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Daily Technical Analysis for 3rd January 2014 from ACFX

EURUSD



Yesterday’s summary
Yesterday’s trading saw EURUSD end the session 83 pips lower from its open whilst trading a 145 pip range.

Market overview
Following Friday’s breach of the 25th October pivot high the swing bias is now positive on both the daily and weekly time frames. This move followed a correction and bounce off support and the 8 period moving averages.

Thursday’s price action saw EURUSD continue its correction down to the 34 period moving averages. I am monitoring the possibility of an upward bounce from this area.

Focus on today
This morning EURUSD is trading within the previous day’s range and within a 25 pip early morning Tokyo session range.

Furthermore currently EURUSD is this morning trading within the 1.3629/1.3675 previous day range low.

AS EURUSD is trading between the 1.3629/1.3675 congestion range, I am monitoring the potential for the price action to break out or break down from this area.

Alternatively EURUSD could continue to trade within the 1.3629/1.3675 area for the rest of the session.

Key intraday levels
EURUSD: 1.3629, 1.3675, 1.3791, 1.3819.



GBPUSD



Yesterday’s summary
Yesterday’s trading saw GBPUSD end the session 114 pips lower from its open whilst trading a 193 pip range.

Market overview
The price action continues to have a positive daily swing bias on both daily and weekly time frames.
Thursday’s price action can be viewed as a correction towards the 8 period moving averages. I am monitoring the possibility of further upside movement.

Focus on today
This morning GBPUSD is trading within the previous day’s range and within a 38 pip early morning Tokyo session range.

Furthermore currently GBPUSD is this morning trading within the 1.6409/1.6459, previous day range low.

AS GBPUSD is trading between the 1.6409/1.6459 congestion range, I am monitoring the potential for the price action to break out or break down from this area.

Alternatively GBPUSD could continue to trade within the 1.6409/1.6459 area for the rest of the session.

Key intraday levels
GBPUSD: 1.6409, 1.6459, 1.6570, 1.6603.



USDJPY



Yesterday’s summary
Yesterday’s trading saw USDJPY end the session 53 pips lower from its open whilst trading a 90 pip range.

Market overview
USDJPY continues to have a positive daily and weekly swing bias but is currently experiencing a downside correction.
Thursday’s price action can be viewed as a controlled correction down to the 8 period moving averages. I am monitoring the possibility of a return to the uptrend. However this morning’s has seen an acceleration of the down trend. Therefore there is potential of USDJPY moving down to the 34 period moving averages.

Focus on today
This morning USDJPY is trading below the previous day’s low and within a 78 pip early morning Tokyo session range.

Furthermore currently USDJPYis also trading between the 103.76/103.98 to 105.23/105.44 price congestion areas.

AS USDJPY is trading between the 103.76/103.98 to 105.23/105.44 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.

Alternatively there is a possibility that USDJPY trades in between the 103.76/103.98 to 105.23/105.44 levels for the rest of the day.

Key intraday levels
USDJPY: 103.76, 103.98, 105.23, 105.44.



USDCHF



Yesterday’s summary
Yesterday’s trading saw USDCHF end the session 70 pips higher from its open whilst trading a 119 pip range.

Market overview
USDCHF continues to have a negative daily and weekly swing bias as the price action prints new lower lows.

Thursday’s price action saw USDCHF trade aggressively higher as the price action broke above the 8 period moving averages. I am monitoring the price action as it trades around the down trend line and 34 period moving averages. A bounce off this area could possibly indicate a resumption of the down trend however a break above this area could potentially indicate an acceleration of upside momentum.

Focus on today
This morning USDCHF is trading within the previous day’s range and within a 20 pip early morning Tokyo session range.

Furthermore currently USDCHF is this morning trading within the 0.8986/ 0.9028 previous day range high.

AS USDCHF is trading between the 0.8986/ 0.9028 congestion range, I am monitoring the potential for the price action to break out or break down from this area.

Alternatively USDCHF could continue to trade within the 0.8986/ 0.9028 area for the rest of the session.

Key intraday levels
USDCHF: 0.8798, 0.8844, 0.8986, 0.9028.

EURUSD



Yesterday’s summary
Yesterday’s trading saw EURUSD end the session 32 pips higher from its open whilst trading a 87 pip range.

Market overview
Following the breach of the 25th October pivot high the swing bias is now positive on both the daily and weekly time frames. However the recent bearish price action has led to the averages crossing negatively.

Thursday’s price action saw EURUSD trade down to the upward trend line where it found strong support. The effect was for EURUSD to trade and close higher. I am this morning monitoring the possibility that yesterdays move follows through into today’s trading day and for EURUSD trade higher. However a breach of trend line support could see EURUSD could see EURUSD trade down to the 1.3525 level which is a prior congestion area.
Focus on today
This morning EURUSD is trading within the previous day’s range and within a 17 pip early morning Tokyo session range.

Furthermore currently EURUSD is this morning trading within the 1.3546/1.3633 previous day range low.

AS EURUSD is trading between the 1.3546/1.3633 congestion range, I am monitoring the potential for the price action to break out or break down from this area.

Alternatively EURUSD could continue to trade within the 1.3546/1.3633 area for the rest of the session.

GBPUSD



Yesterday’s summary
Yesterday’s trading saw GBPUSD end the session 33 pips higher from its open whilst trading a 59 pip range.

Market overview
The price action continues to have a positive daily swing bias on both daily and weekly time frames. Following a correction down Fibonacci and trend line support it would appear that GBPUSD is attempting to resume its prior up trend.
Thursday’s price action saw GBPUSD continue to trade higher as it shadows the 8 period moving averages. This morning I am monitoring the possibility of a higher values for GBPUSD during today’s trading day. However a breach of yesterday’s low could see GBPUSD trade down to trend line support.
Focus on today
This morning GBPUSD is trading within the previous day’s range and within a 10 pip early morning Tokyo session range.

Furthermore currently GBPUSD is also trading between the 1.6336/1.6380 to 1.6570/1.6603 price congestion areas.

AS GBPUSD is trading between the 1.6336/1.6380 to 1.6570/1.6603 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.

Alternatively there is a possibility that GBPUSD trades in between the 1.6380 to 1.6570 levels for the rest of the day.

USDJPY



Yesterday’s summary
Yesterday’s trading saw USDJPY end the session unchanged from its open whilst trading a 48 pip range.

Market overview
USDJPY continues to have a positive daily and weekly swing bias. After experiencing a minor controlled correction it would appear that USDJPY is attempting to resume its prior positive trend.
Thursday’s was a quiet day for USDJPY as it traded and closed around the 8 period moving averages. The price action this morning has opened up within yesterday’s range. A break above yesterday’s high or low could indicate the possible market direction for the day.
Focus on today
This morning USDJPYis trading within the previous day’s range and within a 20 pip early morning Tokyo session range.

Furthermore currently USDJPYis also trading between the 103.90/104.36 to 105.23/105.44 price congestion areas.

AS USDJPY is trading between the 103.90/104.36 to 105.23/105.44 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.

Alternatively there is a possibility that USDJPY trades in between the 104.36 to 105.23 levels for the rest of the day.

USDCHF



Yesterday’s summary
Yesterday’s trading saw USDCHF end the session 37 pips lower from its open whilst trading a 62 pip range.

Market overview
USDCHF continues to have a negative daily and weekly swing bias however the recent prices action has seen USDCHF appreciate. The recent move has lead to the averages crossing positively.

Thursday’s price action finally saw USDCHF the first strong bearish activity in 8 days of trading. I am this morning monitoring the possibility of USDCHF resuming its daily and weekly down trend. However a sustained move back into the previous two days range high could see USDCHF continue with the recent positive correction.
Focus on today
This morning USDCHF is trading below the previous day’s low and within a 15 pip early morning Tokyo session range.

Furthermore currently USDCHF is this morning trading within the 0.9076/0.9127 previous day range high.

AS USDCHF is trading just above/beneath/between the 0.9076/0.9127 congestion range, I am monitoring the potential for the price action to break out or break down from this area.

Alternatively USDCHF could continue to trade within the 0.9076/0.9127 area for the rest of the session.

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