MARKET BRIEFING – TECHNICAL ANALYSIS 26.01.2016
EURUSD
The intraday technical outlook
EURUSD has bounced off the top of the uptrend channel this morning, hinting that a move lower might be ahead.
EURUSD needs to hold below 1.0830 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.0805, which is the 1st pivot support level of today. Should this mark be reached successfully, a further extension towards 1.0755, 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 1.0898, being the pair’s 2nd pivot resistance level of today. In case this scenario will be activated, EURUSD could prolong its move to 1.0943, which is today’s Daily Average True Range (ATR) upside projection level.
GBPUSD
The intraday technical outlook
GBPUSD continues to move lower after the pair bounced off the top of the downward trending channel yesterday.
GBPUSD needs to hold below 1.4277 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4121, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.4100, which is a 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 1.4297, which the 1st pivot resistance point of the pair. Following that, GBPUSD could move to 1.4329, being the Daily Average True Range (ATR) upside projection level of today.
USDJPY
The intraday technical outlook
USDJPY has bounced off the top of the downward trending channel, signalling a move higher might be ahead.
USDJPY needs to hold above 118.43 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial upside target is 118.93, which is the pair’s Daily Average True Range upside projection target of today. Should this level be reached, a further extension towards 119.11 being the 2nd pivot resistance level of today, 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 117.74, which 2nd pivot support level. In case this scenario will be activated, a further extension to 117.17, being the USDJPY Daily Average True Range downside projection level, could occur next.
USDCHF
The intraday technical outlook
USDCHF is retesting a two-month high this morning, after an unsuccessful attempt yesterday.
USDCHF needs to hold above 1.0139 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0196, being the pair’s 1st pivot resistance level of today. Should that level be reached, the pair could extend trading towards 1.0234, 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 1.0097, being the pair’s 1st pivot support of today. The extension further to 1.0066 could follow next.
USDCAD
The intraday technical outlook
USDCAD took a break from a sharp decline off the recently made thirteen-year high.
USDCAD needs to hold above 1.4235 level being the intraday Pivot Point, if the price action is to continue its upward move.
The initial upside aim is 1.4346, being the 1st pivot resistance level of today. After the level is reached, the pair could extend trading towards 1.4427, which is the Daily Average True Range upside projection target.
If USDCAD fails to maintain the upward momentum, a reversal and returning to trade lower could potentially unfold.
If this scenario was to occur the target for today is 1.4151, being the Daily Average True Range downside projection target for today.
AUDUSD
The intraday technical outlook
AUDUSD is trying to trade higher this morning as the oil prices are rebounding.
AUDUSD needs to hold above 0.6977 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 0.7025, being the Daily Average True Range upside projection level of today. Should this aim be reached successfully, a further stretch towards 0.7060 could 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 0.6895, being the pair’s 2nd pivot support of today. Should this aim be accomplished, an extension towards 0.6850, which is the Daily Average True Range downside projection level.
GOLD
The intraday technical outlook
Gold reached a two-month high this morning.
Gold needs to hold above 1104.44 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1123.00, being the pair’s 3rd pivot resistance level together with 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 1099.99, which is the commodity’s Daily Average True Range (ATR) downside projection level of today
OIL
The intraday technical outlook
Oil price is making one more recovery attempt this morning.
The commodity needs to break above 31.10 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 31.50, being the Daily Average True Range (ATR) upside projection level. Should this target be reached successfully, a move towards 33.13 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 39.13, being the commodity’s 1st pivot support of today.
MORE ON ACFXblog.com