ACFX DAILY TECHNICAL REPORT – LONDON OPEN 19.01.2015
EURUSD
The intraday technical outlook
The Euro continues to slide as the ECB decision begins to loom large this week.
With market volatilty increasing day by day could it be in the realms of possibility that we have a test of the 1.1000 level by the time of the ECB meeting.
For now the the mid 1.20 levels in December seem like a long time ago.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1640 level.
Current support comes in at 1.1560 and 1.1500.
Alternatively resistance can be found at 1.1640 and 1.1725.
GBPUSD
The intraday technical outlook
Late on Friday GBPUSD broke the 1.5150 support level.
The breach of the prior isolated low technically changes the trend from up to down.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5230 level.
Current support can be found at 1.5100 and 1.5070 levels.
Alternative resistance comes in at 1.5150 and 1.5195
USDJPY
The intraday technical outlook
USDJPY on Friday bounced off the double bottom support area that is found at 116.10.
What followed was an attempt to retest the 117.75 resistance level.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 117.75 level
Current support is at 116.10 and 115.70.
Alternatively resistance levels are at 117.75 and 118.25.
USDCHF
The intraday technical outlook
The market volatility that was caused by the SNB action continues to play havoc with the charts.
I am awaiting for new data to feed into the chart as only this will this help to smooth out the recent market volatility.
In meantime a new range has been formed between the 0.8205 to 0.9125 levels.
AUDUSD
The intraday technical outlook
On Friday AUDUSD traded higher as the price action bounced off the 0.8160 area.
The move higher continued into today’s trader however the recent price action has been rather choppy.
AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.8160 level.
Current resistance can be found at 0.8255 and 0.8295.
Alternatively support is at the 0.8200 and 0.8160.
GOLD
The intraday technical outlook
Gold traded higher on Friday as traders and investors looked safety in this turbulent market.
Gold is trading in an intraday 1 hour uptrend with the line of control at the 1254.00 level.
Current resistance comes in at 1280.00 and 1306.00.
Alternatively support comes in at 1269.00 and 1254.00.
OIL
The intraday technical outlook
The SNB news has relegated the Oil story out of the spotlight.
The ECB meeting and the Greek election will further allow Oil to drop out of the limelight.
This lack of focus on Oil could just be what is required to allow Oil to build a base above the 45.00 level.
Friday’s break under the 47.15 support level has changed the trend from up to down.
Oil is trading in an intraday 1 hour downtrend with the line of control at the 48.85 level.
Current support comes in at 46.00 and 45.00.
Alternatively resistance comes in at 48.85 and 51.00.
MORE ON ACFXblog.com