Daily Technical Analysis 23rd April 2014
Posted: Wed Apr 23, 2014 11:50 amDaily Technical Analysis
23rd April 2014
EURUSD
Summary
Tuesday EURUSD continued to trade in smallish range with the price action testing but not able to close beneath the 1.3789 level being the low of the 15th April.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.
Focus on today
This morning EURUSD has been trading with a volatile range that has seen the price action trade above the averages.
I am this morning monitoring the price actions for a potential test of the 1.3789 level being the low of the 15th April.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a breach of the averages and a test of last week’s high of 1.3864.
GBPUSD
Summary
Tuesday GBPUSD continued to trade above the the 1.6795 level.
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. Last week’s price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.
Focus on today
This morning GBPUSD has opened quietly as the price trades within yesterday’s candle ranges.
I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.
USDJPY
Summary
Tuesday USDJPY traded marginally higher but ultimatley the price action closed just below its opening price.
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. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Tuesday’s candle range.
Today I am monitoring USDJPY for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.
USDCHF
Summary
Tuesday USDCHF traded marginally higher but ultimatley the price action closed just above its opening price.
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. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. However we require a breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle range.
Today I am monitoring the price action to see if USDCHF can potentially test the downward sloping trend line.
Alternatively a failure to sustain higher prices could possibly see a resumption of the daily down trend.
Gold
Summary
Tuesday Gold continued to trade lower and tested the 1277 level being the 1st April low.
Market overview
Yesterdays breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.
However we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
Focus on today
This morning Gold has opened quietly as the price action trades within Tuesday’s candle range.
Today I am monitoring the price action for Gold to retest the 1277 level being the 1st April low.
Alternatively a failure to sustain lower prices could see Gold to bounce off Fibonacci support and trade up to the 1310.00 resistance level.
AUDUSD
Summary
Tuesday AUDUSD traded higher as the price action tested the the 8 period daily moving averages.
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 with the price action now trading into the Fibonacci resistance area. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.
Focus on today
This morning AUDUSD has opened bearishly as the price trades beneath last week’s low.
I am this morning monitoring the price action for a potential continuation of the downside momentum and move into the direction of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.
Oil
Summary
Tuesday Oil traded lower as the price acton tested the 103.00 support level.
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 the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.
Focus on today
This morning Oil has opened bearishly as the price action moves into the direction of the 34 period daily moving averages.
Today I am monitoring the price action for a test 34 period daily moving averages.
Alternatively a failure to sustain lower prices could see Oil trade back up to the 103.00 level.
23rd April 2014
EURUSD
Summary
Tuesday EURUSD continued to trade in smallish range with the price action testing but not able to close beneath the 1.3789 level being the low of the 15th April.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.
Focus on today
This morning EURUSD has been trading with a volatile range that has seen the price action trade above the averages.
I am this morning monitoring the price actions for a potential test of the 1.3789 level being the low of the 15th April.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a breach of the averages and a test of last week’s high of 1.3864.
GBPUSD
Summary
Tuesday GBPUSD continued to trade above the the 1.6795 level.
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. Last week’s price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.
Focus on today
This morning GBPUSD has opened quietly as the price trades within yesterday’s candle ranges.
I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.
USDJPY
Summary
Tuesday USDJPY traded marginally higher but ultimatley the price action closed just below its opening price.
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. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Tuesday’s candle range.
Today I am monitoring USDJPY for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.
USDCHF
Summary
Tuesday USDCHF traded marginally higher but ultimatley the price action closed just above its opening price.
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. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. However we require a breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle range.
Today I am monitoring the price action to see if USDCHF can potentially test the downward sloping trend line.
Alternatively a failure to sustain higher prices could possibly see a resumption of the daily down trend.
Gold
Summary
Tuesday Gold continued to trade lower and tested the 1277 level being the 1st April low.
Market overview
Yesterdays breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.
However we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
Focus on today
This morning Gold has opened quietly as the price action trades within Tuesday’s candle range.
Today I am monitoring the price action for Gold to retest the 1277 level being the 1st April low.
Alternatively a failure to sustain lower prices could see Gold to bounce off Fibonacci support and trade up to the 1310.00 resistance level.
AUDUSD
Summary
Tuesday AUDUSD traded higher as the price action tested the the 8 period daily moving averages.
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 with the price action now trading into the Fibonacci resistance area. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.
Focus on today
This morning AUDUSD has opened bearishly as the price trades beneath last week’s low.
I am this morning monitoring the price action for a potential continuation of the downside momentum and move into the direction of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.
Oil
Summary
Tuesday Oil traded lower as the price acton tested the 103.00 support level.
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 the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.
Focus on today
This morning Oil has opened bearishly as the price action moves into the direction of the 34 period daily moving averages.
Today I am monitoring the price action for a test 34 period daily moving averages.
Alternatively a failure to sustain lower prices could see Oil trade back up to the 103.00 level.