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MARKET BRIEFING – TECHNICAL ANALYSIS 12.02.2016
EURUSD
The intraday technical outlook
EURUSD has bounced off the top of the daily uptrend channel this morning.
EURUSD needs to hold below 1.1323 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.1200, which is the Daily Average True Range (ATR) downside projection level of today. Should this mark be reached successfully, a further extension to 1.1168, being 3rd pivot support level of today, could be observed further.
If EURUSD fails to maintain the downward momentum, a move higher could potentially unfold.
If this scenario was to occur the target for today is 1.1440, being the pair’s Daily Average True Range (ATR) downside projection level of today
GBPUSD
The intraday technical outlook
GBPUSD has bounced off the bottom of the newly created uptrend channel this morning.
GBPUSD needs to hold above 1.4473 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.4640, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 1.4744, which is the 3rd pivot resistance, could take place next.
If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today will be 1.4384, being the 1st pivot support level of today.
USDJPY
The intraday technical outlook
USDJPY is consolidating this morning, after the pair has reached a new one-year low yesterday.
USDJPY needs to hold below 112.32 level, being the intraday Pivot Point in order to continue the downtrend scenario.
The initial downside target is 111.00, which is the pair’s the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 109.71, which is the pair’s 2nd pivot support level, could follow next.
If USDJPY fails to maintain the downward momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target for today is 114.00, which is today’s Daily Average True Range (ATR) upside projection.
USDCHF
The intraday technical outlook
USDCHF has slightly recovered after the pair reached a new two-month low yesterday.
USDCHF needs to hold above 0.9714 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 0.9830, being the Daily Average True Range upside projection target of today. Should this level be reached, the pair could extend trading towards 0.9870, which is the 3rd pivot resistance level of today.
If USDCHF fails to maintain upward momentum, a reversal lower could potentially unfold.
If this scenario was to occur the initial downside target for today will be 0.9667, being the 1st pivot support of today.
USDCAD
The intraday technical outlook
USDCAD continues to range this morning.
USDCAD needs to hold below 1.3944 level being the intraday Pivot Point, if the price action is to continue its downward move.
The initial downside aim is 1.3811, being the 2nd pivot support level of today.When this level is reached, the pair could extend trading towards 1.3760, which is the Daily Average True Range downside projection target.
If USDCAD fails to maintain the downward momentum, a reversal and returning to trade higher could potentially unfold.
If this scenario was to occur the target for today is 1.4006, being the 1st pivot resistance level of today.
AUDUSD
The intraday technical outlook
AUDUSD is continues to range below the recently breached uptrend channel.
AUDUSD needs to hold above 0.7080 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target for this afternoon will be 0.7215, being the Daily Average True Range upside projection level of today. Should this aim be reached successfully, a further stretch towards 0.7250, which is the 2nd pivot resistance level of today, could follow next.
If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target is 0.7000, being the Daily Average True Range downside projection level together with a strong psycological support.
GOLD
The intraday technical outlook
Gold shot to a one-year high as market uncertainty persists.
Gold needs to hold above 1234.64 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1267.00, being the pair’s Daily Average True Range upside projection level of today. Should this aim be reached, a further extension to 1275.00, could occur next.
If the metal fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today is 1225.00, which is the metal’s Daily Average True Range downside projection level of today.
OIL
The intraday technical outlook
Oil price is rebounding from a three-week low this morning.
The commodity needs to hold above 29.19 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 30.53, being the 2nd pivot resistance level of today. Should this target be reached successfully, a move towards 32.02, which is the Daily Average True Range (ATR) upside projection of today, could follow next.
If the Oil fails to maintain the upside momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur the target for today is 28.70, being the 2nd pivot support level of today.
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