MARKET BRIEFING – LONDON OPEN 19.05.2015
EURUSD
The intraday technical outlook
Monday EURUSD tested the channel bottom and has subsequently broken it during early morning trading.
This morning I am monitoring the price action for a test of the 1.1200 level.
Alternatively a failure to sustain a move lower prices could see EURUSD re-test the 1.1285 level.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1465 level.
GBPUSD
The intraday technical outlook
Monday GBPUSD tested the 1.5650 support level.
This morning I am monitoring the price action for a re- test of the 1.5650 level.
Alternatively a failure to trade lower could see GBPUSD test last weeks highs.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5650 level
USDJPY
The intraday technical outlook
Monday USDJPY continued to trade above its down channel and painted a bullish higher low higher high formation.
This morning I am monitoring the price action for a test of the 120.30 level
Alternatively a failure to trade higher could see USDJPY trade back down to the 119.40 level.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.20 level.
USDCHF
The intraday technical outlook
Monday USDCHF tested and close above its down channel.
This morning I am monitoring the price action for a test of the 0.9295 level.
Alternatively a failure to trade higher could see USDCHF trade back down to the 0.9250 level.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9130 level.
AUDUSD
The intraday technical outlook
Monday AUDUSD traded down and closed under its up channel.
This morning I am monitoring the price action for a test of the 0.7950 level.
Alternatively a failure to trade lower could see AUDUSD test the 0.8025 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7950 level.
GOLD
The intraday technical outlook
Monday Gold has corrected off its highs.
This morning I am monitoring the price action for a re-test of this weeks highs.
Alternatively a failure to trade higher could see Gold re-test the 1212.00 level.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1212.40 level
OIL
The intraday technical outlook
Monday Oil has continued to trade lower.
This morning monitoring the price action for a test off the 59.00 area.
Alternatively a failure to trade lower could see Oil re-test the 60.00 level.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 60.80 level.
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