MARKET BRIEFING – TECHNICAL ANALYSIS 08.12.2015
EURUSD
The intraday technical outlook
EURUSD is ranging, trying to define a further direction after last Thursday’s move.
EURUSD needs to break below 1.0838 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.0789, which is 1st pivot support of the pair. Should this level be reached successfully, a further extension towards 1.0731, being today’s Daily Average True Range (ATR) downside projection level, 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 1.0939, which is the Daily Average True Range (ATR) upside projection level.
GBPUSD
The intraday technical outlook
GBPUSD is heading lower after much lower than expected UK Manufacturing Production figure was published this morning.
GBPUSD needs to hold below 1.5070 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4953, being today’s 3rd pivot support level, which also coincides with Daily Average True Range downside projection level of the pair.
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 1.5070, which is the pair’s pivot point of today.
USDJPY
The intraday technical outlook
USDJPY is retracing this morning.
USDJPY needs to break above the 123.32 level, being the intraday Pivot Point in order to hold the uptrend scenario.
The initial upside target is 123.32, which is the pivot point of today. Should this level be reached, a further extension towards 123.50, being the pair’s 1st 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 122.83, which is the pair’s 3rd pivot support level of today. In case this scenario will be activated, further extension to 122.72, being the pair’s Daily Average True Range downside target, could likely occur.
USDCHF
The intraday technical outlook
USDCHF is consolidating after last Thursday’s decline.
USDCHF needs to breach above 1.0000 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0033, being the 1st pivot resistance of today. Should that level be reached, the pair could continue trading towards 1.0067, being the 2nd resistance level.
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 0.9927, being the 1st pivot support of today. A further extension towards 0.9900 level, which is the pair’s daily Average True Range downside projection level, could follow next in this case.
USDCAD
The intraday technical outlook
USDCAD has reached the eleven-year high this morning.
USDCAD needs to hold above 1.3461 level being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside aim is 1.3584, being the Average True Range upside projection of today. Should this level be reached, it will open the way towards 1.3620, being the pair’s 2nd 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 1.3461, which is today’s pivot point of the pair. A further extension towards of 1.3412, being the daily Average True Range downside projection could follow that move then.
AUDUSD
The intraday technical outlook
AUDUSD has breached the uptrend channel this morning.
AUDUSD needs to hold below 0.7287 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 0.7190, being the of the Daily Average True Range (ATR) downside projection level. Following that, the pair could decline to 0.7149, being the 3rd pivot support line of today.
If AUDUSD fails to maintain the downside momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target is 0.7287, being the pair’s pivot point level of today.
GOLD
The intraday technical outlook
Gold is retracing from the last Friday’s highs.
The commodity needs to hold below 1074.64 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1062.82, which is the 1st pivot support of today. Should this target be reached, a move towards 1054.62, being the Daily Average True Range (ATR) downside projection level, could likely take place next.
If the metal fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.
If this scenario was to occur, the target for today is 1085.72, which is the commodity’s upside projection level of the Daily Average True Range.
OIL
The intraday technical outlook
Oil has declined to a six-year low this morning.
The commodity needs to hold below 39.28 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 37.90, being the 1st pivot support level of today. Should this aim achieved successfully, the price could extend towards 37.30, which is 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 40.28, being the commodity’s Average True Range (ATR) upside projection level of today.
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