MARKET BRIEFING – LONDON OPEN 24.03.2015
Posted: Tue Mar 24, 2015 9:50 amMORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 24.03.2015
EURUSD
The intraday technical outlook
Has Merkel and Tsipras found enough common ground allow them to bury their differences?
We should find out over the coming days.
However EURUSD has been acting very positively over the past few days.
Is this due to the FOMC’s Janet Yellen putting interest rate hikes on hold or is it due to the end game being in sight for the current Greek crisis.? Probably a bit of both.
However as long as the Euro keeps trading higher why fight the momentum?
EURUSD is now trading in a staircase pattern as the price action paints higher lows and higher highs.
That the price action is above it price channels is also very bullish.
I still want to see a breach of the 1.1035 level as upside bias confirmation.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0760 level
GBPUSD
The intraday technical outlook
Not all that much has happened overnight.
GBPUSD having broken above its down channel experienced a strong pullback.
However support was found at the 1.4700 level and this was a catalyst for a strong bounce.
A move above the 1.5165 level being Wednesday’s high would confirm that the up trend is intact.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4700 level.
USDJPY
The intraday technical outlook
With USDJPY now experiencing a strong downward correction trying to find the next major support level becomes a priority.
There are minor support levels at the 119.40, 119.10 and 118.70 however there is a weekly swing level at the 118.25 level.
This level could act as a target for the sellers to trade into.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.15 level.
USDCHF
The intraday technical outlook
Having retested the 0.9970 area USDCHF once again reverted its downward momentum.
A move that breaches the 0.9610 level would confirm that the down trend is in good health.
However this level coincides with a prior monthly swing level and an area that could offer considerable support to USDCHF.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9810 level.
AUDUSD
The intraday technical outlook
All I would like to say is that I feel a great deal of satisfaction when the technical tools I use consistently worked.
This is the case when AUDUSD yesterday bounced off the area of its channel bottom.
Take a look at yesterday’s Aussie analysis.
http://academy.acfx.com/market-briefing ... 3-03-2015/
With the price action trading higher the next major target is the 0.8000 level which coincides with a prior monthly swing point.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7760 level
GOLD
The intraday technical outlook
With the breach the 1182.20 level Gold is now knocking on the door of another prior weekly swing level at the 1191.65.
The move higher has been near vertical which leads me to believe that we might see some down to sideways corrective price action.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1182.20 level.
OIL
The intraday technical outlook
Oil has traded within a large consolidation pattern following the news from the FOMC.
With the longer term trends being so bearish I am monitoring the price action for a potential breakdown from this pattern.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 45.30 level.
MORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 24.03.2015
EURUSD
The intraday technical outlook
Has Merkel and Tsipras found enough common ground allow them to bury their differences?
We should find out over the coming days.
However EURUSD has been acting very positively over the past few days.
Is this due to the FOMC’s Janet Yellen putting interest rate hikes on hold or is it due to the end game being in sight for the current Greek crisis.? Probably a bit of both.
However as long as the Euro keeps trading higher why fight the momentum?
EURUSD is now trading in a staircase pattern as the price action paints higher lows and higher highs.
That the price action is above it price channels is also very bullish.
I still want to see a breach of the 1.1035 level as upside bias confirmation.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0760 level
GBPUSD
The intraday technical outlook
Not all that much has happened overnight.
GBPUSD having broken above its down channel experienced a strong pullback.
However support was found at the 1.4700 level and this was a catalyst for a strong bounce.
A move above the 1.5165 level being Wednesday’s high would confirm that the up trend is intact.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4700 level.
USDJPY
The intraday technical outlook
With USDJPY now experiencing a strong downward correction trying to find the next major support level becomes a priority.
There are minor support levels at the 119.40, 119.10 and 118.70 however there is a weekly swing level at the 118.25 level.
This level could act as a target for the sellers to trade into.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.15 level.
USDCHF
The intraday technical outlook
Having retested the 0.9970 area USDCHF once again reverted its downward momentum.
A move that breaches the 0.9610 level would confirm that the down trend is in good health.
However this level coincides with a prior monthly swing level and an area that could offer considerable support to USDCHF.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9810 level.
AUDUSD
The intraday technical outlook
All I would like to say is that I feel a great deal of satisfaction when the technical tools I use consistently worked.
This is the case when AUDUSD yesterday bounced off the area of its channel bottom.
Take a look at yesterday’s Aussie analysis.
http://academy.acfx.com/market-briefing ... 3-03-2015/
With the price action trading higher the next major target is the 0.8000 level which coincides with a prior monthly swing point.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7760 level
GOLD
The intraday technical outlook
With the breach the 1182.20 level Gold is now knocking on the door of another prior weekly swing level at the 1191.65.
The move higher has been near vertical which leads me to believe that we might see some down to sideways corrective price action.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1182.20 level.
OIL
The intraday technical outlook
Oil has traded within a large consolidation pattern following the news from the FOMC.
With the longer term trends being so bearish I am monitoring the price action for a potential breakdown from this pattern.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 45.30 level.
MORE ON ACFXblog.com