MARKET BRIEFING – TECHNICAL ANALYSIS 22.01.2016
EURUSD
The intraday technical outlook
EURUSD returned to trade within the borders of the downward trending channel formed earlier on 4 hours timescale.
EURUSD needs to hold below 1.0857 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.0793, which is the 1st pivot support level of today. Should this mark be reached successfully, a further extension towards 1.0761, 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 1.0896, being the pair’s 1st intermediate pivot resistance level of today. In case this scenario will be activated, EURUSD could prolong its move to 1.0940, which is today’s Daily Average True Range (ATR) upside projection.
GBPUSD
The intraday technical outlook
GBPUSD continues to recover the losses the pair made at the beginning of this week.
GBPUSD needs to hold above 1.4183 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.4332, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 1.4404, which is the 3rd intermediate pivot 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 1.4182, which is today’s pivot point of the pair. Following that, GBPUSD could move to 1.4101, being the Daily Average True Range (ATR) downside projection level of today.
USDJPY
The intraday technical outlook
USDJPY has breached the top of the downtrend trending channel this morning.
USDJPY needs to hold above 117.32 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial upside target is 118.75, which is the pair’s Daily Average True Range upside projection target of today. Should this level be reached, a further extension towards 119.51 being the pair’s 3rd pivot resistance level, 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 117.32, which is the pivot point of today. In case this scenario will be activated, a further extension to 116.83, being the USDJPY 1st pivot support level, could occur next.
USDCHF
The intraday technical outlook
USDCHF is trading higher this morning, with the pair continuing to observe the uptrend channel limits.
USDCHF needs to hold above 1.0076 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0142, being the pair’s 1st pivot resistance of today. Should that level be reached, the pair could extend trading towards 1.0169, 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 1.0076, being the pair’s Pivot Point of today. The extension further to 1.0007 could follow next.
USDCAD
The intraday technical outlook
USDCAD is retracing this morning after the pair reached a new thirteen-year high on Wednesday.
USDCAD needs to hold below 1.4344 level being the intraday Pivot Point, if the price action is to continue its downward move.
The initial downside aim is 1.4137, being the Daily Average True Range downside projection target. After the level is reached, the pair could extend trading towards 1.4031 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 1.4398, which is the Daily Average True Range upside projection target for today. Following that, the pair could stretch to 1.4461, being the 1st pivot resistance level of the pair.
AUDUSD
The intraday technical outlook
AUDUSD continues trade higher this morning.
AUDUSD needs to hold above 0.6963 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 0.7051, being the 1st pivot resistance level of the pair for today. Should this aim be reached successfully, a further stretch towards 0.8000 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 0.6920, being the pairs the Daily Average True Range downside projection level. Should this aim be accomplished, an extension towards 0.6900, could take place next.
GOLD
The intraday technical outlook
Gold is slightly retracing from the highs the commodity made last Wednesday.
Gold needs to breach above 1099.22 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1106.00, being the pair’s 1st pivot resistance level of today. Should this target be reached, Gold could extend to 1114.00, which is the Daily Average True Range (ATR) upside projection level of today.
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 1085.00, which is the commodity’s Daily Average True Range (ATR) downside projection level of today.
OIL
The intraday technical outlook
Oil price is recovering sharply since last afternoon.
The commodity needs to hold above 29.51 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial downside target is 31.86, being the 2nd pivot resistance of today. Should this target be reached successfully, a move towards 32.57, 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 29.51, being the commodity’s pivot point of today.
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