MARKET BRIEFING – TECHNICAL ANALYSIS 08.01.2016
EURUSD
The intraday technical outlook
EURUSD, Thursday closed the day higher following the indifferent minutes release from the FOMC.
The 1-hour intraday price action can be defined as being in an uptrend however the slope of the 120-period linear regression channel continues to be negative. The line of control that is below the current price action at the 1.0765 prior swing pivot level.
This morning, EURUSD is trading within the opening range.
A continuation EURUSD move higher could find resistance at the 1.0948 level which corresponds to the current ATR upside projection.
Alternatively, a failure to sustain the upward momentum could see EURUSD trade back down to the 1.0838 level which corresponds to the current ATR downside projection.
GBPUSD
The intraday technical outlook
GBPUSD, Thursday closed the day lower however strong support was found at the 1.4550 area.
The 1-hour intraday price action can be defined as being in a downtrend as can be seen by the negative slope of the 120-period linear regression channel and the line of control that is above the current price action at the 1.4815 prior swing pivot level.
This morning GBPUSD, has broken down from its early morning opening range.
A continuation GBPUSD move lower could be halted at the 1.4549 support levels which corresponds to the current ATR downside projection.
Alternatively, a failure to sustain the downward momentum could see GBPUSD trade back up to the 1.4685 level which corresponds to the current ATR upside projection.
USDJPY
The intraday technical outlook
USDJPY, Thursday closed the day lower but found support at the 117.50 area.
The 1-hour intraday price action can be defined as being in a downtrend as can be seen by the negative slope of the 120-period linear regression channel and the line of control that is above the current price action at the 119.70 prior swing pivot level.
This morning USDJPY is trading within the opening range.
A continuation USDJPY move lower could be halted at the 117.72 level which corresponds to the current ATR downside projection.
Alternatively, a failure to sustain the downward momentum could see USDJPY test the 118.35 level which corresponds to the current ATR upside projection.
USDCHF
The intraday technical outlook
USDCHF, Thursday closed the day lower but found support in the 0.9925 area.
The 1-hour intraday price action can be defined as being in a downtrend however the slope of the 120-period linear regression channel continues to be positive. The line of control that is above the current price action at the 1.0120 prior swing pivot level.
This morning USDCHF, is has broken up from its opening range.
A continuation USDCHF moves higher could be halted at the 1.0002 level which corresponds to the current ATR upside projection.
Alternatively, a failure to sustain the upward momentum could see USDCHF trade back down to the 0.9923 level which corresponds to the current ATR downside projection.
USDCAD
The intraday technical outlook
USDCAD, Thursday closed the day up but found resistance in the 1.4170 area.
The 1-hour intraday price action can be defined as being in an uptrend as can be seen by the positive slope of the 120-period linear regression channel and the line of control that is below the current price action at the 1.3895 prior swing pivot level.
This morning USDCAD has broken up from its early morning opening range.
A continuation of USDCAD move higher could be halted at the 1.4172 which corresponds to the current ATR upside projection.
Alternatively, a failure to sustain the upward momentum could see USDCAD trade back down to the 1.4012 level which corresponds to the current ATR downside projection.
AUDUSD
The intraday technical outlook
AUDUSD, Thursday closed the day lower but found support at the 0.7000 area.
The 1-hour intraday price action can be defined as being in a downtrend as can be seen by the negative slope of the 120-period linear regression channel and the line of control that is above the current price action at the 0.7080 prior swing pivot level.
This morning AUDUSD has broken down from its early morning opening range.
A continuation of AUDUSD moves lower could be halted at the 0.6997 level which corresponds to the current ATR downside projection.
Alternatively, a failure to sustain the downward momentum could see AUDUSD trade back up to the 0.7079 level which corresponds to the current ATR upside projection.
GOLD
The intraday technical outlook
Gold, Thursday closed the day up.
The 1-hour intraday price action can be defined as being in an uptrend as can be seen by the positive slope of the 120-period linear regression channel and the line of control that is below the current price action at the 1074.00 prior swing pivot level.
This morning Gold has broken down from its early morning opening range.
A continuation Gold move lower could be halted at the 1099.00 level which corresponds to the current ATR downside projection.
Alternatively, a failure to sustain the downward momentum could see Gold trade back up to the 1109.00 level which corresponds to the current ATR upside projection.
OIL
The intraday technical outlook
Oil, Thursday closed the day lower but did managed to bounce off strong support in the 33.00 area.
The 1-hour intraday price action can be defined as being in a downtrend as can be seen by the negative slope of the 120-period linear regression channel and the line of control that is below the current price action at the 35.30 prior swing pivot level.
This morning Oil has just traded under its opening days range.
A continuation Oil move lower could be halted at the 33.83 level which corresponds to the current ATR downside projection.
Alternatively, a failure to sustain the downward momentum could see Oil trade back up to the 35.48 level which corresponds to the current ATR upside projection.
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