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Thread: Daily Technical Analysis from ACFX

  1. #331

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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 20.02.2015




    EURUSD



    The intraday technical outlook

    The Greek debt negotiations have now entered a crucial stage as the week comes to a close.

    Although the meeting in Brussels today will be tough I have hopes that a consensus can be found.

    From a technical view point the 1.1440 level have offered good resistance with the price action having also broken under is up channel.

    We need to see a penetration of the 1.1330 level to happen as a reinforcement of the short side scenario to continue.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1440 level.

    GBPUSD



    The intraday technical outlook

    As posted yesterday:

    GBPUSD continues to rise off the back of good UK data.

    This can be seem by the price action trading within a a large up channel.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5340 level.

    USDJPY



    The intraday technical outlook

    USDJPY is this morning trading within a very narrow 5 day range.

    Although the current price action is bullish we need a move above the 119.20 resistance level would confirm that a new up trend is under way.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.

    USDCHF



    The intraday technical outlook

    As posted this yesterday:

    USDCHF continues to trade higher with the price action having broken above the above the 0.9370 resistance level.

    This up move has created a rather distinct up channel.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9370 level.

    AUDUSD



    The intraday technical outlook

    AUDUSD this morning continues to trade within a four day range with the recent price action forming a large converging triangle structure.

    We require a penetration of the triangle top as confirmation that the up trend is intact.

    From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7770 level.

    GOLD



    The intraday technical outlook

    Yesterday we did get a pull back off the down channel.

    The price action now needs to successfully test the 1198.65 level if the current down trend is to be maintained.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1221.00 level.


    OIL



    The intraday technical outlook

    Yesterday we had a break of the bottom of the triangle bottom.

    This move has created an isolated low just above the 48.00 level.

    A continuation of the down trend will require a retest of this level.

    From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.15 level.




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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 23.02.2015




    EURUSD



    The intraday technical outlook

    With the Greek crisis put on pause for at least four months the markets can now get back to digesting news from the European center with the German Ifo survey out this morning.

    The price action is currently trading in a large 14 day range between 1.1300 and 1.1450.

    A break of this range would potential give us a clue of the potential medium term directional momentum.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1450 level.


    GBPUSD



    The intraday technical outlook

    This morning GBPUSD continues to trade at the bottom of its up channel.

    I am currently monitoring the price action for a potential bounce from these levels.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5320 level.


    USDJPY



    The intraday technical outlook

    USDJPY is this morning trading within a very narrow 5 day range.

    Although the current price action is bullish we need a move above the 119.40 resistance level would confirm that a new up trend is under way.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.

    USDCHF



    The intraday technical outlook

    USDCHF has had a good bounce off its up channel,

    I am this morning monitoring a potential test of the 0.9530 level.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9370 level.


    AUDUSD



    The intraday technical outlook

    AUDUSD this morning continues to trade within a five day range.

    With the price action forming a double bottom above the 0.7630 level we require a penetration and sustained move above the 0.7875 level so as to maintain the current upside momentum.

    From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7745 level.

    GOLD



    The intraday technical outlook

    Gold continues to trade lower with the price action this morning testing the 1191.65 support level.

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.


    OIL



    The intraday technical outlook

    The recent pullback has failed to see a sustained move beneath the US$ 50 per barrel level.

    We need to see a successful retest of this level for a continuation of the down trend.

    From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 52.50 level.



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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 24.02.2015




    EURUSD



    The intraday technical outlook

    With the February 28th deadline looming I would expect to see a resolution of this phase of Greek crisis to happen soon.

    The price action is currently trading in a large 14 day range between 1.1300 and 1.1450.

    A break of this range would potential give us a clue of the potential medium term directional momentum.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1450 level.


    GBPUSD



    The intraday technical outlook

    Today’s inflation hearings should give us some insight the Bank of England’s outlook with respect to the timing of interest rate rises.

    However with elections due in May any increases could be put on hold until after the election.

    From a technical perspective GBPUSD has bounced off its channel bottom and is retesting last weeks highs.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5320 level.

    USDJPY




    The intraday technical outlook

    USDJPY is this morning trading within a very narrow 6 day range.

    Although the current price action is bullish we need a move above the 119.40 resistance level would confirm that a new up trend is under way.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.


    USDCHF



    The intraday technical outlook

    USDCHF continues to trade higher following a bounce off its up channel.

    I am this morning monitoring a potential test of the 0.9530 level.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9370 level.

    AUDUSD



    The intraday technical outlook

    AUDUSD continues to trade within a daily range.

    With the price action forming a double bottom above the 0.7630 level we require a penetration and sustained move above the 0.7875 level so as to maintain the current upside momentum.

    From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7745 level.


    GOLD



    The intraday technical outlook

    Gold continues to trade lower with the price action remaining within a tight down channel.

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.


    OIL



    The intraday technical outlook

    With the price action having resumed its prior bearish bias I am monitoring the potential for a a retest of this years lows.

    From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 52.50 level.



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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 25.02.2015




    EURUSD



    The intraday technical outlook

    Yesterdays dovish testimony by the Federal Reserve chairman to the Senate has put the US Dollar this morning under pressure.

    This news combined with the positive outcome to the Greek debt talks has sent the Euro higher in early trading.

    The price action is currently trading in a large 14 day range between 1.1300 and 1.1450.

    A break of this range would potential give us a clue of the potential medium term directional momentum.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1450 level.


    GBPUSD



    The intraday technical outlook

    The Pound this morning is trading higher following a bounce off its channel bottom with the price action taking out last weeks high.

    The Bank of England Governor Mark Carney is due to speak this morning.

    The market will await any comments he may have with respect to interest rates.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5400 level.



    USDJPY



    The intraday technical outlook

    Yesterday we did see USDJPY pop up above the 119.40 level.

    However the dovish testimony by the Federal Reserve chairman Yellen slapped USDJPY down under this level.

    Although the current price action is bullish we still need a move above the 119.40 resistance level would confirm that a new up trend is under way.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.

    USDCHF



    The intraday technical outlook

    This morning USDCHF broke the bottom of its up channel.

    Although this is not sufficient to change the trend from up to down this is a strong warning sign that a reversal is on the cards.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9370 level.

    AUDUSD



    The intraday technical outlook

    Yesterday AUDUSD experienced a strong upside reversal off the 0.7745 support level.

    The bounce higher was accelerated by the news from the FOMC and the better than expected construction number.

    The bounce higher has followed a double bottom that formed above the 0.7630 level with the move higher taking out the key 0.7875 resistance level.

    From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7745 level.


    GOLD



    The intraday technical outlook

    Following a long downside correction Gold this morning has broken above its down channel.

    We now require a move above the 1215.00 level as a confirmation that a rotation to the long side of the trade is under way.

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.

    OIL



    The intraday technical outlook

    As posted yesterday:

    With the price action having resumed its prior bearish bias I am monitoring the potential for a a retest of this years lows.

    From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 50.35 level.



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    ACFX DAILY TECHNICAL REPORT – LONDON OPEN 27.02.2015



    EURUSD



    The intraday technical outlook

    Yesterday’s CPI data pushed traders to buy the US Dollar.

    The effect was to push EURUSD through the bottom of its downward triangle and slash through the 1.1270 support level.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1390 level.


    GBPUSD



    The intraday technical outlook

    The decline in the Pound accelerated following the CPI data.

    This pushed GBPUSD to the bottom of its upward channel.

    I am this morning monitoring the price action for a bounce off this level.

    Alternatively a breach of the channel bottom would open up the possibility that we see lower prices for Cable.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5400 level.


    USDJPY



    The intraday technical outlook

    We had lots of overnight data from Japan but this hardly moved the market.

    As posted previously:

    We did see USDJPY pop up above the 119.40 level.

    However the dovish testimony by the Federal Reserve chairman Yellen slapped USDJPY down under this level.

    Although the current price action is bullish we still need a move above the 119.40 resistance level would confirm that a new up trend is under way.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.


    USDCHF



    The intraday technical outlook

    USDCHF continues to staircase higher.

    We did get a bit of a sell off following the inflation data.

    This has pushed the price action back into the direction of the channel bottom.

    I am this morning monitoring the price action for a bounce off this level.

    Alternatively a breach of the channel bottom would open up the possibility that we see lower prices for USDCHF.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9450 level.


    AUDUSD



    The intraday technical outlook

    The sell off against the US Dollar yesterday afternoon also effected the Aussie.

    The price action collapsed to an area of strong support made up by two channel bottoms and a a prior weekly congestion level at 0.7800.

    Buying has come into the market following the positive Private Sector Credit number.

    I am this morning monitoring the price action for a bounce off this level.

    Alternatively a breach of the channel bottom would open up the possibility that we see lower prices for AUDUSD.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7910 level.


    GOLD



    The intraday technical outlook

    As posted previously Gold continues to propel itself higher on speculation that buying is originating in China.

    Following the CPI data Gold did experience a strong pull back however support was found at the 1206.00 level.

    I am this morning monitoring the price action for a bounce off this level.

    Alternatively a breach of the 1206.00 level would open up the possibility that we see lower prices for Gold.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1201.00 level.


    OIL



    The intraday technical outlook

    High volatility in the Oil price has had the effect of creating a fairly distinct downward channel.

    With the trend continuing to be negative I will this morning monitoring the price action for any signs of weakness as the price action trades up to its channel top.

    Alternatively a breach of the channel top would open up the possibility that we see higher prices for Oil.

    From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 51.25 level.


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    MORNING BRIEFING – LONDON OPEN 02.03.2015



    EURUSD



    The intraday technical outlook

    With all the main central banks due to make announcement and with it being NFP day this Friday it looks like to another volatile and hectic week in the life of a EURUSD trader.

    The price action has now well and truly broken its triangle formation with this mornings price activity breaching Thursday’s low.

    This opens up the possibility for a potential move down to the 1.1100 prior weekly swing level.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1245 level.


    GBPUSD



    The intraday technical outlook

    With the Bank of England Governor due to speak tomorrow the markets will be looking for signs of any hawkishness on interest rate policy.

    We have had a strong pull back to the 1.5400 level which has broken the down channel.

    However I am not not convinced that the down trend will continue.

    I really want to see a sustained move under the 1.5400 level.

    This leads us back tomorrow and the tone and the areas of grey in Mr. Carney’s testimony.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5400 level.


    USDJPY



    The intraday technical outlook

    During Friday afternoon the Dollar bulls took control of the market and pushed USDJPY higher.

    This move as continued into this morning with USDJPY testing and trading above the 119.80 level.

    The recent price action has now created a fairly broad up channel.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.10 level.


    USDCHF



    The intraday technical outlook

    The 0.9450 level did provide strong support and a base for higher prices which Friday’s price action testing last weeks high.

    This mornings price action has completed the job by painting a new recent high and in the process creating a much more broader and potentially more sustainable up channel.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9450 level.

    AUDUSD



    The intraday technical outlook

    The markets would seem to have priced in a rate cut tomorrow by Australia Reserve Bank.

    This could potentially be the reason behind the recent collapse in the value of the Aussie which has seen the price action breach the bottom of no less than two up channels.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7830 level.

    GOLD



    The intraday technical outlook

    Gold continues to trade higher in a staircase formation.

    However the steepness of the up trend does cause me some concern.

    I would therefore like to see a broadening of the up channel.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1204.00 level.

    OIL



    The intraday technical outlook

    Friday’s price action has had the effect of breaching the large down channel.

    Although this type of price action could be seen as a warning signal that the down trend is about to reverse I would really need to see a successful retest of the 49.80 level being the area of the most recent isolated high to be convinced that a new up trend is underway.

    From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 51.00 level.



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    MARKET BRIEFING – LONDON OPEN 04.03.2015






    EURUSD



    The intraday technical outlook

    EURUSD continues to trade in a pronounced down channel.

    This has followed the break down from a large triangle formation

    There is some support to be found at the 1.1150 level which needs to be overcome if the price action is to remain in the confines of its down channel.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1245 level.


    GBPUSD



    The intraday technical outlook

    As posted yesterday the Pound continues to trend in a bearish fashion today following the break down from its up channel.

    However there is strong upside support at the 1.5300 area.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5455 level.


    USDJPY



    The intraday technical outlook

    USDJPY overnight bounced off the area of its down channel bottom.

    I require a move above this weeks high at 120.25 level to confirm that the up trend is continuing.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.40 level.


    USDCHF



    The intraday technical outlook

    As posted yesterday USDCHF continues to trade in a broad up channel.

    The price action has formed a typical staircase formation.

    Due to the bullishness of this formation I will be monitoring the price action for a continuation of the current trend.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9450 level.

    AUDUSD



    The intraday technical outlook

    The increase in Australia GDP has helped push AUDUSD higher.

    This followed yesterday’s surprise decision not to cut interest rates by the Reserve Bank of Australia.

    The price action is currently testing the 0.7830 resistance level.

    A sustained move above this level will technically change the trend back to up.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7830 level.


    GOLD



    The intraday technical outlook

    There has been an increase in market volatility following the break down from the small up channel.

    Gold has now created two key points of interest.

    These being long above 1223.00 and short beneath 1191.65.

    Within this area there is a possibility that Gold will range.

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1223.00 level.




    OIL



    The intraday technical outlook

    Oil followed its breach of its down channel by trading above the last isolated low.

    A continuation of the up move will require the price action to breach the 51.00 being Monday’s high.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 49.40 level.



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    MARKET BRIEFING – LONDON OPEN 05.03.2015


    EURUSD



    The intraday technical outlook

    With the ECB meeting kicking off today in Nicosia, Cyprus traders will be awaiting news from the press conference.

    The impending European stimulus has helped push EURUSD lower and towards the significant 1.1000 level.

    EURUSD continues to trade in a pronounced down channel.

    This has followed the break down from a large triangle formation

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1215 level.


    GBPUSD



    The intraday technical outlook

    Traders will be looking ahead to today’s MPC statement and will be eager to gauge the Bank of England’s plans on when interest rate hikes will kick in.

    The price action having broken under the 1.5300 support level GBPUSD is this morning trading under the 1.5245 prior monthly prior support level.

    I am this monitoring the price action for a continuation of the downward momentum.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5400 level.


    USDJPY



    The intraday technical outlook

    USDJPY has bounced off its channel bottom with the price action appearing to be increasingly bullish.

    I require a move above this weeks high at 120.25 level to confirm that the up trend is continuing.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.40 level.


    USDCHF



    The intraday technical outlook

    USDCHF continues to trade in a broad up channel.

    The price action has formed a typical staircase formation.

    Due to the bullishness of this formation I will be monitoring the price action for a continuation of the current trend.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9610 level.


    AUDUSD



    The intraday technical outlook

    There has been a high degree of market volatility following the surprise decision not to cut interest rates by the Reserve Bank of Australia.

    The price action initially took a bearish stance as it broke under its up channel but this has been followed by choppy price action between the 0.7800 and the 0.7850 level.

    From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7800 level.

    GOLD



    The intraday technical outlook

    There has been an increase in market volatility following the break down from the small up channel.

    As the longer term trend continues to point down I will be monitoring the price action for a further move lower.

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.


    OIL



    The intraday technical outlook

    Oil continues to experience a mini rally with the price action forming a fairly obvious up channel.

    The move higher has also turned the four hour trend to up.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 49.50 level.




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    MARKET BRIEFING – LONDON OPEN 06.03.2015



    EURUSD



    The intraday technical outlook

    With the ECB confirming the date that Euro stimulus will begin the focus now falls on what is the next key level of support.

    The obvious level be 1.1000. As it is NFP day good US job numbers combined with a pick up in average earnings could see this level being breached during today’s trading.

    The recent activity has now formed two pronounced down channels around the price action.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1100 level.


    GBPUSD



    The intraday technical outlook

    The price action continues to trade within a fairly steep down channel.

    GBPUSD having broken under the 1.5300 support level the price action is this morning trading under the 1.5245 prior monthly prior support level.

    I am this monitoring the price action for a continuation of the downward momentum.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5400 level.


    USDJPY



    The intraday technical outlook

    Following the bounce of its channel bottom USDJPY has once again traded above the most recent isolated high.

    With the trend being so bullish the expectation is that we continue to see higher prices.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.40 level.



    USDCHF



    The intraday technical outlook

    USDCHF continues to trade in a broad up channel.

    The price action has formed a typical staircase formation.

    Due to the bullishness of this formation I will be monitoring the price action for a continuation of the current trend.

    However with news soon to be released by the SNB on the level of its foreign currency reserves there will be market interest on the level and pace of buying of the Euro by the Swiss central bank.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9610 level.

    AUDUSD



    The intraday technical outlook

    The Aussie Dollar continues to experience a great deal of market volatility.

    This is partly driven by domestic news and partly by events in China.

    With the price action now trading in a tight six day range we require resolution by the price action either sustaining a higher or lower break.

    The US jobs numbers could give the market the jolt it needs.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7850 level.


    GOLD



    The intraday technical outlook

    As posted previously previously:

    There has been an increase in market volatility following the break down from the small up channel.

    As the longer term trend continues to point down I will be monitoring the price action for a further move lower.

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.


    OIL



    The intraday technical outlook

    Oil continues to experience a mini rally with the price action forming a fairly obvious up channel.

    However this morning the price action is making an attempt to break down from its up channel.

    That the price action is trending higher on the 4 hour chart and the attempting to paint a higher low on the daily does give the bulls some room to be optimistic.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 49.80 level.




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    MARKET BRIEFING – LONDON OPEN 09.03.2015




    EURUSD



    The intraday technical outlook

    Euro stimulus gets under the way today.

    With the prospect of the ECB pumping into the Eurozone some EUR60 billion per month of fresh liquidity one can only anticipate what the longer terms effect this will have on the value of the Euro.

    Friday’s NFP number well and truly pushed EURUSD through the 1.1000 floor.

    The next support level being the 1.0760 level being a prior weekly swing point.

    A breach of this level could see EURUSD test the 1.0600 level being a monthly trend line.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1100 level.



    GBPUSD



    The intraday technical outlook

    GBPUSD dropped aggressively off the back of the US job data.

    The price action continues to trade within a fairly steep down channel.

    I am this monitoring the price action for a continuation of the downward momentum.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5260 level.



    USDJPY



    The intraday technical outlook

    The continued rise of the US Dollar sent USDJPY on Friday through the 120.00 level.

    Although there was a brief flirtation that saw the price action trade above the 121.00 level the price action subsequently experienced a minor correction.

    I am this morning monitoring the price action for a resumption of positive directional momentum.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.80 level.



    USDCHF



    The intraday technical outlook

    Friday’s NFP news led to USDCHF experiencing an acceleration of the current up trend.

    USDCHF continues to trade in a broad up channel.

    The price action has formed a typical staircase formation.

    Due to the bullishness of this formation I will be monitoring the price action for a continuation of the current trend.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9715 level.

    AUDUSD




    The intraday technical outlook

    The US Jobs number pushed AUDUSD out of its congestion range and sent it lower.

    A new down channel has now formed.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7850 level.


    GOLD



    The intraday technical outlook

    The prospects of higher US interest rates sent Gold lower on Friday.

    However the aggressiveness of the move lower could open up the possibility that Gold experiences a good bounce.

    As the longer term trend continues to point down I will be monitoring the price action for a further move lower.

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level.


    OIL



    The intraday technical outlook

    Friday’s break down from the brief up channel that was created would indicate that the prior down trend has once again resumed.

    However there is some optimism remaining for Oil Bulls with the price action on the daily chart having broken above the top if its large down channel.

    From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 51.00 level.




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