MARKET BRIEFING – LONDON OPEN 21.03.2016

MARKET BRIEFING – LONDON OPEN 21.03.2016

Postby Atlas CapitalFx » Mon Mar 21, 2016 7:17 am

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MARKET BRIEFING – LONDON OPEN 21.03.2016







The Gold market demonstrated a downward momentum as investors engaged in profit-taking. The metal has been appreciating in value since the middle of December 2015, but this month it showed signs of stagnation, hinting that a move further up might come to a halt. This morning the metal was trading at US$ 1240.49, versus US$ 1270.76 high of last week.

By looking at the technical indicators, we can see that the Gold price has breached the 4 hours uptrend channel last Monday. Also, it failed an attempt to return to the channel limits by the end of the week, which could be another sign that the metal might retrace.

The edging down in the precious metal’s price also coincided with a recovery in the US dollar value by the close of the Friday’s trading session, as both products historically have a negative correlation.

The recent events have shown that the US and European Central Banks are inclined towards the keeping the monetary easing measures for longer as the corresponding economies still have a hard time to recover. Nevertheless, some analysts believe, there are considerably fewer policy tools left to implement. Hence, this could support the new downturn bias in gold.

Oil prices also retraced as well since last Friday. The commodity reached a new high of this year and WTI surpassing a US$ 42.50 mark. The next critical level and support of US$ 40.00 are also a downside target, which the oil could retest before deciding on the move further.









EURUSD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1385

Target 2: 1.1150

Projected range in ATR’s: 0.0119

Daily control level: 1.1250




GBPUSD


Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4610

Target 2: 1.4310

Projected range in ATR’s: 0.0151

Daily control level: 1.4400




USDJPY

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The intraday technical outlook

Trend 1 hour: Down

Target 1: 112.70

Target 2: 110.35

Projected range in ATR’s: 1.18

Daily control level: 113.85



USDCHF

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The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9790

Target 2: 0.9600

Projected range in ATR’s: 0.0098

Daily control level: 0.9920




USDCAD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3175

Target 2: 1.2870

Projected range in ATR’s: 0.0152

Daily control level: 1.2915




AUDUSD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7695

Target 2: 0.7490

Projected range in ATR’s: 0.0102

Daily control level: 0.7420




GOLD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 1278.00

Target 2: 1230.00

Projected range in ATR’s: 24.2

Daily control level: 1225.00



OIL

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The intraday technical outlook

Trend 1 hour: Down

Target 1: 40.70

Target 2: 37.40

Projected range in ATR’s: 1.66

Daily control level: 41.25





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Atlas CapitalFx
 
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