MARKET BRIEFING – LONDON OPEN 09.04.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD initially traded higher however the price action was not able to sustain its gains and broke down prior to the release of the FOMC minutes.
The move below the 1.0800 level has breached the prior isolated low.
This move has technically changed the trend from up to down.
I am this morning monitoring price for a possible test the 1.0750 support level.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0900 level.
GBPUSD
The intraday technical outlook
Yesterday GBPUSD attempted to test the high of the week at 1.4980 level but failed to break above it.
With the UK heading into a general election the price action has become very choppy.
This could be related to the political uncertainty. However the election is a little under a month away. For such volatility to enter the GBPUSD so early in the election period could indicate a continuation of this very choppy price action.
I am this morning monitoring the price action for a move back towards the 1.5000 level or a retest of the 1.4800 level.
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
During yesterday morning session USDJPY traded lower only reverse in the early afternoon.
This morning USDJPY I am monitoring the price action for a retest of this weeks high at the 120.50 area.
Alternatively a failure to sustain higher prices could see USDJPY trade back down to its channel bottom.
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 USDCHF traded down to its 0.9600 support level.
However this monthly swing level proved to be too powerful as the price action bounced higher.
This morning USDCHF has made a new weekly high as it tests the 0.9680 level.
A breach of the 0.9680/0.9700 level could see USDCHF trade up to the 0.9750 level.
Alternatively USDCHF a failure to breach the 0.9680 level could see USDCHF move back toward the 0.9600 support level.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9600 level.
AUDUSD
The intraday technical outlook
AUDUSD continues to staircase higher as the price action experiences an upside correction.
A breach of the weekly high at the 0.7730 level is required to confirm the up trend is intact.
Alternatively a failure to breach the 0.7730 level could see AUDUSD test today’s low and the 0.7650 support level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7650 level.
GOLD
The intraday technical outlook
Gold yesterday traded under the 1209.00 level and its channel bottom.
The move beneath the 1209.00 level also breached the prior isolated low and has resulted in a change of trend from up to down.
I am this morning monitoring the price action for a continuation of the move lower and a break beneath the 1192.00 support level.
Alternatively a failure breach of this support zone could see Gold trade back up to the 1215.00 resistance level.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.
OIL
The intraday technical outlook
Oil experienced a dramatic slide yesterday.
The move beneath the 51.00 level which coincides with the prior swing low has technically changed the trend from up to down.
However the price action is now bouncing higher off its channel bottom.
I am this morning monitoring the price action for a bounce of the channel bottom.
Alternatively a breach of the channel bottom and a break below the 50.50 level could see Oil trade substantially lower.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 54.00 level
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