ACFX DAILY TECHNICAL REPORT – LONDON OPEN 05.01.2015
EURUSD
The intraday technical outlook
EURUSD spiked lower on the open as the price action traded down to the 1.1851 level.
However buying came into the market which pushed EURUSD back up to its opening area.
The morning spike down has had the effect of creating a pin bar bottom.
I will today be monitoring the price action to see how EURUSD reacts to a potential move into the the areas of a of Fridays low and at the the top of its down channel.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2185 level.
Current support comes in at 1.1950 and 1.1875.
Alternatively resistance can be found at 1.2000 and 1.2040.
GBPUSD
The intraday technical outlook
GBPUSD spiked lower at is open as it tested both the 1.5245 support level and major multi month trend line support.
However just like EURUSD buyers came into the market and pushed Cable back to its opening range.
I am monitoring the price action for a potential move higher of what is a major trend line support area.
A failure hold above trend line support could of course signal the start of a dramatic weakening for GBPUSD.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5605 level.
Current support can be found at 1.5245 and 1.5200 levels.
Alternative resistance comes in at 1.5340 and 1.5485.
USDJPY
The intraday technical outlook
The morning USDJPY is trading within Fridays range as the price action moves within a choppy albeit bullish bias.
With the US Dollar being so strong of late I would expect that a successful test of the 120.70 level to happen today.
A failure to trade above this level could see USDJPY to consolidate within a tight range before it decided to make its next move.
However as USDJPY has broken above its recent down channel it would not be a surprise if we saw a continuation of the move higher.
USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 118.85 level
Current resistance levels are at 120.70 and 121.80.
Alternatively support is at 120.15 and 119.55.
USDCHF
The intraday technical outlook
USDCHF spiked higher on its open as the price action broke above the 1.000 level.
At one point USDCHF did trade above the 1.0100 level however selling did come into the market which has pushed USDCHF back down to its opening range.
The USDCHF chart is now the mirror image of the price action that has happening on EURUSD.
A bearish pin bar has formed and this could now prompt a move down to the high of Friday and even down to the low of the channel bottom.
I will therefore be monitoring the price action to see how USDCHF reacts to a possible move to lower levels with a rejection of lower prices putting the focus back to the long side of the trade.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9865 level
Current resistance is at the 1.0050 and 1.0100 levels.
Alternatively support is at 1.000 and 0.9920 levels.
AUDUSD
The intraday technical outlook
AUDUSD continued its relentless collapse as the price action broke under the 0.8070 support level.
With the next major monthly support level at the 0.8000 a further collapse in commodity prices combined with a continuation of weakness in China will add the pressure on AUDUSD and make a move down to this level more likely.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8215 level.
Current support is at the 0.8070 and 0.8120
Alternatively resistance can be found at 0.8050 and 0.8000.
GOLD
The intraday technical outlook
Friday’s bounce off the 1170.60 level has continued into today’s trade as the price action approaches the 1199.20 resistance level.
I will be monitoring the price action to see if momentum increases or drops if we see Gold attempt to pull back.
The focus will be to identify if XAUUSD is attempting to paint a higher low which will potentially be a precursor to an assault on the 1210.00 level.
Gold is trading in an intraday 1 hour downtrend with the line of control at the 1170.60 level.
Current support comes in at 1191.65. and 1182.20.
Alternatively resistance comes in at 1199.20 and 1210.00.
OIL
The intraday technical outlook
Oil on Friday traded under its 53.00 support level as the price action tested the 51.50 level.
I am currently watching if Oil can trade back up to the 53.00 level.
Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.
Current support comes in at 51.50 and 51.00.
Alternatively resistance comes in at 52.00 and 53.00.
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