Daily Technical Analysis 26th March 2014
Posted: Wed Mar 26, 2014 10:19 amDaily Technical Analysis
26th March 2014
EURUSD
Summary
Tuesday EURUSD traded between and tested bo the the 8 and 34 period daily moving averages without being to sustain a break above or beneath either.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.
Focus on today
This morning EURUSD has opened quietly as it trades within the previous two days range.
I am this morning monitoring the price action for a potential move higher and a test of 8 period moving averages.
Alternatively if EURUSD fails to sustain higher prices there is a possibility that EURUSD trades back up to the 34 period moving averages.
GBPUSD
Summary
Tuesday GBPUSD continued to traded under the 34 period moving averages, the 1.6570 support level and the upward sloping trend line.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recent daily pivot low has added a question mark to the overall health of the uptrend. Furthermore breaches of moving average, horizontal and trend line support is adding to the downside pressure. However GBPUSD is now entering an area of Fibonacci support which could stall further downside price action.
Focus on today
This morning GBPUSD has opened quietly as the price action trades at the lows of this recent downside correction.
I am today monitoring the price action for a bounce off Fibonacci support and test of the 1.6570 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 78.6 Fibonacci level.
USDJPY
Summary
Tuesday USDJPY experienced a small range day as it continued to trade at the highs to the recent up spike in prices.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. However a breach of the 101.19 level being the 4th March swing low would technically change the daily trend to down. The recent price action is now indicating that the 101.00 support level is likely to hold.
Focus on today
This morning USDJPY has opened quietly as the price action trades at both averages.
Today I am monitoring a potential test of the 103.00 level.
Alternatively a failure to sustain higher prices could see USDJPY test the 101.70 level.
USDCHF
Summary
Tuesday USDCHF once again tested but could not sustain a close above the 34 period daily moving averages.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to built that will allow for further upside at least to the downward sloping trend line. However the bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.
Focus on today
This morning USDCHF has opened quietly as the price action trades within the previous day’s range.
Today I am monitoring the price action for a retest of the 34 period moving averages.
Alternatively a failure to sustain higher prices could see USDCHF trade back to the 8 period moving averages.
Gold
Summary
Tuesday Gold traded at the lows of the recent large downside correction in what was a very small range day.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The break above the large downward sloping trend line adds impetus to the current positive swing bias. Furthermore we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
However the weekly time frame continues to point down. That the recent rejection of higher prices has come off a bounce from a downward sloping trend line and Fibonacci resistance level could indicate that the recent rally in Gold is part of a bigger cycle correction that ultimately sends Gold lower.
Focus on today
This morning Gold has opened quietly as the price action tests the 1310.00 support level.
Today I am monitoring the price action to test the 1310.00 support level.
Alternatively a failure to sustain lower prices could see Gold test the upward sloping trend line and move and the 34 period moving averages.
Oil
Summary
Tuesday Oil again breifly spiked above the 100 level but was not able to close above this level. Oil continues to trade between the 98 and 100 range as the price action continued to consolidated above Fibonacci support.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias. The recent price activity has seen Oil trade down to an area of Fibonacci support which could potentially offer a buying opportunities.
Focus on today
This morning Oil has opened positively with the price action trading within the previous 3 day’s range.
Today I am monitoring the price action for a breach of the 100 level.
Alternatively a failure to sustain higher prices could see Oil test 98 level.
AUDUSD
Summary
Tuesday AUDUSD continued to trade higher and closed above the 0.9135 level being a recent swing pivot high.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend.
Focus on today
This morning AUDUSD has positivley as the price action trades above the highs of yesterday’s range and is approaching the 50% Fibonacci resistance level.
I am this morning monitoring the price action for a potential test of the Fibonacci resistance area.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back to the 8 period daily moving averages.
Dow30
Summary
Tuesday Dow30 continued to trade higher as it bounced off the 8 period daily moving averages.
Market overview
Dow30 has been trading in a daily down trend following the breach of the 015664 level being the swing low pivot of the 26th December. However the weekly chart continues to trade in a weekly up trend.
Focus on today
This morning Dow30 has positivley as the price action trades at the highs of yesterday’s range.
I am this morning monitoring the price action for a potential test of the 16447 level being last week’s high.
Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 tests the 8 period moving averages.
26th March 2014
EURUSD
Summary
Tuesday EURUSD traded between and tested bo the the 8 and 34 period daily moving averages without being to sustain a break above or beneath either.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.
Focus on today
This morning EURUSD has opened quietly as it trades within the previous two days range.
I am this morning monitoring the price action for a potential move higher and a test of 8 period moving averages.
Alternatively if EURUSD fails to sustain higher prices there is a possibility that EURUSD trades back up to the 34 period moving averages.
GBPUSD
Summary
Tuesday GBPUSD continued to traded under the 34 period moving averages, the 1.6570 support level and the upward sloping trend line.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. However the breach the 1.6639 level being the recent daily pivot low has added a question mark to the overall health of the uptrend. Furthermore breaches of moving average, horizontal and trend line support is adding to the downside pressure. However GBPUSD is now entering an area of Fibonacci support which could stall further downside price action.
Focus on today
This morning GBPUSD has opened quietly as the price action trades at the lows of this recent downside correction.
I am today monitoring the price action for a bounce off Fibonacci support and test of the 1.6570 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 78.6 Fibonacci level.
USDJPY
Summary
Tuesday USDJPY experienced a small range day as it continued to trade at the highs to the recent up spike in prices.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. However a breach of the 101.19 level being the 4th March swing low would technically change the daily trend to down. The recent price action is now indicating that the 101.00 support level is likely to hold.
Focus on today
This morning USDJPY has opened quietly as the price action trades at both averages.
Today I am monitoring a potential test of the 103.00 level.
Alternatively a failure to sustain higher prices could see USDJPY test the 101.70 level.
USDCHF
Summary
Tuesday USDCHF once again tested but could not sustain a close above the 34 period daily moving averages.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. I am therefore monitoring signs for a base to built that will allow for further upside at least to the downward sloping trend line. However the bias does continue to be fixed to the downside therefore shorting rallies is still probably the most logical strategy to adopt.
Focus on today
This morning USDCHF has opened quietly as the price action trades within the previous day’s range.
Today I am monitoring the price action for a retest of the 34 period moving averages.
Alternatively a failure to sustain higher prices could see USDCHF trade back to the 8 period moving averages.
Gold
Summary
Tuesday Gold traded at the lows of the recent large downside correction in what was a very small range day.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The break above the large downward sloping trend line adds impetus to the current positive swing bias. Furthermore we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
However the weekly time frame continues to point down. That the recent rejection of higher prices has come off a bounce from a downward sloping trend line and Fibonacci resistance level could indicate that the recent rally in Gold is part of a bigger cycle correction that ultimately sends Gold lower.
Focus on today
This morning Gold has opened quietly as the price action tests the 1310.00 support level.
Today I am monitoring the price action to test the 1310.00 support level.
Alternatively a failure to sustain lower prices could see Gold test the upward sloping trend line and move and the 34 period moving averages.
Oil
Summary
Tuesday Oil again breifly spiked above the 100 level but was not able to close above this level. Oil continues to trade between the 98 and 100 range as the price action continued to consolidated above Fibonacci support.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias. The recent price activity has seen Oil trade down to an area of Fibonacci support which could potentially offer a buying opportunities.
Focus on today
This morning Oil has opened positively with the price action trading within the previous 3 day’s range.
Today I am monitoring the price action for a breach of the 100 level.
Alternatively a failure to sustain higher prices could see Oil test 98 level.
AUDUSD
Summary
Tuesday AUDUSD continued to trade higher and closed above the 0.9135 level being a recent swing pivot high.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend.
Focus on today
This morning AUDUSD has positivley as the price action trades above the highs of yesterday’s range and is approaching the 50% Fibonacci resistance level.
I am this morning monitoring the price action for a potential test of the Fibonacci resistance area.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back to the 8 period daily moving averages.
Dow30
Summary
Tuesday Dow30 continued to trade higher as it bounced off the 8 period daily moving averages.
Market overview
Dow30 has been trading in a daily down trend following the breach of the 015664 level being the swing low pivot of the 26th December. However the weekly chart continues to trade in a weekly up trend.
Focus on today
This morning Dow30 has positivley as the price action trades at the highs of yesterday’s range.
I am this morning monitoring the price action for a potential test of the 16447 level being last week’s high.
Alternatively if Dow30 fails to sustain higher prices there is a possibility that Dow30 tests the 8 period moving averages.