18th March 2014
EURUSD
Summary
Monday EURUSD continued to trade higher following its bounce off support at the 8 period moving averages.
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 positivly as it trades at the highs of the previous days range and just above the 1.3982 price level which corresponds to the 27th December isolated high.
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 8 period moving averages.
GBPUSD
Summary
Monday GBPUSD traded throuhout the day between the 8 and 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
Monday USDJPY traded higher following a bounce off the 101 support area.
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 positively as the price action trades at the highs of the previous day’s range.
Today I am monitoring a potential move to the 34 period moving averages.
Alternatively a failure to sustain higher prices could see USDJPY test the 101.00 level.
USDCHF
Summary
Monday USDCHF traded throughout the day within the range of the previous 2 days.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias.
Focus on today
This morning USDCHF has opened quietly as the price action trades within a 3 day range.
Today I am monitoring the price action for a test of the 8 period moving averages.
Alternatively a failure to sustain higher prices could see USDCHF test the 0.8875 level.
GOLD
Summary
Monday Gold initially extended its move above the downward sloping trendline. However later in the day selling came into the market. This would lead to Gold breacing and closing beneath 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. The break above the large downward sloping trend line adds impetus to the current positive bias.
Focus on today
This morning Gold has opened negatively as the price action trades down to the 8 period moving average support levels.
Today I am monitoring the price action for a retest of the downward sloping trendline and possible continuation of the move higher and into the direction of the 1433.70 level the 28th August high.
Alternatively a failure to sustain higher prices could see Gold test the 8 period moving averages.
OIL
Summary
Monday Oil continue to experience a minor rally that led to a higher close. However failed to test the 8 period moving averages.
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 negatively with the price action testing the 97.53 level being last week’s low.
Today I am monitoring the price action for a breach of the 97.53 level being last week’s low.
Alternatively a failure to sustain lower prices could see Oil trade back up to the 8 period moving averages.