DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Last week’s positive theme has continued into this week with the price action trading above the averages and the 25th March high.
With the market trending positively both within daily and weekly time frames one would look for buying opportunities on approaches to the 34 and 8 period moving averages and then at daily Fibonacci support with traders who have a more aggressive risk profile either purchasing intraday weakness or placing orders above the current daily high. Any further positivity would most probably create a golden cross of the averages.
As the conservative long scenario is to purchase weakness at the 34 and 8 period moving averages and then at daily Fibonacci support this would also imply a possibility that EURUSD could also experience a substantial pull back. As the moving averages have not as yet positively crossed on the daily chart and furthermore as we have not had a Higher Low, the uptrend on the daily chart has not been confirmed. Therefore a reversion to a broader negative trend is also a possibility if a positive trend confirmation does not happen in the next few sessions.
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 9th April 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Yesterday’s pullback into support was not unexpected after two strong up days. The price action has approached the 8 period moving averages which offer the possibility of buying weakness 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 9th April 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 96.00 – 94.30
Target 1 : 98.85
Target 2 : 100.45
Stop : 92.55
Comments
USDJPY has been totally news driven but with 100 number looming over head there is a possibility that the Yen’s weakness is halted at this level but there is still a relatively small distance to go before this currency pair reaches this number.
As mentioned yesterday 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.
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 9th April 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
With the price action basing above both daily and weekly Fibonacci support we are monitoring the price action for potential buying opportunities. However there is a possibility that USDCHF drops a further 170 pips into this Fibonacci zone therefore one could possibly ignore any further longs until the price action has retraced sufficiently into this area.
Traders with a more aggressive risk profile could possibly enter off signs of intraday positive rotation with an initial target being the 8 period moving averages. However as there is an established bearish LH LL combination the short side on approaches to the 8 period moving average could also offers some down side opportunity.
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
Comments
This morning Oil is trading higher off the support area that we identified. The possible initial target is the 8 period moving averages.
Alternatively a failure to close higher by the end of today’s session could give the bears encouragement to push Oil back to trend support for a further retest.
Definitions
Trend : Current trend as defined by technical Swing Analysis
HH : Higher High
HL : Higher Low
LL : Lower Low
LH : Lower High
Daily Technical Analysis for Gold as at 9th April 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1577 – 1599.25
Target 1 : 1539.30
Target 2 : 1526.85
Stop : 1616.60
Comments
Gold continues to trade around Fibonacci resistance and the moving averages.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