MARKET BRIEFING – LONDON OPEN 31.03.2015
EURUSD
The intraday technical outlook
As posted yesterday EURUSD broke down from upward channel and proceeded to trade to the 1.0800 level.
A successful retest of the 1.0800 level has confirmed the current down trend.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0950 level.
GBPUSD
The intraday technical outlook
This morning GBPUSD has opened negatively with the price action trading under the 1.4800 prior monthly swing level.
A breach of the 1.4750 level being yesterdays low could possibly add further downside pressure to the trade.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4925 level.
USDJPY
The intraday technical outlook
USDJPY continued to trade higher following the upside penetration of its down channel.
The move higher led to a successful test of Friday’s intraday swing high of 119.48.
The breach of this most recent isolated high has technically changed the trend from down to up.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.00 level.
USDCHF
The intraday technical outlook
USDCHF continued to trade higher following the upside penetration of its down channel.
The move higher led to a successful test of Friday’s intraday swing high of 0.9691.
The breach of this most recent isolated high has technically changed the trend from down to up.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9550 level.
AUDUSD
The intraday technical outlook
As posted yesterday the breach the isolated low of 0.7850 level has changed the 1 hour trend for AUDUSD from up to down.
This has been followed by further breaches of the 0.7800 support level and the channel bottom.
The move lower has come off a bounce from the top of a long dated down channel.
I am this morning monitoring the price action as it approaches the 0.7600 support area.
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
As posted yesterday Gold has broken the bottom of its up channel and is trading under the 1201.00 support level.
The breach of this level has technically changed the trend from up to down.
I am this morning monitoring the price action as it approaches the 1175.00 / 1166.00 support area.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level.
OIL
The intraday technical outlook
With talks continuing into today between Iran and the six nation contact group, the possibility of agreement being reached over this country’s nuclear programme could be a green light to the lifting of economic sanctions.
With Iran oil exports currently being hit by sanctions the very idea that such a large petroleum producer adding supply to the market could act as a catalyst for lower prices.
I expect today’s trading to be erratic and volatile.
As posted yesterday, Oil on Friday was not able to bounce off the bottom of its up channel.
What followed on Thursday was a strong correction that has pushed Oil in the direction of the 47.00 support area.
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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