Daily Technical Analysis for EURUSD as at 16th September 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading unchanged from the open after Fridays down day.
This morning EURUSD has gapped higher on the open and is now trading deep within the Fibonacci resistance area. This upside gap could be an indication that EURUSD is attempting to turn positive which would be in line with the current weekly trend.
However as the swing bias is still negative we are monitoring a potential move to the area of the prior swing low.
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 16th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading higher from the open after Fridays up day.
This morning GBPUSD has opened with an upside gap and broken through the 1.5825 resistance level.
We are monitoring the price action for continued positive momentum and a potential move to trend line resistance. 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 approaching trend line 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 16th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading higher from the open after Friday’s down day
This morning USDCHF has opened with a downside gap and is now trading deep within Fibonacci support and approaching horizontal support. If support can hold then we will monitor a possible move to the prior swing high.
However a breach of support could see USDCHF trade towards the prior swing low.
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 as the 34 period moving averages as been breached could now see USDCHF move in the direction of the prior swing low.
Daily Technical Analysis for USDJPY as at 16th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning unchanged from the open after Fridays down day.
This morning USDJPY has opened with a downside gap near to the 34 period moving averages. We are monitoring the price to see if support can hold prior to a retest of the 100 level.
However a breach of the 34 period moving averages could see USDJPY trading down towards the prior swing low.
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 a breach of the 34 period moving averages could offer a shorting opportunity to the prior swing low.
Daily Technical Analysis for Gold as at 16th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading lower from the open after Fridays up day.
Gold has experienced a broad downside correction and is now trading deep into Fibonacci support. Friday Gold tried to trade lower but support came into the market. This can be seen by the formation of bullish hammer candle. We are monitoring the price action for a potential 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 the breach of the 34 moving averages could see Gold trade down to the 1300 area.
Daily Technical Analysis for Oil (WTI) as at 16th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading higher from the open after Fridays down 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.