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Thread: Daily Technical Analysis from ACFX

  1. #361

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    MARKET BRIEFING – LONDON OPEN 10.04.2015





    EURUSD




    The intraday technical outlook

    EURUSD spiked to the new monthly lows, as the U.S. Unemployment claims numbers came stronger than expected.

    The pair is has formed downtrend channel since this Monday and since then is following it precisely, touching new monthly lows of 1.0620 this morning. 1.0600 level is to be targeted shortly before the likely downtrend resumption.

    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

    GBPUSD this morning has slided even further on the background of the disappointing U.K. trade balance numbers and stronger than expected U.S. Unemployment Claims report yesterday.

    The pair has reached new lows of 1.4670 this morning, without any a hint for a reversal or retracement at the moment.

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


    USDJPY



    The intraday technical outlook

    Last night the USDJPY has reached new highs of 120.72, on the backgorund of the further strenghtening U.S. currency

    The pair is likely to retest 120.70 resistance level shortly. Alternatively 120.35 point will be traded, with subsequent target of the bottom of the channel and support of 120.00.

    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

    USDCHF continue the move higher, reaching new high of 0.9790 this morning.

    In case 0.9800 level will be breached successfully, the pair will be likely to target 0.9870 resistance next.

    Alternatively the support of 0.9750 might be again retested, before the pair returns to 0.9680 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 has lost the momentum after strengthening for for a week.

    The pair is still trading within the upward channel, however the short term head and shoulders pattern might indicate that reversal is to follow.

    The closest support to be traded is of 0.7650. Alternatively, 0.7750 could be tested again.

    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

    After breaking the upward trend channel the Gold price is consolidating below 1200.00 region.

    If the breach of 1195.00 is unsuccessful, 1209.00 resistance level is the next likely point the Gold will be testing, before deciding on the move further.

    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 has broken the upward trend channel and continues to move lower towards 49.80 support this morning.

    The move is likely to head towards 49.00 support. Alternatively 52.00 resistance will be once more retested.

    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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  2. #362

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    MARKET BRIEFING – LONDON OPEN 13.04.2015






    EURUSD



    The intraday technical outlook

    Friday EURUSD continued to trader lower.

    The move lower has taken EURUSD back down to a major multiple month trend line and monthly support level at the 1.0550 area.

    A breach of this area and the 1.0500 level opens up the possibility for move down to parity.

    Alternatively a bounce off support could see EURUSD trade back up to the 1.0900 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

    With election uncertainty gripping the markets the Pound continues to drift lower.

    GBPUSD is this morning attempting to breach the 1.4600 support level.

    A breach of this level opens up clear are for a move down to the 1.4250 level.

    Alternatively a bounce off this level could see GBPUSD trade back up to the 1.4800 level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4980 level.


    USDJPY



    The intraday technical outlook

    Yesterday USDJPY experienced a mild pullback.

    However this morning buyer have come back into the market when USDJPY tested the 120.00 level.

    I am this morning monitoring a potential test of the 120.70 level.

    Alternatively a failure to sustain a move higher could see USDJPY test its channel bottom.

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


    USDCHF



    The intraday technical outlook

    USDCHF continues to trade higher with the price action taking out the recent top at the 0.9750 level.

    USDCHF did experience a minor pull back into the 0.9800 support area.

    However it would appear that the price action has stabilized and has once again resumed its upward momentum with a target being at least Fridays high at the 0.9835 /0.9850 area.

    Alternatively USDCHF fails to hold above this mornings low could see a move down to the 0.9750 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 has collapsed this morning following the release of Chinese data.

    With the momentum being so bearish there is a possibility that the 0.7550 support level is breached.

    Alternatively a failure to breach this level could see AUDUSD trade back up to the 0.7700 resistance level.

    From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.7750 level.


    GOLD



    The intraday technical outlook

    Gold did trade lower as it broke down from it up channel.

    However the price action found support at the 1192.00 level.

    This level acted as a catalyst for Gold to bounce higher.

    The resulting move led Gold to breach its isolated high of 1202.50 and change the trend back to up.

    I am this morning monitoring the price action for a retest of the 1209.00 level.

    Alternatively a failure breach of this resistance level see Gold trade back down to the 1192.00 support level.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1192.00 level.


    OIL



    The intraday technical outlook

    Oil has experienced some choppy price action following last weeks corrective pullback.

    The 50.50 level has acted as good support.

    I am this morning monitoring the price action for a test of Thursdays high and a continuation to the 54.00 level.

    Alternatively a breach of the 50.50 support level could see Oil trade back down to 49.00 level.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 50.50 level.






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  3. #363

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    MARKET BRIEFING – LONDON OPEN 15.04.2015




    EURUSD



    The intraday technical outlook

    Disappointing US Retail Sales data sent EURUSD higher during yesterday’s afternoon trading.

    The move higher however found initial resistance at the 1.0700 level.

    This morning I am monitoring the price action for a retest of this level and a possible continuation of the move to the channel top which coincides with the 1.0750 level.

    Alternatively a breach of this mornings low in the 1.0600 area could see EURUSD trade down to major support in the 1.0550 area.

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


    GBPUSD



    The intraday technical outlook

    GBPUSD continues to trade higher as it surged past the 1.4700.

    The move above his level coincides with the prior isolated high technically changes the trend from down to up.

    I am this morning monitoring the price action for a retest of the 1.4800 level

    Alternatively a breach of the 1.4750 support level could see GBPUSD trade down to the 1.4650 level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4600 level.

    USDJPY



    The intraday technical outlook

    USDJPY traded lower in afternoon trading.

    The breach of the 120.00 level which coincides with the an isolated low has technically changed the trend from up to down.

    The move lower has also slashed through channel support.

    I am this morning monitoring the price action for a retest of the 119.50 level and a continuation of the move down to 119.00.

    Alternatively a failure to sustain a move under the 119.50 level could see USDJPY retest the 120.00 level.

    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 yesterday broke down from its up channel.

    The breach of the 0.9770 level which coincides with the an isolated low has technically changed the trend from up to down.

    I am this morning monitoring the price action for a retest of the 0.9700 level.

    Alternatively a move above the 0.9750 resistance level could see USDCHF trade back up to the 0.9800 level.

    From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9800 level.

    AUDUSD



    The intraday technical outlook

    AUDUSD has experienced a choppy couple of sessions but remains above the 0.7550 support level.

    The overnight data from China may add some downside pressure on AUDUSD.

    I am this morning monitoring the prices action for tests of 0.7650 and 0.7550.

    From a technical perspective AUDUSD 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 yesterday broke under its 1192.00 support level.

    The breach of this level which coincides with the an isolated low has technically changed the trend from up to down.

    The price action has now formed a rather steep down channel.

    I am this morning monitoring the price action for a move away from the 1192.00 support level and a possible test of the 1182.00 level.

    Alternatively a bounce off the 1192 level could see Gold trade up to the 1209.00 level.

    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

    Oil continues to add to its impressive gains and this morning is trading above last weeks high of 54.00.

    I am this morning monitoring the price action for a continuation of the move higher.

    Alternatively a failure to sustain higher prices 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 51.50 level.




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    MARKET BRIEFING – LONDON OPEN 16.04.2015





    EURUSD



    The intraday technical outlook

    EURUSD has continued its mini rally with the move above the 1.0700 level technically changing the 1 hour trend from down to up.

    However this morning EURUSD slammed into the 1.0700 resistance level which is formed by the upper level of the down channel and the prior intraday isolated high.

    This morning I am monitoring the price action for a retest of the 1.0070 resistance level.

    Alternatively a failure to breach this level could see EURUSD trade back down to the 1.0670 support level.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0670 level


    GBPUSD



    The intraday technical outlook

    GBPUSD continues to trade higher as it briefly moved above the 1.4850.

    With GBPUSD continuing to trade in an up trend I am this morning monitoring the price action for a retest of the 1.4850 level

    Alternatively a breach of the 1.4800 level could see GBPUSD trade down to the 1.4700 level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4700 level.


    USDJPY



    The intraday technical outlook

    USDJPY experienced a strong sell off yesterday.

    However a small double bottom formed above the 118.75 support level and this acted as a catalyst to send USDJPY higher.

    I am this morning monitoring the price action for a retest of the 119.75 level and a continuation of the move down to 119.00.

    Alternatively a failure to sustain higher prices could see USDJPY restest 119.00 and 118.75 levels.

    From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 119.75 level.


    USDCHF




    The intraday technical outlook

    USDCHF yesterday trade lower.

    However this morning support has been found at the 0.9600 level which coincides with a prior monthly swing point.

    I am this morning monitoring the price action for a retest of the 0.9700 level.

    Alternatively a failure to trade higher could see USDCHF retest the 0.9600 level.

    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 spiked higher in what was an impressive up move.

    However the price action found strong resistance as the top of its down channel.

    I am this morning monitoring the prices action for a retest of the 0.7750 level and the channel top.

    Alternatively a failure to sustain higher prices could see AUDUSD trade back down to the 0.7700 level.

    From a technical perspective AUDUSD 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 yesterday broke above it narrow down channel and traded back up to the the area of the 1209.00 resistance area.

    I am this morning monitoring the price action for a retest of the 1209.00 level.

    Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.

    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

    Yesterday’s news from the International Energy Agency that OPEC was producing 2.5m barrels more oil than is actually needed did nothing to dampen the recent rise in the value of this commodity.

    On the contrary the market seemed to take its queue from the Crude Oil Inventories report which showed a massive reduction in stockpiles from 10.9M to 1.3M.

    Oil is now trading above both the daily and weekly swing high of 54.90.

    This move has technical changed the the trend for both these time frames from down to up.

    Although this move is significant there is a need to study closely the strength of any subsequent pull back before any firmer assessment on the strength of this move can be reached.

    I am this morning monitoring the price action for a continuation of the move higher and a retest of the 56.50 level.

    Alternatively a failure to sustain higher prices could see Oil trade back down to its channel bottom in he are of 54.00.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 51.50 level.



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    MARKET BRIEFING – LONDON OPEN 17.04.2015







    EURUSD




    The intraday technical outlook

    EURUSD has continued higher and yesterday slashed through the 1.0700 level.

    However yesterday’s rally was held a the 1.0800 area.

    This morning I am monitoring the price action for a retest of the 1.0800 resistance level.

    Alternatively a failure to breach this level could see EURUSD trade back down to the 1.0700 support level.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0625 level.


    GBPUSD



    The intraday technical outlook

    GBPUSD continued its impressive rally yesterday.

    The move higher has now paired the majority of last weeks decline.

    With GBPUSD continuing to trade in an up trend I am this morning monitoring the price action for a retest of the 1.5000 level

    Alternatively a failure to breach of the 1.5000 level could see GBPUSD trade down to 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 1.4810 level.


    USDJPY



    The intraday technical outlook

    This morning USDJPY is finding support at the 118.80 area.

    A move beneath this level is required as confirmation that the down trend is intact.

    I am this morning monitoring the price action for a bounce off the 118.80 area and a move higher into the direction of the 119.50 area.

    Alternatively a failure to sustain higher prices could see USDJPY restest 118.80 level.

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

    USDCHF



    The intraday technical outlook

    USDCHF yesterday continued to trade lower.

    However this morning support has been found at the 0.9550 level.

    I am this morning monitoring the price action for a retest of the 0.9600 level.

    Alternatively a failure to trade higher could see USDCHF retest 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 0.9710 level.


    AUDUSD



    The intraday technical outlook

    AUDUSD yesterday broke above its down channel top.

    This move followed a triple bottom formation on the daily and double bottom formation on the weekly charts.

    I am this morning monitoring the prices action for a retest of the 0.7820 level being yesterdays high.

    Alternatively a failure to sustain higher prices could see AUDUSD trade back down to the 0.7750 level.

    From a technical perspective AUDUSD 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 over the past few days has traded in a rather sloppy fashion.

    However the bigger picture does seem bullish with last weeks pin bar attempting to replicate itself with this weeks price action.

    The extent of how bullish or bearish this week will end will only be known with the conclusion of today’s trading.

    However there does seem to be a great deal of support forming on the daily chart around the 1180 area.

    Will this be a base for the creation of a broad multiple period up trend? We first need to see Gold trade above the April high of 1224.00.

    I am this morning monitoring the price action for a retest of the 1209.00 level.

    Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.

    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

    As posted yesterday the news from the International Energy Agency that OPEC was producing 2.5m barrels more oil than is actually needed did nothing to dampen the recent rise in the value of this commodity.

    On the contrary the market seemed to take its queue from the Crude Oil Inventories report which showed a massive reduction in stockpiles from 10.9M to 1.3M.

    Oil is now trading above both the daily and weekly swing high of 54.90.

    This move has technical changed the the trend for both these time frames from down to up.

    Although this move is significant there is a need to study closely the strength of any subsequent pull back before any firmer assessment on the strength of this move can be reached.

    I am this morning monitoring the price action for a continuation of the move higher and a retest of the 57.30 level being yesterday’s high.

    Alternatively a failure to sustain higher prices could see Oil trade back down to the 55.00 support level..

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 55.05 level.





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    MARKET BRIEFING – LONDON OPEN 21.04.2015




    EURUSD



    The intraday technical outlook

    Yesterday EURUSD broke down from its up channel and traded under the 1.0730 swing level.

    The move under this prior isolated low has technically changed the trend from up to down.

    This morning I am monitoring the price action for a retest of the 1.0700 support level.

    Alternatively a failure to breach this level could see EURUSD trade back up to the 1.0800 resistance level.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0625 level.



    GBPUSD




    The intraday technical outlook

    Yesterday GBPUSD broke down from its up channel and traded under the 1.4915 swing level.

    The move under this prior isolated low has technically changed the trend from up to down.

    This morning I am monitoring the price action for a retest of the 1.4800 support level.

    Alternatively a failure to breach this level could see GBPUSD trade back up to the 1.5000 resistance level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5050 level.



    USDJPY



    The intraday technical outlook

    Yesterday USDJPY broke up from its up channel and traded above the 119.25 swing level.

    The move above this prior isolated high has technically changed the trend from down to up.

    This morning I am monitoring the price action for a retest of the 119.50 resistance level.

    Alternatively a failure to breach this level could see USDJPY trade back down to the 118.80 support level.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.50 level.

    USDCHF




    The intraday technical outlook

    Yesterday USDCHF broke up from its up channel and traded above the 0.9545 swing level.

    The move above this prior isolated high has technically changed the trend from down to up.

    This morning I am monitoring the price action for a retest of the 0.9600 resistance level.

    Alternatively a failure to breach this level could see USDCHF trade back down to the 0.9500 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 broke down from its up channel and traded under the 0.7758 swing level.

    The move under this prior isolated low has technically changed the trend from up to down.

    This morning I am monitoring the price action for a retest of the 0.7660 support level.

    Alternatively a failure to breach this level could see AUDUSD trade back up to the 0.7750 resistance level.

    From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.7640 level.



    GOLD



    The intraday technical outlook

    As posted previously Gold over the past few days has traded in a rather sloppy fashion.

    However the bigger picture does seem bullish with two consecutive weekly bullish pin bars being painted.

    There does seem to be a great deal of support forming on the daily chart around the 1180 area.

    Will this be a base for the creation of a broad multiple period up trend? We first need to see Gold trade above the April high of 1224.00.

    I am this morning monitoring the price action for a retest of the 1209.00 level.

    Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.

    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

    As posted previously from a purely technical perspective perspective Crude Oil in the shape of WTI and Brent seems to have turned a corner.

    This can be seen by the higher low and higher high formations that have been painted on both daily and weekly time frames.

    To fight against this short trend would be folly however the move up is not supported by any fundamental data.

    I do have an upside target in the US$68.00 area which coincides with a multiple month down channel top.

    With the price action currently trading in a fairly tight but obvious up channel buying pull backs to the channel bottom have been thus far profitable trades.

    I am this morning monitoring the price action for a continuation of the move higher and a retest of the 57.30 level being last weeks high.

    Alternatively a failure to sustain higher prices could see Oil trade back down to the 55.00 support level..

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 55.00 level.





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    MARKET BRIEFING – LONDON OPEN 22.04.2015





    EURUSD



    The intraday technical outlook

    Having breached the 1.0730 swing level and the channel bottom EURUSD is trading in a 1 hour down trend.

    Yesterday EURUSD traded lower only for the price action to reverse in morning trading.

    This morning I am monitoring the price action for a retest of the 1.0700 support level and yesterdays low at 1.0650.

    Alternatively a failure to breach these level could see EURUSD trade back up to the 1.0800 resistance level.

    From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0850 level.



    GBPUSD



    The intraday technical outlook

    Having breached the 1.4915 swing level and the channel bottom GBPUSD is trading in a 1 hour down trend.

    Yesterday GBPUSD traded lower only for the price action to reverse in morning trading.

    This morning I am monitoring the price action for a retest of the 1.4900 support level.

    Alternatively a failure to breach these level could see GBPUSD trade back up to the 1.5000 resistance level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5050 level.


    USDJPY




    The intraday technical outlook

    Yesterday USDJPY continued its stellar rise following the break up from above its down channel the 119.25 swing level.

    This morning I am monitoring the price action for a retest of the 119.75 resistance level.

    Alternatively a failure to breach this level could see USDJPY trade back down to the 118.80 support level.

    From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.50 level.


    USDCHF




    The intraday technical outlook

    Yesterday USDCHF experienced a strong reversal as it paired most of the gains it had made.

    However the 0.9500 level has offered good support.

    This morning I am monitoring the price action for a retest of the 0.9600 resistance level.

    Alternatively a failure to breach this level could see USDCHF trade back down to the 0.9500 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 traded above the 0.7750 prior isolated high.

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

    This morning I am monitoring the price action for a retest of the 0.7840 resistance level.

    Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7700 support level.

    From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7700 level.


    GOLD



    The intraday technical outlook

    As posted previously Gold over the past few days has traded in a rather sloppy fashion.

    However the bigger picture does seem bullish with two consecutive weekly bullish pin bars being painted.

    There does seem to be a great deal of support forming on the daily chart around the 1180 area.

    Will this be a base for the creation of a broad multiple period up trend? We first need to see Gold trade above the April high of 1224.00.

    I am this morning monitoring the price action for a retest of the 1209.00 level.

    Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.

    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

    Oil yesterday broke under its 56.65 support level.

    This move has technically changed the 1 hour trend from up to down.

    This morning Crude Oil is testing the low of its up channel.

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

    Alternatively a failure to sustain higher prices could see Oil trade back down to the 55.00 support level..

    From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 58.75 level..




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  8. #368

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    MARKET BRIEFING – LONDON OPEN 27.04.2015






    EURUSD



    The intraday technical outlook

    Friday EURUSD traded higher however the price action became very erratic.

    This morning I am monitoring the price action for a test of the 1.0900 resistance level.

    Alternatively a failure to breach this level could see EURUSD trade back down to the 1.0800 support level.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0800 level.


    GBPUSD



    The intraday technical outlook

    GBPUSD spiked higher on Friday as it continued to trade above it large down channel.

    The move higher over the past two weeks has put GBPUSD within touching distance of the 1.5350 area.

    This area coincides with a prior broken multiple year converging triangle formation.

    I am this morning I am monitoring the price action for a test of the 1.5250 resistance level.

    Alternatively a failure to trade higher could see GBPUSD trade back down to the 1.5100 support level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5150 level.


    USDJPY



    The intraday technical outlook

    Friday’s move under the 119.30 level has technically changed the trend from up to down.

    This morning I am monitoring the price action for a retest of the 118.80 support level.

    Alternatively a failure to trade lower could see USDJPY trade back up to the 119.30 resistance level.

    From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.10 level.


    USDCHF



    The intraday technical outlook

    Following Thursday’s collapse USDCHF consolidated above the 0.9500 support level.

    This morning I am monitoring the price action for a retest of the 0.9500 support level.

    Alternatively a failure to breach this level could see USDCHF trade back up to the 0.9600 resistance 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

    Friday AUDUSD tested the 0.7840 resistance level.

    This morning I am monitoring the price action for a retest of the 0.7840 resistance level.

    Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7805/7800 support level.

    From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7700 level



    GOLD



    The intraday technical outlook

    Friday Gold retested and broke through the 1184.15 support level.

    I am this morning monitoring the price action for a move in the direction of the large channel bottom in the 1162.00 area.

    Alternatively a failure to trade lower could see Gold retest the 1184.15 level.

    From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1198.05 level.


    OIL



    The intraday technical outlook

    Oil has traded in a 55.70 to 58.75 range for the past few days.

    I am this morning monitoring the price action for a test of the 58.75 / 59.000 resistance level.

    Alternatively a failure to sustain lower prices could see Oil test the 55.50 support level.

    From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 55.70 level.





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  9. #369

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    MARKET BRIEFING – LONDON OPEN 28.04.2015





    EURUSD



    The intraday technical outlook

    Monday EURUSD traded higher following positive news from the Greek Government.

    This morning I am monitoring the price action for a test of the 1.0900 resistance level.

    Alternatively a failure to sustain a move above this level could see EURUSD trade back down to the 1.0800 support level.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0820 level.


    GBPUSD



    The intraday technical outlook

    Monday GBPUSD continued to trade higher as the price action tested the 1.5250 level.

    Today’s GDP number should add to the market volatility.

    I am this morning I am monitoring the price action for a test of the 1.5250 resistance level.

    Alternatively a failure to trade higher could see GBPUSD trade back down to the 1.5100 support level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5100 level


    USDJPY



    The intraday technical outlook

    Monday USDJPY was range bound as it traded between the 118.80 and 119.40 levels.

    This morning I am monitoring the price action for a retest of the 118.80 support level.

    Alternatively a failure to trade lower could see USDJPY trade back up to the 119.40 resistance level.

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


    USDCHF



    The intraday technical outlook

    Monday USDCHF was range bound as it traded between the 0.9500 and 0.9600 levels.

    This morning I am monitoring the price action for a retest of the 0.9500 support level.

    Alternatively a failure to breach this level could see USDCHF trade back up to the 0.9600 resistance 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

    Monday AUDUSD traded higher and this positive price action has followed through into today’s trade.

    This morning I am monitoring the price action for a test of the 0.7900 resistance level.

    Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7800 support level.

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


    GOLD



    The intraday technical outlook

    Gold yesterday afternoon was bid higher and the price action experienced a large spike.

    This morning I am monitoring the price action for a test of the 1209.00 resistance level.

    Alternatively a failure to trade higher could see Gold retest the 1198.05 level.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1175.35 level.



    OIL



    The intraday technical outlook

    Oil continues to trade in a 55.50 to 58.75 range.

    I am this morning monitoring the price action for a test of the 55.50 support level.

    Alternatively a failure to sustain lower prices could see Oil test the 57.85 resistance level.

    From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 57.85 level






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  10. #370

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    MARKET BRIEFING – LONDON OPEN 29.04.2015







    EURUSD



    The intraday technical outlook

    Tuesday EURUSD continued to rally and has now traded up to a major down channel top.

    The question is can EURUSD breach this and the 1.1000 level or will sellers come into the market and push the price action lower.

    This morning I am monitoring the price action for a test of the channel top.

    Alternatively a failure to sustain a move above this level could see EURUSD trade back down to the 1.0900 support level.

    From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0850 level

    GBPUSD



    The intraday technical outlook

    Tuesday GBPUSD continued to rally as traders shrugged off disappointing GDP data.

    GBPUSD has now traded up into prior broken support being a large multiple year converging triangle formation.

    This broken support could offer strong resistance at the 1.5350 area.

    I am this morning monitoring the price action for a test of the 1.5350 resistance level.

    Alternatively a failure to trade higher could see GBPUSD trade back down to the 1.5150 support level.

    From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5100 level.


    USDJPY



    The intraday technical outlook

    As posted yesterday USDJPY continues to be range bound as it trades between the 118.80 and 119.40 levels.

    This morning I am monitoring the price action for a retest of the 118.80 support level.

    Alternatively a failure to trade lower could see USDJPY trade back up to the 119.40 resistance level.

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


    USDCHF



    The intraday technical outlook

    As posted yesterday USDCHF continues to be range bound as it trades between the 0.9500 and 0.9600 levels.

    This morning I am monitoring the price action for a retest of the 0.9500 support level.

    Alternatively a failure to breach this level could see USDCHF trade back up to the 0.9600 resistance 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 experienced a stellar rise.

    However the move higher has run into resistance at the 0.8000 level.

    This level coincides with a prior monthly support area.

    This morning I am monitoring the price action for a retest of the 0.8000 resistance level.

    Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7840 support level.

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


    GOLD



    The intraday technical outlook

    Gold yesterday continued to trade higher but found some resistance at the 1214.85 level.

    This morning I am monitoring the price action for a test of the 1214.85 resistance level and a continuation to the prior top at 1222.00.

    Alternatively a failure to trade higher could see Gold retest the 1209.00 level.

    From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1175.35 level.


    OIL



    The intraday technical outlook

    As posted previously Oil continues to trade in a 55.50 to 58.75 range.

    I am this morning monitoring the price action for a test of the 55.50 support level.

    Alternatively a failure to sustain lower prices could see Oil test the 57.85 resistance level.

    From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 57.85 level.







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