MARKET BRIEFING – TECHNICAL ANALYSIS 29.12.2015
EURUSD
The intraday technical outlook
EURUSD has stalled just below the psychological resistance level of 1.1000 ahead of the New York holidays.
EURUSD needs to hold above 1.0973 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.1016, being the 2nd pivot resistance level of today. Should this mark be reached successfully, a further extension towards 1.1061, which is the Daily Average True Range (ATR) upside projection level, could be observed further.
If EURUSD fails to maintain the upward momentum, a move lower could potentially unfold.
If this scenario was to occur the target for today is 1.0942, being the pair’s 1st pivot support of today. In case this scenario will be activated, EURUSD could prolong its move to 1.0917, which is the today’s 2nd pivot support level.
GBPUSD
The intraday technical outlook
GBPUSD is looking to retest the 10-month low, after the pair bounced off the top of the downtrend channel.
GBPUSD needs to hold below 1.4895 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4796, being the 3rd pivot resistance level of today. Should this target to be reached, the extend to 1.4775, which is the Daily Average True Range (ATR) upside 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 1.4917, which is the pair’s 1st pivot resistance level of today and also coincides with the upper part of the downtrend channel. Following that, GBPUSD could extend the move to 1.4956, being the 2nd pivot resistance level of today.
USDJPY
The intraday technical outlook
USDJPY is retesting the top of the downward trend channel this morning.
USDJPY needs to hold above 120.38 level, being the intraday Pivot Point in order to hold the uptrend scenario.
The initial upside target is 120.63, which is the pair’s 1st pivot resistance of today. Should this level be reached, a further extension towards 120.88 being the pair’s 2nd pivot resistance, 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 119.87, which is the 2nd pivot support of the day. In case this scenario will be activated, a further extension towards 119.61, could likely occur next.
USDCHF
The intraday technical outlook
USDCHF continues to trade around the daily pivot point today.
USDCHF needs to hold below 0.9879 line being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 0.9857, being the 1st pivot support level of today. Should that level be reached, the pair could continue trading towards 0.9831, which is the 2nd pivot support of the pair.
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 0.9904, being the pair’s 1st pivot resistance and also coinciding with the top of the recently formed downtrend channel. The extension further to 0.9927 could follow next in this case.
USDCAD
The intraday technical outlook
USDCAD resumed to trade higher this morning.
USDCAD needs to hold above 1.3876 level being the intraday Pivot Point, if the price action is to continue its upward move.
The initial upside aim is 1.3981, being the pair’s 2nd resistance level of today. Should this mark be reached, it will open the way towards 1.4007, being the Average True Range upside projection 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 1.3838, which is the 1st pivot support level of today. Following that, the pair could stretch to 1.3797, being the Average True Range downside projection of today.
AUDUSD
The intraday technical outlook
AUDUSD has once again retesting 0.7280 support this morning.
AUDUSD needs to hold above 0.7256 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 0.7293, being the 2nd resistance level of today. Should that target be reached successfully, the extension towards 0.7305 could follow next.
If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target is 0.7236, being the pairs 1st pivot support level of today. Should this aim be reached successfully, an extension towards 0.7224, would likely follow next.
GOLD
level The intraday technical outlook
Gold has bounced off the downtrend resistance line this morning.
The commodity needs to hold below 1070.59 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1064.35, being the 1st pivot support level of today. Should this target be reached, Gold could extend towards 1060.05 mark.
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 1074.89, which is the 1st pivot resistance level of the metal for today. Following that, the commodity’s price could move to 1081.53, being the upside Average True Range upside projection for today.
OIL
The intraday technical outlook
Oil price has made up to now unsuccessful attempt to trade higher.
The commodity needs to hold below 37.40 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 36.54, being the 1st pivot resistance level for today. Should that target be reached, the commodity could continue its move to 35.74, 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 38.40, being the commodity’s Daily Average True Range (ATR) upside projection level for today.
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