Daily Technical Analysis from ACFX 08/27/2013
Posted: Tue Aug 27, 2013 5:18 amDaily Technical Analysis from ACFX 08/27/2013
Daily Technical Analysis for EURUSD as at 27th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading lower from the open after yesterdays down day.
The price action this morning has opened and is trading within a 2 day range. The breach of the prior swing high continues to give EURUSD a positive bias.
We continue to monitor the price action to see if the 8 period moving average will act as support.
In terms of the bigger picture the swing bias has changed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has breached trend line resistance.
3. The weekly time frame is in gear with the daily time frame.
4. The averages have crossed positively.
5. The price action has broken above the 8 period moving averages.
Alternative counter trend bullish factors:
1. The averages are becoming extended which could lead to corrective down to sideways price action.
2. The RSI is confirming is showing signs of negative divergence.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities
Scenario 2
Alternatively if EURUSD can breach the 8 period moving averages the next target is the 34 period moving averages.
Daily Technical Analysis for GBPUSD as at 27th 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 up day.
GBPUSD continues to trade under the 8 period moving averages
As the swing bias remains positive we are monitoring this pullbacks to the averages acting as a potential buying area. However there is potential for a move to the 34 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 moving averages are somewhat extended.
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 a sustain break of the 8 period moving averages could potentially see GBPUSD trade into the direction of the 34 period moving averages.
Daily Technical Analysis for USDCHF as at 27th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading lower from the open after yesterdays up day
Following the breach of both trend line support and the 0.9200 area we have witnessed a good bounce off these levels. We are monitoring the price action to see if USDCHF can make a sustained push above the 8 period moving averages. The 8 period moving averages is also our initial area of interest where shorting opportunities may arise.
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.
5. The price action is trading beneath the averages.
Alternative counter trend bullish factors:
1. The price action is becoming extended from the averages.
Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.
Scenario 2
Alternatively if the price action can breach the 8 period moving averages then the next target is the 34 period moving averages.
Daily Technical Analysis for USDJPY as at 27th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning trading lower from the open after yesterdays down day.
Yesterday USDJPY experience a quite day as the price action continues to be squeezed between the 8 and 34 period moving averages.
We are monitoring this move up to the Fibonacci resistance area and 34 period moving averages where we will reassess the situation and look for potential reversal patterns and resumption of the down trend. However a sustained move higher could see a higher low printed on the weekly chart with more focus being given to the long side.
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 price action is trading above moving 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 trading above the 34 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance.
Daily Technical Analysis for Gold as at 27th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading unchanged from the open after yesterdays up day.
Following the printing of a higher high and breach the previous swing high Gold is now effectively trending positively.
Friday’s correction down to the 8 period moving averages was our initial area of interest where a resumption of the uptrend could happen. Gold did bounce with force from this level and printed a further higher high.
In terms of the bigger picture the swing bias has reversed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
2. The price action is trading within the Fibonacci resistance zone.
Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.
Scenario 2
Alternatively a sustain breach of the 8 period moving averages could see Gold trade down to the 34 period moving averages.
Daily Technical Analysis for Oil (WTI) as at 27th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading unchanged from the open after yesterdays down day.
Following the down spike and lower low of the 8th August WTI has failed to print a higher high. Furthermore the breach of the 34 period moving averages has been followed by a lower high being printed. A move beneath the prior swing low would confirm the bearish bias however a broader analysis of the price pattern being currently formed is that price action is potentially printing a bullish flag consolidation. A failure of the flag could potentially see Oil move to the Fibonacci support area.
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. Oil is trading above the averages.
2. The prior down spike has been reversed.
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 Technical Analysis for EURUSD as at 27th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading lower from the open after yesterdays down day.
The price action this morning has opened and is trading within a 2 day range. The breach of the prior swing high continues to give EURUSD a positive bias.
We continue to monitor the price action to see if the 8 period moving average will act as support.
In terms of the bigger picture the swing bias has changed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has breached trend line resistance.
3. The weekly time frame is in gear with the daily time frame.
4. The averages have crossed positively.
5. The price action has broken above the 8 period moving averages.
Alternative counter trend bullish factors:
1. The averages are becoming extended which could lead to corrective down to sideways price action.
2. The RSI is confirming is showing signs of negative divergence.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities
Scenario 2
Alternatively if EURUSD can breach the 8 period moving averages the next target is the 34 period moving averages.
Daily Technical Analysis for GBPUSD as at 27th 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 up day.
GBPUSD continues to trade under the 8 period moving averages
As the swing bias remains positive we are monitoring this pullbacks to the averages acting as a potential buying area. However there is potential for a move to the 34 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 moving averages are somewhat extended.
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 a sustain break of the 8 period moving averages could potentially see GBPUSD trade into the direction of the 34 period moving averages.
Daily Technical Analysis for USDCHF as at 27th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading lower from the open after yesterdays up day
Following the breach of both trend line support and the 0.9200 area we have witnessed a good bounce off these levels. We are monitoring the price action to see if USDCHF can make a sustained push above the 8 period moving averages. The 8 period moving averages is also our initial area of interest where shorting opportunities may arise.
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.
5. The price action is trading beneath the averages.
Alternative counter trend bullish factors:
1. The price action is becoming extended from the averages.
Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.
Scenario 2
Alternatively if the price action can breach the 8 period moving averages then the next target is the 34 period moving averages.
Daily Technical Analysis for USDJPY as at 27th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning trading lower from the open after yesterdays down day.
Yesterday USDJPY experience a quite day as the price action continues to be squeezed between the 8 and 34 period moving averages.
We are monitoring this move up to the Fibonacci resistance area and 34 period moving averages where we will reassess the situation and look for potential reversal patterns and resumption of the down trend. However a sustained move higher could see a higher low printed on the weekly chart with more focus being given to the long side.
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 price action is trading above moving 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 trading above the 34 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance.
Daily Technical Analysis for Gold as at 27th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading unchanged from the open after yesterdays up day.
Following the printing of a higher high and breach the previous swing high Gold is now effectively trending positively.
Friday’s correction down to the 8 period moving averages was our initial area of interest where a resumption of the uptrend could happen. Gold did bounce with force from this level and printed a further higher high.
In terms of the bigger picture the swing bias has reversed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
2. The price action is trading within the Fibonacci resistance zone.
Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.
Scenario 2
Alternatively a sustain breach of the 8 period moving averages could see Gold trade down to the 34 period moving averages.
Daily Technical Analysis for Oil (WTI) as at 27th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading unchanged from the open after yesterdays down day.
Following the down spike and lower low of the 8th August WTI has failed to print a higher high. Furthermore the breach of the 34 period moving averages has been followed by a lower high being printed. A move beneath the prior swing low would confirm the bearish bias however a broader analysis of the price pattern being currently formed is that price action is potentially printing a bullish flag consolidation. A failure of the flag could potentially see Oil move to the Fibonacci support area.
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. Oil is trading above the averages.
2. The prior down spike has been reversed.
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.