MARKET BRIEFING – TECHNICAL ANALYSIS 24.02.2016

MARKET BRIEFING – TECHNICAL ANALYSIS 24.02.2016

Postby Atlas CapitalFx » Wed Feb 24, 2016 9:59 am

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MARKET BRIEFING – TECHNICAL ANALYSIS 24.02.2016










EURUSD

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The intraday technical outlook

EURUSD reached a new three-week low this morning.

EURUSD needs to hold below 1.1019 level being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1.0956, which is the 1st pivot support level. Should this mark be reached successfully, a further extension to 1.0915, 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 1.1019, being the pair’s Pivot Point of today.





GBPUSD

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The intraday technical outlook

GBPUSD has reached a seven-month low this morning.

GBPUSD needs to hold below 1.4061 level, being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 1.3860, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.3800, which is the next key level, 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 1.4061, being the Pivot Point of today.




USDJPY

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The intraday technical outlook

USDJPY is consolidating under the recently breached short-term uptrend channel.

USDJPY needs to hold below 112.30 level, being the intraday Pivot Point in order to continue the downtrend scenario.

The initial downside target is 111.02, which is the pair’s 2nd pivot support of today. Should this target be reached, the extend to 110.60, being the pair’s Daily Average True Range (ATR) downside projection level of today, 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 112.83, which is the 1st pivot resistance of the pair.




USDCHF

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The intraday technical outlook

USDCHF is consolidating around the daily pivot point in indecision.

USDCHF needs to hold above 0.9935 line being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 0.9976, being the 2nd intermediate pivot resistance and also coinciding with the previous high. Should this target be reached, the pair could extend trading towards 1.0041, which is the 2nd 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 0.9871, being the 1st pivot support of today.



USDCAD

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The intraday technical outlook

USDCAD is consolidating under the recently breached daily uptrend channel.

USDCAD needs to hold above 1.3768 level being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside aim is 1.3895, being the 2nd pivot resistance of today. When this level is reached, the pair could extend trading towards 1.3935, being the pair’s Daily Average True Range (ATR) upside projection 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 1.3641, being today’s Daily Average True Range (ATR) downside projection level of today.




AUDUSD


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The intraday technical outlook

AUDUSD has once again breached the bottom of the uptrend channel this morning.

AUDUSD needs to hold below 0.7219 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 0.7120, being the 3rd pivot support of today. Should this aim be reached successfully, a further stretch towards 0.7105, which is the pair’s Daily Average True Range (ATR) downside projection 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 0.7219, being the pair’s Pivot Point of today.



GOLD

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The intraday technical outlook

Gold is retesting to return within the limits of the recently breached uptrend channel.

Gold needs to hold above 1220.15 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 1250.00, being the commodity’s Daily Average True Range upside projection level of today. Should this aim be reached, a further extension to 1254.31, could develop 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 1212.21, which is the metal’s 1st pivot support of today.




OIL

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The intraday technical outlook

Oil price is plummeting, as one more meeting between oil-producing countries failed to reach an agreement.

The commodity needs to hold below 32.36 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 30.90, being the 1st pivot support of today. Should this target be reached successfully, a move towards 30.09, 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 33.17, being 1st pivot resistance level of today.









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Atlas CapitalFx
 
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