MARKET BRIEFING – TECHNICAL ANALYSIS 05.04.2016

MARKET BRIEFING – TECHNICAL ANALYSIS 05.04.2016

Postby Atlas CapitalFx » Tue Apr 05, 2016 8:41 am

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MARKET BRIEFING – TECHNICAL ANALYSIS 05.04.2016






EURUSD

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The intraday technical outlook

This morning’s trading saw EURUSD test the 1.1355 line of control.

A penetration of the 1.1375 level would correspond to a breach of the last isolated high of this morning’s session.

Such an event could see EURUSD test the Daily Pivot (1.1385) and R1 (1.1414).

Alternatively, a sustained breached of the 1.1355 level could see EURUSD test S2 (1.1330)





GBPUSD

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The intraday technical outlook

This morning GBPUSD broke down from its Daily Pivot (1.4258) and the 1.4250 support level.

The price continued its downward course and is now testing S1 (1.4195).

A continuation of the move lower could see GBPUSD test a prior weekly support level (1.4150) and S2 (1.4127).

Alternatively, a failure to sustain a move below S1 could see GBPUSD trade back up to the Daily Pivot.







USDJPY


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The intraday technical outlook

USDJPY has traded lower for most of the day.

However, a bounce has occurred off S3 (110.31).

A continuation of the correction could see USDJPY trade through both S2 (110.69) and S1 (111.00).

Alternatively, a resumption of the downtrend could see S3 retested.




USDCHF

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The intraday technical outlook

This morning, USDCHF has traded within a small range around the Daily Pivot (0.9588).

A breach of R1 (0.9609) or S1 (0.9562) could offer some guidance on the afternoon direction in prices.






USDCAD


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The intraday technical outlook

USDCAD has experienced a strong up-day that has brought the price action to touching distance of R3 (1.3200).

A continuation of the move higher, however, could run out of upside momentum as the price action has come close to exhausting the upper limit of its average true range (1.3210).





AUDUSD


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The intraday technical outlook

AUDUSD has experienced a volatile session with the price action initially testing S1 (0.7575) and then the Daily Pivot (0.7626).

The Daily Pivot, however, was rejected, and this led to a freefall in AUDUSD that sent the price action crashing through S2 (0.7546).

A continuation of the move lower, however, could run out of downside momentum as the price action tests the lower level of today’s average true range (0.7515)






GOLD


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The intraday technical outlook

Gold this morning has broken higher as the price action has reversed its three day’s down trend.

Having slashed through R1, R2 and R3 Gold is now testing the upper ATR boundary of 1235.00.








OIL

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The intraday technical outlook

Oil has experienced a quiet day as the price action trades at the bottom of a recent downtrend.

A breach of the Daily Pivot (36.00) or S1 (34.84) could offer guidance on the afternoon direction in prices.








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Atlas CapitalFx
 
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