MARKET BRIEFING – LONDON OPEN 02.04.2015
EURUSD
The intraday technical outlook
This morning’s price action has seen EURUSD breach the 1.0800 resistance level.
As this level coincides with the last prior isolated high technically this changes the trend from down to up.
However it is still relatively early in the up move and I would need to see the price action remain above the 1.0700 level to be convinced that we will continue to see higher prices.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0700 level.
GBPUSD
The intraday technical outlook
GBPUSD continues to trade within a fairly narrow range.
With political events now coming to the fore in the UK we may see this kind of price action continue up to the May 7 general election.
Traders will also be looking out for trends in the opinion polls and for traditional Political faux pas that we have become accustomed to during the election period.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4885 level.
USDJPY
The intraday technical outlook
USDJPY failed to breach the prior 120.00 resistance level and subsequently fell back to the 119.50 support area.
If USDJPY can hold above the 119.50 level we may probably see a retest of the 120.25 area.
Alternatively a breach of the 119.50 area could act as a catalyst for USDJPY to move down to the 119.00 level.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.50 level.
USDCHF
The intraday technical outlook
Yesterday’s penetration of the 0.9680 level coincided with a breach of the breach of the prior isolated low.
This has technical changed the trend from up to down.
A successful test of the 0.9600 level act as down trend confirmation.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9750 level.
AUDUSD
The intraday technical outlook
AUDUSD has continued to trade lower withe the breach of the 0.7600 level re-confirming the move.
The next major downside target being 0.7550 level which coincides with the prior daily swing low.
From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7650 level
GOLD
The intraday technical outlook
Gold’s yesterday spiked higher.
The move breached the 1192.00 area which coincides with the prior isolated weekly high.
This move has resulted in the the trend changing from down to up.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1180.00 level.
OIL
The intraday technical outlook
Oil yesterday spiked higher.
The move breached the 48.50 area which coincides with the prior isolated 1 hour high.
This move has resulted in the the trend changing from down to up.
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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