MARKET BRIEFING – TECHNICAL ANALYSIS 14.12.2015
EURUSD
The intraday technical outlook
EURUSD has created a new lower high at the end of the last trading session.
EURUSD needs to hold below 1.0978 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.0926, which is 1st pivot support of the pair. Should this mark be reached successfully, a further extension towards 1.0873 being the Daily Average True Range (ATR) downside projection level, could be observed further.
If EURUSD fails to maintain the downward momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target for today is 1.1030, being the pair’s 1st resistance level of today. In case this scenario will be activated, the pair could prolong its move to 0.1095, which is the Average True Range (ATR) upside projection level of today.
GBPUSD
The intraday technical outlook
GBPUSD has bounced off the top of the daily uptrend channel this morning.
GBPUSD needs to hold below 1.5185 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.5122, being today’s 1st pivot support together with the Daily Average True Range upside projection level. Should this target to be reached, the extend to 1.5071, which is today’s 2nd pivot support, could take place next.
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 1.5215 which is the pair’s 1st intermediate resistance of today, and also coincides with the top of the downward trend channel. Following that, the price could move to 1.5246, being the 1st pivot resistance level of today.
USDJPY
The intraday technical outlook
USDJPY has bounced off the upper limit of the average Daily Average True Range.
USDJPY needs to break above the 121.25 level, being the intraday Pivot Point in order to hold the uptrend scenario.
The initial upside target is 121.90, which being the pair’s Daily Average True Range upside target. Should this level be reached, a further extension towards 122.90, is the 2nd pivot resistance line, could likely take place next.
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 120.21, which is the Daily Average True Range downside target of the pair. In case this scenario will be activated, further extension to 119.60, being the pair’s 2nd support level of today, could occur next.
USDCHF
The intraday technical outlook
USDCHF is consolidating above the downward trending channel, which the pair breached last Thursday.
USDCHF needs to hold below 0.9841 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 0.9726 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 0.9944, 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 breached the recently formed uptrend channel this morning.
AUDUSD needs to hold above 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 0.7279, being the Average True Range upside projection of today. Further extend to the previous high of 0.7317, being the 2nd resistance level of today could likely to be seen following.
If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target is 0.7149, being the pair’s 1st support level of today.
GOLD
The intraday technical outlook
Gold has bounced off the top of the newly created downtrend channel this morning.
The commodity needs to hold below 1071.79 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1057.59, 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 1076.76, which is the 1st intermediate pivot point of the pair for today and also coinciding with the top of the downward trend channel. Following that, a move higher to 1081.72, being the commodity’s 1st pivot resistance level, could occur next.
OIL
The intraday technical outlook
Oil declines to the new lows this morning, the levels last seen since 2009.
The commodity needs to hold below 37.15 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 36.06, which is the 1st pivot support level of today. Should that target be reached, a following move to 35.42, being the Daily Average True Range (ATR) downside projection level, could follow next.
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 37.79, being the commodity’s 1st pivot resistance level of today.
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