DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
With Monday’s deadline for a solution looming and with the potential of more news over the weekend the market seems to be in wait and see mode as can be seen by this morning’s open and the tight range over the past three days.
Our technical bias is negative but with so much news flow, the market as can be seen by this week’s price action is ranging and an ideal environment for scalpers with a sound strategy. With respect to pure position plays, our preference is to wait for a break of the range and trade the pullback on a lower time frame.
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 22nd March 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD yesterday found good support at the 8 period moving averages and has this morning opened positively. As the Pound is moving towards resistance we are monitoring the price action for possible negative rotation. However with the 34 period moving averages looming above the current price action there is a possibility that the price action trades to this average before stalling
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 22nd March 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF this morning is attempting to trade above the 8 period moving averages. We would like to see a close above this average as confirmation of the continued up trend. However the weekly negative divergence needs to use up its energy and this might be occurring with the price action essentially ranging around the 8 period moving averages after the two day collapse of the 14th and 15th March. A failure to hold above the 8 period moving averages will probably mean a switch in bias and a move back to Fibonacci 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 USDJPY as at 22nd March 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
After close above the 8 period moving average USDJPY yesterday was once again pushed back beneath it where it found support at the 34 period moving averages. The hidden weekly positive divergence is still in play therefore any resumption to the upside could possibly be strong and push the Yen past the last isolated HH. Alternatively the current ranging price action from the highs could be the USDJPY using up the energy of the divergence prior to breaking lower. The case for lower USJPY will be confirmed if the 34 period moving average can be broken and with the price action closing beneath it.
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 22nd March 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1619.30 – 1656.55
Target 1 : 1554.60
Target 2 : 1526.85
Stop : 1684.80
Comments
Gold has closed and is now trading above the 34 period moving averages. We are monitoring the price action to see if the 8 period moving average could form a Golden Cross (short average crossing above the long average). With a continued drop off in the 14 period Average True Range it would not be a surprise to see a resumption of wider range days. The tight range action is now entering its fourth day. We are monitoring break outs and break downs from this range with an eye being kept on the price reaction if it trades down to the 8 period moving averages.
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 22nd March 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 91.70 – 87.90
Target 1 : 98.20
Target 2 : 100.40
Stop : 85.20
Comments
Oil is now trading within a four day congestion area and beneath the 8 period moving averages. We had been looking for a Golden Cross (short term average crossing the long term average) to occur. At present this is failing to happen therefore our attention falls back on the short side where pullbacks to the 8 period moving averages offering possible shorting opportunities.
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