14th March 2014
EURUSD
Summary
Thursday EURUSD experience a volatile trading session with the price action almost engulfing the prior days range.
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 negativley as it trades at the lows of the previous days range and just above the 1.3835 suppor level.
I am this morning monitoring the price action for a potential for a test of the 1.4000 level.
Alternatively if EURUSD fails to resume its upward momentum there is a possibility the price action test support and trades back up to the 34 period moving averages.
GBPUSD
Summary
Thursday GBPUSD tested the 8 period moving averages following a bounce off the 34 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 recent daily pivot low has added a question to the overall health of the uptrend.
Focus on today
This morning GBPUSD has opened quietly as the price action trades between both 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 test the 34 period moving averages.
USDJPY
Summary
Thursday USDJPY broke down from moving average support as the price action traded back into the direction 101.00 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 opened negatively as the price action trades at the lows of the previous day’s range.
Today I am monitoring a potential test of the 101.00 level.
Alternatively a failure to sustain lower prices could see USDJPY trade back up to the averages.
USDCHF
Summary
Thursday USDCHF bouced higher as the price action became extended from its averages.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias.
Focus on today
This morning USDCHF has opened positively as the price action trades at the highs of yesterday’s range.
Today I am monitoring the price action for a continuation of the move back up to the 8 period moving averages.
Alternatively a failure to sustain higher prices could see USDCHF test the 0.8875 level.
Gold
Summary
Thursday Gold traded higher as the price action tested the downward sloping trendline.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1267.99 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 Gold has opened quietly as the price action tests 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.
Oil
Summary
Thursday Oil traded at the lows of then previous days candle in what was a relativley small range day.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
Focus on today
This morning Oil has opened quietly as the price action trades within the previous day’s range.
Today I am monitoring the price action for a continuation of the move lower and into the direction of the 95.50 level.
Alternatively a failure to sustain lower prices could see Oil trade back up to the 8 period moving averages.