MARKET BRIEFING – TECHNICAL ANALYSIS 22.02.2016

MARKET BRIEFING – TECHNICAL ANALYSIS 22.02.2016

Postby Atlas CapitalFx » Mon Feb 22, 2016 10:07 am

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MARKET BRIEFING – TECHNICAL ANALYSIS 22.02.2016






EURUSD

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The intraday technical outlook

EURUSD has resumed the downward trend after the last week’s consolidation

EURUSD needs to hold below 1.1110 level being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1.1037, which is the 2nd pivot support level. Should this mark be reached successfully, a further extension to 1.0990, being the Daily Average True Range (ATR) downside projection 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 1.1155, being the pair’s 1st pivot resistance level of today.




GBPUSD


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The intraday technical outlook

GBPUSD plummeted this morning, as the concerns over the potential exit of Britain from the EU worries investors. At the moment, the pair is retesting the bottom of the newly created downtrend channel.

GBPUSD needs to hold below 1.4353 level, being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 1.4095, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.4050, 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 1.4353, being the Pivot Point of today.



USDJPY

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The intraday technical outlook

USDJPY is trading higher this morning, with the likely intention to retest the top of the downward trend channel.

USDJPY needs to hold above 112.76 level, being the intraday Pivot Point in order to continue the downtrend scenario.

The initial upside target is 113.82, which is the pair’s 2nd pivot resistance of today. Should this target be reached, the extend to 114.20, which is the pair’s Daily Average True Range (ATR) upside projection level of today, 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 112.15, which is today’s 1st pivot support level of the pair together with the previous low of the pair.



USDCHF


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The intraday technical outlook

USDCHF is trading higher this morning, after the pair broke a short-term uptrend channel last Friday.

USDCHF needs to hold above 0.9917 line being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 1.0000, being the Daily Average True Range upside projection target of today together with the pair’s major resistance level. Should this target be reached, the pair could extend trading towards 1.0027, which is the 3rd pivot resistance 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 0.9892, being the 1st intermediate pivot support of today.



USDCAD

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The intraday technical outlook

USDCAD has once again breached the bottom of the daily uptrend channel.

USDCAD needs to hold below 1.3774 level being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside aim is 1.3671, being the 2nd intermediate pivot support of today. When this level is reached, the pair could extend trading towards 1.3605, 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 1.3836, being the 1st pivot resistance of today.



AUDUSD


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The intraday technical outlook

AUDUSD returned to trade within the uptrend channel limits this morning.

AUDUSD needs to hold above 0.7125 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 0.7220, being the 2nd pivot resistance of today. Should this aim be reached successfully, a further stretch towards 0.7250, 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 0.7125, being the pair’s pivot point of today.



GOLD

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The intraday technical outlook

Gold has breached the bottom of the uptrend channel this morning, signalling a move lower might be ahead.

Gold needs to hold below 1226.63 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1199.00, being the commodity’s Daily Average True Range downside projection level of today. Should this aim be reached, a further extension to 1190.00, 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 1226.63, which is the metal’s Pivot Point of today.



OIL


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The intraday technical outlook

Oil price continues to recover this morning.

The commodity needs to hold above 32.24 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 34.08, being the Daily Average True Range upside projection level of today. Should this target be reached successfully, a move towards 34.61, 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 31.37, being 1st pivot support level of today.









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Atlas CapitalFx
 
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