Daily Technical Analysis for EURUSD as at 12th September 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading lower from the open after yesterdays up day.
Yesterday EURUSD continued to move further into the Fibonacci resistance area and is this morning trading above both averages and trend line resistance. That the swing bias is still negative and EURUSD has entered a potential Fibonacci sell zone we are monitoring the price action for any signs of negativity at this levels which could ultimately push this pair lower.
However the weekly frame time does continue to point up which could indicate that this change of daily trend is nothing more than a strong corrective move
In terms of the bigger picture the swing bias has changed to negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading at moving average resistance which could be viewed as over bought.
3. The price action is trading within Fibonacci resistance.
4. The averages have crossed negatively.
5. The RSI is showing signs of negative divergence.
Alternative counter trend bullish factors:
1. The weekly time frame has a positive swing bias.
2. The price action has breached trend line resistance.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively if EURUSD can breach Fibonacci resistance there is a possibility that the move continues to the previous swing high.
Daily Technical Analysis for GBPUSD as at 12th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading unchanged from the open after yesterdays up day.
GBPUSD yesterday experience an extremely good up day as it spiked through the high of the 17th June. The price action is now slamming into the 1.5825 area which is an important area of resistance which coincides with both a prior daily and weekly pivot swing low that was breached during recent collapse of GBPUSD.
We are monitoring the price action for continued positive momentum. However as the price action is looking extended then the averages a corrective down to sideways move is a possibility.
In terms of the bigger picture 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 has bounced off positively layered averages.
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.
Alternative counter trend bearish factors:
1. GBPUSD is trading within Fibonacci resistance.
2. The price action is extended from the averages.
3. The price action is trading into an area of resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities.
Scenario 2
Alternatively as the price action is extended from the averages short scalping opportunities could potentially become available.
Daily Technical Analysis for USDCHF as at 12th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading higher from the open after yesterdays down day
USDCHF continues bounced off Fibonacci support. We are monitoring a potential move to the previous swing high.
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 RSI is in gear with the move.
3. The averages are positively layered.
Alternative counter trend bearish factors:
1. The weekly time frame continues to have a negative bias.
Scenario 1
As the dominant daily trend is up corrective pullbacks could possibly offer buying opportunities.
Scenario 2
Alternatively a breach of the 34 period moving averages could see USDCHF move in the direction of the prior swing low.
Daily Technical Analysis for USDJPY as at 12th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning higher lower from the open after yesterdays down day.
Yesterday USDJPY retrace to the 8 period moving averages and this negativity has continued this morning as the price action is now attempting to trade down to the 34 period moving averages. This move does coincide with a bounce off the 100 areas and Fibonacci resistance.
We are monitoring the extent of this correction. If USDJPY does not breach the 28th August lows then there is potential of a higher low being printed prior to a further attempt being made on the 100 level. A breach of the 100 level will then focus our attention on the 101.50 level which coincides with a prior swing high. This could open the way for a potential move to the May 2013 highs as there will be cleared sky for this move to happen.
However the current resistance levels are now in focus and we are monitoring the extent of any correction. A breach of the prior swing low would of course turn the swing bias negative.
In terms of the bigger picture the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias positive.
2. The price action has printed a higher low.
3. The price action has breached the upper trend line of a converging triangle.
4. The moving averages have crossed positively.
5. The price action is trading into the moving averages which could be viewed as oversold.
6. The RSI is confirming the move.
Alternative counter trend bearish factors:
1. The 100 level is offering resistance.
2. Fibonacci resistance could offer down side pressure.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities
Scenario 2
Alternatively Fibonacci resistance and the 100 level could offer selling opportunities down to the 34 period moving averages and prior swing low support.
Daily Technical Analysis for Gold as at 12th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading lower from the open after yesterday’s unchanged day.
Gold this morning is experiencing a broader correction as it trades lower. The move thus far has breached the 34 period moving averages and has importantly entered into a potential Fibonacci buy zone. We are monitoring the price action for a potential bounce off these levels and a subsequent move to the prior swing high.
However if the correction gains momentum there is a possibility that Gold attempts to breach the prior pivot swing low which will effectively change the trend to short.
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 1322 support level.
5. The RSI is in gear with the move.
6. The price action has entered Fibonacci support.
Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
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 break beneath the 34 moving averages could see Gold trade down to the 1300 area.
Daily Technical Analysis for Oil (WTI) as at 12th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading lower from the open after yesterdays up day.
Following the strong bounce off moving average support area Oil failed to maximize its gains and eventually has traded back down to the averages. A prominent RSI negative divergence is a warning sign that a broader correction might be on the cards. However as the swing bias remains positive for the time being we are monitoring a potential bounce off moving average and Fibonacci support and a move to the prior swing high.
In terms of the bigger picture the swing bias is 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 trading above the large monthly converging triangle.
Alternative counter trend bearish factors:
1. The weekly RSI diverging negatively.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.
Scenario 2
Alternatively a breach of current support could see Oil trade down to the previous swing low.