MARKET BRIEFING – LONDON OPEN 05.03.2015
EURUSD
The intraday technical outlook
With the ECB meeting kicking off today in Nicosia, Cyprus traders will be awaiting news from the press conference.
The impending European stimulus has helped push EURUSD lower and towards the significant 1.1000 level.
EURUSD continues to trade in a pronounced down channel.
This has followed the break down from a large triangle formation
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1215 level.
GBPUSD
The intraday technical outlook
Traders will be looking ahead to today’s MPC statement and will be eager to gauge the Bank of England’s plans on when interest rate hikes will kick in.
The price action having broken under the 1.5300 support level GBPUSD is this morning trading under the 1.5245 prior monthly prior support level.
I am this monitoring the price action for a continuation of the downward momentum.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5400 level.
USDJPY
The intraday technical outlook
USDJPY has bounced off its channel bottom with the price action appearing to be increasingly bullish.
I require a move above this weeks high at 120.25 level to confirm that the up trend is continuing.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.40 level.
USDCHF
The intraday technical outlook
USDCHF continues to trade in a broad up channel.
The price action has formed a typical staircase formation.
Due to the bullishness of this formation I will be monitoring the price action for a continuation of the current trend.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9610 level.
AUDUSD
The intraday technical outlook
There has been a high degree of market volatility following the surprise decision not to cut interest rates by the Reserve Bank of Australia.
The price action initially took a bearish stance as it broke under its up channel but this has been followed by choppy price action between the 0.7800 and the 0.7850 level.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7800 level.
GOLD
The intraday technical outlook
There has been an increase in market volatility following the break down from the small up channel.
As the longer term trend continues to point down I will be monitoring the price action for a further move lower.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.
OIL
The intraday technical outlook
Oil continues to experience a mini rally with the price action forming a fairly obvious up channel.
The move higher has also turned the four hour trend to up.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 49.50 level.
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