ACFX DAILY TECHNICAL REPORT – LONDON OPEN 13.01.2015
EURUSD
The intraday technical outlook
This morning EURUSD has opened quietly as the price action trades within yesterday’s range.
Yesterday’s price action did break above the current down channel as EURUSD painted a higher high and higher low formation.
I will today be monitoring the price action for a possible retest of the 1.1875 level which coincides with yesterdays high.
EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1785 level.
Current resistance can be found at 1.1875 and 1.1970.
Alternatively support comes in at 1.1785 and 1.1755.
GBPUSD
The intraday technical outlook
This morning GBPUSD has bounce lower following a retest of the 1.5195 level.
This level coincides with yesterday’s high.
The resulting price action has created a minor intraday double top formation and a higher low swing.
This morning there is a great deal of economic data coming our of the UK with the highlight being the year on year CPI number.
One would assume that a lower than expected forecast number would add to the downward pressure Cable is currently experiencing.
GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5195 level.
Current support can be found at 1.5095 and 1.5030 levels.
Alternative resistance comes in at 1.5195 and 1.5245.
USDJPY
The intraday technical outlook
USDJPY sat down yesterday following the latest release of Japan’s current account.
In early morning trading USDJPY rebounded off the 117.75 level.
With a Japan budget due to be announced tomorrow that plans to disclose record levels of support for the Japanese economy one could expect the possibility of increased market volatility and continued Yen weakness.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.30 level
Current support is at 118.25 and 117.75.
Alternatively resistance levels are at 118.85 and 119.30.
USDCHF
The intraday technical outlook
Following the break of its upward channel USDCHF has traded within a fairly tight range.
A double bottom has formed above the 1.0100 level and this would appear to today’s battle ground.
A breach and close of the 1.0200 level which is slight above yesterday’s high of 1.0188 would give confirmation that the current up trend is intact.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0110 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
Yesterday AUDUSD corrected aggressively lower as traders took profits off the table.
However in afternoon trading AUDUSD found support at the 0.8125 level.
I will this morning monitoring the price action for signs that AUDUSD is attempting to put in place a bullish higher low formation.
Such an occurrence could propel AUDUSD back up to yesterday’s high of 0.8255.
AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.8125 level.
Current resistance can be found at 0.8200 and 0.8255.
Alternatively support is at the 0.8160 and 0.8120.
GOLD
The intraday technical outlook
Gold this morning continues to trade higher and as I write is resting the 1238.00 resistance level.
The move higher came off a bounce off the channel bottom.
Gold is trading in an intraday 1 hour uptrend with the line of control at the 1221.00 level.
Current resistance comes in at 1238.00 and 1254.00.
Alternatively support comes in at 1230.00 and 1221.00.
OIL
The intraday technical outlook
Oil continues to trade lower as the price action slashes through the US$45.00 per barrel level.
Following an acceleration of downward momentum the possibility of Oil hitting the US$40.00 becomes more likely.
Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.50 level.
Current support comes in at 44.00 and 40.85.
Alternatively resistance comes in at 45.00 and 46.80.
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