MARKET BRIEFING – LONDON OPEN 01.05.2015
EURUSD
The intraday technical outlook
Thursday EURUSD had a volatile trading session before finally closing up on the day and above the 1.1200 resistance level.
This morning I am monitoring the price action for a test of the 1.1250 resistance level.
Alternatively a failure to sustain a move above this level could see EURUSD trade back down to the 1.1200 support level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.1050 level.
GBPUSD
The intraday technical outlook
Thursday GBPUSD retested but failed to trade above the 1.5500 resistance level.
The breach of the last isolated low at 1.5400 has change the 1 hour trend from up to down.
This morning I am monitoring the price action for a retest of the 1.5500 resistance level.
Alternatively a failure to trade higher could see GBPUSD breach the the 1.5350 support level.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5495 / 1.5500 level.
USDJPY
The intraday technical outlook
Thursday USDJPY experienced a strong rally as it broke above its down channel.
The breach of the last isolated high at 119.36 has change the 1 hour trend from down to up.
This morning I am monitoring the price action for a retest of the 119.75 resistance level.
Alternatively a failure to trade higher could see USDJPY trade back down to the 119.40 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
Thursday USDCHF broke under its 0.9340 support level.
This morning I am monitoring the price action for a test of the 0.9300 support level.
Alternatively a failure to breach this level could see USDCHF trade back up to the 0.9445 resistance level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9445 level.
AUDUSD
The intraday technical outlook
Thursday AUDUSD traded back down to its channel bottom.
This morning I am monitoring the price action for a bounce off channel bottom support.
Alternatively a failure to trade higher could see AUDUSD trade back down to the 0.7840 support level.
From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.8075 level.
GOLD
The intraday technical outlook
Thursday Gold experienced a massive collapse.
This morning I am monitoring the price action for a test of the 1175.35 support level.
Alternatively a failure to trade lower could see Gold retest 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 1207.30 level.
OIL
The intraday technical outlook
Thursday Oil continued to trade higher.
I am this morning monitoring the price action for a test of the 60.00 level
Alternatively a failure to sustain higher prices could see Oil test the 59.00 support level.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 58.50 level
MORE ON ACFXblog.com