MARKET BRIEFING – TECHNICAL ANALYSIS 23.03.2016

MARKET BRIEFING – TECHNICAL ANALYSIS 23.03.2016

Postby Atlas CapitalFx » Wed Mar 23, 2016 8:46 am

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MARKET BRIEFING – TECHNICAL ANALYSIS 23.03.2016







EURUSD

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The intraday technical outlook

EURUSD has breached the uptrend channel, and is now heading to retest the bottom of the daily channel.

EURUSD needs to hold below 1.1220 level being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1.1148, which is the 2nd pivot support level. Should this mark be reached successfully, a further extension to 1.1100, being the Daily Average True Range (ATR) downside projection 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 1.1253, being the pair’s 1st pivot resistance of today.




GBPUSD

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The intraday technical outlook

GBPUSD is heading to retest the bottom of the daily uptrend channel after it was unable to support the move higher.

GBPUSD needs to hold below 1.4266 level, being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 1.4135, being the 1st pivot support of today. Should this target be reached, the extend to 1.4065, which is the Daily Average True Range (ATR) downside projection of today, 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 1.4342, which is 1st pivot resistance of today.



USDJPY

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The intraday technical outlook

USDJPY is retesting the top of the downtrend channel.

USDJPY needs to hold above 112.07 level, being the intraday Pivot Point in order to continue the uptrend scenario.

The initial upside target is 113.20, being the 2nd intermediate pivot resistance. Should this level be reached, a further extension towards 113.50, which is the Daily Average True Range (ATR) upside projection of today, could take place 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 111.67, which today’s 1st pivot resistance level.



USDCHF

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The intraday technical outlook

USDCHF has bounced off the top of the daily uptrend channel. In addition, the pair is looking to reconfirm the breach of the daily uptrend channel.

USDCHF needs to break below 0.9716 line being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 0.9698, being the pair’s 1st intermediate pivot support. Should that level be reached, the pair could extend trading towards 0.9668, which is the 2nd pivot support of today.

If USDCHF fails to maintain downward momentum, a reversal higher could potentially unfold.

If this scenario was to occur the initial upside target for today will be 0.9795, being the pair’s 3rd pivot resistance of today.



USDCAD

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The intraday technical outlook

USDCAD has breached the bottom of the downtrend channel and today is looking to reconfirm it.

USDCAD needs to hold below 1.3069 level being the intraday Pivot Point, if the price action is to continue its downward move.

The initial downside aim is 1.3000, being the next key level together with 1st pivot support of today. After the level is reached, the pair could extend trading towards 1.2895, 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 1.3195, which is the pair’s Daily Average True Range upside projection level of today.



AUDUSD

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The intraday technical outlook

AUDUSD is consolidating above the recently breached uptrend channel.

AUDUSD needs to hold above 0.7602 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 0.7654, being the 1st pivot resistance of today. Should this aim be reached successfully, a further stretch towards 0.7710, which is the Daily Average True Range upside projection level, 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 0.7520, being the Daily Average True Range downside projection level of today.



GOLD

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The intraday technical outlook

Gold has reconfirmed the breach of the uptrend channel as the US dollar has gained strength.

Gold needs to hold below 1250.12 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1222.39, being the 3rd pivot support of today. Should this target be reached, Gold could extend to 1211.93, which is the Daily Average True Range (ATR) downside projection level.

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 1250.15, which is the commodity’s pivot point of today.




OIL

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The intraday technical outlook

Oil is retesting the bottom of the newly created extension of the uptrend channel.

The commodity needs to break above 40.70 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 41.97, being 1st pivot resistance of today. Should this target be reached successfully, a move towards 42.70, which is the Daily Average True Range (ATR) upside projection level of today, 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 40.35, being the commodity’s 2nd pivot support of today.







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Atlas CapitalFx
 
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