MARKET BRIEFING – LONDON OPEN 08.05.2015
Posted: Fri May 08, 2015 10:19 amMORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 08.05.2015
EURUSD
The intraday technical outlook
Thursday EURUSD corrected for the entire day.
This negative bias has continued into this morning.
However the price action has now traded back to strong support in the form of the 1.1200 level and channel bottom.
This morning I am monitoring the price action for a bounce off the channel bottom.
Alternatively a failure to sustain a move higher prices could see EURUSD re-test the 1.1200 level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.1050 level.
GBPUSD
The intraday technical outlook
Thursday GBPUSD traded in a fairly tight range.
However last nights news of a shock exit poll result sent GBPUSD higher.
This morning I am monitoring the price action for a re-test of the 1.5495 / 1.5500 level.
Alternatively a failure to trade higher could see GBPUSD re-test the 1.5350 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5150 level.
USDJPY
The intraday technical outlook
Thursday USDJPY spiked higher off the 119.00 support area.
This morning I am monitoring the price action for a test of the 120.00 level.
Alternatively a failure to trade higher could see USDJPY trade back down to the 119.75 support level.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.50 level.
USDCHF
The intraday technical outlook
Thursday USDCHF spiked higher off the 0.9070 area.
This morning I am monitoring the price action for a test of the 0.9270 level.
Alternatively a failure to trade higher could see USDCHF trade back down to the 0.9070 level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9385 level.
AUDUSD
The intraday technical outlook
Thursday AUDUSD failed in its attempt to sustain a move back into its up channel.
This led to a a strong downside correction which has continued into the morning trading.
This morning I am monitoring the price action for a test of the 0.7925 level.
Alternatively a failure to trade higher could see AUDUSD could trade back down into the direction of the 0.7840 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.8025 level.
GOLD
The intraday technical outlook
Thursday Gold traded lower.
However support was found at the 1182.00 area and this has led to a move higher during Friday morning.
This morning I am monitoring the price action for a test of the 1192.00 level.
Alternatively a failure to trade higher could see Gold re-test the 1182.00 level.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1198.05 level.
OIL
The intraday technical outlook
Thursday Oil slammed lower.
Is this a case of all good things end? With support being held at the 58.50 level we really need to see a push higher.
Otherwise the bulls who bought Oil during this up move will once again run for cover.
This morning monitoring the price action for a bounce off the 58.50 level
Alternatively a failure to trade higher could see Oil re-test yesterdays lows.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 61.30 level.
MORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 08.05.2015
EURUSD
The intraday technical outlook
Thursday EURUSD corrected for the entire day.
This negative bias has continued into this morning.
However the price action has now traded back to strong support in the form of the 1.1200 level and channel bottom.
This morning I am monitoring the price action for a bounce off the channel bottom.
Alternatively a failure to sustain a move higher prices could see EURUSD re-test the 1.1200 level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.1050 level.
GBPUSD
The intraday technical outlook
Thursday GBPUSD traded in a fairly tight range.
However last nights news of a shock exit poll result sent GBPUSD higher.
This morning I am monitoring the price action for a re-test of the 1.5495 / 1.5500 level.
Alternatively a failure to trade higher could see GBPUSD re-test the 1.5350 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5150 level.
USDJPY
The intraday technical outlook
Thursday USDJPY spiked higher off the 119.00 support area.
This morning I am monitoring the price action for a test of the 120.00 level.
Alternatively a failure to trade higher could see USDJPY trade back down to the 119.75 support level.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.50 level.
USDCHF
The intraday technical outlook
Thursday USDCHF spiked higher off the 0.9070 area.
This morning I am monitoring the price action for a test of the 0.9270 level.
Alternatively a failure to trade higher could see USDCHF trade back down to the 0.9070 level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9385 level.
AUDUSD
The intraday technical outlook
Thursday AUDUSD failed in its attempt to sustain a move back into its up channel.
This led to a a strong downside correction which has continued into the morning trading.
This morning I am monitoring the price action for a test of the 0.7925 level.
Alternatively a failure to trade higher could see AUDUSD could trade back down into the direction of the 0.7840 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.8025 level.
GOLD
The intraday technical outlook
Thursday Gold traded lower.
However support was found at the 1182.00 area and this has led to a move higher during Friday morning.
This morning I am monitoring the price action for a test of the 1192.00 level.
Alternatively a failure to trade higher could see Gold re-test the 1182.00 level.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1198.05 level.
OIL
The intraday technical outlook
Thursday Oil slammed lower.
Is this a case of all good things end? With support being held at the 58.50 level we really need to see a push higher.
Otherwise the bulls who bought Oil during this up move will once again run for cover.
This morning monitoring the price action for a bounce off the 58.50 level
Alternatively a failure to trade higher could see Oil re-test yesterdays lows.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 61.30 level.
MORE ON ACFXblog.com