ACFX DAILY TECHNICAL REPORT – LONDON OPEN 14.01.2015
EURUSD
The intraday technical outlook
In afternoon trading EURUSD moved lower as the price action breached the 1.1785 support level.
The move below the 1.1785 level means that the price action breached the last prior isolated swing low.
This move technically changes the trend from up to down.
EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1860 level.
Current support comes in at 1.1755 and 1.1700.
Alternatively resistance can be found at 1.1785 and 1.1860.
GBPUSD
The intraday technical outlook
The market did initially sell off following the worse than expected CPI number.
However both the governor of the Bank of England, Mr, Mark Carney and the Chancellor of the Exchequer Mr. George Osborne have gone out of the way to play down the risk of deflation by focusing the discussion on the Oil story which on the whole is positive for the UK economy.
It would seem that the markets have a similar view with cable yesterday pairing most of its losses and closed just under its open.
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
Yesterday’s announcement of a record budget would seemed to have been welcomed as the Yen appreciated against the US Dollar.
The failure of USDJPY to retest December’s highs has given traders food for thought.
Falling US yields forced investors to sell the Green Back and shift their funds to lower risk assets.
USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 118.85 level
Current support is at 117.00 and 116.50.
Alternatively resistance levels are at 117.75 and 118.25.
USDCHF
The intraday technical outlook
Yesterday USDCHF traded higher off its double bottom formation as the price action took out the 1.0190 resistance level and retested the 1.0215 high.
However the price action was not about to sustain a move above the 1.0215 level and has during overnight and morning trading move back down to its channel bottom.
I am this morning currently monitoring the price action for a possible rebound off the channel bottom and a retest of the 1.0215 level.
USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0125 level
Current resistance is at the 1.0215 and 1.0250 levels.
Alternatively support is at 1.0125 and 1.0100 levels.
AUDUSD
The intraday technical outlook
This mornings breach of the 0.8125 level will technically change the trend from up to down.
AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8200 level.
Current support is at the 0.8070 and 0.8035.
Alternatively resistance can be found at 0.8125 and 0.8160.
GOLD
The intraday technical outlook
Yesterday Gold put in a new recent high in late morning trading.
However as the day continued XAUUSD sold off.
This morning the sell off has continued as Gold trades under its down channel.
This morning a minor support level has now been established above the 1225.00 level with a minor one hour pin bar double bottom forming.
I will be monitoring the price action for a continuation of the current up trend.
Gold is trading in an intraday 1 hour uptrend with the line of control at the 1221.00 level.
Current resistance comes in at 1240.00 and 1244.50.
Alternatively support comes in at 1230.00 and 1221.00.
OIL
The intraday technical outlook
Oil yesterday bounced off the US$44.25 area as the price action corrected above the US$45.00 level.
However the negativity has once again entered the market as Oil once more approaches the US$45.00 level.
Expect increased market volatility around the time of the US Oil Inventories report.
Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.50 level.
Current support comes in at 44.25 and 40.85.
Alternatively resistance comes in at 45.00 and 46.80.
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