MARKET BRIEFING – LONDON OPEN 18.03.2016

MARKET BRIEFING – LONDON OPEN 18.03.2016

Postby Atlas CapitalFx » Fri Mar 18, 2016 6:07 am

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MARKET BRIEFING – LONDON OPEN 18.03.2016






The US dollar declined on the overly dovish FOMC statement this Wednesday. The move lower resulted in a break of the ten-month uptrend channel and could be an important sign for the future direction of the world’s major reserve currency. The decline followed the last week’s plunge as a reaction to the European Central Bank’s policy and is a strongest decline of the currency within the last two years.

Despite concerns, analysts believe that it is still unlikely that the US dollar will simply collapse against its major counterparts. This is due to the relative strength of the US economy in comparison with conditions in the rest of the world.

In the wake of the cautious Fed stance gold has reclaimed the upside momentum with the metal currently trading above the 1260.00 mark. Gold has always been considered investor’s safe harbour, it is logical that we are now seeing the increased demand for the metal among such a vast uncertainty in the world’s markets.

Surprisingly, the oil has also joined the best market performers’ league, as it reached a new 2016 high this morning. Looking at the commodity’s 4-hour chart, it might be still too early to get excited about the long-term change of direction. Taking the WTI as an example, the commodity is still trading below the recently breached uptrend channel and needs to return to its limits so more bullish bets could be made.









EURUSD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1430

Target 2: 1.1195

Projected range in ATR’s: 0.0118

Daily control level: 1.1050



GBPUSD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4625

Target 2: 1.4325

Projected range in ATR’s: 0.0150

Daily control level: 1.4215





USDJPY

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 112.70

Target 2: 110.00

Projected range in ATR’s: 1.29

Daily control level: 113.85



USDCHF

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The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9765

Target 2: 0.9570

Projected range in ATR’s: 0.0098

Daily control level: 0.9920



USDCAD

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3135

Target 2: 1.2830

Projected range in ATR’s: 0.0153

Daily control level: 1.3405



AUDUSD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7740

Target 2: 0.7515

Projected range in ATR’s: 0.0102

Daily control level: 0.7420



GOLD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1281.00

Target 2: 1233.00

Projected range in ATR’s: 24.01

Daily control level: 1225.00



OIL

Image


The intraday technical outlook

Trend 1 hour: Up

Target 1: 41.80

Target 2: 38.60

Projected range in ATR’s: 1.62

Daily control level: 38.65






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Atlas CapitalFx
 
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