MARKET BRIEFING – TECHNICAL ANALYSIS 02.02.2016
EURUSD
The intraday technical outlook
EURUSD bounced off the top of the daily downtrend channel once again, continuing the ranging pattern for the third week in a row.
EURUSD needs to hold above 1.0870 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.0976, which is the Daily Average True Range (ATR) upside projection level of today. Should this mark be reached successfully, a further extension to 1.1026, being the 3rd pivot resistance level of today, could be observed further.
If EURUSD fails to maintain the upward momentum, a move lower could potentially unfold.
If this scenario was to occur the target for today is 1.0824, being the pair’s Daily Average True Range (ATR) downside projection level of today.
GBPUSD
The intraday technical outlook
GBPUSD has bounced off the bottom of the daily downtrend channel this morning.
GBPUSD needs to hold below 1.4268 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4282, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.4151, which is the 2nd pivot support, could take place next.
If GBPUSD fails to maintain the downward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today will be 1.4528, being the Daily Average True Range (ATR) upside projection level of today.
USDJPY
The intraday technical outlook
USDJPY is retracing from one-month high the pair reached last Friday.
USDJPY needs to break above 121.03 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial upside target is 121.55, which is the pair’s Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 123.84, which is the 2nd pivot resistance, could follow 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 119.83, which is the Daily Average True Range (ATR) downside projection level of today.
USDCHF
The intraday technical outlook
USDCHF is retesting the top of the upward trend channel this morning.
USDCHF needs to hold above 1.0200 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0261, being the Daily Average True Range upside projection target of today. Should that level be reached, the pair could extend trading towards 1.0295, which is the 2nd 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 1.0151, being the 1st pivot support level of today.
USDCAD
The intraday technical outlook
USDCAD continues to retrace after the pair reached a thirteen-year high last week.
USDCAD needs to above 1.3971 level being the intraday Pivot Point, if the price action is to continue its upward move.
The initial upside aim is 1.4116, being the Daily Average True Range upside projection target. After this level is reached, the pair could extend trading towards 1.4190, which is the 3rd 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 1.3882, being the 1st pivot support level of today.
AUDUSD
The intraday technical outlook
AUDUSD is retesting the bottom of the recently formed uptrend channel.
AUDUSD needs to break above 0.7091 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 0.7091, being the Pivot Point of today. Should this aim be reached successfully, a further stretch towards 0.7165, which is the Daily Average True Range upside projection level of today, 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 0.7013, being the 2nd pivot support of today.
GOLD
The intraday technical outlook
Gold is aiming to retracing from a two-month high, which the metal reached this morning.
Gold needs to hold below 1124.27 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1115.00, being the Daily Average True Range (ATR) downside projection level of today. Should this aim be reached, a further extension to 1109.78, which the commodity’s 2nd pivot support level 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 1139.00, which is the metal’s Daily Average True Range (ATR) upside projection level of today.
OIL
The intraday technical outlook
Oil price has breached the bottom of the downtrend channel yesterday.
The commodity needs to hold below 32.91 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 30.61, being the 2nd pivot resistance of today. Should this target be reached successfully, a move towards 29.00, which is the Daily Average True Range (ATR) downside projection 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 33.00, being the Daily Average True Range (ATR) upside projection of today.
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