ACFX DAILY TECHNICAL REPORT – LONDON OPEN 06.01.2015
EURUSD
The intraday technical outlook
Today has seen a continuation of yesterday’s theme.
This morning EURUSD failed once again to break above the 1.1965 level as the power if tge bullish pin bar formation begins to dissipate.
A penetration of yesterday’s low will confirm that the down trend is intact.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1965 level.
Current support comes in at 1.1900 and 1.1875.
Alternatively resistance can be found at 1.1965 and 1.2040.
GBPUSD
The intraday technical outlook
This morning GBPUSD has given up all of yesterday’s gains as it trades under 1.5245 area which is also a mufti month support level.
A penetration of yesterday’s low will confirm that the down trend is intact.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5270 level.
Current support can be found at 1.5160 and 1.5100 levels.
Alternative resistance comes in at 1.5270 and 1.5340.
USDJPY
The intraday technical outlook
USDJPY collapsed during the New York session and this move lower has broken multiple support levels.
The move lower also penetrated the 119.80 support level.
The breach of this level has technically changed the 1 hour trend from up to down.
A continuation of the move lower would on a daily basis create a higher low formation with a move under the 115.70 level technically changing the daily trend from up to down.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level
Current support is at 118.85 and 118.25.
Alternatively resistance levels are at 119.55 and 121.15.
USDCHF
The intraday technical outlook
What strikes me today is how detached USDJPY and USDCHF have become over past trading sessions.
We have USDJPY attempting to paint a daily lower high whilst USDCHF is testing the prior hourly high of 1.0112.
With such bullish momentum in USDCHF it would not be a surprise if USDCHF takes out the prior high in today’s trading.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level
Current resistance is at the 1.0100 and 1.0150 levels.
Alternatively support is at 1.0050 and 1.000 levels.
AUDUSD
The intraday technical outlook
AUDUSD this morning has continued with yesterday’s strong up move as the price action tests the 0.8140 level.
A successful retest of this level could see AUDUSD also test the 0.8160 level.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8215 level.
Current support is at the 0.8120 and 0.8085
Alternatively resistance can be found at 0.8140 and 0.8160.
GOLD
The intraday technical outlook
Gold during today’s session has breached the 1210.00 level.
In the daily time frame XAUUSD has now painted a higher low and a bullish inverse head and shoulders pattern.
A completion of this pattern will need Gold to trade above the 1238.00 level.
Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.
Current resistance comes in at 1221.00 and 1228.00.
Alternatively support comes in at 1210.00 and 1199.20.
OIL
The intraday technical outlook
Overnight Oil broke under the significant 50.00 level.
The downward momentum continues as Oil attempts to test the low 48 levels.
With no end in sight to Oils capitulation it remains to be seen if the price action can test the 2008 crisis lows of US$ 34.00 per barrel.
Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.
Current support comes in at 48.00 and 47.50.
Alternatively resistance comes in at 50.35 and 53.00.
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