MARKET BRIEFING – LONDON OPEN 13.05.2015
EURUSD
The intraday technical outlook
Tuesday EURUSD rallied off the 1.1250 support level.
This morning I am monitoring the price action for a test of the 1.1285 level.
Alternatively a failure to sustain a move higher prices could see EURUSD re-test the 1.1125 level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.1125 level.
GBPUSD
The intraday technical outlook
Tuesday GBPUSD spiked higher following a bounce off the 1.5550 support level.
This morning I am monitoring the price action for a test of the 1.5700 level.
Alternatively a failure to trade higher could see GBPUSD re-test the 1.5550 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5550 level.
USDJPY
The intraday technical outlook
Tuesday USDJPY failed to sustain a move above the 120.25 level and the proceeded to experience a strong correction.
This morning I am monitoring the price action for a test of the 119.75 level.
Alternatively a failure to trade lower could see USDJPY trade back up to the 120.00 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
Tuesday USDCHF broke lower off its channel top.
This morning I am monitoring the price action for a test of the 0.9180 level.
Alternatively a failure to trade lower could see USDCHF trade back up to the 0.9340 level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9340 level.
AUDUSD
The intraday technical outlook
Tuesday AUDUSD traded higher but found resistance at the 0.8000 level.
This morning I am monitoring the price action for a re-test of the 0.8000 level.
Alternatively a failure to trade higher could see AUDUSD could trade back down into the direction of the 0.7925 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7875 level.
GOLD
The intraday technical outlook
Tuesday Gold broke above its down channel.
This morning I am monitoring the price action for a test of the 1198.00 level.
Alternatively a failure to trade higher could see Gold re-test the 1192.00 level.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1182.00 level.
OIL
The intraday technical outlook
Tuesday Oil traded higher in an orderly staircase fashion.
This morning monitoring the price action for a breach of the 61.30 level
Alternatively a failure to trade higher could see Oil re-test the 60.00 level.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 59.00 level.
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