ACFX DAILY TECHNICAL REPORT – LONDON OPEN 18.12.2014
EURUSD
The intraday technical outlook
Yesterday evening the Euro extended its losses after the Fed announcement on interest rates.
Pressure on EURUSD continues this morning as the US Dollar continues to strengthen.
EURUSD made feeble attempts yesterday to trade back into its up channel and the breach of the 1.2420 level completed the bearish story by turning the intraday trend from up to down.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2575 level.
Support comes in at 1.2280 and 1.2245.
Alternatively resistance can be found at 1.2330 and 1.2360.
GBPUSD
The intraday technical outlook
Yesterday GBPUSD collapsed from its up channel and traded down to the 1.5540 support area.
During the Asia trade GBPUSD did manage to muster a minor rally up to the 1.5590 level but in the past two hours is coming under pressure.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5790 level.
Support can be found at 1.5540 and 1.5500 levels.
Alternative resistance comes in at 1.5600 and 1.5625.
USDJPY
The intraday technical outlook
Yesterday USDJPY continue to trade higher following the break of its down channel.
Overnight we had a test of the 119.05 level.
I am this morning monitoring the price action for a potential retest of this level.
A 1 hour close above this level will technically change the trend from down to up.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.05 level
Support is at 118.25 and 117.50.
Alternatively resistance levels are at 119.05 and 119.55.
USDCHF
The intraday technical outlook
Yesterday’s move higher from its down channel was accelerated following the FOMC news.
This morning USDCHF has continued to rise as it breaks through the 0.9795 and 0.9820 resistance levels.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9555 level
Support is at 0.9820 and 0.9795 levels.
Alternative resistance is at the 0.9840 and 0.9900 levels.
AUDUSD
The intraday technical outlook
Yesterday AUDUSD also like other currencies had a wild ride.
The price action did actual try to trade above its down channel but was unable to sustain the move higher.
What followed was an aggressive spike down that took out the days low of 0.8138.
This morning AUDUSD is experiencing a minor rally as the price action would appear that it wants to test the top of its down channel.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.
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 did spike lower on the Fed news however the move lower was held at the 1186.25 level.
The price action over the last 3 days of trading has created 3 lower low swings within a relatively tight range which are closely spaced together.
With the price action now hovering under the 1203.00 resistance level I am interested to see if XAUUSD can breach this level and make an attempt to test the top of its down channel.
Gold is trading in an intraday 1 hour downtrend with the line of control at the 1203.00 level.
Current support comes in at 1191.65 and 1186.25.
Alternatively upside resistance comes in at 1203.00and 1215.00
OIL
The intraday technical outlook
Yesterday crude had a strong rally following the breech of its down channel.
The move higher took out the 56.50 level which necessitated a change of trend from down to up.
At one point it appeared that Oil would even attempt to make a test of the 59.25 resistance level.
However into the news Oil like most other instruments weakened against the US Dollar.
The move lower was however held at the 56.50 support level.
This level becomes today’s battle ground with a move away in either direction potentially dictating the trend for today.
Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.
Resistance comes in at 56.50 and 59.25.
Alternatively support comes in at 53.60 and 50.35.
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