Daily Technical Analysis for EURUSD as at 22nd November 2013
Yesterday’s summary
Yesterday initially EURUSD traded lower and marginally breached the 1.3400 level. This down move turned out to be the full extent of yesterday’s negativity as EURUSD reversed and broke higher from this level during the London session.
During the New York session EURUSD continued to trade higher and eventually close near the top of its daily range.
Market open focus
EURUSD has been trading within a 40 odd pip overnight and Tokyo session range being 1.3444 to 1.3486. Currently EURUSD is currently attempting to breach the top of this range.
The key intraday levels to watch are 1.3399, 1.3433, 1.3444, 1.3486, 1.3532, and 1.3578.
The possible projected maximum daily ranges based upon current price action are 1.3399 to 1.3510.
Today’s scenarios
1. EURUSD is trading within a 40 pip early morning range. I am monitoring potential shorts below 1.3444 with a target of 1.3399. However the 1.3433 may offer additional support.
2. Alternatively a potential break above 1.3486 has an upside intraday target of 1.3510.
Macro trade Ideas
1. The breach of the 16th October prior isolated low has changed the daily trend on a swing basis from up to down. The move back up to the averages and previously broken trend line has proved a good value area where shorts could be added. I am monitoring a continuation of the move down to the 7th November low at 1.3300 levels a prior daily swing low.
2. However the weekly time frame continues to be swing positive. Therefore there is a possibility that the down trend on the daily chart is nothing more than a corrective sell off that brings the price action into potential value areas where long term swing position buy trades could be executed. It should also be noted that EURUSD has traded into a large Fibonacci support area where price action stalled and bounced. With this in mind there is potential for a substantial upside move that could bring the daily trend back into line with the weekly trend. This scenario is valid as long as EURUSD can trade above the 1st September swing long which comes in around the 1.3100 area.
The Macro Technical Targets
The upside targets are 1.3470, 1.3530, 1.3650, and 1.3830. The downside targets are 1.3300, 1.3200, 1.3100 and 1.2750.
Daily Technical Analysis for GBPUSD as at 22nd November 2013
Yesterday’s summary
GBPUSD traded lower during the Tokyo session before it found support and reversed at the 1.6070 level. Off this low GBPUSD broke higher during the European / London session. The move higher continued into the New York session with the GBPUSD eventually closing at its highs and printing a large 130 pip daily range.
Market open focus
This morning’s Tokyo session range of 1.6174 and 1.6202 being some 27 pips is relatively small compared to the prior sessions. GBPUSD has already made one attempt this morning to trade above the high of this range.
The key intraday levels to watch are 1.6070, 1.6108, 1.6174, and 1.6202.
The possible projected maximum daily ranges based upon current price action are 1.6100 to 1.6275.
Today’s scenarios
1. GBPUSD is trading within a 27 pip early morning range. I am monitoring potential shorts below 1.6174 with a target of 1.6100.
2. Alternatively a potential break above 1.6202 has an upside intraday target of 1.6275.
Macro trade ideas
1. The breach of the 16th October swing low the trend on a daily swing basis has changed from up to down. However the breach of the 6th November minor swing high and the averages crossing positively does put a question mark with respect to the strength of this trend. Despite this and with GBPUSD now trading up to multi month trend line resistance may offer a potential opportunity for the price action to once again reverse to the down side.
2. Alternatively the weekly time frame continues to have a positive swing bias which could indicate that the daily chart negativity could be little more than a downside correction. A break above the 23rd October high would confirm this scenario.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 22nd November 2013
Yesterday’s summary
USDCHF yesterday traded higher during Tokyo session prior to breaking lower at the London open. The New York session saw USDCHF consolidate within a tight 25 pip range prior to resuming the downward momentum in overnight trading.
Market open focus
This morning’s Tokyo has seen USDCHF trade with a tight 23 pip range. I am currently monitoring a breach of 0.9126 being the bottom of the range during the London session.
The key intraday levels to watch are 0.9078, 0.9112, 0.9159, and 0.9192.
The possible projected maximum daily ranges based upon current price action are 0.9078 to 0.9192.
Today’s scenarios
1. USDCHF is trading within a 23 pip early morning range. I am monitoring potential shorts below 0.9126 with a target of 0.9078.
2. Alternatively a potential break above 0.9150 has an upside intraday target of 0.9192.
Macro trade ideas
1. On a basis swing bases the trend is now positive following the breach of the prior isolated high. The price action has broken higher since trading within positively layered moving averages and above trend line support after what has been a substantial downside correction. An upside break would have initial target of the 9th September swing high at 0.9455.
2. However the weekly time frame continues to point down. Therefore a sustained breach of the 8 period moving averages puts into play a potential move to the 34 period moving averages
Macro technical levels
The macro technical levels are 0.9020 0.8930, 0.8570 and 0.9200.
Daily Technical Analysis for USDJPY as at 22nd November 2013
Yesterday’s summary
Yesterday USDJPY traded higher during the Tokyo session and this positivity continued in the London and New York sessions in what was a very large 115 pip daily range.
Market open focus
During this morning’s Tokyo session USDJPY has traded within a 35 pip range. I am currently monitoring an initial attempt break beneath 100.98 being the bottom of this range.
The key morning levels to watch are 99.59, 99.99, 100.98, and 101.35.
The possible projected maximum daily ranges based upon current price action are 100.60 to 101.70.
Today’s scenarios
1. USDJPY is trading within a 35 pip early morning range. I am monitoring potential shorts below 100.98 with a target of 100.60.
2. Alternatively a potential break above 101.35 has an upside intraday target of 101.70.
Macro trade ideas
1. With USDJPY having breached the prior swing high of the 17th October has changed the trend on a swing bias to up. The change of the daily trend now puts the swing bias in line with the weekly trend. The breach of both the downward sloping trend line and significant 100 levels now puts in play potential moves 101.50 swing levels. The previous 100.60 target having been reached.
2. Alternatively failure to sustain a move above the 100.60 level could possibly see USDJPY trade back to the prior broken converging triangle.