Daily Technical Analysis for EURUSD as at 16th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading lower from the open after yesterdays up day.
Yesterday EURUSD experienced a positive day printing a bullish piercing line candle and in the process traded and closed above the downward sloping trend line and the 8 period moving averages. It would appear that EURUSD is attempting to print a higher swing low.
We are monitoring the price action to see if the 8 period moving average will now act as support that will eventually lead EURUSD higher and into the direction of the last isolated high of the 8th August.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading around the area of trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.
Alternative counter trend bullish factors:
1. The averages have crossed positively.
2. The price action has broken above the 8 period moving averages.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively as the price action is trading above the 8 period moving averages approaches back to this average could offer support and a buying area.
Daily Technical Analysis for GBPUSD as at 16th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading lower from the open after yesterdays up day.
Yesterday GBPUSD experienced a strong up day and in the process printed a higher high and establishing a potential a potential higher low swing pivot. This price activity of course reinforces the prior change of trend to positive.
Following the 8 period moving averages acting as a buying area we continue to monitor further pullbacks to this area as possible support point.
In terms of the bigger the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.
Alternative counter trend bearish factors:
1. The moving averages are somewhat extended.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.
Scenario 2
Alternatively the price action extended from the averages could offer short term shorting opportunities.
Daily Technical Analysis for USDCHF as at 16th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading higher from the open after yesterdays down day
Yesterday USDCHF found resistance at the 34 period moving averages. This area was highlighted in previous posts as an area of potential resistance.
We are monitoring the price action at these levels to see if the negativity continues. However there is a potential support hurdles to be overcome at the 0.9200 and the upward sloping trend line. A breach of the 8th August low will need to happen so as to reinforce the negative bias.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.
Alternative counter trend bullish factors:
1. USDCHF has bounced off the 0.9200 level.
2. USDCHF has bounced of trend line support.
Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.
Scenario 2
Alternatively support may potentially be found at the 8 period moving averages. This support could precede an extended move to the 34 period moving averages.
Daily Technical Analysis for USDJPY as at 16th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning trading higher from the open after down up day.
USDJPY yesterday traded up to the 34 period moving averages and as posted previously that it found strong resistance in this area was not a surprise.
We are monitoring the potential for further negative rotation and return to the down trend.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The price action is trading above the 8 period moving averages.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively as the price action is trading above the 8 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.
Daily Technical Analysis for Gold as at 16th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading unchanged from the open after yesterdays up day.
Yesterday Gold breached the previous swing high and effectively changes the trend to positive by printing a bullish higher low and higher high sequence.
In terms of the bigger picture the swing bias has reversed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
2. The price action is trading within the Fibonacci resistance zone.
3. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.
Scenario 2
Alternatively the price action is extended from the averages which could offer shorting opportunities.
Daily Technical Analysis for Oil (WTI) as at 16th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading higher from the open after yesterdays up day.
Following Oils 8th August down spike that breached the prior swing low the price action has since bounced off the 34 and is now trading above the 8 period moving averages. Although the down spike has effectively turned the swing bias to negative the subsequent bullish reversal could indicate that break down was nothing more than a fake out. A breach of the prior swing high or swing low will confirm the bullish or bearish bias.
In terms of the bigger picture the swing bias remains negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
Alternative counter trend bullish factors:
1. The prior down spike has been reversed.
2. The price action is trading above the averages.
3. The averages are layered positively.
4. The price action is forming a possible corrective zigzag consolidation pattern.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI diverging positively.
Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.
Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.