MARKET BRIEFING – TECHNICAL ANALYSIS 30.03.2016

MARKET BRIEFING – TECHNICAL ANALYSIS 30.03.2016

Postby Atlas CapitalFx » Wed Mar 30, 2016 7:09 am

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MARKET BRIEFING – TECHNICAL ANALYSIS 30.03.2016






EURUSD

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The intraday technical outlook

EURUSD has bounced off the bottom of the daily uptrend channel as investors hopes regarding the US rate hikes are fading after the yesterday’s speech of Janet Yellen.

EURUSD needs to hold above 1.1253 level being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 1.1370, which is the Daily Average True Range (ATR) upside projection of today. Should this mark be reached successfully, a further extension to 1.1430, could be observed further.

If EURUSD fails to maintain the upward momentum, a move lower could potentially unfold.

If this scenario was to occur the target for today is 1.1253, being the pair’s pivot point of today.




GBPUSD

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The intraday technical outlook

GBPUSD has bounced off the top of the newly created uptrend channel.

GBPUSD needs to hold above 1.4326 level, being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 1.4496, being the 2nd intermediate pivot resistance of today. Should this target be reached, the extend to 1.4530, which is the Daily Average True Range (ATR) upside projection of today, could take place next.

If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur, the target for today will be 1.4248, which is pair’s 1st pivot support level.




USDJPY


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The intraday technical outlook

USDJPY plummeted lower as the US dollar is weakening.

USDJPY needs to hold below 113.03 level, being the intraday Pivot Point in order to continue the downtrend scenario.

The initial downside target is 111.83, being the 2nd pivot support. Should this level be reached, a further extension towards 111.60, which is the Daily Average True Range (ATR) downside projection of today, could take place 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 113.02, which is the pair’s pivot point of today.






USDCHF

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The intraday technical outlook

USDCHF is dropped lower on the dovish speech of Janet Yellen made yesterday.

USDCHF needs to hold below 0.9693 line being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 0.9600, being the pair’s next key level together with the Daily Average True Range (ATR) downside projection of today. Should that level be reached, the pair could extend trading towards 0.9554, which is the 3rd intermediate 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 0.9700.




USDCAD

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The intraday technical outlook

USDCAD is testing the bottom of the downtrend channel this morning.

USDCAD needs to hold below 1.3112 level being the intraday Pivot Point, if the price action is to continue its downward move.

The initial downside aim is 1.2935, being the pair’s Daily Average True Range (ATR) downside projection of today. After the target is reached, the pair could extend trading towards 1.2895, which is 3rd intermediate pivot support of today.

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 1.3112, which is the pair’s pivot point of today.





AUDUSD


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The intraday technical outlook

AUDUSD has reached a nine-months high this morning.

AUDUSD needs to hold above 0.7593 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 0.7715, being the Daily Average True Range upside projection of today. Should this aim be reached successfully, a further stretch towards 0.7770, 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 0.7593, being the pivot point of today.







GOLD

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The intraday technical outlook

Gold is trading within the newly created downward trend channel, bouncing off the bottom off it.

Gold needs to hold above 1217.59 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 1225.84, being the 2nd intermediate pivot resistance of today. Should this target be reached, Gold could extend to 1138.00, which is the Daily Average True Range (ATR) upside projection level.

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 1206.32, which is the commodity’s 2nd pivot support of today.





OIL


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The intraday technical outlook

Oil is has bounced off the bottom of the uptrend channel and is trading higher this morning.

The commodity needs to hold above 39.53 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 40.94, being the 2nd pivot resistance of today. Should this target be reached successfully, a move towards 41.35, which is the Daily Average True Range (ATR) upside projection level, 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 39.00, being the commodity’s next key level.







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Atlas CapitalFx
 
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