Daily Technical Analysis 25th April 2014
Posted: Fri Apr 25, 2014 10:07 amDaily Technical Analysis
25th April 2014
EURUSD
Summary
Thursday EURUSD experienced a mixed day as the price action spiked above and below its averages.
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 opened quietley as the price action trades within Thursday’s candle range.
I am this morning monitoring the price actions for a potential test of Thursday’s high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the range of this week’s low.
GBPUSD
Summary
Thursday GBPUSD continued to trade around the 1.6795 level and 8 period moving averages.
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. The recent 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 Thursday’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
Thursday USDJPY traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.
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. 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 Thursday’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
Thursday USDCHF traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.
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 price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. 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 Thursday’s candle range.
Today I am monitoring the price action to see if USDCHF can move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Alternatively a failure to sustain lower prices could possible retest of the upward sloping trend line.
Gold
Summary
Thursday Gold traded strongly higher as the price action rejected the 1270.00 support level and closed back at the 8 period moving averages.
Market overview
The 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 yesterday’s strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.
Focus on today
This morning Gold has opened quietly as the price action trades at the highs Thursday’s candle range.
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.
AUDUSD
Summary
Thursday AUDUSD continued to trade lower as the price action moved into the direction of the 34 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 correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the lows of Thursday’s candle range.
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
Thursday Oil experienced a quiet day as the price action hovered above the 34 period daily moving averages.
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.
However the recent price action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.
Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.
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.
25th April 2014
EURUSD
Summary
Thursday EURUSD experienced a mixed day as the price action spiked above and below its averages.
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 opened quietley as the price action trades within Thursday’s candle range.
I am this morning monitoring the price actions for a potential test of Thursday’s high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the range of this week’s low.
GBPUSD
Summary
Thursday GBPUSD continued to trade around the 1.6795 level and 8 period moving averages.
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. The recent 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 Thursday’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
Thursday USDJPY traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.
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. 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 Thursday’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
Thursday USDCHF traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.
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 price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. 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 Thursday’s candle range.
Today I am monitoring the price action to see if USDCHF can move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Alternatively a failure to sustain lower prices could possible retest of the upward sloping trend line.
Gold
Summary
Thursday Gold traded strongly higher as the price action rejected the 1270.00 support level and closed back at the 8 period moving averages.
Market overview
The 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 yesterday’s strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.
Focus on today
This morning Gold has opened quietly as the price action trades at the highs Thursday’s candle range.
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.
AUDUSD
Summary
Thursday AUDUSD continued to trade lower as the price action moved into the direction of the 34 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 correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the lows of Thursday’s candle range.
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
Thursday Oil experienced a quiet day as the price action hovered above the 34 period daily moving averages.
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.
However the recent price action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.
Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.
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.