MARKET BRIEFING – TECHNICAL ANALYSIS 24.12.2015
EURUSD
The intraday technical outlook
EURUSD, Wednesday traded lower for most of the session as the price action broke under the 1.0900 support level.
However. EURUSD was not able to continue with the bearish momentum as buyers came in and supported this pair around the 1.0870 congestion area.
This morning, the EURUSD has continued to trade higher and has broken above its early morning range.
If the 1.0985 level is breached, the initial upside target is 1.1010 which corresponds to today’s ATR upside projection.
Alternatively, a retest of the 1.0900 level could see EURUSD trade down to the 1.0810 level which corresponds to today’s ATR downside projection.
This morning’s line of control was calculated to be at the 1.0985 level.
GBPUSD
The intraday technical outlook
GBPUSD, Wednesday traded higher for most of the session as the price action broke through the 1.4850 resistance level.
However, GBPUSD advance was stalled at the 1.4900 resistance level.
This morning, the GBPUSD had initially traded within its opening range but has subsequently made an attempt to break higher.
The 1.4900 resistance level thus far, however, has proven to be a strong barrier for further advances.
If GBPUSD does trade higher during the afternoon session, the initial target is the 1.4975 and then the 1.5000 level. The former level which corresponds to today’s ATR upside projection.
A sustained breach of the 1.4900 level would also signal a change of the one hour trend from down to up.
However, as the price action is contained within a large, downward sloping channel, there is a strong possibility that any rally will be short-lived?
Alternatively, a failure to sustain higher prints could see GBPUSD test the 1.4850, and the 1.4765 levels. The latter level corresponding to today’s ATR downside projection.
USDJPY
The intraday technical outlook
USDJPY, Wednesday traded in sideways to lower fashion for most of the session.
This morning, USDJPY has broken down from its opening days range.
A continuation of the decline could see USDJPY test the 119.90 support level. This level corresponds to the ATR downside projection.
Alternatively, a failure to sustain lower prints could see USDJPY test the 121.15 level which corresponds to today’s ATR downside projection.
A breach of the 121.15 level would also signal a change of the one hour trend from down to up.
USDCHF
The intraday technical outlook
USDCHF, Wednesday traded higher for most of the day.
However into the Asian session, strong selling came into the market.
This morning USDCHF has experienced a strong decline as the price action broke down from its opening range and is no testing the lows of yesterday.
If USDCHF does continue to trade lower during the afternoon session, the initial target is 0.9855 followed by the 0.9810. The latter level corresponds to today’s ATR downside projection.
A breach of the 0.9855 level would also signal a change of the one hour trend from up to down.
Alternatively, a failure to sustain lower prints could see USDCHF test the 0.9950, and the 0.9990 levels. The latter level corresponding to today’s ATR upside projection.
USDCAD
The intraday technical outlook
USDCAD, Wednesday experienced strong selloff.
This morning, USDCAD is trading in a tight opening range.
If USDCAD does trade lower during the afternoon session, the initial target is the 1.3800 and then the 1.3735. The latter level corresponds to today’s ATR downside projection.
Alternatively, a failure to sustain lower prints could see USDCAD test the 1.3960 level which corresponds to today’s ATR upside projection.
A breach of the 1.3940 level would also signal a change of the one hour trend from down to up.
AUDUSD
The intraday technical outlook
AUDUSD, Wednesday traded in a sideways manner following the breach of its down channel.
This morning, the AUDUSD has traded higher as the price action breaks above its opening range.
If AUDUSD does trade higher during the afternoon session, the initial target is the 0.7315 level which corresponds to today’s ATR upside projection.
Alternatively, a failure to sustain higher prints could see AUDUSD test the 0.7205, and the 0.7140 levels. The latter level corresponding to today’s ATR upside projection.
A sustained breach of the 0.7205 level would also signal a change of the one hour trend from up to down.
GOLD
The intraday technical outlook
Gold, Wednesday continued to trade lower.
This morning, the price action has traded within the opening days range.
If Gold does trade higher during the afternoon session, the initial target is the 1075.40 and then the 1083.00 level. The latter level corresponds to today’s ATR upside projection.
Alternatively, a failure to sustain higher prints could see Gold test the 1086.00 which corresponds to today’s ATR downside projection.
A sustained breach of the 1075.40 level would also signal a change of the one hour trend from down to up.
OIL
The intraday technical outlook
Oil, Wednesday traded higher for the entire session.
This morning, the price action has traded within the opening days range.
If Oil does trade higher during the afternoon session, the initial target is the 39.50 level which corresponds to today’s ATR upside projection.
Alternatively, a failure to sustain higher prints could see Oil test the 36.65 and the 35.85 levels. The latter level corresponding to today’s ATR downside projection.
A sustained breach of the 35.85 level would also signal a change of the one hour trend from up to down.
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