MARKET BRIEFING – LONDON OPEN 20.03.2015
EURUSD
The intraday technical outlook
With the FOMC meeting over after it delivered a great deal of market volatility the markets today are now focused on day 2 of the European Union summit.
The FOMC meeting and its after affects has changed the 1 hour trend to up.
There is strong support in the 1.0560/1.0600 area due to a multiple year trend line.
Confirmation that the new up trend is intact will require a successful retest of the large down channel.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0550 level.
GBPUSD
The intraday technical outlook
With the price action having broken its recent down channel I am this morning monitoring the price action for a continuation of Wednesday evenings up move.
Alternatively a breach of the 1.4635 would wipe out all the gains made and change the 1 hour trend back to down.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4635 level.
USDJPY
The intraday technical outlook
USDJPY has traded back up to the top of the down channel.
This is an area where USDJPY could potentially find resistance and be a catalyst for a resumption of the recent down trend.
Alternatively a breach of yesterday’s high in the 121.00 area could technically change the trend from down to up.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 121.00 level.
USDCHF
The intraday technical outlook
USDCHF has tested and is this morning trading above the top of its down channel.
For the trend to change back to up we require a sustained move above the 0.9970 level.
Alternatively with USDCHF hugging its channel top there is a possibility that the prices action resumes is downward direction.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9970 level.
AUDUSD
The intraday technical outlook
AUDUSD experienced a strong bounce off its 0.7610 support level.
For a continuation of the move to be maintained the price action needs to trade back into its up channel.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7610 level.
GOLD
The intraday technical outlook
Gold continues to trade above the down channel top.
A breach of yesterday’s high is required for confirmation that the up trend is intact.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1159.50 level.
OIL
The intraday technical outlook
Oil managed to stay above the top of its down channel and has painted a higher low.
We now require a move above Wednesdays high of US$45.30 to confirm the up trend.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 42.00 level.
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