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Daily Technical Analysis 8.4.2013 By ACFX.com

PostPosted: Mon Apr 08, 2013 7:45 am
by Atlas CapitalFx
Daily Technical Analysis for EURUSD as at 8th April 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

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Comments
Thursdays stellar up day was followed on Friday with a further strong positive close. However on this occasion some selling did come in during the latter part of the London session which was continued in New York. This selling came in at around the 34 period moving average levels. Friday’s up move did not manage to take out the highs of the 25th March which needs to happen if we are going to have confirmation of a continued up move.

This morning EURUSD has opened flat to negative but as we are extended from the 8 period moving average it would not be a surprise if the price action traded back to this average.

Alternatively, and as happened on Friday this morning’s negativity could offer the opportunity to either purchase this morning’s weakness or place orders above the high so as to participate in any long break out.


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 8th April 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

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Comments
On Friday we saw a close above resistance and a HL HH combination that followed the proceeding Golden Cross with price action trading and closing above the averages.

As we are in firmly bullish mode, buying weakness as the price action approaches support or placing orders above the last isolated HH is a possibility if one wanted to participate in any further potential up move with a target being the downward sloping trend line.

Alternatively, if EURUSD fails to hold above the last isolated HL then there is a possibility of a move to the last LL.

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 8th April 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : 96.00 – 94.30
Target 1 : 98.85
Target 2 : 100.45
Stop : 92.55

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Comments
USDJPY has continued its near vertical up move since the Bank of Japan news. However the price action is somewhat extended from the averages and we have a pronounced RSI negative divergence setting up. Therefore it would not be unlikely if the price action trends down to sideways thus allowing the averages to catch up with the last move.
Alternatively, one could possibly participate in a further potential up move by buying weakness or placing long orders above 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 USDCHF as at 8th April 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Image

Comments
Over the past couple of weeks, USDCHF has put in a bearish LH LL combination which has seen the price action trade down to just above Fibonacci support. With the weekly trend being positive, we are monitoring the price action for potential buying opportunities.

However due to the current negative of the daily trend during this corrective pull back. Retracements to the 8 period moving averages could also offer possible opportunities to enter short on approaches to this average.

Alternatively a continuation of the daily LH LL sequence could possibly push USDCHF down further and in the process change the weekly trend to negative.

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 8th April 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : 91.70 – 87.90
Target 1 : 98.20
Target 2 : 100.40
Stop : 85.20

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Comments
Oil moved marginally lower on Friday but found support at the upward sloping trend line and just above the Fibonacci supports area.

We are currently monitoring the price action for a bullish rotation within Fibonacci support area.

Alternatively this morning negative open could possibly continue with a move to the upward sloping trend line.

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 8th April 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : 1619.30 – 1656.55
Target 1 : 1554.60
Target 2 : 1526.85
Stop : 1684.80

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Comments
The Hammer Candlestick that was identified on Friday morning did precede a continued buying on that day that pushed Gold back to the averages and Fibonacci resistance.

We are currently monitoring the price action at these levels as a potential shorting opportunity.

Alternatively, if Gold can trade and close above the two averages a move up to the last isolated LH cannot be discounted.

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