MARKET BRIEFING – LONDON OPEN 21.04.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD broke down from its up channel and traded under the 1.0730 swing level.
The move under this prior isolated low has technically changed the trend from up to down.
This morning I am monitoring the price action for a retest of the 1.0700 support level.
Alternatively a failure to breach this level could see EURUSD trade back up to the 1.0800 resistance level.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0625 level.
GBPUSD
The intraday technical outlook
Yesterday GBPUSD broke down from its up channel and traded under the 1.4915 swing level.
The move under this prior isolated low has technically changed the trend from up to down.
This morning I am monitoring the price action for a retest of the 1.4800 support level.
Alternatively a failure to breach this level could see GBPUSD trade back up to the 1.5000 resistance level.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5050 level.
USDJPY
The intraday technical outlook
Yesterday USDJPY broke up from its up channel and traded above the 119.25 swing level.
The move above this prior isolated high has technically changed the trend from down to up.
This morning I am monitoring the price action for a retest of the 119.50 resistance level.
Alternatively a failure to breach this level could see USDJPY trade back down to the 118.80 support level.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.50 level.
USDCHF
The intraday technical outlook
Yesterday USDCHF broke up from its up channel and traded above the 0.9545 swing level.
The move above this prior isolated high has technically changed the trend from down to up.
This morning I am monitoring the price action for a retest of the 0.9600 resistance level.
Alternatively a failure to breach this level could see USDCHF trade back down to the 0.9500 support level.
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
Yesterday AUDUSD broke down from its up channel and traded under the 0.7758 swing level.
The move under this prior isolated low has technically changed the trend from up to down.
This morning I am monitoring the price action for a retest of the 0.7660 support level.
Alternatively a failure to breach this level could see AUDUSD trade back up to the 0.7750 resistance level.
From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.7640 level.
GOLD
The intraday technical outlook
As posted previously Gold over the past few days has traded in a rather sloppy fashion.
However the bigger picture does seem bullish with two consecutive weekly bullish pin bars being painted.
There does seem to be a great deal of support forming on the daily chart around the 1180 area.
Will this be a base for the creation of a broad multiple period up trend? We first need to see Gold trade above the April high of 1224.00.
I am this morning monitoring the price action for a retest of the 1209.00 level.
Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level.
OIL
The intraday technical outlook
As posted previously from a purely technical perspective perspective Crude Oil in the shape of WTI and Brent seems to have turned a corner.
This can be seen by the higher low and higher high formations that have been painted on both daily and weekly time frames.
To fight against this short trend would be folly however the move up is not supported by any fundamental data.
I do have an upside target in the US$68.00 area which coincides with a multiple month down channel top.
With the price action currently trading in a fairly tight but obvious up channel buying pull backs to the channel bottom have been thus far profitable trades.
I am this morning monitoring the price action for a continuation of the move higher and a retest of the 57.30 level being last weeks high.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 55.00 support level..
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 55.00 level.
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