MARKET BRIEFING – TECHNICAL ANALYSIS 21.01.2016
EURUSD
The intraday technical outlook
EURUSD is has broken the bottom of the recently formed uptrend channel this morning.
EURUSD needs to hold below 1.0913 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.0852, which is the 1st pivot support level of today. Should this mark be reached successfully, a further extension towards 1.0795, being the Daily Average True Range (ATR) downside projection level of today, 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 1.0951, being the pair’s 1st pivot resistance level of today. In case this scenario will be activated, EURUSD could prolong its move to 1.0975, which is today’s Daily Average True Range (ATR) upside projection
GBPUSD
The intraday technical outlook
GBPUSD has once again tried to retest the six-year low the pair reached yesterday.
GBPUSD needs to hold below 1.4177 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4078, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.4042, 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 1.4230, which is today’s 1st pivot resistance of the pair. Following that, GBPUSD could move to 1.4271, being the 2nd pivot resistance of today.
USDJPY
The intraday technical outlook
USDJPY continues to decline, reaching a new year low yesterday.
USDJPY needs to hold below 116.85 level, being the intraday Pivot Point in order to continue the downtrend scenario.
The initial downside target is 116.30, which is the pair’s Daily Average True Range downside projection target of today. Should this level be reached, a further extension towards 116.00 being the pair’s psychological support level, 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 117.77, which is the Daily Average True Range upside projection target of today. In case this scenario will be activated, a further extension to 118.56, being the USDJPY 2nd pivot resistance level, could occur next.
USDCHF
The intraday technical outlook
USDCHF is ranging in indecision before deciding on the move further.
USDCHF needs to hold above 1.0028 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0095, being the pair’s 2nd pivot resistance of today. Should that level be reached, the pair could extend trading towards 1.0132, which is the 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 1.0028, being the pair’s Pivot Point of today. The extension further to 0.9998 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 1.4555 level being the intraday Pivot Point, if the price action is to continue its downward move.
The initial downside aim is 1.4370, being the Daily Average True Range downside projection target. After the level is reached, the pair could extend trading towards 1.4338 support line.
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 1.4583, which is the Daily Average True Range upside projection target for today. Following that, the pair could stretch to 1.4771, being the 2nd pivot resistance of the pair.
AUDUSD
The intraday technical outlook
AUDUSD continues to range after the pair breached the top of the downward trend channel this Tuesday.
AUDUSD needs to hold above 0.6885 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 0.6982, being the 2nd pivot resistance level of the pair for today. Should this aim be reached successfully, a further stretch towards 0.7000 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 0.6849, being the pairs the Daily Average True Range downside projection level. Should this aim be accomplished, an extension towards 0.6788, 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 above 1099.07 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1113.00, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, Gold could extend to 1121.00, which is the 2nd pivot support resistance.
If the metal fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today is 1087.00, which is the commodity’s Daily Average True Range (ATR) downside projection level of today.
OIL
The intraday technical outlook
Oil price slid further down yesterday.
The commodity needs to hold below 28.67 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 27.49, being the 1st pivot support of today. Should this target be reached successfully, a move towards 26.91, which is the Daily Average True Range (ATR) downside projection level of today, 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 29.64, being the commodity’s 1st pivot resistance of today.
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