30th April 2014
EURUSD
Summary
Tuesday EURUSD broke down from the previous days high as the price action traded down to its averages.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.
Focus on today
This morning EURUSD has opened quietly as the price action trades at the lows of Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of this week high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the averages.
GBPUSD
Summary
Tuesday GBPUSD traded within Monday’s candle range.
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. The recent price activity has as expected, broken the converging triangle to the upside with GBPUSD now trading at the 8 period moving averages.
Focus on today
This morning GBPUSD has opened quietly as the price trades within Tuesday’s candle ranges.
I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.
USDJPY
Summary
Tuesday USDJPY traded higher as the price action closed above the averages.
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. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.
Focus on today
This morning USDJPY has opened bearishly as the price action trades beneath the low of Tuesday’s candle range.
Today I am monitoring USDJPY for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.
USDCHF
Summary
Tuesday USDCHF traded higher as the price action tested the downward sloping trend line.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle range.
Today I am monitoring the price action to see if USDCHF can test the upward sloping trend line.
Alternatively a failure to sustain higher prices could see USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
AUDUSD
Summary
Tuesday AUDUSD tested the 34 period daily moving averages. However by the end of business AUDUSD have paired its losses and closed higher.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened positively as the price trades at the above Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of the 8 period daily moving averages.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back to the 34 period daily moving averages.
GOLD
Summary
Tuesday Gold spiked beneath the 8 period daily moving averages however ultimatley closed at its open.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.
However the recent strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.
Focus on today
This morning Gold has opened quietly as the price action trades at the lows Tuesday’s candle range.
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.
OIL
Summary
Tuesday Oil spiked higher and tested the 8 period moving averages. However the price action was not able to sustain higher and ultimatley closed the day lower.
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.
The recent price action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.
Focus on today
This morning Oil has opened negatively as the price action trades beneath Tuesday’s candle range.
Today I am monitoring the price action for a test of the 100 level.
Alternatively a failure to sustain lower prices could see Oil trade back up to the averages.