MARKET BRIEFING – TECHNICAL ANALYSIS 10.12.2015
EURUSD
The intraday technical outlook
EURUSD is retracing from 10-day high.
EURUSD needs to hold above 1.0981 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.1084, which is 1st pivot resistance of the pair. Should this mark be reached successfully, a further extension towards 1.1130 being the Daily Average True Range (ATR) upside projection level, could be observed further.
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 1.0918, being the pair’s Daily Average True Range (ATR) downside projection level. In case this scenario will be activated, the pair could prolong its move to 0.0817 support level.
GBPUSD
The intraday technical outlook
GBPUSD has reached a two-week high ahead of BOE Monetary Policy Statement this afternoon.
GBPUSD needs to hold above 1.5124 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.5245, being today’s 1st pivot resistance level. Should this target to be reached, the extend to 1.5281, which is the Daily Average True Range upside projection could further 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 1.5069, which is the pair’s the Daily Average True Range downside aim.
USDJPY
The intraday technical outlook
USDJPY has declined lower as investors interest in the Japanese Yen is increasing.
USDJPY needs to hold below the 121.86 level, being the intraday Pivot Point in order to hold the downtrend scenario.
The initial downside target is 120.68, which is the 1st pivot support and also coincides the pair’s Daily Average True Range downside target. Should this level be reached, a further extension towards 119.87, could likely take place.
If USDJPY fails to maintain the downward momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target for today is 122.62, which is the pair’s 1st pivot resistance level of today. In case this scenario will be activated, further extension to 123.81, being the pair’s 2nd resistance level of today, could occur.
USDCHF
The intraday technical outlook
USDCHF has breached the downtrend channel this morning.
USDCHF needs to hold below 0.9864 line being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 0.9784, being the 1st pivot support of today. Should that level be reached, the pair could continue trading towards 0.9725, being the daily Average True Range downside projection level.
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 will be 0.9933, being the Average True Range upside projection of today.
USDCAD
The intraday technical outlook
USDCAD has bounced off the top of the uptrend channel this morning.
USDCAD needs to hold below 1.3570 level being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside aim is 1.3486, being the Average True Range downside projection of today. Should this mark be reached, it will open the way towards 1.3418, being the pair’s 3rd pivot support level of today.
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 1.3625, which is the pair’s 1st pivot resistance level of today. Following that, the pair could stretch to 1.3670, being the daily Average True Range upside projection.
AUDUSD
The intraday technical outlook
AUDUSD is trying to return to trade within the limits of the recently breached uptrend channel.
AUDUSD needs to hold below 0.7215 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target for this afternoon will be 0.7332, being the 3rd pivot resistance level of today. Further extend to the previous high of 0.7385 could likely to be seen next following that.
If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target is 0.7215, being the pair’s pivot point of today.
GOLD
The intraday technical outlook
Gold continue ranging in indecision after it surged higher last Friday.
The commodity needs to hold above 1075.49 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial downside target is 1087.00, being the Daily Average True Range (ATR) upside projection level.
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 1066.01, which is the 1st support level of the pair for today. Following that, a move lower to 1056.60, being the commodity’s downside projection level of the Daily Average True Range, could take place next.
OIL
The intraday technical outlook
Oil is consolidating at the six-year this morning, with the likely attempt to retest these limits.
The commodity needs to hold below 38.73 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 37.51, being the 1st pivot support level of today. Should this aim achieved successfully, the price could extend towards 36.92, 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 40.12, being the commodity’s Average True Range (ATR) upside projection level of today.
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