6th May 2014
EURUSD
Summary
Monday EURUSD in a tight range during the UK bank holiday.
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. I will be monitoring EURUSD for further upside momentum.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Monday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.3900 resistance level.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the prior broken down trend line.
GBPUSD
Summary
Monday GBPUSD in a tight range during the UK bank holiday.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened positively as the price trades above Monday’s candle ranges.
I am today monitoring the price action for a test of last week’s candle range high.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6795 support level.
USDJPY
Summary
Monday USDJPY had an indifferent trading day with the price action closing marginally beneath its open.
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. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.
Today I am monitoring USDJPY for a test of the 101.70 support level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 13.00 resistance level.
USDCHF
Summary
Tuesday USDCHF gapped down but by the close of business ended the days trading closing higher.
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 yesterday’s candle ranges.
Today I am monitoring the price action to see if USDCHF possibly 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 see USDCHF can test the upward sloping trend line.
Gold
Summary
Monday Gold traded higher as the price action tested the 1310.00 resistance level.
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.
A breach of the 1270.00 support level would confirm the daily down trend.
Focus on today
This morning Gold has opened quietly as the price action trades at the highs of Monday’s candle range.
Today I am monitoring the price action for Gold to test the 1310 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back to the daily moving averages.
AUDUSD
Summary
Monday AUDUSD traded within a tight range around the 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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.
Focus on today
This morning AUDUSD has opened quietly as the price trades within Monday’s candle range.
I am this morning monitoring the price action for a potential bounce off the upward sloping trend line.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the upward sloping trend line.
Oil
Summary
Monday Oil traded lower as the price action failed to closed above the 100.00 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 action has seen a strong downward correction towards the 98.00 support level.
Focus on today
This morning Oil has opened positively as the price action trades within Monday’s candle range.
Today I am monitoring the price action for a test of the 100.00 level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.