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MARKET BRIEFING – TECHNICAL ANALYSIS 02.12.2015

EURUSD

The intraday technical outlook

EURUSD has breached the top of downtrend channel yesterday, with the move, however proved to be unsuccessful later.

EURUSD needs to hold below 1.0610 level being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1.0583, being today’s Daily Average True Range (ATR) downside projection level. Should this level be reached successfully, a further extension towards 1.0535, which is 2nd pivot support of the pair.

If EURUSD fails to maintain the downward momentum, a retracement higher could potentially unfold.

If this scenario was to occur the target for today is 1.0634, being the pair’s 1st intermediate pivot resistance of today. In case this level is reached, a prolonged extension to 1.0658, being the 2nd upside resistance level, could further take place.

GBPUSD

The intraday technical outlook

GBPUSD has bounced off the today’s pivot point this morning, retracing sharply from the yesterday’s highs.

GBPUSD needs to hold below 1.5085 level, being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 1.5001, being today’s Average True Range downside target of the pair. Should this level be reached, a further extension towards 1.4969, which is with the pair’s 3rd pivot support level of the day, could likely take place.

If GBPUSD fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur, the target for today will be 1.5085, which is the pair’s Pivot Point of today.

USDJPY

The intraday technical outlook

USDJPY does not let go of its efforts to trade higher.

USDJPY needs to hold above the 122.95 level, being the intraday Pivot Point in order to hold the uptrend scenario.

The initial upside target is 123.43, being today’s Average True Range upside target of the pair. Should this level be reached, a further extension towards 123.55, which is with the pair’s 2nd pivot resistance level of the day, could likely take place.

If USDJPY fails to maintain the upward momentum, a retracement lower could potentially unfold.

If this scenario was to occur the target for today is 122.92, which is the pair’s pivot point of today. In case this scenario will be activated, further extension to 122.56, being the pair’s 1st pivot support of today, could likely occur.

USDCHF

The intraday technical outlook

USDCHF has breached the uptrend channel last night.

USDCHF needs to hold below 1.0270 line being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 1.0222, being the first 1st pivot support of today. Following that the pair will likely to strive towards 1.0211 level.

If USDCHF fails to maintain downward momentum, a reversal higher could potentially unfold.

If this scenario was to occur the initial upside target for today is 1.0318. A further extension towards 1.0336 resistance, which is also approximately coincides with the Average True Range upside target of today, could follow next in this case.

USDCAD

The intraday technical outlook

USDCAD is striving to continue the upward move.

USDCAD needs to hold above 1.3354 line being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside aim is 1.3400, being the pair’s the pair’s 1st resistance level of today. should this aim be reached, it will open the way towards 1.3428, being the daily Average True Range upside target.

If USDCAD fails to maintain its upward momentum, a reversal and returning to trade lower could potentially unfold.

If this scenario was to occur the target for today is 1.3332, which is the 1st intermediate pivot support level of the pair. A further extension towards of 1.3311 could then follow that move.

AUDUSD

The intraday technical outlook

AUDUSD continues sharply higher on the way up this morning.

AUDUSD needs to hold above 0.7292 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target for this afternoon will be 0.7388, being the upside projection level of the Daily Average True Range (ATR),

If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.

If this scenario was to occur the target is 0.7292, being the pair’s pivot point of today. Should this level be reached, the extension towards 0.7252, which is the pair’s 1st pivot support line of today, and also coincides with downside projection level of the Daily Average True Range (ATR), could likely occur next.

GOLD

The intraday technical outlook

Gold is retesting the top of the downtrend channel this morning.

The commodity needs to hold below 1068.83 level, being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 1063.20, being the commodity’s 1st pivot support level of today. Further extension towards 1057.49, could occur next following that.

If the metal fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur, the target for today is 1074.54, which is the commodity’s 1st pivot resistance of today.

OIL

The intraday technical outlook

Oil has bounced off the daily pivot point this morning, once again retesting the bottom of the daily upward trend channel.

The commodity needs to hold below 42.24 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 41.69, which is the commodity’s first support level of today. Should the trading break below this level, the next commodity’s target could be 41.20 level, being the 2nd pivot support of today.

If the commodity fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur the target for today is 42.49, being the commodity’s 1st intermediate pivot resistance level of today.

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