MARKET BRIEFING – LONDON OPEN 22.04.2015
EURUSD
The intraday technical outlook
Having breached the 1.0730 swing level and the channel bottom EURUSD is trading in a 1 hour down trend.
Yesterday EURUSD traded lower only for the price action to reverse in morning trading.
This morning I am monitoring the price action for a retest of the 1.0700 support level and yesterdays low at 1.0650.
Alternatively a failure to breach these 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 1.0850 level.
GBPUSD
The intraday technical outlook
Having breached the 1.4915 swing level and the channel bottom GBPUSD is trading in a 1 hour down trend.
Yesterday GBPUSD traded lower only for the price action to reverse in morning trading.
This morning I am monitoring the price action for a retest of the 1.4900 support level.
Alternatively a failure to breach these 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 continued its stellar rise following the break up from above its down channel the 119.25 swing level.
This morning I am monitoring the price action for a retest of the 119.75 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 experienced a strong reversal as it paired most of the gains it had made.
However the 0.9500 level has offered good support.
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 traded above the 0.7750 prior isolated high.
The move above this level has technically changed the trend from down to up.
This morning I am monitoring the price action for a retest of the 0.7840 resistance level.
Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7700 support level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7700 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
Oil yesterday broke under its 56.65 support level.
This move has technically changed the 1 hour trend from up to down.
This morning Crude Oil is testing the low of its up channel.
I am this morning monitoring the price action for a bounce off its channel bottom.
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 down trend with the line of control at the 58.75 level..
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