MARKET BRIEFING – LONDON OPEN 17.03.2015
Posted: Tue Mar 17, 2015 9:54 amMORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 17.03.2015
EURUSD
The intraday technical outlook
With the markets awaiting news of tomorrows FOMC statement EURUSD has been trading higher due to speculation that the Federal Reserve will not drop the word “patient” as a policy making tool.
The price action is currently trading up to the its downward channel top.
With the market being so bearish 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
The UK budget is to be released tomorrow and Cable seems to be rising.
With this budget being the last before the next general election the possibility of give away’s being handed to the electorate and business could potential drive the Pound higher.
This morning GBPUSD has broken above its downward channel. This is an early indication that positive bias could be returning to the Pound.
However we I would like first to to see a weak pullback that fails to test the prior low of 1.4700 to happen before taking a further look at the long side of the trade.
That GBPUSD is trading in a very strong down trend the strategy that has worked thus far has been to sell into strength and this could possibly remain a profitable opportunity.
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
As posted yesterday 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
As posted yesterday 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 continues to trade above the top of its down channel.
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 0.7610 level.
GOLD
The intraday technical outlook
As posted yesterday Gold istrading 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
Yesterday’s move lower for Oil tested the US$43.57 level being the prior low of January 29.
This morning the price action is currently trading under this level at US$43.50.
With the price action being so bearish a continuation of the downward momentum is a possibility.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 44.75 level.
MORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 17.03.2015
EURUSD
The intraday technical outlook
With the markets awaiting news of tomorrows FOMC statement EURUSD has been trading higher due to speculation that the Federal Reserve will not drop the word “patient” as a policy making tool.
The price action is currently trading up to the its downward channel top.
With the market being so bearish 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
The UK budget is to be released tomorrow and Cable seems to be rising.
With this budget being the last before the next general election the possibility of give away’s being handed to the electorate and business could potential drive the Pound higher.
This morning GBPUSD has broken above its downward channel. This is an early indication that positive bias could be returning to the Pound.
However we I would like first to to see a weak pullback that fails to test the prior low of 1.4700 to happen before taking a further look at the long side of the trade.
That GBPUSD is trading in a very strong down trend the strategy that has worked thus far has been to sell into strength and this could possibly remain a profitable opportunity.
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
As posted yesterday 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
As posted yesterday 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 continues to trade above the top of its down channel.
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 0.7610 level.
GOLD
The intraday technical outlook
As posted yesterday Gold istrading 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
Yesterday’s move lower for Oil tested the US$43.57 level being the prior low of January 29.
This morning the price action is currently trading under this level at US$43.50.
With the price action being so bearish a continuation of the downward momentum is a possibility.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 44.75 level.
MORE ON ACFXblog.com