MARKET BRIEFING – TECHNICAL ANALYSIS 08-02-2016
EURUSD
The intraday technical outlook
This morning EURUSD has traded in a volatile manner as the price action attempts to break out and break down from its opening days range.
The Daily Pivot at the 1.1170 levels has so far offered strong resistance to further upside momentum.
We are this afternoon monitoring a continuation of the move towards S1 at the 1.1088 level.
However, EURUSD first needs to breach the current price structure of the upward pointing Linear Regression Channel
GBPUSD
The intraday technical outlook
This morning GBPUSD initial attempted to break higher from its opening range as the price action traded above its Daily Pivot level at the 1.4509 level.
However, the progression towards the R1 at the 1.4567 did not materialize.
Subsequently, GBPUSD has traded lower as the price action broke back down through the Daily Pivot and sliced through S1 at the 1.4428 level.
This afternoon, we are monitoring the price action for a continuation of the move lower towards the S2 that is found at 1.4370 level.
USDJPY
The intraday technical outlook
This morning USDJPY traded higher from the get-go as it moved away from the Daily Pivot level of 116.83.
However, USDJPY found strong resistance at the R1 which is at the 117.39.
Subsequently, USDJPY has reversed course and is now trading under the Daily Pivot.
This afternoon we are monitoring the price action for a possible test of S1 which is found at the 116.24 level.
USDCHF
The intraday technical outlook
This morning USDCHF has traded around the Daily Pivot that is found at the 0.9921 level.
Presently, USDCHF is now testing the R1 at the 0.9962 level and the upper level of the downward sloping linear regression channel.
This afternoon, I am monitoring USDCHF for a continuation of the move towards the 1.0000 significant number which also coincides with today’s Average True Range projection.
USDCAD
The intraday technical outlook
This morning USDCAD has traded in a small range with the price action initially testing the Daily Pivot that is found at the 1.3847 level,
I am this afternoon monitoring the price action for a continuation of the move higher.
A breach of the downward sloping linear regression channel could see USDCAD test R1 at is found at the 1.3985 level.
AUDUSD
The intraday technical outlook
This morning AUDUSD broke above its opening range bit was not able to sustain a move above the Daily Pivot that is found at the 0.7111 level.
We are however monitoring the price action for a further test of the Daily Pivot as the downward correction failed to trade beneath prior swing lows at the 0.7073 and 0.7052 levels.
GOLD
The intraday technical outlook
Gold this morning found significant support at the daily Pivot that is located at the 1164.00 level.
The price action has subsequently traded higher as Gold has moved above from the prior day’s high at the 1174.00 level.
I am this afternoon monitoring the price action for a test of R1 at the 1183.00 level.
OIL
The intraday technical outlook
This morning Oil attempted to break higher from its opening range but stiff resistance at the Daily Pivot which is found at the 31.30 level repelled this attempt.
Subsequently, Oil has traded lower as the price action broke under S1 at the 30.25 level.
This afternoon, we are monitoring Oil for a possible attempt of S2 that is found at the 29.53 level.
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