ACFX AFTERNOON TECHNICAL REPORT – NEW YORK OPEN 24.12.2014
EURUSD
The intraday technical outlook
Not much has changed this morning which is not surprising with markets soon to close for Christmas.
A combination of continued political instability in Greece and the best USA GDP numbers in 11 years was enough to finally push EURUSD through the 1.2200 support level.
With the year fast coming to a close I would like to see a monthly close under the 1.2200 as confirmation that Euro weakness will continue into 2015.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2245 level.
Support comes in at 1.2150 and 1.2100.
Alternatively resistance can be found at 1.2200 and 1.2245.
GBPUSD
The intraday technical outlook
This morning Cable has a bit of a rally as profit takers square up short positions prior to the long holiday.
With yesterdays price action having broken under the recent daily swing low of 1.5540 trying to pick the next support level becomes problematic as there is clear air between the current price and the next target.
The next major level being a 1.5340 being a prior weekly support area.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5600 level.
Support can be found at 1.5500 and 1.5450 levels.
Alternative resistance comes in at 1.5540 and 1.5600.
USDJPY
The intraday technical outlook
This morning there is not much to report with USDJPY trading between the 120.00 to 120.70 levels
We may get some volatility coming into the market during the Tokyo session as the market waits for the Monetary Policy Meeting Minutes and for Bank of Japan governor Kuroda to give a speech.
However with most of Europe and the West closed for the annual festivities one would expect that the volatility is limited.
USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 120.00 level
Resistance levels are at 120.70 and 121.80.
Alternatively support is at 120.00 and 119.00.
USDCHF
The intraday technical outlook
This morning USDCHF has traded back to support as the price action moves in a tight range.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9820 level
Resistance is at the 0.9920 and 0.9950 levels.
Alternatively support is at 0.9840 and 0.9800 levels.
AUDUSD
The intraday technical outlook
With Australia now closed for the Christmas period I would expect to see limited liquidity during today’s trading.
However that is not to say that we may get volatility spikes during the day.
AUDUSD yesterday had a bit of a yoyo session as it initially broke down from its triangle pattern then trade back into only for sellers to smack it down once again.
This scenario was predicted in yesterday mornings analysis.
AUDUSD has now formed a double bottom above the 0.8080 level.
A breach of this level is required to confirm a continuation of the down trend.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8140 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
This morning Gold is trading within a tight range.
A breach of the 1170.60 level is required to maintain the downside momentum.
Gold is trading in an intraday 1 hour downtrend with the line of control at the 1186.25 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
This morning Oil has traded lower off its open as downside pressure increases.
Oil continues to traded within a large converging triangle formation as the markets contemplate the next moves to be made by OPEC and look for signs that an increased global growth can stimulate demand for crude.
Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.
Resistance comes in at 58.65 and 59.25.
Alternatively support comes in at 56.50 and 54.15.
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