MARKET BRIEFING – LONDON OPEN 16.03.2015
Posted: Mon Mar 16, 2015 11:37 amMORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 16.03.2015
EURUSD
The intraday technical outlook
With EURUSD now trading under the significant 1.0500 to 1.0600 levels it looks increasing likely that an attempt to push EURUSD to parity will be made.
However there are many hurdles first need to be overcome in the form of three prior weekly support levels at the 1.0340, 1.0210, 1.0090 areas.
We may see a correction higher however thus far corrective rallies have been used as opportunities to short EURUSD and this would logically seem the most appropriate strategy to continue to pursue.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0685 level.
GBPUSD
The intraday technical outlook
GBPUSD this morning has experienced a mini rally .
However with the price action being so bearish a resumption of the down trend should not be discounted.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5000 level.
USDJPY
The intraday technical outlook
This morning USDJPY has traded back down to its channel bottom.
With the macro trend being so bullish this area could potential offer an ideal location to add longs.
However with the price action having also penetrated the channel bottom a move beneath the recent low in the 121.00 area could signal the beginning of a much stronger corrective pull back.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 121.65 level.
USDCHF
The intraday technical outlook
USDCHF has experienced a strong bounce off the 0.9970 support area.
However the resulting up move was not able to penetrate the 1.0125 prior high.
With the price action now painting a double top there is a possibility that the up trend in USDCHF is done for now.
However we first need to see a penetration of the channel bottom and the 0.9970 support area to confirm this scenario.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9970 level.
AUDUSD
The intraday technical outlook
AUDUSD has this morning broken above its down channel top.
Although technically this does not indicate a change of trend the break above the channel does signal the potential for further upside momentum.
However confirmation is now required that this up move will continue and this will happen if we see a sustained breached of the high at the 0.7740 level.
In the mean time with the trend continuing to be down the strategy of selling into strength could possibly offer profitable opportunities.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7740 level.
GOLD
The intraday technical outlook
With Gold trading close to Novembers low which can be found at the 1133.70 level the price action over the past few days has been unable to breach the 1147.50 being the most recent low.
With a potential minor double bottom forming I am monitoring the price action for a potential move back up to the 1166.35 resistance level.
A breach of this level opens up the possibility of a continuation of the up move to the channel top at the 1175.00 level.
However with the trend being so bearish selling into strength such as this mornings move higher could possibly offer profitable opportunities.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1166.35 level.
OIL
The intraday technical outlook
News that storage capacity is now running low has added to the downward pressure Oil is experiencing.
Oil on Friday broke through the 46.75 level.
The breach of this level opens up the possibility for a test of the most recent low at 43.55 area.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 48.50 level.
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MARKET BRIEFING – LONDON OPEN 16.03.2015
EURUSD
The intraday technical outlook
With EURUSD now trading under the significant 1.0500 to 1.0600 levels it looks increasing likely that an attempt to push EURUSD to parity will be made.
However there are many hurdles first need to be overcome in the form of three prior weekly support levels at the 1.0340, 1.0210, 1.0090 areas.
We may see a correction higher however thus far corrective rallies have been used as opportunities to short EURUSD and this would logically seem the most appropriate strategy to continue to pursue.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0685 level.
GBPUSD
The intraday technical outlook
GBPUSD this morning has experienced a mini rally .
However with the price action being so bearish a resumption of the down trend should not be discounted.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5000 level.
USDJPY
The intraday technical outlook
This morning USDJPY has traded back down to its channel bottom.
With the macro trend being so bullish this area could potential offer an ideal location to add longs.
However with the price action having also penetrated the channel bottom a move beneath the recent low in the 121.00 area could signal the beginning of a much stronger corrective pull back.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 121.65 level.
USDCHF
The intraday technical outlook
USDCHF has experienced a strong bounce off the 0.9970 support area.
However the resulting up move was not able to penetrate the 1.0125 prior high.
With the price action now painting a double top there is a possibility that the up trend in USDCHF is done for now.
However we first need to see a penetration of the channel bottom and the 0.9970 support area to confirm this scenario.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9970 level.
AUDUSD
The intraday technical outlook
AUDUSD has this morning broken above its down channel top.
Although technically this does not indicate a change of trend the break above the channel does signal the potential for further upside momentum.
However confirmation is now required that this up move will continue and this will happen if we see a sustained breached of the high at the 0.7740 level.
In the mean time with the trend continuing to be down the strategy of selling into strength could possibly offer profitable opportunities.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7740 level.
GOLD
The intraday technical outlook
With Gold trading close to Novembers low which can be found at the 1133.70 level the price action over the past few days has been unable to breach the 1147.50 being the most recent low.
With a potential minor double bottom forming I am monitoring the price action for a potential move back up to the 1166.35 resistance level.
A breach of this level opens up the possibility of a continuation of the up move to the channel top at the 1175.00 level.
However with the trend being so bearish selling into strength such as this mornings move higher could possibly offer profitable opportunities.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1166.35 level.
OIL
The intraday technical outlook
News that storage capacity is now running low has added to the downward pressure Oil is experiencing.
Oil on Friday broke through the 46.75 level.
The breach of this level opens up the possibility for a test of the most recent low at 43.55 area.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 48.50 level.
MORE ON ACFXblog.com