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Thread: Daily Technical Analysis from ACFX

  1. #351

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    MARKET BRIEFING – LONDON OPEN 25.03.2015





    EURUSD



    The intraday technical outlook

    EURUSD yesterday attempted to test the 1.1035 level but failed to break above this price

    Although the price has painted a series of higher lows and higher highs there is a necessity to trade above the 1.1035 level for the up trend to be maintained.

    That the price action is above it price channels is also very bullish.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0760 level.



    GBPUSD




    The intraday technical outlook

    With UK inflation data once again dropping off the prospects of an interest rise becomes less and less likely.

    The up move following last weeks break out has stalled somewhat with the price action consolidating within a tight range.

    A breach of the 1.5000 level will confirm the upside bias whereas a break down under the 1.4810 level would put the downside bias back into focus.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4810 level.


    USDJPY



    The intraday technical outlook

    Yesterday USDJPY did continue to trade lower but experienced a good bounce off the 119.40 area.

    With a possibility of a minor double bottom forming there is the potential for a move back up to the 120.15 resistance level which coincides with the top of the down channel.

    From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.15 level.


    USDCHF





    The intraday technical outlook

    Yesterday USDCHF did breach the 0.9610 monthly support level.

    I am this morning monitoring a pull back towards this level for signs a weakness coming back into the trade.

    From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9810 level.


    AUDUSD




    The intraday technical outlook

    Over the past three business days AUDUSD has painted a minor topping head an shoulders pattern.

    This pattern could be the sign that AUDUSD could experience a substantial downward correction.

    Alternatively an inability for the price action to move lower could open up the door to a retest of the 0.7910 level being this weeks high.

    From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7760 level.


    GOLD




    The intraday technical outlook

    As posted yesterday the breach the 1182.20 level Gold is now knocking on the door of another prior weekly swing level at the 1191.65.

    The move higher has been near vertical which leads me to believe that we might see some down to sideways corrective price action.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1182.20 level.


    OIL





    The intraday technical outlook

    Oil yesterday attempted to break up from its consolidation pattern.

    However the price action could not sustain higher prices.

    This morning Oil has penetrated the lows of its very narrow down channel.

    I am this morning monitoring the price action for a test of support at the 46.75.

    However the penetration of the channel bottom could turn out to be a fake break down that acts as a catalyst to push Oil higher.

    With the weekly crude report out this afternoon we may see an increase in volatility during the day.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 46.75 level.



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  2. #352

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    MARKET BRIEFING – LONDON OPEN 27.03.2015





    EURUSD



    The intraday technical outlook

    During the afternoon trade EURUSD broke down from upward channel and breached the 1.0900 support level.

    There was a brief consolidation during the overnight session however the sell off in EURUSD has now resumed as traders arrive at their desks in London and other major European centers.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1050 level.



    GBPUSD



    The intraday technical outlook

    This morning GBPUSD has opened negatively with the price action testing the 1.4800 prior monthly swing level.

    I am this morning monitoring the price action with key range / break out levels being 1.4800 / 1.5000.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


    USDJPY



    The intraday technical outlook

    Following yesterday’s bounce off the 118.50 areas USDJPY has traded higher as it tests the 119.25 resistance level.

    A breach of this level could see USDJPY trade up to the top of its down channel.

    From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.00 level.


    USDCHF



    The intraday technical outlook

    The move above the 0.9600 level has technical changed the trend from down to up.

    This has been followed by a breach above move above the current down channel.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.


    AUDUSD



    The intraday technical outlook

    With yesterday morning’s breach the isolated low of 0.7850 level has changed the 1 hour trend for AUDUSD from up to down.

    This has been followed by further breaches of the 0.7800 support level and the channel bottom.

    The move lower has come off a bounce from the top of a long dated down channel.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7900 level.


    GOLD




    The intraday technical outlook

    This morning Gold has broken the bottom of its up channel and is trading under the 1201.00 support level.

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

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


    OIL



    The intraday technical outlook

    As posted yesterday Oil has traded higher off the back of geo-political and strategic tensions presently affecting the Arabian Peninsula.

    The move higher has created a steep up channel.

    Following such a strong up move Oil has back down towards it channel bottom,

    I am this morning monitoring the price action for the possibility of a bounce from this area.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.



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    MARKET BRIEFING – LONDON OPEN 30.03.2015





    EURUSD



    The intraday technical outlook

    EURUSD broke down from upward channel and proceeded to trade to the 1.0800 level.

    A successful retest of the 1.0800 level would confirm the current down trend.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1050 level.



    GBPUSD



    The intraday technical outlook

    This morning GBPUSD has opened negatively with the price action testing the 1.4800 prior monthly swing level.

    I am this morning monitoring the price action with key range / break out levels being 1.4800 / 1.5000.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


    USDJPY




    The intraday technical outlook

    USDJPY has experienced a good rally since Thursday.

    This morning USDJPY has continued with the positive theme by trading above the top of its down channel.

    From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.00 level.


    USDCHF



    The intraday technical outlook

    USDCHF has experienced a good rally since Thursday.

    This morning USDCHF has continued with the positive theme by trading above the top of its down channel.

    The move above the 0.9600 level has technical changed the trend from down to up.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.



    AUDUSD



    The intraday technical outlook

    The breach the isolated low of 0.7850 level has changed the 1 hour trend for AUDUSD from up to down.

    This has been followed by further breaches of the 0.7800 support level and the channel bottom.

    The move lower has come off a bounce from the top of a long dated down channel.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7900 level.


    GOLD



    The intraday technical outlook

    Gold has broken the bottom of its up channel and is trading under the 1201.00 support level.

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

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1206.00 level.


    OIL



    The intraday technical outlook

    Oil on Friday was not able to bounce off the bottom of its up channel.

    What followed on Thursday was a strong correction that has pushed Oil in the direction of the 47.00 support area.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.




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  4. #354

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    MARKET BRIEFING – LONDON OPEN 31.03.2015





    EURUSD




    The intraday technical outlook

    As posted yesterday EURUSD broke down from upward channel and proceeded to trade to the 1.0800 level.

    A successful retest of the 1.0800 level has confirmed the current down trend.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0950 level.



    GBPUSD



    The intraday technical outlook

    This morning GBPUSD has opened negatively with the price action trading under the 1.4800 prior monthly swing level.

    A breach of the 1.4750 level being yesterdays low could possibly add further downside pressure to the trade.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4925 level.


    USDJPY



    The intraday technical outlook

    USDJPY continued to trade higher following the upside penetration of its down channel.

    The move higher led to a successful test of Friday’s intraday swing high of 119.48.

    The breach of this most recent isolated high has technically changed the trend from down to up.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.00 level.


    USDCHF



    The intraday technical outlook

    USDCHF continued to trade higher following the upside penetration of its down channel.

    The move higher led to a successful test of Friday’s intraday swing high of 0.9691.

    The breach of this most recent isolated high has technically changed the trend from down to up.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9550 level.


    AUDUSD



    The intraday technical outlook

    As posted yesterday the breach the isolated low of 0.7850 level has changed the 1 hour trend for AUDUSD from up to down.

    This has been followed by further breaches of the 0.7800 support level and the channel bottom.

    The move lower has come off a bounce from the top of a long dated down channel.

    I am this morning monitoring the price action as it approaches the 0.7600 support area.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7900 level.


    GOLD



    The intraday technical outlook

    As posted yesterday Gold has broken the bottom of its up channel and is trading under the 1201.00 support level.

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

    I am this morning monitoring the price action as it approaches the 1175.00 / 1166.00 support area.

    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

    With talks continuing into today between Iran and the six nation contact group, the possibility of agreement being reached over this country’s nuclear programme could be a green light to the lifting of economic sanctions.

    With Iran oil exports currently being hit by sanctions the very idea that such a large petroleum producer adding supply to the market could act as a catalyst for lower prices.

    I expect today’s trading to be erratic and volatile.

    As posted yesterday, Oil on Friday was not able to bounce off the bottom of its up channel.

    What followed on Thursday was a strong correction that has pushed Oil in the direction of the 47.00 support area.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.




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  5. #355

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    MARKET BRIEFING – LONDON OPEN 02.04.2015




    EURUSD



    The intraday technical outlook

    This morning’s price action has seen EURUSD breach the 1.0800 resistance level.

    As this level coincides with the last prior isolated high technically this changes the trend from down to up.

    However it is still relatively early in the up move and I would need to see the price action remain above the 1.0700 level to be convinced that we will continue to see higher prices.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0700 level.



    GBPUSD



    The intraday technical outlook

    GBPUSD continues to trade within a fairly narrow range.

    With political events now coming to the fore in the UK we may see this kind of price action continue up to the May 7 general election.

    Traders will also be looking out for trends in the opinion polls and for traditional Political faux pas that we have become accustomed to during the election period.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4885 level.


    USDJPY



    The intraday technical outlook

    USDJPY failed to breach the prior 120.00 resistance level and subsequently fell back to the 119.50 support area.

    If USDJPY can hold above the 119.50 level we may probably see a retest of the 120.25 area.

    Alternatively a breach of the 119.50 area could act as a catalyst for USDJPY to move down to the 119.00 level.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.50 level.


    USDCHF



    The intraday technical outlook

    Yesterday’s penetration of the 0.9680 level coincided with a breach of the breach of the prior isolated low.

    This has technical changed the trend from up to down.

    A successful test of the 0.9600 level act as down trend confirmation.

    From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9750 level.


    AUDUSD



    The intraday technical outlook

    AUDUSD has continued to trade lower withe the breach of the 0.7600 level re-confirming the move.

    The next major downside target being 0.7550 level which coincides with the prior daily swing low.

    From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7650 level


    GOLD




    The intraday technical outlook

    Gold’s yesterday spiked higher.

    The move breached the 1192.00 area which coincides with the prior isolated weekly high.

    This move has resulted in the the trend changing from down to up.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1180.00 level.



    OIL



    The intraday technical outlook

    Oil yesterday spiked higher.

    The move breached the 48.50 area which coincides with the prior isolated 1 hour high.

    This move has resulted in the the trend changing from down to up.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.





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  6. #356

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    MARKET BRIEFING – LONDON OPEN 06.04.2015





    EURUSD



    The intraday technical outlook

    Fridays bad NFP number weakened the US Dollar.

    This has led to EURUSD approaching the prior recent high of 1.1050.

    The recent price action has seen EURUSD breach the 1.0800 resistance level.

    As this level coincides with the last prior isolated high technically this changes the trend from down to up.

    This morning I am monitoring the price action for a retest of the 1.1050 level.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0725 level.




    GBPUSD



    The intraday technical outlook

    Friday’s NFP data sent GBPUSD higher.

    The resulting price action saw GBPUSD trade above the 1.4885 resistance level.

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

    I am this morning monitoring the price action for a test of the 1.5000 resistance level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4750 level.


    USDJPY



    The intraday technical outlook

    Following Friday’s US jobs number USDJPY broke down from its 119.50 support level.

    The move beneath this level has technically changed the trend from up to down.

    This morning I am monitoring the price action as it tests the 119.00 support level.

    From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.25 level.



    USDCHF



    The intraday technical outlook

    The penetration of the 0.9680 level coincided with a breach of the breach of the prior isolated low.

    This has technical changed the trend from up to down.

    Friday’s US Labor news has seen USDCHF retest the 0.9500.

    I am this morning monitoring the price action for a retest or bounce off the 0.9500 level.

    From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9600 level.


    AUDUSD



    The intraday technical outlook

    AUDUSD experience a strong rally on Friday.

    This came off the back of the bad US jobs number.

    A breach of 0.7650 level has changed the trend from down to up.

    I am this morning monitoring the price action for a retest or bounce lower off the 0.7650 level.

    From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7550 level.


    GOLD



    The intraday technical outlook

    Gold has open higher with a gap as it tests the recent 1221.00 high.

    A breach of this level will confirm the strength of the up trend.

    I am this morning monitoring the price action for a bounce of or break above the 1221.00 level.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1195.00 level.


    OIL



    The intraday technical outlook

    As posted previously the breach of the 48.50 area which coincides with the prior isolated 1 hour high.

    This move has resulted in the the trend changing from down to up.

    This morning I am monitoring the price action for a retest of the 50.50 level

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 48.00 level.





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  7. #357

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    MARKET BRIEFING – LONDON OPEN 07.04.2015





    EURUSD



    The intraday technical outlook

    Overnight EURUSD moved lower on technical trading.

    However following Monday’s strong performance in US indices the outlook for today at least looks to remain “Risk On”.

    I am this morning monitoring the price action at the 1.0900 and 1.0950 levels.

    A break above or beneath these levels could potentially signal the direction of prices.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0725 level.




    GBPUSD



    The intraday technical outlook

    As posted yesterday the breach of the the 1.4885 resistance level. has technically changed the trend from down to up.

    I am this morning monitoring the price action for a test of the 1.5000 resistance level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


    USDJPY



    The intraday technical outlook

    Yesterday’s move above the 119.00 led to the price action trading above the prior swing high.

    Technically this has changed the trend from down to up.

    This morning I am monitoring the price action as it tests the 120.00 resistant level.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.75 level.


    USDCHF




    The intraday technical outlook

    Yesterday’s move above the 0.9550 led to the price action trading above the prior swing high.

    Technically this has changed the trend from down to up.

    This morning I am monitoring the price action as it tests the 0.9600 resistant level.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.


    AUDUSD



    The intraday technical outlook

    This mornings RBA rate decision caused AUDUSD to spike higher.

    The move above the 0.7650 led to the price action trading above the prior swing high.

    Technically this has changed the trend from down to up.

    This morning I am monitoring the price action as it tests the 0.7700 resistant level.

    From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7575 level.


    GOLD



    The intraday technical outlook

    Gold yesterday traded lower and has now partially field Mondays gap.

    I am this morning monitoring the price action for a retest of the the 1221.00 resistance level.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1195.00 level.


    OIL



    The intraday technical outlook

    Yesterday Oil traded higher and broke through the 50.50 level.

    As posted previously the breach of the 48.50 area which coincides with the prior isolated 1 hour high.

    This move has resulted in the the trend changing from down to up.

    This morning I am monitoring the price action for a retest of the 52.50 level

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 48.00 level.




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  8. #358

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    MARKET BRIEFING – LONDON OPEN 08.04.2015





    EURUSD



    The intraday technical outlook

    Yesterday EURUSD traded lower as value hunters looked to purchase the US Dollar ahead of the release of the FOMC minutes.

    However the move lower was stop at the 1.0800 area,

    This morning I am monitoring the price for a bounce back up to the 1.0900 level or retest of the 1.0800 level.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0725 level.


    GBPUSD



    The intraday technical outlook

    Yesterday GBPUSD traded lower as it broke through the 1.4885 level.

    However the move lower was eventually held at the 1.4800 level which coincides with a prior monthly pivot.

    I am this morning monitoring the price action for a move back towards the 1.4885 level or a retest of the 1.4800 level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


    USDJPY



    The intraday technical outlook

    Yesterday USDJPY attempted to trade above the prior 120.25 high but was unable to sustain a move above this level.

    This morning USDJPY has traded lower it what has been a fairly aggressive move down.

    The initial move higher has resulted in the formation of a broad up trend channel.

    I am this morning morning monitoring the price action for a continuation of lower prices that takes USDJPY back down to the 119.50 support area that coincides with the channel bottom.

    Alternatively a drop off in downside momentum could see USDJPY retest the 120.00 resistance level.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.75 level.


    USDCHF



    The intraday technical outlook

    Yesterday USDCHF continued to trade higher as the price action broke above its down channel.

    However the move was held at the 0.9700/0.9680 resistance level.

    I am this morning monitoring the price action for a retest of 0.9680 level as this corresponds to the most recent isolated high.

    Alternatively USDCHF could trade back to the 0.9600 support level.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.


    AUDUSD




    The intraday technical outlook

    Yesterday AUDUSD retested but could not sustain a move above the 0.7700 level.

    This lead to AUDUSD trading back down into and testing the 0.7650 support level.

    This morning I am monitoring the price action for a a retest of the 0.7700 resistance level.

    Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7650 support level.

    From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7575 level.


    GOLD




    The intraday technical outlook

    Gold yesterday traded lower as it came of its recent highs.

    The price action has now approached the 1209.00 support level which corresponds to the channel bottom.

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

    Alternatively a breach of this support zone could see Gold trade back down the 1195.00 support level.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1195.00 level.


    OIL




    The intraday technical outlook

    Oil has experience a stellar rally with the price action yesterday painting a new recent high.

    I am this morning monitoring the price action for a retest of the 54.00 level being yesterdays high.

    Alternatively a breach of the 52.50 support level could see Oil trade back down to its channel bottom.

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




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  10. #360

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    MARKET BRIEFING – LONDON OPEN 09.04.2015





    EURUSD



    The intraday technical outlook

    Yesterday EURUSD initially traded higher however the price action was not able to sustain its gains and broke down prior to the release of the FOMC minutes.

    The move below the 1.0800 level has breached the prior isolated low.

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

    I am this morning monitoring price for a possible test the 1.0750 support level.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0900 level.


    GBPUSD



    The intraday technical outlook

    Yesterday GBPUSD attempted to test the high of the week at 1.4980 level but failed to break above it.

    With the UK heading into a general election the price action has become very choppy.

    This could be related to the political uncertainty. However the election is a little under a month away. For such volatility to enter the GBPUSD so early in the election period could indicate a continuation of this very choppy price action.

    I am this morning monitoring the price action for a move back towards the 1.5000 level or a retest of the 1.4800 level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


    USDJPY



    The intraday technical outlook

    During yesterday morning session USDJPY traded lower only reverse in the early afternoon.

    This morning USDJPY I am monitoring the price action for a retest of this weeks high at the 120.50 area.

    Alternatively a failure to sustain higher prices could see USDJPY trade back down to its channel bottom.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.50 level.


    USDCHF



    The intraday technical outlook

    Yesterday USDCHF traded down to its 0.9600 support level.

    However this monthly swing level proved to be too powerful as the price action bounced higher.

    This morning USDCHF has made a new weekly high as it tests the 0.9680 level.

    A breach of the 0.9680/0.9700 level could see USDCHF trade up to the 0.9750 level.

    Alternatively USDCHF a failure to breach the 0.9680 level could see USDCHF move back toward the 0.9600 support level.

    From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9600 level.


    AUDUSD



    The intraday technical outlook

    AUDUSD continues to staircase higher as the price action experiences an upside correction.

    A breach of the weekly high at the 0.7730 level is required to confirm the up trend is intact.

    Alternatively a failure to breach the 0.7730 level could see AUDUSD test today’s low and the 0.7650 support level.

    From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7650 level.


    GOLD




    The intraday technical outlook

    Gold yesterday traded under the 1209.00 level and its channel bottom.

    The move beneath the 1209.00 level also breached the prior isolated low and has resulted in a change of trend from up to down.

    I am this morning monitoring the price action for a continuation of the move lower and a break beneath the 1192.00 support level.

    Alternatively a failure breach of this support zone could see Gold trade back up to the 1215.00 resistance 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

    Oil experienced a dramatic slide yesterday.

    The move beneath the 51.00 level which coincides with the prior swing low has technically changed the trend from up to down.

    However the price action is now bouncing higher off its channel bottom.

    I am this morning monitoring the price action for a bounce of the channel bottom.

    Alternatively a breach of the channel bottom and a break below the 50.50 level could see Oil trade substantially lower.

    From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 54.00 level





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