ACFX DAILY TECHNICAL REPORT – LONDON OPEN 19.12.2014
EURUSD
The intraday technical outlook
Yesterday EURUSD continued to trade lower.
However overnight the price action has based around the 1.2280 level.
This could be a precursor to a possible upside correction with traders looking to take profits after making a killing from this two day collapse in EURUSD.
The signs of a corrective move is a foot would be if we get a close above the 1.2295 level.
This level corresponds to the high of the lowest candle printed in this down sequence.
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 traded higher and effectively painted a 1 hour double bottom formation above the 1.5540 level.
Cable however continues to be stuck at the 1.5660 resistance level.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5790 level.
Support can be found at 1.5625 and 1.5600 levels.
Alternative resistance comes in at 1.5660 and 1.5725.
USDJPY
The intraday technical outlook
Yesterday’s move above the 119.00 level took a prior intraday swing high.
This move has technically changed the trend from down to up.
This morning USDJPY continues to move higher.
I will be watching for a potential test of the 119.55 resistance level during the London open.
USDJPY is trading in an intraday 1 hour u[trend with the line of control at the 118.25 level
Resistance levels are at 119.55 and 119.90.
Alternatively support is at 119.05 and 118.25.
USDCHF
The intraday technical outlook
Yesterday’s move by the Swiss National Bank to apply negative interest rates on deposits added weakness to the Swiss Franc.
During volatile trading the price action did at one stage test but was repelled from the 0.9840 resistance level.
This morning USDCHF is trading at the highs of this 3 day up move and within a tight overnight range of 0.9795 to 0.9820.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9555 level
Resistance is at the 0.9820 and 0.9840 levels.
Alternatively support is at 0.9795 and 0.9740 levels.
AUDUSD
The intraday technical outlook
Yesterday AUDUSD did have a a strong move up that breached its channel and had an unsuccessful test of the 0.8200 resistance level.
A pronounced inverse head and shoulders pattern is now forming on the 1 hour chart.
If this pattern does break to the upside there is a possibility that we see a move to the 0.8265 resistance level.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.
Support is at the 0.8150 and 0.8100.
Alternatively resistance can be found at 0.8200 and 0.8265.
GOLD
The intraday technical outlook
Yesterday XAUUSD did close above its down channel but was not able to sustain the move higher and traded back into its prior trading range.
This morning Gold has once again broken above the down channel.
This move follows Gold to painting a higher low swing.
I am monitoring the price now for a possible retest of the 1203.00 resistance level.
A break above this level would open the door for a potential move to the 1215.00 resistance level.
Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.
Current upside resistance comes in at 1203.00 and 1215.00.
Alternatively support comes in at 1191.65 and 1186.25.
OIL
The intraday technical outlook
There is still much volatility to be found in Oil trading.
Yesterday the price action made an unsuccessful attempt to retest the 58.85 resistance level but was ultimately pushed back as broke through the 56.50 support level.
The move down was finally held at the 54.15 support level.
This level now becomes key intraday support as a 1 hour close under this level will technically change the trend from up to down.
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 58.25
Alternatively support comes in at 54.15 and 53.60.
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