DAILY OVERVIEW
Trend : Long
Ambush Zone : 1.3485 -1.3360
Target 1 : 1.3710
Target 2 : 1.4250
Stop : <1.3263
Comments
EURUD did not manage to hold the initial support area and is now trading towards an up trend line where we may see buying possibly coming in. Although the Swing bias is still positive a note should be taken of the recent price action which could be either a corrective Zigzag pattern which is part of a larger up move or the beginning of much lower values for this currency pair. We are monitoring the price action to see if the uptrend line does in fact become an important area for support.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for GBPUSD as at 21st February 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD as previously commented has broken multi month support and continues to trade lower. The price action is now very extended from the 8 period moving averages. A similar scenario happened with USDJPY where this average has acted as trailing support. It would interesting to see if on approaches to the 8 period moving average that this chart study will possibly act as trailing resistance that repels this currency pair and forcing it to make a series of LL’s just as USDJPY has made a series of HH’s with little or no meaningful retracements. Furthermore that GBPUSD has slashed through the 1.5270 to 1.5230 previous support areas may possibly indicate the short side is very much dominant but as always participating in such aggressiveness moves should be planned carefully as corrective sideways or retracement moves can and do occur.
Definitions
Trend : Current trend as defined by technical Swing Analysis.
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for USDCHF as at 21st February 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 0.9205 – 0.9310
Target 1 : 0.9020
Target 2 : 0.8930
Stop : >0.9390
Comments
After such a strong day for USD it is not surprising that USDCHF also reversed its negative bias. However in this case the Swiss Franc did not lose value as strongly as the other currency pairs. This may be just a case of catch up for USDCHF or it could be a possibility that another further depreciation in the Franc’s value will be resisted. We are monitoring the price action in this Fibonacci resistance area to ascertain what the possible likely short term direction is.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for USDJPY as at 21st February 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
It is very much more of the same for USDJPY with the price action bouncing around the area of the 8 period moving averages. It is surprising that after such a strong day for USD that the Yen did not depreciate in value. We are monitoring the possibility that USDJPY makes an attempt to breach the last isolated HH.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for Gold as at 21st February 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold as previously commented has reversed its bullish swing pattern and continues to trade aggressively lower. As mentioned on today’s GBPUSD analysis the price action is now very extended from the 8 period moving averages. A similar scenario happened with USDJPY where this average has acted as trailing support. It would interesting to see if on approaches to the 8 period moving average that this chart study will possibly act as trailing resistance that repels Gold and forcing it to make a series of LL’s just as USDJPY has made a series of HH’s with little or no meaningful retracements. As always trading participating in such aggressiveness moves should be planned carefully as corrective sideways or retracement moves can and do occur.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend
Daily Technical Analysis for Oil (WTI) as at 21st February 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
What a difference a day makes. Oil was trading above its immediate short term averages and we were contemplating the possibility of a breach of the last isolated HH. Oil has since slashed through the short term averages and is moving into the direction of the down trend line and Fibonacci support. We will be monitoring the price action if these key support areas are reached.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
CofT : Change of Trend