MARKET BRIEFING – TECHNICAL ANALYSIS 11.12.2015
EURUSD
The intraday technical outlook
EURUSD is trading within upward trending channel amid the US Dollar weakness ahead of the FOMC meeting next week.
EURUSD needs to hold above 1.0927 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.1011, which is 1st pivot resistance of the pair. Should this mark be reached successfully, a further extension towards 1.1047 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 1.0901, being the pair’s 1st suport level of today. In case this scenario will be activated, the pair could prolong its move to 0.0831, which is the Daily Average True Range (ATR) downside projection level.
GBPUSD
The intraday technical outlook
GBPUSD has bounced off the top of the upward trending channel this morning.
GBPUSD needs to hold above 1.5156 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.5203, being today’s 1st pivot resistance level. Should this target to be reached, the extend to 1.5261, which is the Daily Average True Range upside projection could take place next.
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 1.5088, which is the pair’s 2nd intermediate support of today. Following that, the price could move to 1.5049, being the Daily Average True Range downside aim.
USDJPY
The intraday technical outlook
USDJPY has bounced off the upper limit of the average Daily Average True Range.
USDJPY needs to break below the 121.55 level, being the intraday Pivot Point in order to hold the downtrend scenario.
The initial downside target is 121.23, which is the 1st pivot support line of today. Should this level be reached, a further extension towards 120.78, being the pair’s Daily Average True Range downside target, could likely take place next.
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 122.31. In case this scenario will be activated, further extension to 122.48, being the pair’s 3rd resistance level of today, could occur.
USDCHF
The intraday technical outlook
USDCHF is consolidating above the downward trending channel, which the pair breached yesterday.
USDCHF needs to hold below 0.9870 line being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 0.9810, being the 2nd intermediate pivot support of today. Should that level be reached, the pair could continue trading towards 0.9767, 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 0.9975, being the Average True Range upside projection of today.
USDCAD
The intraday technical outlook
USDCAD has breached the uptrend channel this morning.
USDCAD needs to hold above 1.3597 level being the intraday Pivot Point if the price action is to continue its downward move.
The initial upside aim is 1.3716, being the Average True Range upside projection of today. Should this mark be reached, it will open the way towards 1.3772, 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 1.3597, which is the pair’s pivot point of today. Following that, the pair could stretch to 1.3530, being the daily Average True Range downside projection.
AUDUSD
The intraday technical outlook
AUDUSD has reconfirmed the breach of the uptrend channel this morning.
AUDUSD needs to hold below 0.7278 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 0.7204, being the Average True Range upside projection of today. Further extend to the previous high of 0.7165 could likely to be seen following that.
If AUDUSD fails to maintain the upside momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target is 0.7278, being the pair’s pivot point of today.
GOLD
The intraday technical outlook
Gold declined lower this morning, bouncing off the newly formed downtrend channel.
The commodity needs to hold below 1072.25 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1056.31, being the Daily Average True Range (ATR) downside projection level.
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 1072.25, which is the pivot point of the pair for today. Following that, a move higher to 1075.27, being the commodity’s 1st pivot resistance point and coinciding with the top of the downward trend channel, could occur next.
OIL
The intraday technical outlook
Oil has reached a new six-year low this morning.
The commodity needs to hold below 38.11 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 36.92, 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 38.50, being the commodity’s 1st pivot resistance level of today
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