ACFX DAILY TECHNICAL REPORT – LONDON OPEN 07.01.2015
EURUSD
The intraday technical outlook
The general negativity surrounding EURUSD continued today as the morning price action took out the recent low of 1.1851.
The price action however over the past three sessions has put in place two pin bar support candles around the 1.1840 level.
This could be the first indication that a base is forming that could propel EURUSD back up to its channel top.
However with the momentum being so bearish a breach of the 1.1840 support levels is the natural direction of least resistance.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.
Current support comes in at 1.1875 and 1.1840.
Alternatively resistance can be found at 1.1970 and 1.2040.
GBPUSD
The intraday technical outlook
This morning GBPUSD has opened up negatively as the price action traded under the 1.5160 support level.
The recent move lower has now penetrated a multiple year trend line support.
However I would like to see a weekly or even better monthly close beneath this level as confirmation that this move is not a fake long term break down.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5245 level.
Current support can be found at 1.5100 and 1.5050 levels.
Alternative resistance comes in at 1.5160 and 1.5245.
USDJPY
The intraday technical outlook
USDJPY has experience an overnight rally following its bounce off the 118.25 support level.
I am targetting a move today back up to the 119.55 resistance level which now coincideds with the top of the down channel.
A failure to trade higher during the London session will put the focus back on the short side with a retest of the 118.85 being a possibility.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level
Current support is at 118.85 and 118.25.
Alternatively resistance levels are at 119.55 and 120.15.
USDCHF
The intraday technical outlook
USDCHF this morning opened up bullishly the price action taking out the prior 1 hour high.
However into the European session the current candle has broken under the 1.0110 support level.
A move lower would indicate that the mornings retest of resistance resulted in a fake break out.
I will be therefore be monitoring the price action for a potential move to the channel bottom.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level
Current resistance is at the 1.0110 and 1.0150 levels.
Alternatively support is at 1.0040 and 1.000 levels.
AUDUSD
The intraday technical outlook
During the New York and Asia sessions AUDUSD has given up the majority of its gains.
However during the overnight and early into the European sesssion AUDUSD has built a small base off the 0.8050 level.
I await to see in AUDUSD can paint a higher low formation from these levels.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.
Current support is at the 0.8035 and 0.8000.
Alternatively resistance can be found at 0.8070 and 0.8120.
GOLD
The intraday technical outlook
Overnight Gold made an initial attempt to test the 1221.00 level but was not able to sustain the move higher.
The current price action could indicate that a retest of the 1221.00 level is a possibility.
Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.
Current resistance comes in at 1221.00 and 1228.00.
Alternatively support comes in at 1210.00 and 1199.20.
OIL
The intraday technical outlook
Overnight Oil broke under the significant 48.00 level.
The downward momentum continues as Oil attempts to test the low 47 levels.
With no end in sight to Oils capitulation it remains to be seen if the price action can test the 2008 crisis lows of US$ 34.00 per barrel.
Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.
Current support comes in at 47.00 and 46.50.
Alternatively resistance comes in at 50.35 and 53.00.
MORE ON ACFXblog.com