MARKET BRIEFING – LONDON OPEN 11.03.2015
EURUSD
The intraday technical outlook
EURUSD continues with its downward drive as it tests the 1.0650 area.
With seemingly no bulls in sight it would appear that there is no stopping the Euro dropping towards the 1.0570 major support level.
A break of this level would alert the markets that a move to parity is on the cards.
However there are major hurdles in the form of weekly swing levels to be found at the 1.0340, 1.0210 and 1.0090 areas.
A bounce off support could see EURUSD retest the 1.0760 resistance level.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0915 level.
GBPUSD
The intraday technical outlook
Yesterday’s hawkish speech by the Bank of England boss has helped establish a base at the 1.5000 area.
This morning GBPUSD has broken above its down channel and painted a double bottom formation.
I am currently monitoring the price action for a potential test of the 1.5140 level.
Alternatively a resumption of the downward pressure could see GBPUSD reattempt to test the 1.5000 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5140 level.
USDJPY
The intraday technical outlook
This morning USDJPY experienced a strong bounce within its upward channel.
I am currently monitoring the price action for a test of yesterday’s high in the 122.00 area.
Alternatively there is still room for the price action to retest the channel bottom.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.80 level.
USDCHF
The intraday technical outlook
USDCHF has experienced a remarkable recovery and this morning is trading above the 1.0000 parity level.
The price action has formed a typical staircase formation.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9840 level.
AUDUSD
The intraday technical outlook
AUDUSD is experiencing some messy prices action as any minor rallies are slapped down by the bears.
As the price action being so overly bearish there is a possibility that we get a corrective bounce back up to the channel top.
However the Bears are obviously in control therefore the logic of shortening rallies would potentially be the more appropriate policy.
From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7740 level.
GOLD
The intraday technical outlook
As posted previously Gold continues to bounce off the prior weekly support level at the 1157.00.
I am now monitoring a potential move back up the 1175.00 resistance level.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1175.00 level.
OIL
The intraday technical outlook
Oil continues to trade lower this morning.
This is testing the patience of the Bulls who hoped that a daily upside channel break was a sign that a base was about to form.
However the daily break is still intact and there is a possibility that we do eventually see higher prices.
A move beneath the 47.80 level will negate this scenarios and put the control back firmly in the hands of the sellers.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 49.00 level.
MORE ON ACFXblog.com