MARKET BRIEFING – TECHNICAL ANALYSIS 04.12.2015
EURUSD
The intraday technical outlook
EURUSD has retraced this morning, after the 450 pips move on Mario Draghi speech last afternoon.
EURUSD needs to hold above 1.0813 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.1037, being today’s Daily Average True Range (ATR) upside projection level. Should this level be reached successfully, a further extension towards 1.1105, which is 1st pivot resistance of the pair.
If EURUSD fails to maintain the upward momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target for today is 1.0645, being the pair’s 1st pivot support of today. In case this level is reached, a prolonged extension to 1.0500, being the 2nd intermediate support and an important psychological level at the same time, could further take place.
GBPUSD
The intraday technical outlook
GBPUSD has surged higher yesterday amid the strengthening US Dollar.
GBPUSD needs to hold above 1.5067 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.5231, which also approximately coincides with today’s Average True Range upside projection level of the pair. Should this level be reached, a further extension towards 1.5321, which is with the pair’s 2nd pivot resistance level, could likely take place.
If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today will be 1.5041, which is the pair’s today’s Average True Range downside target.
USDJPY
The intraday technical outlook
USDJPY is recovering yesterday’s losses this morning.
USDJPY needs to hold above the 122.81 level, being the intraday Pivot Point in order to hold the uptrend scenario.
The initial upside target is 123.33, which also approximately coincides with today’s Average True Range upside target of the pair. Should this level be reached, a further extension towards 123.70, which is with the pair’s 2nd intermediate pivot resistance level of the day, could likely take place.
If USDJPY fails to maintain the upward momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target for today is 122.44, which is the pair’s 1st intermediate pivot support point of today. In case this scenario will be activated, further extension to 121.89, being the pair’s 1st pivot support of today together with Daily Average True Range downside target, could likely occur.
USDCHF
The intraday technical outlook
USDCHF has declined sharply lower on the Mario Draghi speech yesterday.
USDCHF needs to hold below 1.0270 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial downside target is 0.9900, being the daily Average True Range downside projection. Should that level be reached, the pair will likely continue to trade towards 0.9779 next.
If USDCHF fails to maintain downward momentum, a reversal higher could potentially unfold.
If this scenario was to occur the initial upside target for today is 1.0170. A further extension towards 1.0290 resistance, which is the Average True Range upside target of today, could follow next in this case.
USDCAD
The intraday technical outlook
USDCAD continues to range for the second week.
USDCAD needs to hold below 1.3348 level being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside aim is 1.3296, being the pair’s the pair’s 1st support of today. Should this level be reached, it will open the way towards 1.3240 level.
If USDCAD fails to maintain its downward momentum, a reversal and returning to trade higher could potentially unfold.
If this scenario was to occur the target for today is 1.3403, which is today’s pivot resistance level of the pair. A further extension towards of 1.3431, being the daily Average True Range upside projection could then follow that move.
AUDUSD
The intraday technical outlook
AUDUSD was not much affected by the yesterday’s markets volatility.
AUDUSD needs to hold below 0.7327 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target for this afternoon will be 0.7271, being the of the Daily Average True Range (ATR) downside projection level. Following that, the pair could decline to 0.7248, being the 2nd pivot support line together with the bottom of the uptrend channel.
If AUDUSD fails to maintain the downside momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target is 0.7371, being the pair’s 1st pivot resistance level of today. Should this mark be reached, the extension towards 0.7409, being the of the Daily Average True Range (ATR) upside projection, could likely occur next.
GOLD
The intraday technical outlook
Gold is retesting the top of the downtrend channel this morning.
The commodity needs to hold above 1057.79 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1069.40, being the commodity’s 1st pivot resistance level of today. Further extension towards 1076.75, being the upside projection level of the Daily Average True Range (ATR), could occur next following that.
If the metal fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today is 1057.79, which is the commodity’s pivot point of today. The commodity price then could further stretch towards 1050.30 level, which also coincides with the downside projection level of the Daily Average True Range.
OIL
The intraday technical outlook
Oil is trading higher this morning after it reached a new three-month low on Wednesday.
The commodity needs to hold above 41.79 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 42.76, which is the commodity’s first support level of today. . Should the trading break above this level, the next commodity’s target could be 43.51, being the 2nd pivot resistance of today which also coincides with of the Daily Average True Range (ATR) upside projection level.
If the commodity fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur the target for today is 41.79, being the commodity’s pivot point of today.