ACFX DAILY TECHNICAL REPORT – LONDON OPEN 23.12.2014
EURUSD
The intraday technical outlook
EURUSD yesterday attempted to pair some of the recent losses.
However by the afternoon negative Euro sentiment came back into the market.
During the latter part of the New York session EURUSD was trading at the 1.2215 level.
This being above the significant 1.2200 big figure and monthly trend line support.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2245 level.
Support comes in at 1.2200 and 1.2150.
Alternatively resistance can be found at 1.2245 and 1.2270.
GBPUSD
The intraday technical outlook
GBPUSD traded lower into the New York session as traders pushed cable through the 1.5600 support level.
We did get a small pop up and retest of the 1.5600 level.
However GBPUSD has not been able to get back above this level.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5660 level.
Support can be found at 1.5540 and 1.5500 levels.
Alternative resistance comes in at 1.5600 and 1.5660.
USDJPY
The intraday technical outlook
USDJPY has continued to trade higher in what appears to be an upward procession.
With the 120.00 level being broken we have a weekly resistance level at the 120.70 level.
We can use this level as the next possible upside target.
USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 118.80 level
Resistance levels are at 120.70 and 121.80.
Alternatively support is at 120.00 and 119.00.
USDCHF
The intraday technical outlook
The recent upside momentum for USDCHF has declined as the price action consolidates within a narrow range.
As the trend is up it would be expected that we get an upside break of the 0.9840 area.
is trading in an intraday 1 hour uptrend with the line of control at the 0.9800 level
Resistance is at the 0.9840 and 0.9920 levels.
Alternatively support is at 0.9820 and 0.9800 levels.
AUDUSD
The intraday technical outlook
The overnight news coming out of Western Australia with respect to state finances brought back the negative market sentiment surrounding the Aussie Dollar.
This led to a break lower of the converging triangle pattern and a breach of the 0.8100 level.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8170 level.
Support is at the 0.8100 and 0.8070.
Alternatively resistance can be found at 0.8140 and 0.8170.
GOLD
The intraday technical outlook
XAUUSD broke lower from its consolidation pattern with some power during the New York session as the price action slashing through the 1191.65, 1186.25 and 1178.65 support levels.
Gold is trading in an intraday 1 hour downtrend with the line of control at the 1203.00 level.
Current support comes in at 1178.65 and 1170.60.
Alternatively resistance comes in at 1186.25 and 1191.65.
OIL
The intraday technical outlook
The negative news from the Saudi Oil minister sent the price of crude crashing yesterday.
However the price action continues to consolidated within a very broad converging triangle pattern.
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 58.85
Alternatively support comes in at 54.15 and 53.00.
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