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MARKET BRIEFING – TECHNICAL ANALYSIS 15.02.2016
EURUSD
The intraday technical outlook
EURUSD has breached the bottom of the uptrend channel on Friday.
EURUSD needs to hold below 1.1266 level being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1.1111, which is the Daily Average True Range (ATR) downside projection level of today. Should this mark be reached successfully, a further extension to 1.1080, being 3rd 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 1.1266, being the pair’s Pivot Point of today.
GBPUSD
The intraday technical outlook
GBPUSD has once again bounced off the bottom of the newly created uptrend channel this morning.
GBPUSD needs to hold above 1.4504 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.4565, being the 1st pivot resistance level of today. Should this target be reached, the extend to 1.4657, which is the Daily Average True Range (ATR) upside projection level of today, could take place next.
If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today will be 1.4377, being the 2nd pivot support level of today.
USDJPY
The intraday technical outlook
USDJPY has breached the top of the downtrend channel as the pair is recovering from last week’s one-year low.
USDJPY needs to hold above 112.80 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial downside target is 115.07, which is the pair’s the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 115.82, which is the pair’s 3rd pivot resistance level, 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 112.80, which is today’s Pivot Point of the pair.
USDCHF
The intraday technical outlook
USDCHF continues to recover after the pair breached the bottom of the downtrend channel last thursday.
USDCHF needs to hold above 0.9755 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 0.9878, being the Daily Average True Range upside projection target of today. Should this level be reached, the pair could extend trading towards 0.9900.
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 0.9755, being the Pivot Point of today.
USDCAD
The intraday technical outlook
USDCAD is retesting the bottom of the daily uptrend channel.
USDCAD needs to hold below 1.3874 level being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside aim is 1.3722, being the 2nd pivot support level of today.When this level is reached, the pair could extend trading towards 1.3679, which is the Daily Average True Range downside projection target.
If USDCAD fails to maintain the downward momentum, a reversal and returning to trade higher could potentially unfold.
If this scenario was to occur the target for today is 1.3935, being the 1st pivot resistance level of today.
AUDUSD
The intraday technical outlook
AUDUSD continues to range below the recently breached uptrend channel.
AUDUSD needs to hold above 0.7100 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 0.7208, being the Daily Average True Range upside projection level of today. Should this aim be reached successfully, a further stretch towards 0.7250, 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 0.7100, being the pair’s pivot point of today.
GOLD
The intraday technical outlook
Gold continues to decline after the metal reached one-year high last week.
Gold needs to hold below 1239.00 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial upside target is 1200.00, being the pair’s next psychological support level. Should this aim be reached, a further extension to 1180.00, 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 1239.30, which is the metal’s Pivot Point of today.
OIL
The intraday technical outlook
Oil price continues to strengthen this morning.
The commodity needs to hold above 30.77 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 32.99, being the 2nd pivot resistance level of today. Should this target be reached successfully, a move towards 32.32, which is the Daily Average True Range (ATR) upside projection of today, 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 29.82, being the 1st pivot support level of today.
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