13th March 2014
EURUSD
Summary
Wednesday EURUSD traded higher as the price action broke and closed above the 1.3893 resistance level.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.
Focus on today
This morning EURUSD has opened positivley as it trades above the 1.3915 level being the most recent high pivot.
I am this morning monitoring the price action for a potential for a test of the 1.4000 level.
Alternatively if EURUSD fails to sustain a move higher there is a possibility the price action trades back up to the 8 period moving averages.
GBPUSD
Summary
Wedday GBPUSD continued to find support coming in at the 8 period moving averages.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recen daily pivot low has added a question to the overall health of the uptrend.
Focus on today
This morning GBPUSD has opened positively as the price action trades at 34 period moving average support areas.
I am today monitoring the price action for a possible test of the 8 period moving averages.
Alternatively if GBPUSD cannot sustain higher prices could see the price action once again trade back to the 34 period moving averages.
USDJPY
Summary
Wednesday USDJPY continued to trade within the range of 8 period moving averages and the 103.74 resistance level.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.
Focus on today
This morning USDJPY has breach the 8 period moving averages as the downside correction gathers pace.
Today I am monitoring a potential move back to the 34 period moving averages.
Alternatively a failure to sustain lower prices could see USDJPY retest of the 103.74 level.
USDCHF
Summary
Wednesday USDCHF finally broke under the 0.8755 level as the downtrend resumed.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias.
Focus on today
This morning USDCHF has opened negatively as the price action trades beneath yesterday’s range.
Today I am monitoring the price action for a continuation of the move lower and possibly to the 0.8875 level.
Alternatively a failure to sustain lower prices could see USDCHF trade back up to the 8 period moving averages.
GOLD
Summary
Wednesday Gold traded higher as the price action bounce off a recent pullback to the 8 period moving averages.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1.267.99 level being the swing high of the 10th December. The weekly time frame continues to point down however we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility. However first Gold will need to break above the large downward sloping trend line.
Focus on today
This morning USDCHF has opened positively as the price action trades up to the downward sloping trend line.
Today I am monitoring the price action for a continuation of the move higher and a potential breach of the downward sloping trend line.
Alternatively a failure to sustain higher prices could see Gold trade back up to the 8 period moving averages.