MARKET BRIEFING – LONDON OPEN 08.04.2015
Posted: Wed Apr 08, 2015 11:12 amMORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 08.04.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD traded lower as value hunters looked to purchase the US Dollar ahead of the release of the FOMC minutes.
However the move lower was stop at the 1.0800 area,
This morning I am monitoring the price for a bounce back up to the 1.0900 level or retest of the 1.0800 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
Yesterday GBPUSD traded lower as it broke through the 1.4885 level.
However the move lower was eventually held at the 1.4800 level which coincides with a prior monthly pivot.
I am this morning monitoring the price action for a move back towards the 1.4885 level or a retest of the 1.4800 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.
USDJPY
The intraday technical outlook
Yesterday USDJPY attempted to trade above the prior 120.25 high but was unable to sustain a move above this level.
This morning USDJPY has traded lower it what has been a fairly aggressive move down.
The initial move higher has resulted in the formation of a broad up trend channel.
I am this morning morning monitoring the price action for a continuation of lower prices that takes USDJPY back down to the 119.50 support area that coincides with the channel bottom.
Alternatively a drop off in downside momentum could see USDJPY retest the 120.00 resistance level.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.75 level.
USDCHF
The intraday technical outlook
Yesterday USDCHF continued to trade higher as the price action broke above its down channel.
However the move was held at the 0.9700/0.9680 resistance level.
I am this morning monitoring the price action for a retest of 0.9680 level as this corresponds to the most recent isolated high.
Alternatively USDCHF could trade back to the 0.9600 support level.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.
AUDUSD
The intraday technical outlook
Yesterday AUDUSD retested but could not sustain a move above the 0.7700 level.
This lead to AUDUSD trading back down into and testing the 0.7650 support level.
This morning I am monitoring the price action for a a retest of the 0.7700 resistance level.
Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7650 support level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7575 level.
GOLD
The intraday technical outlook
Gold yesterday traded lower as it came of its recent highs.
The price action has now approached the 1209.00 support level which corresponds to the channel bottom.
I am this morning monitoring the price action for a bounce off this support area.
Alternatively a breach of this support zone could see Gold trade back down the 1195.00 support 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
Oil has experience a stellar rally with the price action yesterday painting a new recent high.
I am this morning monitoring the price action for a retest of the 54.00 level being yesterdays high.
Alternatively a breach of the 52.50 support level could see Oil trade back down to its channel bottom.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 51.00 level.
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MARKET BRIEFING – LONDON OPEN 08.04.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD traded lower as value hunters looked to purchase the US Dollar ahead of the release of the FOMC minutes.
However the move lower was stop at the 1.0800 area,
This morning I am monitoring the price for a bounce back up to the 1.0900 level or retest of the 1.0800 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
Yesterday GBPUSD traded lower as it broke through the 1.4885 level.
However the move lower was eventually held at the 1.4800 level which coincides with a prior monthly pivot.
I am this morning monitoring the price action for a move back towards the 1.4885 level or a retest of the 1.4800 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.
USDJPY
The intraday technical outlook
Yesterday USDJPY attempted to trade above the prior 120.25 high but was unable to sustain a move above this level.
This morning USDJPY has traded lower it what has been a fairly aggressive move down.
The initial move higher has resulted in the formation of a broad up trend channel.
I am this morning morning monitoring the price action for a continuation of lower prices that takes USDJPY back down to the 119.50 support area that coincides with the channel bottom.
Alternatively a drop off in downside momentum could see USDJPY retest the 120.00 resistance level.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.75 level.
USDCHF
The intraday technical outlook
Yesterday USDCHF continued to trade higher as the price action broke above its down channel.
However the move was held at the 0.9700/0.9680 resistance level.
I am this morning monitoring the price action for a retest of 0.9680 level as this corresponds to the most recent isolated high.
Alternatively USDCHF could trade back to the 0.9600 support level.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.
AUDUSD
The intraday technical outlook
Yesterday AUDUSD retested but could not sustain a move above the 0.7700 level.
This lead to AUDUSD trading back down into and testing the 0.7650 support level.
This morning I am monitoring the price action for a a retest of the 0.7700 resistance level.
Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7650 support level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7575 level.
GOLD
The intraday technical outlook
Gold yesterday traded lower as it came of its recent highs.
The price action has now approached the 1209.00 support level which corresponds to the channel bottom.
I am this morning monitoring the price action for a bounce off this support area.
Alternatively a breach of this support zone could see Gold trade back down the 1195.00 support 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
Oil has experience a stellar rally with the price action yesterday painting a new recent high.
I am this morning monitoring the price action for a retest of the 54.00 level being yesterdays high.
Alternatively a breach of the 52.50 support level could see Oil trade back down to its channel bottom.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 51.00 level.
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