MARKET BRIEFING – TECHNICAL ANALYSIS 07.12.2015
EURUSD
The intraday technical outlook
EURUSD continue to retrace from the Thursday’s highs when Mario Draghi speech became a disappointment to investors.
EURUSD needs to hold above 1.0890 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.0768, being today’s Daily Average True Range (ATR) downside projection level. Should this level be reached successfully, a further extension towards 1.0703, which is 2nd pivot support of the pair, could take place next.
If EURUSD fails to maintain the downward momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target for today is 1.0890, being the pair’s pivot point of today. In case this level is reached, a prolonged extension to 1.0973, being the Daily Average True Range (ATR) upside projection level, could further take place.
GBPUSD
The intraday technical outlook
GBPUSD is consolidating, after a strong upmove on Thursday.
GBPUSD needs to hold below 1.5000 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.5032, being today’s 2nd pivot support level of the pair. Should this level be reached, a further extension towards 1.5000, which is with today’s Average True Range downside projection level of the pair, could likely take place.
If GBPUSD fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.
If this scenario was to occur, the target for today will be 1.5048, which is the pair’s 1st pivot resistance level of today.
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 pivot point of today. In case this scenario will be activated, further extension to 122.53, 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 is retesting 1.0030 resistance line, looking to recover the losses the pair made last Thursday.
USDCHF needs to hold above 1.09969 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0070, being the daily Average True Range upside projection. Should that level be reached, the pair could continue trading towards 1.0121 intermediate resistance next.
If USDCHF fails to maintain upward momentum, a reversal lower could potentially unfold.
If this scenario was to occur the initial downside target for today will be 0.9970, being the pivot point of today. A further extension towards 0.9905 resistance, which is the pair’s 1st pivot support level, could follow next in this case.
USDCAD
The intraday technical outlook
USDCAD is trading higher this morning, after the set of dissapointing Canadian economic data was published last Friday.
USDCAD needs to hold above 1.3364 level being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside aim is 1.3450, being the Average True Range upside projection of today. Should this level be reached, it will open the way towards 1.3510, being the pair’s 3rd pivot resistance level of today.
If USDCAD fails to maintain its upward momentum, a reversal and returning to trade lower could potentially unfold.
If this scenario was to occur the target for today is 1.3363, which is today’s pivot point of the pair. A further extension towards of 1.3288, being the daily Average True Range downside projection could follow that move then.
AUDUSD
The intraday technical outlook
AUDUSD declined lower this morning.
AUDUSD needs to hold below 0.7331 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 0.7267, being the of the Daily Average True Range (ATR) downside projection level. Following that, the pair could decline to 0.7251, being the 2nd intermediate pivot support line and coinciding 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 0.7384, 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 was among the top performers last Friday, as investors’ uncertainty regarding the forex main currency grows.
The commodity needs to hold above 1077.43 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1096.84, which is also approximately coincides with the Daily Average True Range (ATR) upside projection level. Should this target be reached, a move towards 1107.88, being the pair’s second resistance point of today could likely take place next.
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 1070.91, which is the commodity’s downside projection level of the Daily Average True Range.
OIL
The intraday technical outlook
Oil continues to trade lower this morning as no action to reduce the oil production was the outcome of the Friday’s OPEC meeting.
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 downside target is 39.01, being the Daily Average True Range (ATR) downside projection level.
If the commodity fails to maintain the downside momentum, a reversal and trading higher could potentially unfold.
If this scenario was to occur the target for today is 41.93, being the commodity’s Average True Range (ATR) downside projection level of today.
MORE ON ACFXblog.com