ACFX DAILY TECHNICAL REPORT – LONDON OPEN 17.12.2014
EURUSD
The intraday technical outlook
With Fed day finally upon us watch out for big moves today for the euro and all major currency pairs, commodities and metals.
Yesterday EURUSD continued with its recent strong rally.
EURUSD did break above the 1.2500 level and at one point seemed that it would test the 1.2570 resistance level.
However in the afternoon traded EURUSD traded off its highs as it moved back down to the 1.2500 support area.
This morning EURUSD is making an attempt to trade beneath its down channel.
This is a very early sign of weakness in EURUSD.
A confirmation a more bearish sentiment is being felt by the market would see EURUSD make a weak pull back back into its up channel before once again rolling over.
EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.2420 level.
Current upside resistance can be found at 1.2500 and 1.2575.
Alternatively downside support comes in at 1.2450 and 1.2420.
GBPUSD
The intraday technical outlook
Yesterday was a wild ride for cable.
Initially it attempted to test the 1.5600 support level before turning in a dime and breaking higher.
The rally was so dramatic the we had an actual close above the 1.5750 level.
This has necessitated a trend change from down to up.
In the afternoon trade we had very choppy action at the highs.
This morning GBPUSD is trading lower in quiet action as the market awaits the latest MPC rate vote.
GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5600 level.
Upside resistance comes in at 1.5750 and 1.5790.
Alternative intraday Support can be found at 1.5725 and 1.5660 levels.
USDJPY
The intraday technical outlook
The 115.70 level yesterday offered a good area of support.
We did get an initial test of the 117.50 level.
This morning it would appear that this level and the top of the down channel are about to be tested once more.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.05 level
Downside support is at 115.70 and 113.85.
Alternatively resistance levels are at 117.50 and 118.25.
USDCHF
The intraday technical outlook
This morning USDCHF is retesting the 0.9625 level.
This was a level USDCHF yesteday failed to trade above.
The price action is also trading above its down channel.
I am monitoring the price action for a potential pull back into this channel.
A weak pullback would signal that market sentiment is changing to a more bullish outlook.
USDCHF is trading in an intraday 1 hour downtrend with the line of control at the 0.9675 level
The downside support is at 0.9610 and 0.9550 levels.
Alternative current upside resistance is at the 0.9625 and 0.9650 levels.
AUDUSD
The intraday technical outlook
Yesterday for the most part AUDUSD had a good day as the price action bounced off the 0.8200 level.
We did get a retest of the 0.8265 resistance level however the price action was not able to sustain a close above this level.
In early morning trading AUDUSD has broken lower as it slashed through yesterday support.
The next support level is the 0.8070 level being a prior weekly swing pivot.
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 0.8100 and 0.8070.
Alternatively resistance can be found at 0.8200 and 0.8265.
GOLD
The intraday technical outlook
Gold yesterday had a wild day of trading which saw the price action test both the 1221.00 resistance and 1191.65 support level.
This morning XAUUSD is trading at the lows of yesterdays range and between the 1191.65 and 1204.85 levels.
We do have a down channel developing.
I will be monitoring the price action with a view on how Gold reacts to a potential move up to the top of its channel.
However a break beneath the 1191.65 would confirm that the down move will potentially continue.
Gold is trading in an intraday 1 hour downtrend with the line of control at the 1221.00 level.
Current support comes in at 1191.65 and 1186.25.
Alternatively upside resistance comes in at 1204.85 and 1215.00
OIL
The intraday technical outlook
Yesterday Oil managed to avoid hitting the 53.00 support level.
This will no doubt come as a bit of a relief to oil producers.
In afternoon trading Oil staged a mini US$3.00 rally which saw it test the 56.50 level.
This morning Oil is trading off the previous days highs at the 54.75 level.
I am monitoring the price action for a test of the 53.00 level or a retest of the 56.50 level.
Oil is trading in an intraday 1 hour downtrend with the line of control at the 59.25 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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