ACFX DAILY TECHNICAL REPORT – LONDON OPEN 30.01.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD finished the day testing its channel top.
This morning EURUSD has made a successful attempt to break above this resistance level.
With European CPI data out this morning and the markets eyeing events in Athens we may see some volatility hit the Euro trade today.
Today I will be monitoring a continuation of the recent up move towards the 1.1465 resistance level.
The breach of the 1.1295 level being the prior isolated swing high has changed the trend from down to up.
From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1295 level.
GBPUSD
The intraday technical outlook
Yesterday GBPUSD collapse was finally reversed late into the New York session.
We did get a good bounce off the 1.5030 support level which took the price action back up to the 1.5075 resistance level.
This morning I am monitoring the price action for a resumption of the down trend.
A breach of the 1.5150 support level has technically changed the trend from up to down.
From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5220 level.
USDJPY
The intraday technical outlook
The market ignored the overnight data with the price action continuing to trade in a tight 8 day range.
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
Yesterday USDCHF continues its mini revival as the price action broke above its 0.9140 level.
With some normality coming back into the USDCHF price action I will soon once more be taking a closer look at the intraday USDCHF price action
AUDUSD
The intraday technical outlook
Yesterday’s decline in AUDUSD was finally halted at the 0.7720 area.
However with the trend is still pointing down I will be monitoring the price action for a possible continuation of this move and a test of the 0.7700 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8000 level.
GOLD
The intraday technical outlook
Gold continued to trade lower throughout the day. However this move was finally halted at the 1254.00 support level.
I am today monitoring the price action for a potential move back up to the channel top.
A failure to trend higher could see Gold retest the 1254.00 support level.
From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1293.00 level.
OIL
The intraday technical outlook
Yesterday Oil broke under its US$45.00 support level and traded down to the US$43.50 area before reversing of it lows.
The price action is currently trading just above the the top of its down channel.
I am this morning monitoring the price action for a possible resumption of the down trend.
From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 46.35 level.
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