Daily Technical Analysis 29th May 2014
Posted: Thu May 29, 2014 8:26 amDaily Technical Analysis
29th May 2014
EURUSD
Summary
Wednesday EURUSD traded lower as the price action tested the 78.6% Fibonacci support level.
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 trend continues to be positive.
More recently we have seen an extended move lower that has traded beneath multiple prior pivot levels. The next major price target being 1.3476 being the 3rd February swing low.
Focus on today
This morning EURUSD has opened quietly as the price action trades within Wednesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3476 support level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.
GBPUSD
Summary
Wednesday GBPUSD traded lower as the price action tested the 1.6700 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. Yesterday’s move lower traded aggressively as the price action traded under the 1.6731 level being the minor pivot low of the 15th May. This move lower does put a question mark on the health of the daily up trend.
From a weekly perspective the price action is now trading under the 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which comes in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades at the lows of 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 test the 1.6795 level.
USDJPY
Summary
Wednesday USDJPY tested the 101.70 support level as the price action traded within the 8 and 34 period daily moving averages.
Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action tests within Wednesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 101.70 level.
Alternatively a failure to sustain lower prices could see USDJPY test the 34 period daily moving averages.
USDCHF
Summary
Wednesday USDCHF traded higher as the price action tested the 61.8% Fibonacci 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 retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF test the 8 period daily moving averages.
Gold
Summary
Wednesday Gold continued to trade lower as the price action broke under the 61.8% Fibonacci support 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. The breach of the 1270.00 support level has confirmed the daily down trend.
Focus on today
This morning Gold has open negatively as the price action trades below Wednesday’s candle ranges.
Today I am monitoring the price action for Gold to test the 1250.00 support level.
Alternatively a failure to sustain lower prices could see Gold trade back up to the averages.
USDCAD
Summary
Wednesday USDCAD experience a positive day as the price action traded above the prior broken downward sloping trend line and tested the 8 period daily moving averages.
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 and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.
A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.
Focus on today
This morning USDCAD has opened quietley as the price action trades within Wednesday’s candle range.
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 retest the broken 34 period daily moving averages.
AUDUSD
Summary
Wednesday AUDUSD closed lower as the price action rejected a move into 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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
Focus on today
This morning AUDUSD has opened strongly as the price trades above Wednesday’s candle ranges.
I am this morning monitoring the price action for a potential a test of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests 0.9200 level being the 2nd May swing low.
Oil
Summary
Wednesday Oil broke lower as the price action traded under the 8 period daily moving averages. The move lower was only halted when the price action 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 action has seen a strong bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.
Focus on today
This morning Oil has opened quietly as the price action at the lows Wednesday’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 lower prices could see Oil trade up to the 105.00 level being the April high.
29th May 2014
EURUSD
Summary
Wednesday EURUSD traded lower as the price action tested the 78.6% Fibonacci support level.
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 trend continues to be positive.
More recently we have seen an extended move lower that has traded beneath multiple prior pivot levels. The next major price target being 1.3476 being the 3rd February swing low.
Focus on today
This morning EURUSD has opened quietly as the price action trades within Wednesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3476 support level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.
GBPUSD
Summary
Wednesday GBPUSD traded lower as the price action tested the 1.6700 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. Yesterday’s move lower traded aggressively as the price action traded under the 1.6731 level being the minor pivot low of the 15th May. This move lower does put a question mark on the health of the daily up trend.
From a weekly perspective the price action is now trading under the 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which comes in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades at the lows of 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 test the 1.6795 level.
USDJPY
Summary
Wednesday USDJPY tested the 101.70 support level as the price action traded within the 8 and 34 period daily moving averages.
Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action tests within Wednesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 101.70 level.
Alternatively a failure to sustain lower prices could see USDJPY test the 34 period daily moving averages.
USDCHF
Summary
Wednesday USDCHF traded higher as the price action tested the 61.8% Fibonacci 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 retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF test the 8 period daily moving averages.
Gold
Summary
Wednesday Gold continued to trade lower as the price action broke under the 61.8% Fibonacci support 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. The breach of the 1270.00 support level has confirmed the daily down trend.
Focus on today
This morning Gold has open negatively as the price action trades below Wednesday’s candle ranges.
Today I am monitoring the price action for Gold to test the 1250.00 support level.
Alternatively a failure to sustain lower prices could see Gold trade back up to the averages.
USDCAD
Summary
Wednesday USDCAD experience a positive day as the price action traded above the prior broken downward sloping trend line and tested the 8 period daily moving averages.
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 and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.
A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.
Focus on today
This morning USDCAD has opened quietley as the price action trades within Wednesday’s candle range.
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 retest the broken 34 period daily moving averages.
AUDUSD
Summary
Wednesday AUDUSD closed lower as the price action rejected a move into 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 down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
Focus on today
This morning AUDUSD has opened strongly as the price trades above Wednesday’s candle ranges.
I am this morning monitoring the price action for a potential a test of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests 0.9200 level being the 2nd May swing low.
Oil
Summary
Wednesday Oil broke lower as the price action traded under the 8 period daily moving averages. The move lower was only halted when the price action 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 action has seen a strong bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.
Focus on today
This morning Oil has opened quietly as the price action at the lows Wednesday’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 lower prices could see Oil trade up to the 105.00 level being the April high.