ACFX DAILY TECHNICAL REPORT – LONDON OPEN 09.01.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD attempted to pair some of its losses but ultimately ended the day lower.
Overnight EURUSD has traded in a tight range as traders await this afternoons latest Non Farm Payrolls number.
A continuation of the positive jobs trend is bound to add more pressure onto the Euro.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.
Current support comes in at 1.1750 and 1.1700.
Alternatively resistance can be found at 1.1840 and 1.1875.
GBPUSD
The intraday technical outlook
Cable has open quietly this morning as traders await the latest Manufacturing Production numbers.
This follows yesterdays Bank of England decision not to increase interest rates.
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 1.5050 and 1.5000 levels.
Alternative resistance comes in at 1.5100 and 1.5160.
USDJPY
The intraday technical outlook
Yesterday USDJPY attempted to test the 120.00 area but ultimately failed to breach this area of resistance.
Overnight this area was retested but the price action failed to trade above the prior intraday high.
As per yesteday’s post USDJPY has traded higher in what can be described as a typical staircase fashion.
The resulting move has now broken above a recently created broad down channel.
The price action has traded higher from what can be described as simple inverse head and and shoulders formation as indicated by the up arrows.
I am monitoring the price action for a possible pull back that creates a higher low formation that will build a base for USDJPY to proceed with its current upward momentum.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.00 level
Current support is at 118.85 and 118.25.
Alternatively resistance levels are at 120.00 and 120.70.
USDCHF
The intraday technical outlook
Yesterday USDCHF put in a new intraday high as it traded above the 1.0200 level.
However in afternoon and overnight trading USDCHF experiencde a moderate corrective pullback.
With the up trend being so strong I am monitoring the possibility of USDCHF continuing with its bullish momentum at attempts to put in a new intraday high.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level
Current resistance is at the 1.0200 and 1.0250 levels.
Alternatively support is at 1.0110 and 1.0040 levels.
AUDUSD
The intraday technical outlook
This morning the Australian Bureau of Statistics released disappointing Retail Sales numbers.
This has allowed AUDUSD to experience a very moderate corrective sell off.
The price action has now formed a double bottom formation above the 0.8035 level.
Furthermore AUDUSD has broken above a recently formed down channel.
With this in mind I will be monitoring the price action for a possibility that AUDUSD creates a higher low swing from where a move higher could potentially happen.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.
Current support is at the 0.8120 and 0.8085.
Alternatively resistance can be found at 0.8140 and 0.8160.
GOLD
The intraday technical outlook
Gold yesterday experienced a moderate bounce off the 1205.00 level and although there was an aggressive sell off during the afternoon this support area once again proved to strong for the Bears to overcome.
Following this corrective pullback I am monitoring the price for a retest of the 1221.00 resistance level.
Gold is trading in an intraday 1 hour uptrend with the line of control at the 1205.00 level.
Current resistance comes in at 1221.00 and 1228.00.
Alternatively support comes in at 1205.00 and 1199.20.
OIL
The intraday technical outlook
Oil has experienced some good corrective price action following its bounce off the 47.00 level.
The price action has resulted in Oil painting a higher low formation with Oil now testing the top of its down channel.
A break and close above the 49.50 level will technically change the trend from down to up.
Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.50 level.
Current support comes in at 48.00 and 47.00.
Alternatively resistance comes in at 49.50 and 50.35.
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