Daily Technical Analysis 15th May 2014
Posted: Thu May 15, 2014 4:18 pmDaily Technical Analysis
15th May 2014
EURUSD
Summary
Wednesday EURUSD experienced a quiet day as the price action traded at the lows of Tuesday’s candle range.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.
Focus on today
This morning EURUSD has opened quietely as the price action trades within Wednesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to Tuesday’s high.
GBPUSD
Summary
Wednesday GBPUSD traded lower as the price action breached the 1.6795 support level and tested moving average and trend line support.
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 had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 4 periods.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Wednesday’s candle range.
I am today monitoring the price action for a test of the 1.6700 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.
USDJPY
Summary
Wednesday USDJPY traded lower as the price action tested the 101.70 support level.
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 sustained 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 quietly as the price action trades within Wednesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.
USDCHF
Summary
Wednesday USDCHF experienced a quiet day as the price action failed to test the 0.8930 resistance level.
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Wednesday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.
Gold
Summary
Wednesday Gold broke 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.
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 open quietly as it trades within Wednesday’s candle ranges.
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 trade back up to the 1270.00 support level.
USDCAD
Summary
Wednesday USDCAD tested but failed to breach the downward sloping trend line.
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.
More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened negatively as the price action has broken down from the downward sloping trend line.
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.
AUDUSD
Summary
Wednesday AUDUSD made a strong effort to break above the 0.9390 resistance level. However by the close of business the price action failed to close above this 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.
More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.
Focus on today
This morning AUDUSD has opened positively as the price trades at the price action trades within Wednesday’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
Wednesday Oil traded higher but was not able to test the 103.00 resistance 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 bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Wednesday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.
15th May 2014
EURUSD
Summary
Wednesday EURUSD experienced a quiet day as the price action traded at the lows of Tuesday’s candle range.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.
Focus on today
This morning EURUSD has opened quietely as the price action trades within Wednesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to Tuesday’s high.
GBPUSD
Summary
Wednesday GBPUSD traded lower as the price action breached the 1.6795 support level and tested moving average and trend line support.
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 had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 4 periods.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Wednesday’s candle range.
I am today monitoring the price action for a test of the 1.6700 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.
USDJPY
Summary
Wednesday USDJPY traded lower as the price action tested the 101.70 support level.
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 sustained 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 quietly as the price action trades within Wednesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.
USDCHF
Summary
Wednesday USDCHF experienced a quiet day as the price action failed to test the 0.8930 resistance level.
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Wednesday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.
Gold
Summary
Wednesday Gold broke 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.
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 open quietly as it trades within Wednesday’s candle ranges.
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 trade back up to the 1270.00 support level.
USDCAD
Summary
Wednesday USDCAD tested but failed to breach the downward sloping trend line.
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.
More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened negatively as the price action has broken down from the downward sloping trend line.
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.
AUDUSD
Summary
Wednesday AUDUSD made a strong effort to break above the 0.9390 resistance level. However by the close of business the price action failed to close above this 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.
More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.
Focus on today
This morning AUDUSD has opened positively as the price trades at the price action trades within Wednesday’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
Wednesday Oil traded higher but was not able to test the 103.00 resistance 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 bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Wednesday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.