MARKET BRIEFING – LONDON OPEN 29.04.2015
EURUSD
The intraday technical outlook
Tuesday EURUSD continued to rally and has now traded up to a major down channel top.
The question is can EURUSD breach this and the 1.1000 level or will sellers come into the market and push the price action lower.
This morning I am monitoring the price action for a test of the channel top.
Alternatively a failure to sustain a move above this level could see EURUSD trade back down to the 1.0900 support level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0850 level
GBPUSD
The intraday technical outlook
Tuesday GBPUSD continued to rally as traders shrugged off disappointing GDP data.
GBPUSD has now traded up into prior broken support being a large multiple year converging triangle formation.
This broken support could offer strong resistance at the 1.5350 area.
I am this morning monitoring the price action for a test of the 1.5350 resistance level.
Alternatively a failure to trade higher could see GBPUSD trade back down to the 1.5150 support level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5100 level.
USDJPY
The intraday technical outlook
As posted yesterday USDJPY continues to be range bound as it trades between the 118.80 and 119.40 levels.
This morning I am monitoring the price action for a retest of the 118.80 support level.
Alternatively a failure to trade lower could see USDJPY trade back up to the 119.40 resistance level.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 119.40 level.
USDCHF
The intraday technical outlook
As posted yesterday USDCHF continues to be range bound as it trades between the 0.9500 and 0.9600 levels.
This morning I am monitoring the price action for a retest of the 0.9500 support level.
Alternatively a failure to breach this level could see USDCHF trade back up to the 0.9600 resistance 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 experienced a stellar rise.
However the move higher has run into resistance at the 0.8000 level.
This level coincides with a prior monthly support area.
This morning I am monitoring the price action for a retest of the 0.8000 resistance level.
Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7840 support level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7800 level.
GOLD
The intraday technical outlook
Gold yesterday continued to trade higher but found some resistance at the 1214.85 level.
This morning I am monitoring the price action for a test of the 1214.85 resistance level and a continuation to the prior top at 1222.00.
Alternatively a failure to trade higher could see Gold retest the 1209.00 level.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1175.35 level.
OIL
The intraday technical outlook
As posted previously Oil continues to trade in a 55.50 to 58.75 range.
I am this morning monitoring the price action for a test of the 55.50 support level.
Alternatively a failure to sustain lower prices could see Oil test the 57.85 resistance level.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 57.85 level.
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