Daily Technical Analysis from ACFX 08/13/2013
Posted: Tue Aug 13, 2013 6:36 amDaily Technical Analysis for EURUSD as at 13th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading higher from the open after yesterdays down day.
Following the break of trend line resistance EURUSD traded lower off its highs and this move has continued back to the downward sloping trend line and the 8 period moving averages where support and buyers could potentially enter the market. However as the swing bias is still bearish we are monitoring the possibility of a move to the 34 period moving averages.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading around the area of trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.
Alternative counter trend bullish factors:
1. The price action has retraced into the 8 period moving averages which could offer a buying opportunity.
2. The price action has broken and retraced to trend line resistance.
3. The averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively as the price action is trading above the 8 period moving averages approaches back to this average could offer support and a buying area.
Daily Technical Analysis for GBPUSD as at 13th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading lower from the open after yesterdays down day.
Following the breach of the prior swing high, the trend has turned positive. However further upward momentum is finding resistance on its approach to Fibonacci resistance. We are monitoring a potential move to the 8 period moving averages.
In terms of the bigger the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.
Scenario 2
Alternatively the price action extended from the averages could offer short term shorting opportunities.
Daily Technical Analysis for USDCHF as at 12th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading higher from the open after yesterdays up day
USDCHF has found support at the 0.9200 area and trend line support. This moving the positivity has continued with a move that has breached the 8 period moving averages.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.
Alternative counter trend bullish factors:
1. USDCHF has bounced off the 0.9200 level.
2. USDCHF has bounced of trend line support.
Scenario 1
As the dominant daily trend is down the 8 period moving averages may possibly offer shorting opportunities.
Scenario 2
Alternatively the current bounce off support could potentially move to the area of the 34 period moving averages.
Daily Technical Analysis for USDJPY as at 13th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning trading higher from the open after yesterdays up day.
USDJPY has experienced a strong bounce after a somewhat extended move down. The price action has this morning corrected to the 8 period moving averages. We are monitoring the potential for a negative rotation and return to the down trend at this average.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively as the price action is extended from the averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.
Daily Technical Analysis for Gold as at 13th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading higher from the open after yesterdays up day.
Gold is trading above the positively layered averages as this metal attempts to print a higher low swing. However the price action continues to trade within the Fibonacci resistance area and would require a swing high breach to confirm a reversal to an upside bias.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading above the averages which could be viewed as an overbought opportunity.
3. The weekly time frame continues to point down.
4. The price action is trading within the Fibonacci resistance zone.
5. The RSI is diverging negatively.
Alternative counter trend bullish factors:
1. The price action is attempting to print a higher low.
2. The moving averages are layered positively.
3. The price action is trading above the averages.
4. The price action is trading above the 1322 support level.
Scenario 1
As the dominant daily trend is down as Fibonacci resistance may offer a shorting opportunity.
Scenario 2
Alternatively retracements to the averages may potentially offer buying opportunities.
Daily Technical Analysis for Oil (WTI) as at 13th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading higher from the open after yesterdays up day.
Following Oils 8th August down spike that breached the prior swing low the price action has since bounced off the 34 and is now trading above the 8 period moving averages. Although the down spike has effectively turned the swing bias to negative the subsequent bullish reversal could indicate that break down was nothing more than a fake out. A breach of the prior swing high or swing low will confirm the bullish or bearish bias.
In terms of the bigger picture the swing bias remains negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
Alternative counter trend bullish factors:
1. The prior down spike has been reversed.
2. The price action is trading above the averages.
3. The averages are layered positively.
4. The price action is forming a possible corrective zigzag consolidation pattern.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI diverging positively.
Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.
Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading higher from the open after yesterdays down day.
Following the break of trend line resistance EURUSD traded lower off its highs and this move has continued back to the downward sloping trend line and the 8 period moving averages where support and buyers could potentially enter the market. However as the swing bias is still bearish we are monitoring the possibility of a move to the 34 period moving averages.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading around the area of trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.
Alternative counter trend bullish factors:
1. The price action has retraced into the 8 period moving averages which could offer a buying opportunity.
2. The price action has broken and retraced to trend line resistance.
3. The averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively as the price action is trading above the 8 period moving averages approaches back to this average could offer support and a buying area.
Daily Technical Analysis for GBPUSD as at 13th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading lower from the open after yesterdays down day.
Following the breach of the prior swing high, the trend has turned positive. However further upward momentum is finding resistance on its approach to Fibonacci resistance. We are monitoring a potential move to the 8 period moving averages.
In terms of the bigger the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.
Scenario 2
Alternatively the price action extended from the averages could offer short term shorting opportunities.
Daily Technical Analysis for USDCHF as at 12th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading higher from the open after yesterdays up day
USDCHF has found support at the 0.9200 area and trend line support. This moving the positivity has continued with a move that has breached the 8 period moving averages.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.
Alternative counter trend bullish factors:
1. USDCHF has bounced off the 0.9200 level.
2. USDCHF has bounced of trend line support.
Scenario 1
As the dominant daily trend is down the 8 period moving averages may possibly offer shorting opportunities.
Scenario 2
Alternatively the current bounce off support could potentially move to the area of the 34 period moving averages.
Daily Technical Analysis for USDJPY as at 13th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning trading higher from the open after yesterdays up day.
USDJPY has experienced a strong bounce after a somewhat extended move down. The price action has this morning corrected to the 8 period moving averages. We are monitoring the potential for a negative rotation and return to the down trend at this average.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively as the price action is extended from the averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.
Daily Technical Analysis for Gold as at 13th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading higher from the open after yesterdays up day.
Gold is trading above the positively layered averages as this metal attempts to print a higher low swing. However the price action continues to trade within the Fibonacci resistance area and would require a swing high breach to confirm a reversal to an upside bias.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading above the averages which could be viewed as an overbought opportunity.
3. The weekly time frame continues to point down.
4. The price action is trading within the Fibonacci resistance zone.
5. The RSI is diverging negatively.
Alternative counter trend bullish factors:
1. The price action is attempting to print a higher low.
2. The moving averages are layered positively.
3. The price action is trading above the averages.
4. The price action is trading above the 1322 support level.
Scenario 1
As the dominant daily trend is down as Fibonacci resistance may offer a shorting opportunity.
Scenario 2
Alternatively retracements to the averages may potentially offer buying opportunities.
Daily Technical Analysis for Oil (WTI) as at 13th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading higher from the open after yesterdays up day.
Following Oils 8th August down spike that breached the prior swing low the price action has since bounced off the 34 and is now trading above the 8 period moving averages. Although the down spike has effectively turned the swing bias to negative the subsequent bullish reversal could indicate that break down was nothing more than a fake out. A breach of the prior swing high or swing low will confirm the bullish or bearish bias.
In terms of the bigger picture the swing bias remains negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
Alternative counter trend bullish factors:
1. The prior down spike has been reversed.
2. The price action is trading above the averages.
3. The averages are layered positively.
4. The price action is forming a possible corrective zigzag consolidation pattern.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI diverging positively.
Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.
Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.