MARKET BRIEFING – LONDON OPEN 12.03.2015
Posted: Thu Mar 12, 2015 11:31 amMORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 12.03.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD continued to trade lower.
However this morning EURUSD has found some support around the 1.0500 area and is experiencing a moderate bounce.
The area of 1.0500 to 1.0600 is significant.
The reason for this is that this area coincides with a prior weekly swing level and a multiple year trend line support.
This well established level of support could act as a catalyst for EURUSD to trade higher into the 1.0760 resistance level and the short length channel top.
However with the market being so bearish the lower risk policy would be to sell into strength.
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 the Pound took a bit of a tumble as the downward momentum accelerated.
However yesterday’s down move was halted at the 1.4885 weekly support level.
This morning GBPUSD is now experiencing a minor rally as the price action tests the 1.5000 level and its channel top.
A break above the down channel could see GBPUSD test the 1.5140 resistance level.
However with Cable trading in such an obvious down trend a potentially less riskier strategy would be to sell into strength.
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
The overnight better than expected Japan Consumer Confidence numbers has had the effect of limiting the rise of USDJPY.
This morning USDJPY is experiencing a strong sell off.
However with support in the form of the 120.70 weekly swing level and the channel bottom being fairly close and with the trend being so obviously bullish I would looking for a bounce off these areas.
Alternatively a penetration of the channel bottom could open up the possibility of a further decline down to the 119.80 level.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 120.70 level.
USDCHF
The intraday technical outlook
What goes up must come down and this is the case with the Swissy.
USDCHF has this morning experienced at first site collapse from its lofty heights of 1.0125.
However there are two monthly support levels at the 0.9970 and 0.9920 to be overcome if the downward momentum is to continue.
Furthermore with the trend being so bullish buying into weakness such as this mornings dip lower could possibly offer profitable opportunities.
Alternatively the move down has been fairly dramatic therefore a continuation of this downward momentum could potentially take USDCHF to the area of the current price actions channel bottom.
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
Better than expected Australian employment numbers have give AUDUSD a strong boost during the early morning trade.
The move higher is now approaching the area of the 0.7700 resistance level and channel top.
Furthermore with the trend being so bearish selling into weakness such as this mornings move higher could possibly offer profitable opportunities.
However with the up move being fairly dramatic there is a possibility that the penetration of the channel top could act as a catalyst for a continuation of the move higher.
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
Gold continues to staircase lower.
The move lower has taken the price action into the area of Novembers lows.
With the trend being so bearish selling into weakness such as this mornings move higher could possibly offer profitable opportunities.
However a test of the 1170.40 swing point could open up the possibility for a move towards the 1175.00 and the current price action channel top.
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 yesterday penetrated the recent 47.80 lower.
This has had the effect of expanding the down trending price channel.
However this morning the price action has penetrated above its minor channel top.
I am now monitoring the price action for a possible test of the 49.00 level.
With the trend being so bearish selling into weakness such as this mornings move higher could possibly offer profitable opportunities.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 49.00 level.
MORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 12.03.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD continued to trade lower.
However this morning EURUSD has found some support around the 1.0500 area and is experiencing a moderate bounce.
The area of 1.0500 to 1.0600 is significant.
The reason for this is that this area coincides with a prior weekly swing level and a multiple year trend line support.
This well established level of support could act as a catalyst for EURUSD to trade higher into the 1.0760 resistance level and the short length channel top.
However with the market being so bearish the lower risk policy would be to sell into strength.
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 the Pound took a bit of a tumble as the downward momentum accelerated.
However yesterday’s down move was halted at the 1.4885 weekly support level.
This morning GBPUSD is now experiencing a minor rally as the price action tests the 1.5000 level and its channel top.
A break above the down channel could see GBPUSD test the 1.5140 resistance level.
However with Cable trading in such an obvious down trend a potentially less riskier strategy would be to sell into strength.
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
The overnight better than expected Japan Consumer Confidence numbers has had the effect of limiting the rise of USDJPY.
This morning USDJPY is experiencing a strong sell off.
However with support in the form of the 120.70 weekly swing level and the channel bottom being fairly close and with the trend being so obviously bullish I would looking for a bounce off these areas.
Alternatively a penetration of the channel bottom could open up the possibility of a further decline down to the 119.80 level.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 120.70 level.
USDCHF
The intraday technical outlook
What goes up must come down and this is the case with the Swissy.
USDCHF has this morning experienced at first site collapse from its lofty heights of 1.0125.
However there are two monthly support levels at the 0.9970 and 0.9920 to be overcome if the downward momentum is to continue.
Furthermore with the trend being so bullish buying into weakness such as this mornings dip lower could possibly offer profitable opportunities.
Alternatively the move down has been fairly dramatic therefore a continuation of this downward momentum could potentially take USDCHF to the area of the current price actions channel bottom.
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
Better than expected Australian employment numbers have give AUDUSD a strong boost during the early morning trade.
The move higher is now approaching the area of the 0.7700 resistance level and channel top.
Furthermore with the trend being so bearish selling into weakness such as this mornings move higher could possibly offer profitable opportunities.
However with the up move being fairly dramatic there is a possibility that the penetration of the channel top could act as a catalyst for a continuation of the move higher.
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
Gold continues to staircase lower.
The move lower has taken the price action into the area of Novembers lows.
With the trend being so bearish selling into weakness such as this mornings move higher could possibly offer profitable opportunities.
However a test of the 1170.40 swing point could open up the possibility for a move towards the 1175.00 and the current price action channel top.
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 yesterday penetrated the recent 47.80 lower.
This has had the effect of expanding the down trending price channel.
However this morning the price action has penetrated above its minor channel top.
I am now monitoring the price action for a possible test of the 49.00 level.
With the trend being so bearish selling into weakness such as this mornings move higher could possibly offer profitable opportunities.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 49.00 level.
MORE ON ACFXblog.com