ACFX DAILY TECHNICAL REPORT – LONDON OPEN 16.12.2014
EURUSD
The intraday technical outlook
Yesterday EURUSD traded in a fairly narrow range as the price action stayed within the range of the December 11 candle.
Currently the price action has painted a lower high at the 1.2485 level.
Although I have the line of control at the 1.2370 level a breach and close beneath the the 1.2420 level being the prior swing low would be sufficient to change the trend from up to down.
The price action this morning is trading around the 1.2450 level.
A close above or below this level could potentially indicate the direction of today’s trading.
EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.2370 level.
Current upside resistance can be found at 1.2495 and 1.2530.
Alternatively downside support comes in at 1.2420 and 1.2400.
GBPUSD
The intraday technical outlook
GBPUSD yesterday experienced significant bearish price action that saw it break beneath the 1.5695 support level and trade through the 1.5650 level,
However the decline was stopped around the 1.5625 support area.
GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5750 level.
The support is at 1.5660 and 1.5625 levels.
Alternative intraday upside resistance comes in at 1.5725 and 1.5750.
USDJPY
The intraday technical outlook
This morning USDJPY broke under the 117.50 support level.
The next level of support comes in at the 115.70 area which was a prior weekly pivot.
As this level is far away from the current price action the next possible levels of support are the round trading numbers starting at 117.00.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.05 level
Downside support is at 117.00 and 116.50.
Alternatively resistance levels are at 117.50 and 118.25.
USDCHF
The intraday technical outlook
Yesterday USDCHF experienced choppy price action that saw it trade within the 0.9625 to 0.9675 range.
This morning USDCHF open negatively as the price action trades under the 0.9650 support level.
A breach of the 0.9625 is required so as to confirm that the bearish intraday outlook.
USDCHF is trading in an intraday 1 hour intraday downtrend with the line of control at the 0.9675 level
The downside support is at 0.9625 and 0.9610 levels.
Alternative current upside resistance is at the 0.9650 and 0.9675 levels.
AUDUSD
The intraday technical outlook
During yesterday and this morning AUDUSD has made 3 attempts to penetrate through the 0.8200 level.
This level is significant as it is both a round number and a level of prior monthly support/resistance.
This morning AUDUSD has open positively as the price action trades above the 0.8220 support level.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.
The current downside support is at the 0.8220 and 0.8200.
Alternatively resistance can be found at 0.8265 and 0.8285.
GOLD
The intraday technical outlook
The recent bullish feel surrounding XAUUSD has gone over the past two business days as Gold emphatically broke the the 1215.00 support level.
Yesterday’s slide however was stopped at the 1191.65 support level.
Gold is trading in an intraday 1 hour downtrend with the line of control at the 1232.00 level.
Current support comes in at 1191.65 and 1185.25.
Alternatively upside resistance comes in at 1204.75 and 1215.00
OIL
The intraday technical outlook
Oil on Monday initially bounced off the 56.50 support level.
However traders where unable to push crude up to the 59.25 resistance level.
In afternoon trading Oil reverted to its downward direction as the market push oil through the 56.50 support level.
Oil is trading in an intraday 1 hour intraday downtrend with the line of control at the 56.50 level.
Current support comes in at 53.00 and 50.35.
Alternatively upside resistance comes in at 56.50 and 59.25.
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