Daily Technical Analysis 9th May 2014
Posted: Fri May 09, 2014 7:12 amDaily Technical Analysis
9th May 2014
EURUSD
Summary
Thursday EURUSD experienced some strange price action. Initially EURUSD broke higher and traded above the 1.3966 level being the 2014 high. However EURUSD immediatley reversed its directrion and collapsed by over 150 pips. This move down was only halted when EURUSD hit the top of the prior broken triangle formation.
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. Yesterday’s collapse has brought EURUSD back into the averages and support. This can possibly be viewed as a value area to add longs.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Thursday’s candle range.
I am this morning monitoring the price action for a potential test of the 34 period daily moving averages and trend line support.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a bounce off support and move back to the 8 period daily moving averages.
GBPUSD
Summary
Thursday GBPUSD had a quiet day as the price action consolidated at the highs of this weeks range.
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 quietly as the price trades at the 8 period daily moving averages.
I am today monitoring the price action for a test of the 1.6985 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the 1.6795 support level.
USDJPY
Summary
Thursday USDJPY traded within the prior two days candle ranges.
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 101.32 level being the 11th April swing low.
Alternatively a failure to sustain lower prices could see USDJPY trade back to the averages.
USDCHF
Summary
Thursday USDCHF broke down and at one point tested the 2014 low. However the direction immediatley reversed its direction. USDCHF rallied strongly. By the close of business USDCHF had end the day above the 8 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. 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. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades above yesterday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially bounce lower off trend line resistance.
Alternatively a failure to sustain lower prices could see USDCHF test both the 34 period daily moving averages trend line resistance.
Gold
Summary
Thursday Gold had a quiet day as the price action traded at lows of Wednesday’s range.
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.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has opened quietly as the price action trades within Thursday’s candle range.
Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.
USDCAD
Summary
Thursday USDCAD experienced a strong down day as the price action breached the 9th April low and moved towards the 1.0790 support level.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD 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 test of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to 8 periods daily moving averages.
AUDUSD
Summary
Thursday AUDUSD had a strong up day as the price action tested the 0.9390 resistance level.
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.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the price action trades at the highs of Thursday’s candle ranges.
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Oil
Summary
Thursday Oil traded above the 100 level and the 8 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.
The recent price action has seen a strong downward correction and bounce off the 98.00 support level.
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 of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.
9th May 2014
EURUSD
Summary
Thursday EURUSD experienced some strange price action. Initially EURUSD broke higher and traded above the 1.3966 level being the 2014 high. However EURUSD immediatley reversed its directrion and collapsed by over 150 pips. This move down was only halted when EURUSD hit the top of the prior broken triangle formation.
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. Yesterday’s collapse has brought EURUSD back into the averages and support. This can possibly be viewed as a value area to add longs.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Thursday’s candle range.
I am this morning monitoring the price action for a potential test of the 34 period daily moving averages and trend line support.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a bounce off support and move back to the 8 period daily moving averages.
GBPUSD
Summary
Thursday GBPUSD had a quiet day as the price action consolidated at the highs of this weeks range.
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 quietly as the price trades at the 8 period daily moving averages.
I am today monitoring the price action for a test of the 1.6985 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the 1.6795 support level.
USDJPY
Summary
Thursday USDJPY traded within the prior two days candle ranges.
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 101.32 level being the 11th April swing low.
Alternatively a failure to sustain lower prices could see USDJPY trade back to the averages.
USDCHF
Summary
Thursday USDCHF broke down and at one point tested the 2014 low. However the direction immediatley reversed its direction. USDCHF rallied strongly. By the close of business USDCHF had end the day above the 8 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. 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. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades above yesterday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially bounce lower off trend line resistance.
Alternatively a failure to sustain lower prices could see USDCHF test both the 34 period daily moving averages trend line resistance.
Gold
Summary
Thursday Gold had a quiet day as the price action traded at lows of Wednesday’s range.
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.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has opened quietly as the price action trades within Thursday’s candle range.
Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.
USDCAD
Summary
Thursday USDCAD experienced a strong down day as the price action breached the 9th April low and moved towards the 1.0790 support level.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD 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 test of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to 8 periods daily moving averages.
AUDUSD
Summary
Thursday AUDUSD had a strong up day as the price action tested the 0.9390 resistance level.
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.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the price action trades at the highs of Thursday’s candle ranges.
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Oil
Summary
Thursday Oil traded above the 100 level and the 8 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.
The recent price action has seen a strong downward correction and bounce off the 98.00 support level.
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 of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.