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MARKET BRIEFING – TECHNICAL ANALYSIS 11.02.2016
EURUSD
The intraday technical outlook
EURUSD is trading higher this morning as the US dollar is weakening.
EURUSD needs to hold above 1.1253 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.1400, which is the Daily Average True Range (ATR) upside projection level of today. Should this mark be reached successfully, a further extension to 1.1498, being 3rd intermediate 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 1.1170, 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 downtrend channel this morning.
GBPUSD needs to break below 1.4515 level, being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.4360, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.4318, which is the 3rd 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 1.4585, being the 1st pivot resistance level of today
USDJPY
The intraday technical outlook
USDJPY has breached the Daily Average True range downside target this morning, as the pair has reached a new one-year low.
USDJPY needs to hold below 113.89 level, being the intraday Pivot Point in order to continue the downtrend scenario.
The initial downside target is 110.41, which is the pair’s 3rd pivot support level of today. Should this target be reached, the extend to 110.00, which is the pair’s next major psychological support level, could follow next.
If USDJPY fails to maintain the downward momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target for today is 113.89, which is the Pivot Point of today.
USDCHF
The intraday technical outlook
USDCHF declined to a new two-month low this morning.
USDCHF needs to hold below 0.9753 line being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 0.9630, being the Daily Average True Range downside projection target of today. Should this level be reached, the pair could extend trading towards 0.9578, which is the 3rd pivot support level of today.
If USDCHF fails to maintain downward momentum, a reversal higher could potentially unfold.
If this scenario was to occur the initial upside target for today will be 0.9753, being the Pivot Point of today.
USDCAD
The intraday technical outlook
USDCAD has recovered slightly this morning.
USDCAD needs to hold above 1.3914 level being the intraday Pivot Point, if the price action is to continue its upward move.
The initial upside aim is 1.4100, being the Daily Average True Range downside projection target. When this level is reached, the pair could extend trading towards 1.3140, which is the 3rd pivot intermediate 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 1.3829, being the 1st pivot support level of today.
AUDUSD
The intraday technical outlook
AUDUSD is declining lower this morning, after it proved unsuccessful to return trading within the upward trend channel.
AUDUSD needs to hold below 0.7085 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target for this afternoon will be 0.6990, being the Daily Average True Range downside projection level of today. Should this aim be reached successfully, a further stretch towards 0.6958, which is the 3rd pivot support level of today, could follow next.
If AUDUSD fails to maintain the downside momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target is 0.7133, being the 1st pivot resistance level of today.
GOLD
The intraday technical outlook
Gold shot to a new six-month high this morning.
Gold needs to hold above 1191.91 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1132.00, being the pair’s next long term pivot resistance. Should this aim be reached, a further extension to 1255.00, could occur next.
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 1191.91, which is the metal’s Daily Pivot Point level of today.
OIL
The intraday technical outlook
Oil price has declined to a new three-week low this morning.
The commodity needs to hold below 29.67 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 27.91, being the 2nd pivot support level of today. Should this target be reached successfully, a move towards 27.01, 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 30.31, being the 1st pivot resistance level of today.
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