MARKET BRIEFING – LONDON OPEN 26.03.2015
EURUSD
The intraday technical outlook
This morning EURUSD is attempting to trade above last weeks high as the price action tests the 1.1000 / 1.1050 level.
A move above these levels would confirm the health of the up trend and establish a broad upward trend channel.
Alternatively a breach of the 1.0900 level would take the price action under the prior isolated low and change the trend from up to down.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0900 level.
GBPUSD
The intraday technical outlook
GBPUSD having broken above its down channel continues to trade within a tight consolidation range.
I am this morning monitoring the price action with key range / break out levels being 1.4800 / 1.5000.
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
This morning we have witness a dramatic drop off in the price of USDJPY as the price rapidly approaches the 118.50 /118.00 levels.
With the trend being so bearish shorting corrective rallies could off possible profitable opportunities.
Alternatively a sustained corrective rally could see USDJPY test the 119.25 level which corresponds to the area of the Channel top.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 121.00 level.
UDSCHF
The intraday technical outlook
The USDCHF is taking USDJPY’s lead and trading lower.
The price action is this morning attempting to test the 0.9550 level which comes in at the area of a prior isolated daily swing low.
A continuation of the move lower takes USDCHF into the area of the 0.9500 big figure.
A failure to sustain lower prices could see USDCHF trade back up to the 0.9600 level which corresponds to a prior monthly swing level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9800 level.
AUDUSD
The intraday technical outlook
This morning AUDUSD did breach the isolated low of 0.7850 level.
This move technical changed the trend from up to down.
However the secondary price filter being the channel bottom and the prior monthly swing level of 0.7800 gave support to AUDUSD and has acted as a catalyst for a strong bounce higher.
A breach of the 0.7900 would signify that this down move was a fake break down.
Alternatively a failure to breach the 0.7900 could create downward pressure and force a retest of the 0.7800 level.
From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7900 level.
GOLD
The intraday technical outlook
This mornings move higher has propelled Gold towards the 1221.00 prior weekly swing level.
The move higher has also helped establish a more sustainable albeit still steep up channel.
Following 3 hours of solidly higher prices I am this morning monitoring the price action for the possibility of sideways to down corrective price action.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1187.00 level.
OIL
The intraday technical outlook
Oil has traded higher off the back of geo-political and strategic tensions presently affecting the Arabian Peninsula.
The move higher has created a steep up channel.
Following such a strong up move I am this morning monitoring the price action for the possibility of sideways to down corrective price action.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.
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