ACFX DAILY TECHNICAL REPORT – LONDON OPEN 27.01.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD bounced higher as it traded back up to the 1.2950 level.
This morning EURUSD has opened quietly as the price action trades in a very tight range.
I am monitoring the price action for a retest of the 1.1100 level.
From a technical perspective EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1640 level.
GBPUSD
The intraday technical outlook
GBPUSD has had a good bounce that has taken the price action back up to its channel top.
I am this morning monitoring the price action for a potential resumption of its prior down trend.
In terms of news the BBA mortgage approvals data and more importantly the Preliminary GDP data is out this morning at 9:30 am London time.
This news could cause market volatility.
From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5195 level.
USDJPY
The intraday technical outlook
USDJPY continues to trade within a very large range between the 117.15 to 118.85 levels.
This morning USDJPY is trading lower off its open as it retraces back to the 117.75 level.
A successful test of the 118.85 is required to confirm the strength of the up trend.
From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 117.15 level.
USDCHF
The intraday technical outlook
As posted yesterday:
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 0.8450 to 0.8815 levels.
AUDUSD
The intraday technical outlook
AUDUSD has traded higher as it approaches its channel top.
The move higher has taken the price action back into its averages.
I am currently monitoring a potential resumption of the down trend.
From a technical perspective AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8125 level.
GOLD
The intraday technical outlook
Gold this morning broke above its very narrow down channel.
This could be the first signs that the recent downside correction is coming to an end.
From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1298.00 level.
OIL
The intraday technical outlook
Yesterday’s news from OPEC that prices have bottom helped keep Oil above the US$ 45.00 per barrel level.
However further evidence is required before I will take notice of a possible upside reversal.
From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.00 level.
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