MARKET BRIEFING – LONDON OPEN 27.03.2015
EURUSD
The intraday technical outlook
During the afternoon trade EURUSD broke down from upward channel and breached the 1.0900 support level.
There was a brief consolidation during the overnight session however the sell off in EURUSD has now resumed as traders arrive at their desks in London and other major European centers.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1050 level.
GBPUSD
The intraday technical outlook
This morning GBPUSD has opened negatively with the price action testing the 1.4800 prior monthly swing level.
I am this morning monitoring the price action with key range / break out levels being 1.4800 / 1.5000.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.
USDJPY
The intraday technical outlook
Following yesterday’s bounce off the 118.50 areas USDJPY has traded higher as it tests the 119.25 resistance level.
A breach of this level could see USDJPY trade up to the top of its down channel.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.00 level.
USDCHF
The intraday technical outlook
The move above the 0.9600 level has technical changed the trend from down to up.
This has been followed by a breach above move above the current down channel.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.
AUDUSD
The intraday technical outlook
With yesterday morning’s breach the isolated low of 0.7850 level has changed the 1 hour trend for AUDUSD from up to down.
This has been followed by further breaches of the 0.7800 support level and the channel bottom.
The move lower has come off a bounce from the top of a long dated down channel.
From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7900 level.
GOLD
The intraday technical outlook
This morning Gold has broken the bottom of its up channel and is trading under the 1201.00 support level.
The breach of this level has technically changed the trend from up to down.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1221.00 level
OIL
The intraday technical outlook
As posted yesterday Oil has traded higher off the back of geo-political and strategic tensions presently affecting the Arabian Peninsula.
The move higher has created a steep up channel.
Following such a strong up move Oil has back down towards it channel bottom,
I am this morning monitoring the price action for the possibility of a bounce from this area.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.
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