MARKET BRIEFING – TECHNICAL ANALYSIS 14.01.2016
EURUSD
The intraday technical outlook
EURUSD surged higher this morning, ahead of the release of the accounts from the latest ECB policy meeting held on December 3rd.
EURUSD needs to hold above 1.0855 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial downside target is 1.0968, being the Daily Average True Range (ATR) upnside projection level of today. Should this mark be reached successfully, a further extension towards 1.0989, which is the 3rd pivot resistance 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 1.0855, being the pair’s Pivot Point of today. In case this scenario will be activated, EURUSD could prolong its move to 1.0797, which is today’s Daily Average True Range (ATR) downside 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 below 1.4420 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4316, being the Daily Average True Range (ATR) downside projection level of today. Should this target to be reached, the extend to 1.4268, which is the 3rd pivot 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 1.4461, which is today’s 1st pivot resistance of the pair. Following that, GBPUSD could move to 1.4497, being the Daily Average True Range (ATR) upside projection level of the pair.
USDJPY
The intraday technical outlook
USDJPY is retracing this morning, after the formation of the lower high showed the pair’s unability to support the upward momentum.
USDJPY needs to hold below 117.88 level, being the intraday Pivot Point in order to continue the downtrend scenario.
The initial downside target is 117.39, which is the pair’s 1st pivot support of today. Should this level be reached, a further extension towards 116.877.12 being the pair’s Daily Average True Range downside projection target, could likely take place next.
If USDJPY fails to maintain the downward momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target for today is 118.16, which is the Daily Average True Range upside projection target of today. In case this scenario will be activated, a further extension to 118.40, being the USDJPY 2nd intermediate pivot resistance level, could occur next.
USDCHF
The intraday technical outlook
USDCHF has broken sharply the recently formed upward trend channel, as US Dollar shows some weakness during today’s trading session.
USDCHF needs to hold below 1.0060 line being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 0.9974, being the pair’s Daily Average True Range downside projection target of today. Should that level be reached, the pair could extend trading towards 0.9927, which is the 3rd pivot support level for today.
If USDCHF fails to maintain downward momentum, a reversal higher could potentially unfold.
If this scenario was to occur the initial downside target for today will be 1.0060, being the pair’s Pivot Point of today. The extension to 1.0103 could follow next.
USDCAD
The intraday technical outlook
USDCAD has reached a new thirteen-year high this morning.
USDCAD needs to hold above 1.4459 level being the intraday Pivot Point, if the price action is to continue its upward move.
The initial upside aim is 1.4160, being the pair’s Average True Range downside projection. Should this mark be reached, it will open the way towards 1.4494, being the 2nd pivot resistance level 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 1.4300, which is the Pivot point of today of today. Following that, the pair could stretch to 1.4256, being the Average True Range downside projection of the pair.
AUDUSD
The intraday technical outlook
AUDUSD has bounced off the top of the downward trending channel this morning.
AUDUSD needs to hold below 0.6983 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target for this afternoon will be 0.6878, being the Average True Range downside projection of the pair. Should this aim be reached successfully, a further stretch towards 0.6852 could likely follow next.
If AUDUSD fails to maintain the upside momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target is 0.7001, being the pairs Average True Range upside projection. Should this aim be accomplished, an extension towards 0.7018, being the pair’s 1st pivot resistance of today, could take place next.
GOLD
level The intraday technical outlook
Gold is once again retesting the top of the downward trend channel this morning.
The commodity needs to break below 1089.42 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1081.69, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, Gold could extend to 1078.63, which is the commodity’s 2nd 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 1099.19, which is the pair’s 1st pivot resistance point of today.
OIL
The intraday technical outlook
Oil price has has concentrated around the daily pivot point.
The commodity needs to hold below 31.65 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 30.72, being the 1st pivot support level of today. Should this target be reached successfully, a move towards 30.04, which is the Daily Average True Range (ATR) downside projection 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 32.82, being the commodity’s Daily Average True Range (ATR) upside projection level of today.
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