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MARKET BRIEFING – TECHNICAL ANALYSIS 22.03.2016
EURUSD
The intraday technical outlook
EURUSD has been trading in a corrective downtrend since Friday.
However, this morning an acceleration of the move lower occurred following the rejection of the Daily Pivot (1.1252).
EURUSD has subsequently traded down to S2 (1.1197) which coincides with the 50% Fibonacci support level.
Bounce off S2 could see EURUSD trade back up to the Daily Pivot.
Alternatively, a failure of the price action to hold above S2 could see EURUSD trade down to S3 (1.1167) which coincides with the 61.8% Fibonacci support level.
GBPUSD
The intraday technical outlook
GBPUSD has been trading in a corrective downtrend since Monday.
However, this morning an acceleration of the move lower occurred following the rejection of the Daily Pivot (1.4399).
GBPUSD has subsequently sliced through S2 (1.4297) which coincides with the 50% to 61.8% Fibonacci support level area.
Support within this support area could lead to the price action trading back above S2 and possibly S1 (1.4332).
Alternatively, a failure of the price action to trade above S2 could see GBPUSD trade down to S3 (1.4229)
USDJPY
The intraday technical outlook
USDJPY has been trading in a corrective uptrend since Friday.
However, this morning a resumption of the downtrend has occurred following a rejection of R1 (112.21).
USDJPY has subsequently sliced through the Daily Pivot (111.71) and tested and bounced off S1 (111.45)
Support within this support area could lead to the price action trading back above the Daily Pivot and possibly R1.
Alternatively, a failure of the price action to trade above the Daily Pivot could see USDJPY re-test S1
USDCHF
The intraday technical outlook
USDCHF has been trading in a corrective uptrend since Friday.
During the morning USDCHF has attempted to re-test yesterday’s high and today’s R1 level (0.9731)
A breach of R1 could lead to a continuation of the move higher that sees USDCHF test R2 (0.9758) and the upper level of the down channel.
Alternatively, a failure of the price action to trade above the R1 could see USDCHF re-test the Daily Pivot.
USDCAD
The intraday technical outlook
USDCAD has experienced a volatile morning session as traders wait for the outcome of Canadian Government’s Annual Budget Statement.
This volatility initially led to a test of the Daily Pivot (1.3072) and then a spike that was however rejected at R1 (1.3127).
Market uncertainty could continue in the lead up to tonight’s major event.
Before the release of the budget statement moves above R1 and below S1 (1.3043) could be seen as potential fading opportunities
AUDUSD
The intraday technical outlook
AUDUSD has experienced a volatile morning session as traders digest the Reserve Bank of Australia Governor upbeat assessment of the Australian economy.
This volatility initially led to a broad trading range with both R1 (0.7614) and S1 (.0.7556) being tested.
As AUDUSD has now initially rejected the 50% Fibonacci support level a resumption of the prior uptrend could see AUDUSD re-test R1.
Alternatively, a failure to hold above S1 could lead to the price action trading down to the 61.8% Fibonacci level (0.7515).
GOLD
The intraday technical outlook
This morning XAUUSD has resumed its uptrend following a bounce off the 50% to 61.8% Fibonacci support area.
The move higher sliced through R1 (1252.56) but failed to reach R2 (1261.65) as the price action found resistance at a prior weekly swing level (1260.00)
A continuation of the uptrend could see Gold retest the 1260.00 level and then R2).
Alternatively, a failure to hold above the Daily Pivot (1246.50) could lead to the price action trading back down into the 61.8% Fibonacci support area.
OIL
The intraday technical outlook
Oil has experienced a two day down trend. However, lower prices were yesterday rejected at S1 (40.70),
This morning Oil has traded within a tight range at the highs of yesterday’s price action and above today’s Daily Pivot (41.25).
A continuation of the uptrend could see Oil test the R1 (42.10)
Alternatively, a failure to hold above the Daily Pivot could lead to the price action trading down S1 (40.74)
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