MARKET BRIEFING – LONDON OPEN 06.04.2015
EURUSD
The intraday technical outlook
Fridays bad NFP number weakened the US Dollar.
This has led to EURUSD approaching the prior recent high of 1.1050.
The recent price action has seen EURUSD breach the 1.0800 resistance level.
As this level coincides with the last prior isolated high technically this changes the trend from down to up.
This morning I am monitoring the price action for a retest of the 1.1050 level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0725 level.
GBPUSD
The intraday technical outlook
Friday’s NFP data sent GBPUSD higher.
The resulting price action saw GBPUSD trade above the 1.4885 resistance level.
This move has technically changed the trend from down to up.
I am this morning monitoring the price action for a test of the 1.5000 resistance level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4750 level.
USDJPY
The intraday technical outlook
Following Friday’s US jobs number USDJPY broke down from its 119.50 support level.
The move beneath this level has technically changed the trend from up to down.
This morning I am monitoring the price action as it tests the 119.00 support level.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.25 level.
USDCHF
The intraday technical outlook
The penetration of the 0.9680 level coincided with a breach of the breach of the prior isolated low.
This has technical changed the trend from up to down.
Friday’s US Labor news has seen USDCHF retest the 0.9500.
I am this morning monitoring the price action for a retest or bounce off the 0.9500 level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9600 level.
AUDUSD
The intraday technical outlook
AUDUSD experience a strong rally on Friday.
This came off the back of the bad US jobs number.
A breach of 0.7650 level has changed the trend from down to up.
I am this morning monitoring the price action for a retest or bounce lower off the 0.7650 level.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7550 level.
GOLD
The intraday technical outlook
Gold has open higher with a gap as it tests the recent 1221.00 high.
A breach of this level will confirm the strength of the up trend.
I am this morning monitoring the price action for a bounce of or break above the 1221.00 level.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1195.00 level.
OIL
The intraday technical outlook
As posted previously the breach of the 48.50 area which coincides with the prior isolated 1 hour high.
This move has resulted in the the trend changing from down to up.
This morning I am monitoring the price action for a retest of the 50.50 level
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 48.00 level.
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