Bank to apply negative interest rates on deposits added weakness to the Swiss Franc.

    During volatile trading the price action did at one stage test but was repelled from the 0.9840 resistance level.

    This morning USDCHF is trading at the highs of this 3 day up move and within a tight overnight range of 0.9795 to 0.9820.

    USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9555 level

    Resistance is at the 0.9820 and 0.9840 levels.

    Alternatively support is at 0.9795 and 0.9740 levels.





    AUDUSD




    The intraday technical outlook

    Yesterday AUDUSD did have a a strong move up that breached its channel and had an unsuccessful test of the 0.8200 resistance level.

    A pronounced inverse head and shoulders pattern is now forming on the 1 hour chart.

    If this pattern does break to the upside there is a possibility that we see a move to the 0.8265 resistance level.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.

    Support is at the 0.8150 and 0.8100.

    Alternatively resistance can be found at 0.8200 and 0.8265.




    GOLD




    The intraday technical outlook

    Yesterday XAUUSD did close above its down channel but was not able to sustain the move higher and traded back into its prior trading range.

    This morning Gold has once again broken above the down channel.

    This move follows Gold to painting a higher low swing.

    I am monitoring the price now for a possible retest of the 1203.00 resistance level.

    A break above this level would open the door for a potential move to the 1215.00 resistance level.

    Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.

    Current upside resistance comes in at 1203.00 and 1215.00.

    Alternatively support comes in at 1191.65 and 1186.25.




    OIL




    The intraday technical outlook

    There is still much volatility to be found in Oil trading.

    Yesterday the price action made an unsuccessful attempt to retest the 58.85 resistance level but was ultimately pushed back as broke through the 56.50 support level.

    The move down was finally held at the 54.15 support level.

    This level now becomes key intraday support as a 1 hour close under this level will technically change the trend from up to down.

    Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.

    Resistance comes in at 56.50 and 58.25

    Alternatively support comes in at 54.15 and 53.60.



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  3. #303

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    EURUSD has been very volatile and it seems that should wait for this pair to become more predictable.

  4. #304

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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 23.12.2014






    EURUSD




    The intraday technical outlook

    EURUSD yesterday attempted to pair some of the recent losses.

    However by the afternoon negative Euro sentiment came back into the market.

    During the latter part of the New York session EURUSD was trading at the 1.2215 level.

    This being above the significant 1.2200 big figure and monthly trend line support.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2245 level.

    Support comes in at 1.2200 and 1.2150.

    Alternatively resistance can be found at 1.2245 and 1.2270.


    GBPUSD




    The intraday technical outlook

    GBPUSD traded lower into the New York session as traders pushed cable through the 1.5600 support level.

    We did get a small pop up and retest of the 1.5600 level.

    However GBPUSD has not been able to get back above this level.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5660 level.

    Support can be found at 1.5540 and 1.5500 levels.

    Alternative resistance comes in at 1.5600 and 1.5660.


    USDJPY




    The intraday technical outlook

    USDJPY has continued to trade higher in what appears to be an upward procession.

    With the 120.00 level being broken we have a weekly resistance level at the 120.70 level.

    We can use this level as the next possible upside target.

    USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 118.80 level

    Resistance levels are at 120.70 and 121.80.

    Alternatively support is at 120.00 and 119.00.


    USDCHF




    The intraday technical outlook

    The recent upside momentum for USDCHF has declined as the price action consolidates within a narrow range.

    As the trend is up it would be expected that we get an upside break of the 0.9840 area.

    is trading in an intraday 1 hour uptrend with the line of control at the 0.9800 level

    Resistance is at the 0.9840 and 0.9920 levels.

    Alternatively support is at 0.9820 and 0.9800 levels.


    AUDUSD



    The intraday technical outlook

    The overnight news coming out of Western Australia with respect to state finances brought back the negative market sentiment surrounding the Aussie Dollar.

    This led to a break lower of the converging triangle pattern and a breach of the 0.8100 level.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8170 level.

    Support is at the 0.8100 and 0.8070.

    Alternatively resistance can be found at 0.8140 and 0.8170.



    GOLD



    The intraday technical outlook

    XAUUSD broke lower from its consolidation pattern with some power during the New York session as the price action slashing through the 1191.65, 1186.25 and 1178.65 support levels.

    Gold is trading in an intraday 1 hour downtrend with the line of control at the 1203.00 level.

    Current support comes in at 1178.65 and 1170.60.

    Alternatively resistance comes in at 1186.25 and 1191.65.



    OIL




    The intraday technical outlook


    The negative news from the Saudi Oil minister sent the price of crude crashing yesterday.

    However the price action continues to consolidated within a very broad converging triangle pattern.

    Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.

    Resistance comes in at 56.50 and 58.85

    Alternatively support comes in at 54.15 and 53.00.



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    ACFX AFTERNOON TECHNICAL REPORT – NEW YORK OPEN 24.12.2014




    EURUSD



    The intraday technical outlook

    Not much has changed this morning which is not surprising with markets soon to close for Christmas.

    A combination of continued political instability in Greece and the best USA GDP numbers in 11 years was enough to finally push EURUSD through the 1.2200 support level.

    With the year fast coming to a close I would like to see a monthly close under the 1.2200 as confirmation that Euro weakness will continue into 2015.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2245 level.

    Support comes in at 1.2150 and 1.2100.

    Alternatively resistance can be found at 1.2200 and 1.2245.




    GBPUSD



    The intraday technical outlook

    This morning Cable has a bit of a rally as profit takers square up short positions prior to the long holiday.

    With yesterdays price action having broken under the recent daily swing low of 1.5540 trying to pick the next support level becomes problematic as there is clear air between the current price and the next target.

    The next major level being a 1.5340 being a prior weekly support area.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5600 level.

    Support can be found at 1.5500 and 1.5450 levels.

    Alternative resistance comes in at 1.5540 and 1.5600.



    USDJPY



    The intraday technical outlook

    This morning there is not much to report with USDJPY trading between the 120.00 to 120.70 levels

    We may get some volatility coming into the market during the Tokyo session as the market waits for the Monetary Policy Meeting Minutes and for Bank of Japan governor Kuroda to give a speech.

    However with most of Europe and the West closed for the annual festivities one would expect that the volatility is limited.

    USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 120.00 level

    Resistance levels are at 120.70 and 121.80.

    Alternatively support is at 120.00 and 119.00.



    USDCHF



    The intraday technical outlook

    This morning USDCHF has traded back to support as the price action moves in a tight range.

    USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9820 level

    Resistance is at the 0.9920 and 0.9950 levels.

    Alternatively support is at 0.9840 and 0.9800 levels.


    AUDUSD



    The intraday technical outlook

    With Australia now closed for the Christmas period I would expect to see limited liquidity during today’s trading.

    However that is not to say that we may get volatility spikes during the day.

    AUDUSD yesterday had a bit of a yoyo session as it initially broke down from its triangle pattern then trade back into only for sellers to smack it down once again.

    This scenario was predicted in yesterday mornings analysis.

    AUDUSD has now formed a double bottom above the 0.8080 level.

    A breach of this level is required to confirm a continuation of the down trend.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8140 level.

    Support is at the 0.8100 and 0.8070.

    Alternatively resistance can be found at 0.8140 and 0.8170.



    GOLD



    The intraday technical outlook

    This morning Gold is trading within a tight range.

    A breach of the 1170.60 level is required to maintain the downside momentum.

    Gold is trading in an intraday 1 hour downtrend with the line of control at the 1186.25 level.

    Current support comes in at 1178.65 and 1170.60.

    Alternatively resistance comes in at 1186.25 and 1191.65.



    OIL



    The intraday technical outlook

    This morning Oil has traded lower off its open as downside pressure increases.

    Oil continues to traded within a large converging triangle formation as the markets contemplate the next moves to be made by OPEC and look for signs that an increased global growth can stimulate demand for crude.

    Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.

    Resistance comes in at 58.65 and 59.25.

    Alternatively support comes in at 56.50 and 54.15.





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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 05.01.2015





    EURUSD



    The intraday technical outlook

    EURUSD spiked lower on the open as the price action traded down to the 1.1851 level.

    However buying came into the market which pushed EURUSD back up to its opening area.

    The morning spike down has had the effect of creating a pin bar bottom.

    I will today be monitoring the price action to see how EURUSD reacts to a potential move into the the areas of a of Fridays low and at the the top of its down channel.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2185 level.

    Current support comes in at 1.1950 and 1.1875.

    Alternatively resistance can be found at 1.2000 and 1.2040.



    GBPUSD



    The intraday technical outlook

    GBPUSD spiked lower at is open as it tested both the 1.5245 support level and major multi month trend line support.

    However just like EURUSD buyers came into the market and pushed Cable back to its opening range.

    I am monitoring the price action for a potential move higher of what is a major trend line support area.

    A failure hold above trend line support could of course signal the start of a dramatic weakening for GBPUSD.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5605 level.

    Current support can be found at 1.5245 and 1.5200 levels.

    Alternative resistance comes in at 1.5340 and 1.5485.


    USDJPY



    The intraday technical outlook

    The morning USDJPY is trading within Fridays range as the price action moves within a choppy albeit bullish bias.

    With the US Dollar being so strong of late I would expect that a successful test of the 120.70 level to happen today.

    A failure to trade above this level could see USDJPY to consolidate within a tight range before it decided to make its next move.

    However as USDJPY has broken above its recent down channel it would not be a surprise if we saw a continuation of the move higher.

    USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 118.85 level

    Current resistance levels are at 120.70 and 121.80.

    Alternatively support is at 120.15 and 119.55.


    USDCHF



    The intraday technical outlook

    USDCHF spiked higher on its open as the price action broke above the 1.000 level.

    At one point USDCHF did trade above the 1.0100 level however selling did come into the market which has pushed USDCHF back down to its opening range.

    The USDCHF chart is now the mirror image of the price action that has happening on EURUSD.

    A bearish pin bar has formed and this could now prompt a move down to the high of Friday and even down to the low of the channel bottom.

    I will therefore be monitoring the price action to see how USDCHF reacts to a possible move to lower levels with a rejection of lower prices putting the focus back to the long side of the trade.

    USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9865 level

    Current resistance is at the 1.0050 and 1.0100 levels.

    Alternatively support is at 1.000 and 0.9920 levels.


    AUDUSD



    The intraday technical outlook

    AUDUSD continued its relentless collapse as the price action broke under the 0.8070 support level.

    With the next major monthly support level at the 0.8000 a further collapse in commodity prices combined with a continuation of weakness in China will add the pressure on AUDUSD and make a move down to this level more likely.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8215 level.

    Current support is at the 0.8070 and 0.8120

    Alternatively resistance can be found at 0.8050 and 0.8000.


    GOLD



    The intraday technical outlook

    Friday’s bounce off the 1170.60 level has continued into today’s trade as the price action approaches the 1199.20 resistance level.

    I will be monitoring the price action to see if momentum increases or drops if we see Gold attempt to pull back.

    The focus will be to identify if XAUUSD is attempting to paint a higher low which will potentially be a precursor to an assault on the 1210.00 level.

    Gold is trading in an intraday 1 hour downtrend with the line of control at the 1170.60 level.

    Current support comes in at 1191.65. and 1182.20.

    Alternatively resistance comes in at 1199.20 and 1210.00.


    OIL



    The intraday technical outlook

    Oil on Friday traded under its 53.00 support level as the price action tested the 51.50 level.

    I am currently watching if Oil can trade back up to the 53.00 level.

    Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.

    Current support comes in at 51.50 and 51.00.

    Alternatively resistance comes in at 52.00 and 53.00.



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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 06.01.2015



    EURUSD



    The intraday technical outlook

    Today has seen a continuation of yesterday’s theme.

    This morning EURUSD failed once again to break above the 1.1965 level as the power if tge bullish pin bar formation begins to dissipate.

    A penetration of yesterday’s low will confirm that the down trend is intact.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1965 level.

    Current support comes in at 1.1900 and 1.1875.

    Alternatively resistance can be found at 1.1965 and 1.2040.



    GBPUSD



    The intraday technical outlook

    This morning GBPUSD has given up all of yesterday’s gains as it trades under 1.5245 area which is also a mufti month support level.

    A penetration of yesterday’s low will confirm that the down trend is intact.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5270 level.

    Current support can be found at 1.5160 and 1.5100 levels.

    Alternative resistance comes in at 1.5270 and 1.5340.


    USDJPY



    The intraday technical outlook

    USDJPY collapsed during the New York session and this move lower has broken multiple support levels.

    The move lower also penetrated the 119.80 support level.

    The breach of this level has technically changed the 1 hour trend from up to down.

    A continuation of the move lower would on a daily basis create a higher low formation with a move under the 115.70 level technically changing the daily trend from up to down.

    USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level

    Current support is at 118.85 and 118.25.

    Alternatively resistance levels are at 119.55 and 121.15.



    USDCHF



    The intraday technical outlook

    What strikes me today is how detached USDJPY and USDCHF have become over past trading sessions.

    We have USDJPY attempting to paint a daily lower high whilst USDCHF is testing the prior hourly high of 1.0112.

    With such bullish momentum in USDCHF it would not be a surprise if USDCHF takes out the prior high in today’s trading.

    USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level

    Current resistance is at the 1.0100 and 1.0150 levels.

    Alternatively support is at 1.0050 and 1.000 levels.


    AUDUSD



    The intraday technical outlook

    AUDUSD this morning has continued with yesterday’s strong up move as the price action tests the 0.8140 level.

    A successful retest of this level could see AUDUSD also test the 0.8160 level.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8215 level.

    Current support is at the 0.8120 and 0.8085

    Alternatively resistance can be found at 0.8140 and 0.8160.


    GOLD



    The intraday technical outlook

    Gold during today’s session has breached the 1210.00 level.

    In the daily time frame XAUUSD has now painted a higher low and a bullish inverse head and shoulders pattern.

    A completion of this pattern will need Gold to trade above the 1238.00 level.

    Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.

    Current resistance comes in at 1221.00 and 1228.00.

    Alternatively support comes in at 1210.00 and 1199.20.


    OIL



    The intraday technical outlook

    Overnight Oil broke under the significant 50.00 level.

    The downward momentum continues as Oil attempts to test the low 48 levels.

    With no end in sight to Oils capitulation it remains to be seen if the price action can test the 2008 crisis lows of US$ 34.00 per barrel.

    Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.

    Current support comes in at 48.00 and 47.50.

    Alternatively resistance comes in at 50.35 and 53.00.




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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 07.01.2015




    EURUSD



    The intraday technical outlook

    The general negativity surrounding EURUSD continued today as the morning price action took out the recent low of 1.1851.

    The price action however over the past three sessions has put in place two pin bar support candles around the 1.1840 level.

    This could be the first indication that a base is forming that could propel EURUSD back up to its channel top.

    However with the momentum being so bearish a breach of the 1.1840 support levels is the natural direction of least resistance.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.

    Current support comes in at 1.1875 and 1.1840.

    Alternatively resistance can be found at 1.1970 and 1.2040.




    GBPUSD



    The intraday technical outlook

    This morning GBPUSD has opened up negatively as the price action traded under the 1.5160 support level.

    The recent move lower has now penetrated a multiple year trend line support.

    However I would like to see a weekly or even better monthly close beneath this level as confirmation that this move is not a fake long term break down.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5245 level.

    Current support can be found at 1.5100 and 1.5050 levels.

    Alternative resistance comes in at 1.5160 and 1.5245.




    USDJPY




    The intraday technical outlook

    USDJPY has experience an overnight rally following its bounce off the 118.25 support level.

    I am targetting a move today back up to the 119.55 resistance level which now coincideds with the top of the down channel.

    A failure to trade higher during the London session will put the focus back on the short side with a retest of the 118.85 being a possibility.

    USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level

    Current support is at 118.85 and 118.25.

    Alternatively resistance levels are at 119.55 and 120.15.


    USDCHF



    The intraday technical outlook

    USDCHF this morning opened up bullishly the price action taking out the prior 1 hour high.

    However into the European session the current candle has broken under the 1.0110 support level.

    A move lower would indicate that the mornings retest of resistance resulted in a fake break out.

    I will be therefore be monitoring the price action for a potential move to the channel bottom.

    USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level

    Current resistance is at the 1.0110 and 1.0150 levels.

    Alternatively support is at 1.0040 and 1.000 levels.




    AUDUSD




    The intraday technical outlook

    During the New York and Asia sessions AUDUSD has given up the majority of its gains.

    However during the overnight and early into the European sesssion AUDUSD has built a small base off the 0.8050 level.

    I await to see in AUDUSD can paint a higher low formation from these levels.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.

    Current support is at the 0.8035 and 0.8000.

    Alternatively resistance can be found at 0.8070 and 0.8120.



    GOLD



    The intraday technical outlook

    Overnight Gold made an initial attempt to test the 1221.00 level but was not able to sustain the move higher.

    The current price action could indicate that a retest of the 1221.00 level is a possibility.

    Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.

    Current resistance comes in at 1221.00 and 1228.00.

    Alternatively support comes in at 1210.00 and 1199.20.



    OIL






    The intraday technical outlook

    Overnight Oil broke under the significant 48.00 level.

    The downward momentum continues as Oil attempts to test the low 47 levels.

    With no end in sight to Oils capitulation it remains to be seen if the price action can test the 2008 crisis lows of US$ 34.00 per barrel.

    Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.

    Current support comes in at 47.00 and 46.50.

    Alternatively resistance comes in at 50.35 and 53.00.




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  9. #309

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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 08.01.2015






    EURUSD




    The intraday technical outlook

    Yesterday’s US jobs report which indicated that there had been an increase in US employment pushed EURUSD slightly lower.

    However news later in the day from the FOMC that there will be no rise in short term interest rates before April help the single currency gain some value as EURUSD bounced slightly higher.

    With multiple year support and a large converging triangle broken to the down side the next longer term target is the 1.1640 level being the 2005 low.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.

    Current support comes in at 1.1800 and 1.1750.

    Alternatively resistance can be found at 1.1840 and 1.1875.



    GBPUSD




    The intraday technical outlook

    Yesterday GBPUSD continued to trade lower.

    Although Cable did manage to bounce higher in overnight trading it was unable to reverse any of yesterday’s losses.

    The recent move lower has now penetrated a multiple year trend line support.

    However I would like to see a weekly or even better monthly close beneath this level as confirmation that this move is not a fake long term break down.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5245 level.

    Current support can be found at 1.5050 and 1.5000 levels.

    Alternative resistance comes in at 1.5160 and 1.5245.



    USDJPY



    The intraday technical outlook

    Yesterday USDJPY continued to trade higher in what can be described as a typical staircase fashion.

    The resulting move has now broken above a recently created broad down channel.

    The price action has traded higher from what can be described as simple inverse head and and shoulders formation as indicated by the up arrows.

    I am monitoring the price action for a possible pull back that creates a higher low formation that will build a base for USDJPY to proceed with its current upward momentum.

    USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level

    Current support is at 119.80 and 119.55.

    Alternatively resistance levels are at 120.15 and 120.70.


    USDCHF



    The intraday technical outlook

    Yestderday USDCHF continued to trade in a bullish fashion as the price action took out prior recent highs.

    This morning USDCHF has opened up bullishly and a test of the overnight high of 1.0175 is a possibility.

    USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level

    Current resistance is at the 1.0200 and 1.0250 levels.

    Alternatively support is at 1.0110 and 1.0040 levels.



    AUDUSD



    The intraday technical outlook

    AUDUSD has experienced a decent bounce since putting in an overnight low.

    The price action has now formed a double bottom formation above the 0.8035 level.

    Furthermore AUDUSD has broken above a recently formed down channel.

    With this in mind I will be monitoring the price action for a possibility that AUDUSD creates a higher low swing from where a move higher could potentially happen.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.

    Current support is at the 0.8085 and 0.8070.

    Alternatively resistance can be found at 0.8120 and 0.8140.


    GOLD



    The intraday technical outlook

    Gold yesterday traded lower for the entire session.

    This morning this trend has continued in what can be described at present as a corrective pull back.

    Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.

    Current resistance comes in at 1210.00 and 1221.00.

    Alternatively support comes in at 1199.20 and 1191.65.


    OIL



    The intraday technical outlook

    The unexpected contraction in US oil inventories helped boost oil as it rallied off the 47.00 area lows.

    However this morning it would appear that the up move is now beginning to run out of steam.

    Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.

    Current support comes in at 48.00 and 46.80.

    Alternatively resistance comes in at 50.35 and 53.00.




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  10. #310

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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 09.01.2015




    EURUSD



    The intraday technical outlook

    Yesterday EURUSD attempted to pair some of its losses but ultimately ended the day lower.

    Overnight EURUSD has traded in a tight range as traders await this afternoons latest Non Farm Payrolls number.

    A continuation of the positive jobs trend is bound to add more pressure onto the Euro.

    EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.

    Current support comes in at 1.1750 and 1.1700.

    Alternatively resistance can be found at 1.1840 and 1.1875.



    GBPUSD



    The intraday technical outlook

    Cable has open quietly this morning as traders await the latest Manufacturing Production numbers.

    This follows yesterdays Bank of England decision not to increase interest rates.

    GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5245 level.

    Current support can be found at 1.5050 and 1.5000 levels.

    Alternative resistance comes in at 1.5100 and 1.5160.



    USDJPY



    The intraday technical outlook

    Yesterday USDJPY attempted to test the 120.00 area but ultimately failed to breach this area of resistance.

    Overnight this area was retested but the price action failed to trade above the prior intraday high.

    As per yesteday’s post USDJPY has traded higher in what can be described as a typical staircase fashion.

    The resulting move has now broken above a recently created broad down channel.

    The price action has traded higher from what can be described as simple inverse head and and shoulders formation as indicated by the up arrows.

    I am monitoring the price action for a possible pull back that creates a higher low formation that will build a base for USDJPY to proceed with its current upward momentum.

    USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.00 level

    Current support is at 118.85 and 118.25.

    Alternatively resistance levels are at 120.00 and 120.70.




    USDCHF



    The intraday technical outlook

    Yesterday USDCHF put in a new intraday high as it traded above the 1.0200 level.

    However in afternoon and overnight trading USDCHF experiencde a moderate corrective pullback.

    With the up trend being so strong I am monitoring the possibility of USDCHF continuing with its bullish momentum at attempts to put in a new intraday high.

    USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level

    Current resistance is at the 1.0200 and 1.0250 levels.

    Alternatively support is at 1.0110 and 1.0040 levels.



    AUDUSD



    The intraday technical outlook

    This morning the Australian Bureau of Statistics released disappointing Retail Sales numbers.

    This has allowed AUDUSD to experience a very moderate corrective sell off.

    The price action has now formed a double bottom formation above the 0.8035 level.

    Furthermore AUDUSD has broken above a recently formed down channel.

    With this in mind I will be monitoring the price action for a possibility that AUDUSD creates a higher low swing from where a move higher could potentially happen.

    AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.

    Current support is at the 0.8120 and 0.8085.

    Alternatively resistance can be found at 0.8140 and 0.8160.



    GOLD



    The intraday technical outlook

    Gold yesterday experienced a moderate bounce off the 1205.00 level and although there was an aggressive sell off during the afternoon this support area once again proved to strong for the Bears to overcome.

    Following this corrective pullback I am monitoring the price for a retest of the 1221.00 resistance level.

    Gold is trading in an intraday 1 hour uptrend with the line of control at the 1205.00 level.

    Current resistance comes in at 1221.00 and 1228.00.

    Alternatively support comes in at 1205.00 and 1199.20.



    OIL



    The intraday technical outlook

    Oil has experienced some good corrective price action following its bounce off the 47.00 level.

    The price action has resulted in Oil painting a higher low formation with Oil now testing the top of its down channel.

    A break and close above the 49.50 level will technically change the trend from down to up.

    Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.50 level.

    Current support comes in at 48.00 and 47.00.

    Alternatively resistance comes in at 49.50 and 50.35.



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