MARKET BRIEFING – TECHNICAL ANALYSIS 19.01.2016
EURUSD
The intraday technical outlook
EURUSD is retesting the upper limits of the downward trending channel this morning.
EURUSD needs to hold below 1.0895 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.0837, which is the 2nd support level of today. Should this mark be reached successfully, a further extension towards 1.0798, being the Daily Average True Range (ATR) downside projection level of today together with 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 1.0922, being the pair’s 1st pivot resistance level of today. In case this scenario will be activated, EURUSD could prolong its move to 1.0969, which is today’s Daily Average True Range (ATR) upside projection.
GBPUSD
The intraday technical outlook
GBPUSD is recovering after the UK inflation data indicated some improvement this morning.
GBPUSD needs to hold above 1.4267 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.4353, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 1.4384, which is the 3rd resistance level, could take place next.
If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today will be 1.4267, which is today’s Pivot Point of the pair. Following that, GBPUSD could move to 1.4211, being the 1st pivot support of today.
USDJPY
The intraday technical outlook
USDJPY is trading higher this morning, after the pair reached a one-year low yesterday.
USDJPY needs to hold above 117.12 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial upside target is 118.24, which is the pair’s Daily Average True Range upside projection target of today. Should this level be reached, a further extension towards 118.39 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 116.95, which is the Daily Average True Range downside projection target of today. In case this scenario will be activated, a further extension to 115.5748, being the USDJPY 1st intermediate 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 1.0041 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0113, being the pair’s 2nd pivot resistance of today. Should that level be reached, the pair could extend trading towards 1.0150, which is Daily Average True Range upside projection target of 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 1.0041, being the pair’s Pivot Point of today. The extension further to 1.0010 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 1.4547 level being the intraday Pivot Point, if the price action is to continue its downward move.
The initial downside aim is 1.4372, being the pair’s 3rd pivot support level of today.
If USDCAD fails to maintain the downward momentum, a reversal and returning to trade higher could potentially unfold.
If this scenario was to occur the target for today is 1.4548, which is the pivot point of the pair for today. Following that, the pair could stretch to 1.4611, being the 1st pivot resistance of the pair.
AUDUSD
The intraday technical outlook
AUDUSD has breached the top of the downward trend channel this morning.
AUDUSD needs to hold above 0.6936 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 0.6971, being the 2nd pivot resistance level of the pair for today. Should this aim be reached successfully, a further stretch towards 0.7014 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 0.6874, being the pairs Pivot Point of today. Should this aim be accomplished, an extension towards 0.6828, being the pair’s Average True Range downside projection, could take place next.
GOLD
The intraday technical outlook
Gold seems to be unable to keep the upward momentum at the moment.
Gold needs to hold below 1089.77 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1084.10, being the 1st pivot support of today. Should this target be reached, Gold could extend to 1104.00, which is the Daily Average True Range (ATR) upside projection level of today.
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 1082.11, which is the pair’s 1st pivot resistance level.
OIL
The intraday technical outlook
Oil price continues on the way up, after it bounced off the top of the downtrend channel yesterday.
The commodity needs to hold above 30.18 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 31.52, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached successfully, a move towards 31.87, which is 3rd pivot resistance level of the commodity, could follow next.
If the Oil fails to maintain the upside momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur the target for today is 29.81, being the commodity’s 2nd intermediate pivot support of today.
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