Daily Technical Analysis for EURUSD as at 4th November 2013
DAILY OVERVIEW
Trend : Down
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
On Friday EURUSD traded much lower as it broke down from trend line support and the 34 period moving averages. This morning EURUSD traded down to a lower trend line where buying came into the market.
However this morning’s moves lower has breached the 16th October prior isolated low. This breach has effectively changed the daily trend from up to down.
That the weekly time frame does continue to point up and the RSI is forming a positive divergence and with the price action this morning bouncing off support could give the market the excuse to bounce further. However unless the price action can take out a previous high the swing bias on the daily time frame will remain negative.
Upside targets 1.3710, 1.3835 and 1.4250 all being previous isolated highs. Down side targets being the 6th September prior isolated low at 1.3104.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities.
Scenario 2
Alternatively as EURUSD is trading at trend line support there is a possibility of a corrective bounce.
Daily Technical Analysis for GBPUSD as at 4th November 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
On Friday GBPUSD traded much lower as it broke down from the 34 period moving averages and trend line support. This morning GBPUSD is making an attempt to breach the 16th October isolated low which would effectively change the trend to short. The moving averages have also crossed negatively which is an indication that the trend may change. However the RSI continues to for a positive divergence.
On a daily swing bases GBPUSD continues to trend positively on both daily and weekly time frames. However the current price action would appear to be attempting to print a lower high. Therefore it is important for the health of the current uptrend for the price action to not trade beneath the 16th October isolated low. Furthermore if GBPUSD can trade above the isolated highs of the 23rd and 1st October then the 1.6400 target level that coincides with a prior weekly pivot high will come back into play.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities.
Scenario 2
Alternatively as there has been a breach of trend line there is a possibility of a move down to 1.5893 being a prior isolated low that was printed on 16th October.
Daily Technical Analysis for USDCHF as at 4th November 2013
DAILY OVERVIEW
Trend : Down
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
On Friday USDCHF traded much higher as it broke away from the 34 period moving averages. This morning USDCHF is trading towards the downward sloping trend line.
On a basis swing bases the trend continues to be negative. Furthermore USDCHF has now traded into Fibonacci resistance and a negative RSI divergence is forming. Therefore there is potential for negative rotation at these levels and a resumption of the down trend.
The support and resistance areas on a weekly swing pivot basis being 0.9020 0.8930, 0.8570 and 0.9200.
Scenario 1
As the dominant daily trend is down corrective pullbacks could possibly offer selling opportunities with retracements back to the averages, the prior pivot low and broken support being value areas where shorts could potentially be added.
Scenario 2
Alternatively the breach of the 34 period moving averages could see USDCHF trade towards trend line resistance.
Daily Technical Analysis for USDJPY as at 1st November 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
On Friday USDJPY attempt to trade into Fibonacci resistance but ultimately failed to close inside this area. This morning’s open has been very quiet.
As USDJPY has printed a higher low if the price action can now trade above the isolated high of the 17th October the swing bias will change to positive. However the current swing bias on the daily chart continues to be negative and this is confirmed by the negatively layered averages and downside pressure offered by Fibonacci resistance.
In terms of the bigger picture USDJPY continues to trade within a converging triangle. However the breach of the 96.80 level coincides with a prior swing low. This breach of this pivot has effectively changed the trend to short on a swing basis.
However the trend change to down maybe limited due to the strength of the uptrend’s that can be found in both Monthly and Weekly time frames. Therefore breaks of the converging triangle formation should be treated with care and possibly entered after further confirmation is received.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively the printing of a higher lower and with the price action now trading around the averages could prompt USDJPY to trade up to the 17th October isolated high.
Daily Technical Analysis for Gold as at 4th November 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold on Friday continued to trade lower as it resumed with the prior down trend. This morning Gold has opened quietly and within Fridays range.
On a daily both a daily and weekly swing basis Gold is trading negatively.
Scenario 1
As the dominant daily trend is down corrective sideways to up movements could potentially be viewed as selling opportunities.
Scenario 2
Alternatively long scalping opportunities might arise as the price action become extended from the averages.
Daily Technical Analysis for Oil (WTI) as at 4th November 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil on Friday broke the 95.50 support level and is now trading within a large prior congestion area.
The trend on a daily swing bias is short with the averages and the RSI confirming this direction. However as the weekly time frame remains positive the below congestion area might prove to be a strong support area.
Scenario 1
As the dominant daily trend is down retracements up to resistance such as the averages areas could possibly be viewed as selling opportunities.
Scenario 2
Alternatively one could possibly take scalp longs up to the averages.