ACFX DAILY TECHNICAL REPORT – LONDON OPEN 08.01.2015
EURUSD
The intraday technical outlook
Yesterday’s US jobs report which indicated that there had been an increase in US employment pushed EURUSD slightly lower.
However news later in the day from the FOMC that there will be no rise in short term interest rates before April help the single currency gain some value as EURUSD bounced slightly higher.
With multiple year support and a large converging triangle broken to the down side the next longer term target is the 1.1640 level being the 2005 low.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.
Current support comes in at 1.1800 and 1.1750.
Alternatively resistance can be found at 1.1840 and 1.1875.
GBPUSD
The intraday technical outlook
Yesterday GBPUSD continued to trade lower.
Although Cable did manage to bounce higher in overnight trading it was unable to reverse any of yesterday’s losses.
The recent move lower has now penetrated a multiple year trend line support.
However I would like to see a weekly or even better monthly close beneath this level as confirmation that this move is not a fake long term break down.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5245 level.
Current support can be found at 1.5050 and 1.5000 levels.
Alternative resistance comes in at 1.5160 and 1.5245.
USDJPY
The intraday technical outlook
Yesterday USDJPY continued to trade higher in what can be described as a typical staircase fashion.
The resulting move has now broken above a recently created broad down channel.
The price action has traded higher from what can be described as simple inverse head and and shoulders formation as indicated by the up arrows.
I am monitoring the price action for a possible pull back that creates a higher low formation that will build a base for USDJPY to proceed with its current upward momentum.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level
Current support is at 119.80 and 119.55.
Alternatively resistance levels are at 120.15 and 120.70.
USDCHF
The intraday technical outlook
Yestderday USDCHF continued to trade in a bullish fashion as the price action took out prior recent highs.
This morning USDCHF has opened up bullishly and a test of the overnight high of 1.0175 is a possibility.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level
Current resistance is at the 1.0200 and 1.0250 levels.
Alternatively support is at 1.0110 and 1.0040 levels.
AUDUSD
The intraday technical outlook
AUDUSD has experienced a decent bounce since putting in an overnight low.
The price action has now formed a double bottom formation above the 0.8035 level.
Furthermore AUDUSD has broken above a recently formed down channel.
With this in mind I will be monitoring the price action for a possibility that AUDUSD creates a higher low swing from where a move higher could potentially happen.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.
Current support is at the 0.8085 and 0.8070.
Alternatively resistance can be found at 0.8120 and 0.8140.
GOLD
The intraday technical outlook
Gold yesterday traded lower for the entire session.
This morning this trend has continued in what can be described at present as a corrective pull back.
Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.
Current resistance comes in at 1210.00 and 1221.00.
Alternatively support comes in at 1199.20 and 1191.65.
OIL
The intraday technical outlook
The unexpected contraction in US oil inventories helped boost oil as it rallied off the 47.00 area lows.
However this morning it would appear that the up move is now beginning to run out of steam.
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 46.80.
Alternatively resistance comes in at 50.35 and 53.00.
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