MARKET BRIEFING – TECHNICAL ANALYSIS 29.01.2016
EURUSD
The intraday technical outlook
EURUSD remains to range this morning, among the recently high market volatility.
EURUSD needs to hold below 1.0926 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial upside target is 1.0856, which is the Daily Average True Range (ATR) downside projection level of today. Should this mark be reached successfully, a further extension towards 1.0827, being the 2nd pivot support 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 1.0974, being the pair’s Daily Average True Range (ATR) upside projection level of today. In case this scenario will be activated, EURUSD could prolong its move to 1.1004, which is the 2nd intermediate pivot resistance level of today.
GBPUSD
The intraday technical outlook
GBPUSD is retracing this morning after the pair reached a new two-week high yesterday.
GBPUSD needs to hold below 1.4332 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4271, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.4155, which is the 2nd pivot support, 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 1.4433, which the 1st pivot resistance of today. Following that, GBPUSD could move to 1.4474, being the Daily Average True Range (ATR) upside projection level of today.
USDJPY
The intraday technical outlook
USDJPY has breached the uptrend daily target, as BoJ decided to proceed with further monetary easing this morning and cut the interest rate further.
USDJPY needs to hold above 118.73 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial upside target is 122.00, which is the pair’s next psychological resistance point.
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 120.00 support level.
USDCHF
The intraday technical outlook
USDCHF has once again bounced off the top of the downtrend channel after the pair reached a new two-month high yesterday.
USDCHF needs to hold above 1.0138 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial downside target is 1.0117, being the Daily Average True Range upside projection target of today. Should that level be reached, the pair could extend trading towards 1.0235, which is the 3rd pivot resistance level 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 1.0136, being the Daily Average True Range downside projection target of today. The extension further to 1.0101 could follow next.
USDCAD
The intraday technical outlook
USDCAD is has bounced off the bottom of the daily uptrend channel this morning.
USDCAD needs to above 1.4032 level being the intraday Pivot Point, if the price action is to continue its upward move.
The initial upside aim is 1.4150, being the Daily Average True Range upside projection target. After the level is reached, the pair could extend trading towards 1.4207, which is the 2nd pivot resistance level of today.
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 1.3942, being the 1st pivot support level of today.
AUDUSD
The intraday technical outlook
AUDUSD has reached a new high of this year.
AUDUSD needs to hold above 0.7071 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 0.7172, being the Daily Average True Range upside projection level of today. Should this aim be reached successfully, a further stretch towards 0.7223 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 0.7036, being the Daily Average True Range downside projection level.
GOLD
The intraday technical outlook
Gold is retracing from the two-month high.
Gold needs to break below 1117.35 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1103.00, being the commodity’s 2nd intermediate pivot support level. Should this aim be reached, a further extension towards 1103.00, which is the Daily Average True Range (ATR) downside projection level of today, could occur next.
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 1123.00, which is the metal’s Daily Average True Range (ATR) upside projection level of today
OIL
The intraday technical outlook
Oil price is retesting the top of the downward trend channel this morning.
The commodity needs to hold below 33.95 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 31.78, being the 1st pivot support level of today. Should this target be reached successfully, a move towards 31.78, which is the Daily Average True Range (ATR) downside projection, 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 35.60, being the commodity’s Daily Average True Range (ATR) upside projection target.
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