MARKET BRIEFING – TECHNICAL ANALYSIS 13.01.2016
EURUSD
The intraday technical outlook
EURUSD continues the decline after the pair bounced off the top of the downward trend channel yesterday.
EURUSD needs to hold below 1.0858 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.0761, being the Daily Average True Range (ATR) downside projection level of today. Should this mark be reached successfully, a further extension towards 1.0736, which is the 3rd pivot support level, could be observed further.
If EURUSD fails to maintain the downward momentum, a move higher could potentially unfold.
If this scenario was to occur the target for today is 1.0840, being the pair’s Pivot Point of today. In case this scenario will be activated, EURUSD could prolong its move to 1.0909, which is today’s Daily Average True Range (ATR) upside projection.
GBPUSD
The intraday technical outlook
GBPUSD has slightly recovered this morning, after the pair sunk to a new six-year low yesterday.
GBPUSD needs to hold above 1.4546 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4365, being the Daily Average True Range (ATR) downside projection level of today. Should this target to be reached, the extend to 1.4242, which is the 3rd psychological support 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 1.4533, which is today’s the Daily Average True Range (ATR) upside projection level of the pair. Following that, GBPUSD could move to 1.4659, being the 2nd pivot resistance.
USDJPY
The intraday technical outlook
USDJPY is trading higher this morning, after the pair broke the top of the downtrend channel yesterday.
USDJPY needs to hold above 117.64 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial upside target is 118.48, which is the pair’s Daily Average True Range upside projection target of today. Should this level be reached, a further extension towards 118.90 being the pair’s 3rd 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 117.49, which is the Daily Average True Range downside projection target of today. In case this scenario will be activated, a further extension to 117.21, being the USDJPY 1st pivot support level, could occur next.
USDCHF
The intraday technical outlook
USDCHF continue to keep the upward momentum this morning.
USDCHF needs to hold above 1.0010 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0118, being the pair’s Daily Average True Range upside projection target of today. Should that level be reached, the pair could extend trading towards 1.0136, which is the 3rd pivot resistance level of the pair for 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 1.0010, being the pair’s Pivot Point of today. The extension further to 0.9975 could follow next.
USDCAD
The intraday technical outlook
USDCAD is retracing this morning after the pair reached a new thirteen-year high yesterday.
USDCAD needs to hold below 1.4250 level being the intraday Pivot Point, if the price action is to continue its downward move.
The initial downside aim is 1.4160, being the pair’s Average True Range downside projection. Should this mark be reached, it will open the way towards 1.4110, being the 2nd 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 1.4325, which is the Average True Range upside projection together with the 1st pivot resistance level of today. Following that, the pair could stretch to 1.4389, being the 2nd pivot resistance of the pair.
AUDUSD
The intraday technical outlook
AUDUSD has stabilized this morning, after the pair has created a new higher high as a likely confirmation of the downtrend reversal.
AUDUSD needs to hold above 0.6980 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 0.7053, being the Average True Range upside projection of the pair. Should this aim be reached successfully, a further stretch towards 0.7104 could likely 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 0.6967, being the pairs Average True Range downside projection. Should this aim be accomplished, an extension towards 0.6940, being the pair’s 1st pivot support of today, could take place next.
GOLD
level The intraday technical outlook
Gold is retracing this morning, after the metal formed a lower high pattern during the yesterday’s trading session.
The commodity needs to hold below 1089.53 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1074.83, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, Gold could extend to 1069.00, which is the commodity’s 3rd intermediate pivot support.
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 1089.53, which is the pair’s 1st pivot point of today.
OIL
The intraday technical outlook
Oil price has bounced off the top of the downtrend channel this morning.
The commodity needs to break below 31.85 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 30.42, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached successfully, a move towards 30.06, which is 2nd intermediate pivot resistance level of the commodity, could follow next.
If the Oil 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 33.10, being the commodity’s Daily Average True Range (ATR) upside projection level of today.
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