Daily Technical Analysis from ACFX 08/28/2013
Posted: Wed Aug 28, 2013 6:02 amDaily Technical Analysis from ACFX 08/28/2013
Daily Technical Analysis for EURUSD as at 28th 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 up day.
The price action this morning has opened and is trading within a 3 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 28th 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.
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 28th 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 down day
Yesterday USDCHF broke down from the 8 period moving averages and broke beneath 0.9200 level and trend line support. We are monitoring a potential breach of the 20th August low.
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 cannot breach the 20th August low there is potential for a pullback to the 8 period moving averages.
Daily Technical Analysis for USDJPY as at 28th 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 down day.
Yesterday USDJPY down from the averages following what appears to be a corrective pull back. This move is in line with a rejection of Fibonacci resistance.
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.
7. The price action is trading below the moving averages.
Alternative counter trend bullish factors:
1. 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 we may see a corrective up to sideways pullback.
Daily Technical Analysis for Gold as at 28th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading higher 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.
We continue monitor pullbacks to the 8 period moving averages as buying opportunities.
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 extended from the averages.
Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.
Scenario 2
Alternatively as the price action is extended from the averages there is potential for taking counter trend shorts down to the averages.
Daily Technical Analysis for Oil (WTI) as at 28th 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.
As posted previously although Oil printed a lower low and lower high bearish combination the broader analysis of the price pattern that was formed is that price action is potentially printing a bullish flag consolidation.
Following the 21st August potential higher low being printed Oil yesterday did reverse to the upside on a swing bases by trading above the previous pivot high. This upward momentum has continued this morning.
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. Oil is trading above the averages.
3. The prior down spike has been reversed.
4. The averages are layered positively.
5. The price action is forming a possible corrective zigzag consolidation pattern.
6. The price action is trading above the large monthly converging triangle.
7. The weekly RSI diverging positively.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to resistance areas could possibly be viewed as buying opportunities.
Scenario 2
Alternatively as the price action is extended from the averages Oil may experience a down to sideways corrective pullback.
Daily Technical Analysis for EURUSD as at 28th 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 up day.
The price action this morning has opened and is trading within a 3 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 28th 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.
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 28th 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 down day
Yesterday USDCHF broke down from the 8 period moving averages and broke beneath 0.9200 level and trend line support. We are monitoring a potential breach of the 20th August low.
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 cannot breach the 20th August low there is potential for a pullback to the 8 period moving averages.
Daily Technical Analysis for USDJPY as at 28th 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 down day.
Yesterday USDJPY down from the averages following what appears to be a corrective pull back. This move is in line with a rejection of Fibonacci resistance.
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.
7. The price action is trading below the moving averages.
Alternative counter trend bullish factors:
1. 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 we may see a corrective up to sideways pullback.
Daily Technical Analysis for Gold as at 28th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading higher 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.
We continue monitor pullbacks to the 8 period moving averages as buying opportunities.
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 extended from the averages.
Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.
Scenario 2
Alternatively as the price action is extended from the averages there is potential for taking counter trend shorts down to the averages.
Daily Technical Analysis for Oil (WTI) as at 28th 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.
As posted previously although Oil printed a lower low and lower high bearish combination the broader analysis of the price pattern that was formed is that price action is potentially printing a bullish flag consolidation.
Following the 21st August potential higher low being printed Oil yesterday did reverse to the upside on a swing bases by trading above the previous pivot high. This upward momentum has continued this morning.
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. Oil is trading above the averages.
3. The prior down spike has been reversed.
4. The averages are layered positively.
5. The price action is forming a possible corrective zigzag consolidation pattern.
6. The price action is trading above the large monthly converging triangle.
7. The weekly RSI diverging positively.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to resistance areas could possibly be viewed as buying opportunities.
Scenario 2
Alternatively as the price action is extended from the averages Oil may experience a down to sideways corrective pullback.