MARKET BRIEFING – LONDON OPEN 25.03.2015
EURUSD
The intraday technical outlook
EURUSD yesterday attempted to test the 1.1035 level but failed to break above this price
Although the price has painted a series of higher lows and higher highs there is a necessity to trade above the 1.1035 level for the up trend to be maintained.
That the price action is above it price channels is also very bullish.
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
With UK inflation data once again dropping off the prospects of an interest rise becomes less and less likely.
The up move following last weeks break out has stalled somewhat with the price action consolidating within a tight range.
A breach of the 1.5000 level will confirm the upside bias whereas a break down under the 1.4810 level would put the downside bias back into focus.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4810 level.
USDJPY
The intraday technical outlook
Yesterday USDJPY did continue to trade lower but experienced a good bounce off the 119.40 area.
With a possibility of a minor double bottom forming there is the potential for a move back up to the 120.15 resistance level which coincides with the top of the down channel.
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
Yesterday USDCHF did breach the 0.9610 monthly support level.
I am this morning monitoring a pull back towards this level for signs a weakness coming back into the trade.
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
Over the past three business days AUDUSD has painted a minor topping head an shoulders pattern.
This pattern could be the sign that AUDUSD could experience a substantial downward correction.
Alternatively an inability for the price action to move lower could open up the door to a retest of the 0.7910 level being this weeks high.
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
As posted yesterday 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 yesterday attempted to break up from its consolidation pattern.
However the price action could not sustain higher prices.
This morning Oil has penetrated the lows of its very narrow down channel.
I am this morning monitoring the price action for a test of support at the 46.75.
However the penetration of the channel bottom could turn out to be a fake break down that acts as a catalyst to push Oil higher.
With the weekly crude report out this afternoon we may see an increase in volatility during the day.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 46.75 level.
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