MARKET BRIEFING – TECHNICAL ANALYSIS 15.12.2015
EURUSD
The intraday technical outlook
EURUSD is slowing down ahead of tomorrow’s FOMC statement
EURUSD needs to hold above 1.0994 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.1103, being the Daily Average True Range (ATR) upside projection level. Should this mark be reached successfully, a further extension towards 1.1146, which is 3rd pivot resistance of the pair, 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 1.0940, being the pair’s 1st support level of today and also coinciding with the bottom of the uptrend channel. In case this scenario will be activated, the pair could prolong its move to 0.0881, which is the Daily Average True Range (ATR) downside projection level.
GBPUSD
The intraday technical outlook
GBPUSD has bounced off the top of the daily uptrend channel yesterday, continuing with a move lower this morning.
GBPUSD needs to hold below 1.5158 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.5087, being today’s 1st pivot support. Should this target to be reached, the extend to 1.5029, which is today’s 2nd pivot support together with the Daily Average True Range downside projection level, 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 1.5210 which is the pair’s 1st resistance of today, and also coincides with the top of the downward trend channel. Following that, the price could move to 1.5251, being the Daily Average True Range upside projection level of today.
USDJPY
The intraday technical outlook
USDJPY is consolidating at six-week low this morning.
USDJPY needs to hold above the 121.25 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial upside target is 121.47, which is the pair’s 1st resistance level of today. Should this level be reached, a further extension towards 121.86, being the pair’s Daily Average True Range upside target and also 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 120.45, which is the Daily Average True Range downside projection of the pair. In case this scenario will be activated, further extension to 119.89, being the pair’s 2nd support level of today, could occur next.
USDCHF
The intraday technical outlook
USDCHF continue to consolidate, after it breached the downward channel last week.
USDCHF needs to hold above 0.9841 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 0.9885, being the 1st pivot resistance of today. Should that level be reached, the pair could continue trading towards 0.9950 being the daily Average True Range upside projection level of today.
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 0.9736, being the Average True Range downside projection of today.
USDCAD
The intraday technical outlook
USDCAD is retesting to return trading within the limits of the uptrend channel this morning.
USDCAD needs to hold below 1.3729 level being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside aim is 1.3716, being the Average True Range downside projection of today. Should this mark be reached, it will open the way towards 1.3573, 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 1.3782, which is the pair’s 1st pivot resistance of today and also coincides with the pair’s eleven-year high. Following that, the pair could stretch to 1.3831, being the daily Average True Range upside projection.
AUDUSD
The intraday technical outlook
AUDUSD is returning to retest the top of the recently formed downtrend channel.
AUDUSD needs to hold above 0.7226level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target for this afternoon will be 0.7287, being the 1st resistance level of today. An additional extend to 0.7323, the Average True Range upside projection 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 0.7176, being the pair’s 1st support level of today, which also approximately coincides with the Average True Range downside projection level.
GOLD
The intraday technical outlook
Gold has shot higher this morning, after the metal once again reached two-week low in the overnight trade.
The commodity needs to hold above 1065.28 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1072.00, which is the pairs 1st pivot resistance level of today. Should this aim be reached, Gold could extend towards 1075.45, 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 1053.20, which is the 1st pivot support of the pair for today. Following that, a move lower to 1046.49, being the commodity’s 2nd support level, could occur next.
OIL
The intraday technical outlook
Oil is recovering this morning after it reached new 2009 lows during the previous trading session.
The commodity needs to hold above 37.03 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 38.92, being the Daily Average True Range (ATR) upside projection level. Should that target be reached, a move to 40.03, being the 3rd pivot resistance level could follow next.
If the commodity fails to maintain the downside momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur the target for today is 37.03, being the commodity’s pivot point of today.
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