ACFX DAILY TECHNICAL REPORT – LONDON OPEN 04.02.2015
EURUSD
The intraday technical outlook
EURUSD yesterday experienced a strong rally yesterday following the conciliatory statements coming from the Greek administration.
The move higher has taken EURUSD back into major resistance in the shape of the 21 period daily moving averages.
Professional traders will be eyeing this level for signs of weakness that sends EURUSD back into its downward intraday direction.
The breach of the 1.1295 level being the prior isolated swing high has changed the trend from down to up.
From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1310 level.
GBPUSD
The intraday technical outlook
Yesterday’s UK construction PMI data helped pushed GBPUSD higher.
With the FTSE 100 now feeding off capital inflows that stimulate higher stock market prices could add to a further appreciation in the price of cable.
The price action has now put in place a double bottom formation at the 1.4990 level.
This followed a prior break above a large down channel.
From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.4990 level.
USDJPY
The intraday technical outlook
The price action that has unfolded over the past two days has had the effect of creating a double bottom formation above the 116.90 level.
The daily chart would indicate that a large converging triangle is forming.
With the trend being so bullish on the weekly time frame I would look for an upside break of this consolidation pattern.
However as always it would be better to allow the break to happen and then trade the pullback in the direction of the initial move.
From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 116.90 level.
USDCHF
The intraday technical outlook
Yesterday’s breach of the 0.9250 level has technically changed the trend from up to down.
This moves corresponds to the price action coming into an area of resistance of the 21 period daily moving averages.
From a technical perspective USDCHF is trading in an intraday 1 hour downtrend with the line of control at the 0.9295 level.
AUDUSD
The intraday technical outlook
Yesterday we witnessed a move that breached the large down channel that has formed around the AUDUSD price action.
This morning we have seen a follow through of yesterdays move.
The move above the 0.7800 has technical changed the trend from down to up.
From a technical perspective AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.7630 level.
GOLD
The intraday technical outlook
Yesterday’s mini collapse in the price of Gold has now created a double top formation at the 1284.00 level.
The move lower also took out the 1269.00 level. The breach of this isolated low has technical changed the intraday trend from up to down.
The price action is now trading with a range of 1254.00 to 1284.00.
A breach above or beneath these levels could possibly indicate the medium term trend direction.
From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1284.00 level.
OIL
The intraday technical outlook
News from the United States that the crude extractors are now pulling rigs is giving the bulls hope that the fall in the price of oil is now done.
What is now of interest is the weekly time frame. If we can now get a weekly close above the high of the prior weeks candle then we technically have a reversal signal.
However to say that the market has found its bottom is still very premature.
From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 44.25 level.
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