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Thread: Daily Technical Analysis from ACFX

  1. #81

    Default

    Daily Technical Analysis for EURUSD as at 25th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    EURUSD TESTS FIBONACCI SUPPORT AREAR.

    EURUSD is this morning trading slightly lower from the open after yesterdays up day. Today’s opening range is 26 pips which equates to 24% of the daily average true range.

    Yesterday EURUSD corrected and traded down to Fibonacci support where the move down was halted and reversed. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered positively.
    2. The price action has managed break above the downward sloping trend line.
    3. The RSI is in gear with the move up.
    4. The price action is trading with a broad prior congestion area.
    5. The price action has bounced off Fibonacci support.
    6. The price action has bounced off the 34 period moving averages.
    7. Both the daily and weekly time frames as positive and in gear.
    8. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


    Daily Technical Analysis for GBPUSD as at 25th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    GBPUSD TESTS FIBONACCI SUPPORT AREAR.

    GBPUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 33 pips which equates to a 26% of the daily average true range.

    Yesterday GBPUSD corrected and traded down to Fibonacci support where it found some support. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger the swing bias remains positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages continue to be positively layered.
    2. Both the daily and weekly time frames are positive and in gear.
    3. The RSI is in gear with the move.
    4. The price action has bounced off Fibonacci support.
    5. The price action has bounced off the 34 period moving averages.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages.



    Daily Technical Analysis for USDJPY as at 25th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    USDJPY FIBONACCI RESISTANCE.

    USDJPY is this morning trading down from the open after yesterdays down day. Today’s opening range is 79 pips which equates to 40% of the daily average true range.

    Yesterday USDJPY bounced off Fibonacci resistance. We are monitoring the price action for possible continued downward momentum.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. The RSI is in gear with the move up.
    3. The moving averages are layered negatively.
    4. Fibonacci resistance is offering down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.


    Daily Technical Analysis for USDCHF as at 25th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    USDCHF LOSSES UPSIDE MOMENTUM.

    USDCHF is this morning trading lower from the open after yesterdays down day. Today’s opening range is 27 pips which equates to 25% of the daily average true range.

    Yesterday USDCHF traded lower and this downward momentum has continued as the price action approaches the 8 period moving averages support.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are negatively layered.
    2. The RSI is in gear with the move.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9200 level.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.


    Daily Technical Analysis for Gold as at 25th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GOLD IS HOLDING ABOVE FRIDAY’S BULLISH HAMMER.

    Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 151 pips which equates to 56% of the daily average true range

    Gold yesterday traded lower but failed in its initial attempt to negate the bullish hammer support. As the price action is fairly extended from the averages and we are monitoring a potential move to the 1322 resistance level

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The RSI is in gear with the price action.
    3. The 1322 support level has been breached.
    4. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The price action is extended from its averages.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively there is a possibility that the price action trades back to the averages.


    Daily Technical Analysis for Oil (WTI) as at 25th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    OIL BOUNCES OFF FIBONACCI SUPPORT AND THE UPWARD SLOPING TREND LINE.

    Oil is this morning trading higher from the open after yesterday’s strong up day. Today’s opening range is 82 pips which equates to 43% of the daily average true range.

    Yesterday Oil bounced off Fibonacci support and the upward sloping trend line. The inverse Head and Shoulders pattern continues to be validated. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence seems to be putting a drag to the upside and therefore probably needs to use up its energy.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has retraced into Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    Scenario 1
    As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

    Scenario 2
    Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

  2. #82

    Default

    Daily Technical Analysis for EURUSD as at 26th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    EURUSD CONTINUES TO TEST FIBONACCI SUPPORT AREAR.

    EURUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 30 pips which equates to 31% of the daily average true range.

    Yesterday EURUSD continued to correct downward through Fibonacci. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered positively.
    2. The price action has managed break above the downward sloping trend line.
    3. The RSI is in gear with the move up.
    4. The price action is trading with a broad prior congestion area.
    5. The price action is trading within Fibonacci support.
    6. Both the daily and weekly time frames as positive and in gear.
    7. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 and 34 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


    Daily Technical Analysis for GBPUSD as at 26th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    GBPUSD TRADES ABOVE FIBONACCI SUPPORT AREAR.

    GBPUSD is this morning trading unchanged from the open after yesterdays down day. Today’s opening range is 25 pips which equates to a 23% of the daily average true range.

    Yesterday GBPUSD continues just above the Fibonacci support. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger the swing bias remains positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages continue to be positively layered.
    2. Both the daily and weekly time frames are positive and in gear.
    3. The RSI is in gear with the move.
    4. The price action has bounced off Fibonacci support.
    5. The price action has bounced off the 34 period moving averages.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages.


    Daily Technical Analysis for USDJPY as at 26th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    USDJPY TRADES AWAY FROM FIBONACCI RESISTANCE.

    USDJPY is this morning trading down from the open after yesterdays up day. Today’s opening range is 84 pips which equates to 46% of the daily average true range.

    Yesterday USDJPY traded slightly up on the open after the bounce off Fibonacci resistance. However this morning the negativity has reentered the market as USDJPY trades away from Fibonacci resistance. We are monitoring the price action for possible continued downward momentum.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. The RSI is in gear with the move up.
    3. The moving averages are layered negatively.
    4. Fibonacci resistance is offering down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.


    Daily Technical Analysis for USDCHF as at 26th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    USDCHF TRADES HIGHER.

    USDCHF is this morning trading lower from the open after yesterdays down day. Today’s opening range is 23 pips which equates to 23% of the daily average true range.

    Yesterday USDCHF traded higher however this morning the open has been muted.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are negatively layered.
    2. The RSI is in gear with the move.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9200 level.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.


    Daily Technical Analysis for Gold as at 26th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GOLD CONTUNES TO TRADE LOWER THIS MORNING.

    Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 345 which equates to 127% of the daily average true range

    Gold yesterday traded slightly lower and the downward momentum accelerated today as the move took out the low of the bullish hammer.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The RSI is in gear with the price action.
    3. The 1322 support level has been breached.
    4. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The price action is extended from its averages.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively there is a possibility that the price action trades back to the averages.


    Daily Technical Analysis for Oil (WTI) as at 26th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    OIL OPENS LOWER IN FIBONACCI SUPPORT AREA.

    Oil is this morning trading lower from the open after yesterdays up day. Today’s opening range is 91 pips which equates to 47% of the daily average true range.

    The inverse Head and Shoulders pattern continues to be validated as oil trades within Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence seems to be putting a drag to the upside and therefore probably needs to use up its energy.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has retraced into Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    Scenario 1
    As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

    Scenario 2
    Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

  3. #83

    Default

    Daily Technical Analysis for EURUSD as at 27th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    EURUSD APPROACHES UPWARD SLOPING TREND LINE SUPPORT.

    EURUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 31 pips which equates to 32% of the daily average true range.

    Yesterday EURUSD continued to correct downward through Fibonacci and is now approaching the upward sloping trend line. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered positively.
    2. The price action has managed break above the downward sloping trend line.
    3. The RSI is in gear with the move up.
    4. The price action is trading with a broad prior congestion area.
    5. The price action is trading within Fibonacci support.
    6. Both the daily and weekly time frames as positive and in gear.
    7. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 and 34 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


    Daily Technical Analysis for GBPUSD as at 27th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GBPUSD TRADES INTO FIBONACCI SUPPORT AND APPROACHES THE DOWNWARD SLOPING TREND LINE.

    GBPUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 45 pips which equates to a 40% of the daily average true range.

    Yesterday GBPUSD traded lower as it breached Fibonacci support. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger the swing bias remains positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages continue to be positively layered.
    2. Both the daily and weekly time frames are positive and in gear.
    3. The RSI is in gear with the move.
    4. The price action has bounced off Fibonacci support.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    3. The price action is trading beneath the 34 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages.



    Daily Technical Analysis for USDJPY as at 27th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    USDJPY TRADES WITHIN A TIGHT RANGE JUST BENEATH FIBONACCI RESISTANCE.

    USDJPY is this morning trading up from the open after yesterday’s unchanged day. Today’s opening range is 30 pips which equates to 18% of the daily average true range.

    Yesterday USDJPY traded unchanged as the price action consolidated within a tight range. Although we continue to monitor the possibility of further downward momentum, the weekly chart remains swing positive and when combined with the large RSI positive divergence could slow down or halt further negative price action.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. The moving averages are layered negatively.
    3. Fibonacci resistance is offering down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    3. The RSI is diverging positively.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively as the weekly outlook remains positive a break above the consolidation area could see the price action trade deep into Fibonacci resistance.


    Daily Technical Analysis for USDCHF as at 27th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    USDCHF APPROACHES FIBONACCI RESISTANCE.

    USDCHF is this morning trading lower from the open after yesterdays up day. Today’s opening range is 7 pips which equates to 7% of the daily average true range.

    Yesterday USDCHF traded higher however this morning the open has been muted.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are negatively layered.
    2. The RSI is in gear with the move.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9200 level.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.


    Daily Technical Analysis for Gold as at 27th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GOLD THIS MORNING TRADES HIGHER AS LARGE POSITIVE WEEKLY RSI DIVERGENCE FORMS.

    Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 203 ATR’s which equates to 74% of the daily average true range

    Gold yesterday broke lower however this morning the selling has come off as the price action trades higher.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The RSI is in gear with the price action.
    3. The 1322 support level has been breached.
    4. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The price action is extended from its averages.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively due the price extension there is a possibility that the price action trades back to the averages.



    Daily Technical Analysis for Oil (WTI) as at 27th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    OIL TRADES HIGHER OFF FIBONACCI SUPPORT.

    Oil is this morning trading higher from the open after yesterdays up day. Today’s opening range is 77 pips which equates to 41% of the daily average true range.

    The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has bounced off Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    Scenario 1
    As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

    Scenario 2
    Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

  4. #84

    Default

    Daily Technical Analysis for EURUSD as at 28th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    EURUSD BOUNCES OFF FIBONACCI SUPPORT.

    EURUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 46 pips which equates to 48% of the daily average true range.

    Yesterday EURUSD bounced within Fibonacci support .We are monitoring the price action for further upside momentum.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered positively.
    2. The price action has managed break above the downward sloping trend line.
    3. The RSI is in gear with the move up.
    4. The price action is trading with a broad prior congestion area.
    5. The price action is trading within Fibonacci support.
    6. Both the daily and weekly time frames as positive and in gear.
    7. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 and 34 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


    Daily Technical Analysis for GBPUSD as at 28th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GBPUSD BOUNCES IN FIBONACCI SUPPORT.
    GBPUSD CLOSED YESTERDAY WITH A BULLISH HAMMER.

    GBPUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 38 pips which equates to a 33% of the daily average true range.

    Yesterday GBPUSD traded lower only to find buyers coming in as it breached Fibonacci support. The resulting candle that formed yesterday was a bullish hammer. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger the swing bias remains positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages continue to be positively layered.
    2. Both the daily and weekly time frames are positive and in gear.
    3. The RSI is in gear with the move.
    4. The price action has bounced off Fibonacci support.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    3. The price action is trading beneath the 34 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages.


    Daily Technical Analysis for USDJPY as at 28th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    USDJPY TRADES UPTO FIBONACCI RESISTANCE.
    USDJPY CLOSED WITH A BULLISH PIERCING LINE.

    USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 66 pips which equates to 40% of the daily average true range.

    Yesterday USDJPY traded higher as the price action broke the prior tight range. Although we continue to monitor the possibility of further downward momentum, the weekly chart remains swing positive and when combined with the large RSI positive divergence could slow down or halt further negative price action.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. The moving averages are layered negatively.
    3. The 34 period moving averages could offer overhead resistance.
    4. Fibonacci resistance is offering down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    3. The RSI is diverging positively.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively as the weekly outlook remains positive a break above the consolidation area could see the price action trade deep into Fibonacci resistance.


    Daily Technical Analysis for USDCHF as at 28th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    USDCHF BOUNCES OFF FIBONACCI RESISTANCE.
    USDCHF COULD POSSIBLE FIND RESISTANCE AT THE 34 PERIIOD MOVING AVERAGES.

    USDCHF is this morning trading lower from the open after yesterdays up day. Today’s opening range is 29 pips which equates to 7% of the daily average true range.

    Yesterday USDCHF traded higher however the upward momentum stalled and reversed at Fibonacci resistance. We are monitoring the possibility of a reversion to the down side.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are negatively layered.
    2. The RSI is in gear with the move.
    3. Fibonacci resistance could be a catalyst for downside pressure.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9200 level.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.



    Daily Technical Analysis for Oil (WTI) as at 28th June 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    OIL CONTINUES TO TRADE HIGHER OFF FIBONACCI SUPPORT.

    Oil is this morning trading higher from the open after yesterdays up day. Today’s opening range is 98 pips which equates to 50% of the daily average true range.

    The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has bounced off Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    Scenario 1
    As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

    Scenario 2
    Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.


    Daily Technical Analysis for Gold as at 28th June 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    GOLD THIS MORNING TRADES HIGHER AS LARGE POSITIVE WEEKLY RSI DIVERGENCE FORMS.

    Gold is this morning trading higher from the open after yesterdays down day. Today’s opening range is 31.7 ATR’s which equates to 103% of the daily average true range

    Gold yesterday broke lower however this morning the selling has come off as the price action trades higher.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The RSI is in gear with the price action.
    3. The 1322 support level has been breached.
    4. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The price action is extended from its averages.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively due the price extension there is a possibility that the price action trades back to the averages.

  5. #85

    Default Daily Technical Analysis from ACFX 01.07.2013

    Daily Technical Analysis for EURUSD as at 1st July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    EURUSD CONTINUES TO TRADE WITHIN FIBONACCI SUPPORT.

    EURUSD is this morning trading higher from the open after Fridays down day. Today’s opening range is 28 pips which equates to 29% of the daily average true range.

    On Friday EURUSD attempted break out of the Fibonacci support range only for the price action to eventually close lower .We are monitoring the price action for further upside momentum.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered positively.
    2. The price action has managed break above the downward sloping trend line.
    3. The RSI is in gear with the move up.
    4. The price action is trading with a broad prior congestion area.
    5. The price action is trading within Fibonacci support.
    6. Both the daily and weekly time frames as positive and in gear.
    7. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 and 34 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.



    Daily Technical Analysis for GBPUSD as at 1st July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    GBPUSD TRADES WITHIN FIBONACCI SUPPORT.

    GBPUSD is this morning trading higher from the open after Fridays down day. Today’s opening range is 27 pips which equates to a 23% of the daily average true range.

    On Friday GBPUSD continue to trade lower for the third straight day. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger the swing bias remains positive.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages continue to be positively layered.
    2. Both the daily and weekly time frames are positive and in gear.
    3. The RSI is in gear with the move.
    4. The price action has bounced off Fibonacci support.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    3. The price action is trading beneath the 34 period moving averages.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages.




    Daily Technical Analysis for USDCHF as at 1st July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    USDCHF BOUNCES OFF FIBONACCI RESISTANCE.

    USDCHF is this morning trading lower from the open after Fridays down day. Today’s opening range is 18 pips which equates to 20% of the daily average true range.

    On Friday USDCHF failed to trade higher as it this pair found resistance at the 34 period moving averages and Fibonacci resistance. We are monitoring the possibility of a reversion to the down side.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are negatively layered.
    2. The RSI is in gear with the move.
    3. Fibonacci resistance could be a catalyst for downside pressure.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9200 level.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.



    Daily Technical Analysis for USDJPY as at 1st July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.

    USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 36 pips which equates to 25% of the daily average true range.

    On Friday USDJPY traded higher and eventually closed within Fibonacci resistance and above the 34 period moving averages. The up move corresponded with a large RSI positive divergence that was identified in prior posts. We continue to monitor the possibility of further downward momentum however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. The moving averages are layered negatively.
    3. Fibonacci resistance is offering down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    3. USDJPY is trading above the 34 period moving averages.
    4. The RSI is diverging positively.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.


    Daily Technical Analysis for Gold as at 1st July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    GOLD ON FRIDAY PRINTED A BULLISH PIERCING LINE CANDLE.

    Gold is this morning trading higher from the open after Fridays up day. Today’s opening range is 22.08 ATR’s which equates to 70% of the daily average true range

    Gold on Friday printed a piercing line bullish candle and this positivity has continued this morning as the price action retraces up to the 8 period moving averages.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The RSI is in gear with the price action.
    3. The 1322 support level has been breached.
    4. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The price action is extended from its averages.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively due the price extension there is a possibility that the price action trades back to the averages.


    Daily Technical Analysis for Oil (WTI) as at 1st July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    OIL ON FRIDAY PRINTS A BEARISH SHOOTING STAR CANDLE.

    Oil is this morning trading higher from the open after yesterdays up day. Today’s opening range is 79 pips which equates to 41% of the daily average true range.

    On Friday Oil printed a bearish shooting star candle which could be signs that sellers are attempting to push the price action back into the large triangle pattern. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has bounced off Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    Scenario 1
    As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

    Scenario 2
    Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

  6. #86

    Default

    Daily Technical Analysis for EURUSD as at 3rd July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    EURUSD YESTERDAY BREACHES AND CLOSES BENEATH TREND LINE SUPPORT.

    EURUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 21 pips which equates to 22% of the daily average true range.

    Yesterday EURUSD closed beneath trend line support however the price action continues to be contained within the Fibonacci support range. We are monitoring the price action to see if a base can be established that will allow for a resumption of the uptrend.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed break above the downward sloping trend line.
    2. The RSI is in gear with the move up.
    3. The price action is trading above a broad prior congestion area.
    4. The price action is trading within Fibonacci support.
    5. Both the daily and weekly time frames as positive and in gear.
    6. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 and 34 period moving averages.
    3. The moving averages have crossed negatively.
    4. EURUSD is has breached and closed beneath the upward sloping trend line.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


    Daily Technical Analysis for GBPUSD as at 2nd July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    GBPUSD YESTERDAY BREACHED THE TWO DAY RANGE WITH A DOWN SIDE BREAK.
    GBPUSD YESTERDAY BREACHED THE LOWER LEVEL OF THE FIBONACCI SUPPORT RANGE.

    GBPUSD is this morning trading unchanged from the open after yesterdays down day. Today’s opening range is 20 pips which equates to a 17% of the daily average true range.

    Yesterday GBPUSD broke down from the two day range and breached the lower level of the Fibonacci support range.
    We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger the swing bias remains positive.

    The following factors are confirming or reinforcing this market bias:
    1. Both the daily and weekly time frames are positive and in gear.
    2. The RSI is in gear with the move.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    3. The price action is trading beneath the 34 period moving averages.
    4. The moving averages have crossed negatively.
    5. The price action has breached the lower the Fibonacci support range.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages.



    Daily Technical Analysis for USDCHF as at 3rd July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    USDCHF YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.
    USDCHF YESTERDAY CLOSES IN THE FIBONACCI RESISTANCE RANGE.

    USDCHF is this morning trading higher from the open after yesterdays UP day. Today’s opening range is 21 pips which equates to 26% of the daily average true range.

    Yesterday USDCHF did trade higher and closed within the Fibonacci resistance range. We are monitoring the price action for the possibility for a resumption of the down trend.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are negatively layered.
    2. The RSI is in gear with the move.
    3. Fibonacci resistance could be a catalyst for downside pressure.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9200 level.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.



    Daily Technical Analysis for USDJPY as at 3rd July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.

    USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 40 pips which equates to 31% of the daily average true range.

    Yesterday USDJPY continues to trade higher within Fibonacci resistance and above the 34 period moving averages. The up move corresponded with a large RSI positive divergence that was identified in prior posts. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. The moving averages are layered negatively.
    3. Fibonacci resistance could offer down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    3. USDJPY is trading above the 34 period moving averages.
    4. The RSI is diverging positively.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.



    Daily Technical Analysis for Gold as at 3rd July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    GOLD YESTERDAY FOUND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

    Gold is this morning trading higher from the open after yesterdays down day. Today’s opening range is 7.4 ATR’s which equates to 22% of the daily average true range

    Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The price action has traded up to 8 period moving average resistance.
    3. The RSI is in gear with the price action.
    4. The 1322 support level has been breached.
    5. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The RSI is diverging positively.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.



    Daily Technical Analysis for Oil (WTI) as at 3rd July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    OIL THIS MORNING BREACHES AND CLOSES ABOVE THE 100 LEVEL.

    Oil is this morning trading up from the open after yesterdays up day. Today’s opening range is 260 pips which equates to 125% of the daily average true range.

    Yesterday Oil experienced a strong up day and this bullishness has continued this morning with a strong break through the 100 level. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has bounced off Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    Scenario 1
    As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

    Scenario 2
    Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

  7. #87

    Default Daily Technical Analysis from ACFX 04.07.2013

    Daily Technical Analysis for EURUSD as at 4th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    EURUSD YESTERDAY PRINTS A BULLISHE HAMMER CANDLE.

    EURUSD is this morning trading lower from the open after yesterdays up day. Today’s opening range is 35 pips which equates to 36% of the daily average true range.

    Yesterday EURUSD printed a bullish hammer as it bounced off trend line and Fibonacci support. We are monitoring the price action to see if a base can be established that will allow for a resumption of the uptrend.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed break above the downward sloping trend line.
    2. The RSI is in gear with the move up.
    3. The price action is trading above a broad prior congestion area.
    4. The price action is trading within Fibonacci support.
    5. Both the daily and weekly time frames as positive and in gear.
    6. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 and 34 period moving averages.
    3. The moving averages have crossed negatively.
    4. EURUSD is has breached and closed beneath the upward sloping trend line.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


    Daily Technical Analysis for GBPUSD as at 4th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    GBPUSD YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

    GBPUSD is this morning trading lower from the open after yesterdays up day. Today’s opening range is 45 pips which equates to a 37% of the daily average true range.

    Yesterday GBPUSD printed a bullish piercing line as this pair traded higher within the Fibonacci support range. We are monitoring the price action at these levels to see if a base of support can be established.

    In terms of the bigger the swing bias remains positive.

    The following factors are confirming or reinforcing this market bias:
    1. Both the daily and weekly time frames are positive and in gear.
    2. The RSI is in gear with the move.
    3. GBPUSD is holding in Fibonacci support.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    3. The price action is trading beneath the 34 period moving averages.
    4. The moving averages have crossed negatively.

    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages.


    Daily Technical Analysis for USDCHF as at 4TH July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    USDCHF THIS MORNING OPENS WITHIN A THREE DAY RANGE.
    USDCHF MOVING AVERAGES CROSS POSITIVELY.

    USDCHF is this morning trading higher from the open after yesterdays down day. Today’s opening range is 28 pips which equates to 34% of the daily average true range.

    Yesterday USDCHF fail to trade higher. This morning the price action has opened within a three day range however the moving averages have caught up with the up move by crossing positively. We are monitoring the price action for the possibility for a resumption of the down trend.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The RSI is in gear with the move.
    2. Fibonacci resistance could be a catalyst for downside pressure.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9200 level.
    3. The moving averages have crossed positively.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.



    Daily Technical Analysis for USDJPY as at 4th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    USDJPY TRADES LOWER WITHIN FIBONACCI RESISTANCE.
    USDJPY FAILS TO HOLD ABOVE THE 100 LEVEL.
    USDJPY MOVING AVERAGES CROSS POSITIVELY.

    USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 57 pips which equates to 44% of the daily average true range.

    Yesterday USDJPY has pulled back in the Fibonacci resistance area as it failed to hold above the 100 level range however the moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. Fibonacci resistance could offer down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    3. USDJPY is trading above the 34 period moving averages.
    4. The RSI is diverging positively.
    5. The moving averages have crossed positively.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.


    Daily Technical Analysis for Gold as at 4th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    GOLD YESTERDAY CONTINUED TO FIND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

    Gold is this morning trading unchanged from the open after yesterdays up day. Today’s opening range is 700 pips which equates to 21% of the daily average true range

    Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The price action has traded up to 8 period moving average resistance.
    3. The RSI is in gear with the price action.
    4. The 1322 support level has been breached.
    5. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The RSI is diverging positively.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.



    Daily Technical Analysis for Oil (WTI) as at 4th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    OIL TRADES DOWN BUT CONTINUES TO HOLD ABOVE THE 100 LEVEL.

    Oil is this morning trading unchanged from the open after yesterdays up day. Today’s opening range is 50 pips which equates to 25% of the daily average true range.

    Yesterday Oil experienced a strong up day however some selling came in at the highs so as to slightly pair those gains. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has bounced off Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    Scenario 1
    As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

    Scenario 2
    Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

  8. #88

    Default

    Daily Technical Analysis for EURUSD as at 5th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    EURUSD YESTERDAY BREAKS DOWN AND APPROACHES THE LEVEL OF PRIOR SWING LOW SUPPORT.

    EURUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 29 pips which equates to 28% of the daily average true range.

    Yesterday EURUSD broke down and in the process negated the bullish hammer that was printed on the previous day. In the process the down move also broke and closed beneath the upward sloping trend line. Although the market appears to be turning bearish the swing bias will remain positive as long as the price action can stay above the prior swing low.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The price action could find support in the area of the downward sloping trend line.
    2. The RSI is in gear with the move up.
    3. The price action is moving into an area of a prior congestion area.
    4. Both the daily and weekly time frames are positive and in gear.
    5. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action has traded through Fibonacci support.
    3. The price action is trading beneath the 8 and 34 period moving averages.
    4. The moving averages have crossed negatively.
    5. EURUSD is has breached and closed beneath the upward sloping trend line.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.



    Daily Technical Analysis for GBPUSD as at 5th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GBPUSD APPROACHES THE 1.5000 SUPPORT LEVEL.

    GBPUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 51 pips which equates to a 38% of the daily average true range.

    Yesterday GBPUSD experienced a strong down day which broke through Fibonacci support area. The price action is now approaching the 1.5000 support area. Although the market appears to be turning bearish the swing bias will remain positive as long as the price action can stay above the prior swing low.

    In terms of the bigger the swing bias remains positive.

    The following factors are confirming or reinforcing this market bias:
    1. Both the daily and weekly time frames are positive and in gear.
    2. The RSI is in gear with the move.
    3. The price action is moving into an area of a prior congestion area.
    4. The price action could possibly find support at the 1.5000 level.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action is trading beneath the 8 period moving averages.
    3. The price action is trading beneath the 34 period moving averages.
    4. The moving averages have crossed negatively.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages.


    Daily Technical Analysis for USDCHF as at 5TH July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    USDCHF TRADES HIGHER WITHIN THE FIBONACCI RESISTANCE AREA.
    USDCHF YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

    USDCHF is this morning trading higher from the open after yesterdays up day. Today’s opening range is 24 pips which equates to 27% of the daily average true range.

    Yesterday USDCHF traded higher within the Fibonacci resistance area and broke above the prior two day range however the moving averages have caught up with the up move by crossing positively. We are monitoring the price action for the possibility for a resumption of the down trend.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The RSI is in gear with the move.
    2. Fibonacci resistance could be a catalyst for downside pressure.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9500 level.
    3. The moving averages have crossed positively.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.



    Daily Technical Analysis for USDJPY as at 5th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    USDJPY IS TRADING ABOVE THE 100 LEVEL.
    USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 44 pips which equates to 36% of the daily average true range.

    Yesterday USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. Fibonacci resistance could offer down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    3. USDJPY is trading above the 34 period moving averages.
    4. The RSI is diverging positively.
    5. The moving averages have crossed positively.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.


    Daily Technical Analysis for Gold as at 5th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    GOLD YESTERDAY CONTINUED TO FIND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

    Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 1160 pips which equates to 34% of the daily average true range

    Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The price action has traded up to 8 period moving average resistance.
    3. The RSI is in gear with the price action.
    4. The 1322 support level has been breached.
    5. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The RSI is diverging positively.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.


    Daily Technical Analysis for Oil (WTI) as at 5th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    OIL opens up within a two day range.

    Oil is this morning trading unchanged from the open after yesterdays down day. Today’s opening range is 69pips which equates to 35% of the daily average true range.

    Yesterday Oil experienced a slightly down to unchanged day and this theme has continued today. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has bounced off Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    2. The price action is extended from the averages.
    Scenario 1
    As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

    Scenario 2
    Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

  9. #89

    Default

    Daily Technical Analysis for EURUSD as at 8th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    EURUSD CONTINUES TO TRADE DOWN TO PRIOR SWING LOW SUPPORT.

    EURUSD is this morning trading unchanged from the open after Fridays down day. Today’s opening range is 21 pips which equates to 21% of the daily average true range.

    On Friday EURUSD continued to trade lower as it approached the prior swing low. A breach of this swing low will effectively change the trend to negative.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The RSI is in gear with the move up.
    2. The price action has moved into an area of a prior congestion area.
    3. Both the daily and weekly time frames are positive and in gear.
    4. A Head and Shoulders pattern failure on the Weekly time frame.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action has traded through Fibonacci support.
    3. The price action is trading beneath the 8 and 34 period moving averages.
    4. The moving averages have crossed negatively.
    5. EURUSD is has breached and closed beneath the upward sloping trend line.
    6. The price action has breached the downward sloping trend line.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


    Daily Technical Analysis for GBPUSD as at 5th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GBPUSD BREACHES THE 1.5000 SUPPORT LEVEL.
    GBPUSD BREACHES THE PRIOR SWING.
    GBPUSD SWING BIAS TURNS TO NEGATIVE.
    GBPUSD HAS BREACHED TREND LINE SUPPORT.

    GBPUSD is this morning trading unchanged from the open after Fridays down day. Today’s opening range is 25 pips which equates to 18% of the daily average true range.

    On Friday GBPUSD breached both the prior swing low and trend line support. The move through the area of the prior swing low has effectively changed the trend bias to negative. After such an aggressive move down the price action is now extended from the averages therefore a corrective pullback is a possibility.

    In terms of the bigger the swing bias has changed to negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action is trading beneath the 8 period moving averages.
    2. The price action is trading beneath the 34 period moving averages.
    3. The moving averages have crossed negatively.
    4. Both the daily and weekly time frames have turned negative.
    5. The RSI is in gear with the move.
    6. The price action has traded through an area of a prior congestion.
    7. The price action traded through the 1.5000 level.
    Alternative counter trend bullish factors:
    1. The price action is extended from the averages.
    Scenario 1
    As the dominant daily trend is down retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively as the price action is extended from the averages a corrective pullback is a possibility.



    Daily Technical Analysis for USDCHF as at 8TH July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    USDCHF CONTINUES TO TRADE HIGHER WITHIN THE FIBONACCI RESISTANCE AREA.

    USDCHF is this morning trading unchanged from the open after Fridays up day. Today’s opening range is 21 pips which equates to 24% of the daily average true range.

    On Friday USDCHF traded higher within the Fibonacci resistance. We are monitoring the price action for the possibility for a resumption of the down trend.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The RSI is in gear with the move.
    2. Fibonacci resistance could be a catalyst for downside pressure.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9500 level.
    3. The moving averages have crossed positively.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.


    Daily Technical Analysis for USDJPY as at 8th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.
    USDJPY is this morning trading down from the open after Friday up day. Today’s opening range is 59 pips which equates to 48% of the daily average true range.

    On Friday USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. Fibonacci resistance could offer down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    3. USDJPY is trading above the 34 period moving averages.
    4. The RSI is diverging positively.
    5. The moving averages have crossed positively.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.



    Daily Technical Analysis for Gold as at 8th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -





    Comments
    GOLD ON FRIDAY TRADED DOWN FROM THE MOVING AVERAGES.

    Gold is this morning trading lower from the open after Fridays down day. Today’s opening range is 1450 pips which equates to 41% of the daily average true range

    On Friday Gold found resistance and broke down from 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The price action has traded up to 8 period moving average resistance.
    3. The RSI is in gear with the price action.
    4. The 1322 support level has been breached.
    5. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The RSI is diverging positively.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.


    Daily Technical Analysis for Oil (WTI) as at 8th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    OIL ON FRIDAY PRINTS A BULLISH PIERCING LINE CANDLE.

    Oil is this morning trading lower from the open after Fridays down day. Today’s opening range is 85 pips which equates to 41% of the daily average true range.

    On Friday printed a bullish piercing line candle however the price action is now becoming extended from the averages and maybe due a corrective pullback. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has bounced off Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    2. The price action is extended from the averages.
    Scenario 1
    As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

    Scenario 2
    Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

  10. #90

    Default

    Daily Technical Analysis for EURUSD as at 9th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    EURUSD BOUNCES NEAR PRIOR SWING LOW SUPPORT.

    EURUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 43 pips which equates to 43% of the daily average true range.

    Yesterday EURUSD bounced near prior swing low. A breach of this swing low will effectively change the trend to negative.

    In terms of the bigger picture the swing bias is positive.

    The following factors are confirming or reinforcing this market bias:
    1. The RSI is in gear with the move up.
    2. The price action has moved into an area of a prior congestion area.
    3. Both the daily and weekly time frames are positive and in gear.
    4. A Head and Shoulders pattern failure on the Weekly time frame.
    5. The 1.2795 prior swing low area has held support.
    Alternative counter trend bearish factors:
    1. The price action has rejected the Fibonacci resistance area.
    2. The price action has traded through Fibonacci support.
    3. The price action is trading beneath the 8 and 34 period moving averages.
    4. The moving averages have crossed negatively.
    5. EURUSD is has breached and closed beneath the upward sloping trend line.
    6. The price action has breached the downward sloping trend line.
    Scenario 1
    As the dominant daily trend is up retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


    Daily Technical Analysis for GBPUSD as at 9th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GBPUSD HAS BOUNCED OFF TREND LINE SUPPORT.

    GBPUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 44 pips which equates to 34% of the daily average true range.

    Yesterday GBPUSD made little further downside movement and has since bounced off trend line support.
    After such an aggressive move down the price action is now extended from the averages therefore a corrective pullback is a possibility.

    In terms of the bigger the swing bias has changed to negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action is trading beneath the 8 period moving averages.
    2. The price action is trading beneath the 34 period moving averages.
    3. The moving averages have crossed negatively.
    4. Both the daily and weekly time frames have turned negative.
    5. The RSI is in gear with the move.
    6. The price action has traded through an area of a prior congestion.
    7. The price action traded through the 1.5000 level.
    Alternative counter trend bullish factors:
    1. The price action is extended from the averages.
    2. GBPUSD has bounced off trend line support.
    Scenario 1
    As the dominant daily trend is down retracements into support could be viewed as buying opportunities

    Scenario 2
    Alternatively as the price action is extended from the averages a corrective pullback is a possibility.


    Daily Technical Analysis for USDCHF as at 9th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    USDCHF THIS MORNING TRADES WITHIN THE PREVIOUS DAYS RANGE. AWAITING BREAKOUT/DOWN AS A POSSIBLE INDICATION OF TODAYS DIRECTION.

    USDCHF is this morning trading higher from the open after yesterdays down day. Today’s opening range is 22 pips which equates to 28% of the daily average true range.

    USDCHF is trading within the range of the previous days candle in what has been so far two days of quiet trading. We are monitoring the price action for the possibility for a resumption of the down trend.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The RSI is in gear with the move.
    2. Fibonacci resistance could be a catalyst for downside pressure.
    Alternative counter trend bullish factors:
    1. USDCHF is trading above the 8 period moving averages.
    2. USDCHF is holding above the 0.9500 level.
    3. The moving averages have crossed positively.
    Scenario 1
    As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

    Scenario 2
    Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.


    Daily Technical Analysis for USDJPY as at 8th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.
    USDJPY APPROACHES THE PRIOR BROKEN UPWARD SLOPING TREND LINE.

    USDJPY is this morning trading up from the open after yesterdays down day. Today’s opening range is 53 pips which equates to 47% of the daily average true range.

    USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

    In terms of the bigger picture the swing bias is negative.

    The following factors are confirming or reinforcing this market bias:
    1. The price action has managed to break below the upward sloping trend line.
    2. Fibonacci resistance could offer down side pressure.
    Alternative counter trend bullish factors:
    1. The weekly time remains with a positive bias.
    2. The 8 period moving averages could offer support to further upside to the next resistance levels.
    3. USDJPY is trading above the 34 period moving averages.
    4. The RSI is diverging positively.
    5. The moving averages have crossed positively.
    Scenario 1
    As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

    Scenario 2
    Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.



    Daily Technical Analysis for Oil (WTI) as at 9th July 2013
    DAILY OVERVIEW
    Trend : Long
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -



    Comments
    OIL UPWARD MOMENT STALLS BENEATH 104.
    OIL THIS MORNING IS TRADING WITH THE PREVIOUS DAYS RANGE. AWAITING BREAKOUT/DOWN AS A POSSIBLE INDICATION OF TODAYS DIRECTION.
    Oil is this morning trading higher from the open after yesterdays down day. Today’s opening range is 68 pips which equates to 33% of the daily average true range.

    Yesterday traded higher only to reverse beneath the 104 level and eventual close lower. The price action this morning is trading within yesterdays candle range. A break out or break down will possibly indicates today’s market direction. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. From a bullish perspective the price action has bounced off Fibonacci support.
    2. An inverse Head and Shoulders pattern has broken to the upside.
    3. The price action is trading above the large monthly converging triangle.
    4. The averages are positively crossed.
    Alternative counter trend bearish factors:
    1. A large negative RSI divergence has formed.
    2. The price action is extended from the averages.
    Scenario 1
    As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

    Scenario 2
    Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.



    Daily Technical Analysis for Gold as at 9th July 2013
    DAILY OVERVIEW
    Trend : Short
    Ambush Zone : -
    Target 1 : -
    Target 2 : -
    Stop : -




    Comments
    GOLD IS THIS MORNING ATTEMPTING TO PUT IT A HIGHER LOW.

    Gold is this morning trading higher from the open after yesterdays up day. Today’s opening range is 2660 pips which equates to 74% of the daily average true range

    Gold yesterday failed to make a new low and this positivity has carried through to today’s sessions with the price action attempting to put is a higher low. A breach of the previous lower high level at 1267.19 will indicate a change of trend to up.

    In terms of the bigger picture the swing bias remains negative.

    The following factors are confirming or reinforcing this market bias:
    1. The moving averages are layered negatively.
    2. The price action has traded up to 8 period moving average resistance.
    3. The 1322 support level has been breached.
    4. The weekly bias has turned negative.
    Alternative counter trend bullish factors:
    1. The RSI is diverging positively.
    2. Gold is attempting to put in a higher low.
    Scenario 1
    As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

    Scenario 2
    Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.

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