MARKET BRIEFING – LONDON OPEN 13.04.2015
EURUSD
The intraday technical outlook
Friday EURUSD continued to trader lower.
The move lower has taken EURUSD back down to a major multiple month trend line and monthly support level at the 1.0550 area.
A breach of this area and the 1.0500 level opens up the possibility for move down to parity.
Alternatively a bounce off support could see EURUSD trade back up to the 1.0900 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
With election uncertainty gripping the markets the Pound continues to drift lower.
GBPUSD is this morning attempting to breach the 1.4600 support level.
A breach of this level opens up clear are for a move down to the 1.4250 level.
Alternatively a bounce off this level could see GBPUSD trade back up to the 1.4800 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4980 level.
USDJPY
The intraday technical outlook
Yesterday USDJPY experienced a mild pullback.
However this morning buyer have come back into the market when USDJPY tested the 120.00 level.
I am this morning monitoring a potential test of the 120.70 level.
Alternatively a failure to sustain a move higher could see USDJPY test its channel bottom.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 120.00 level.
USDCHF
The intraday technical outlook
USDCHF continues to trade higher with the price action taking out the recent top at the 0.9750 level.
USDCHF did experience a minor pull back into the 0.9800 support area.
However it would appear that the price action has stabilized and has once again resumed its upward momentum with a target being at least Fridays high at the 0.9835 /0.9850 area.
Alternatively USDCHF fails to hold above this mornings low could see a move down to the 0.9750 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 has collapsed this morning following the release of Chinese data.
With the momentum being so bearish there is a possibility that the 0.7550 support level is breached.
Alternatively a failure to breach this level could see AUDUSD trade back up to the 0.7700 resistance level.
From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.7750 level.
GOLD
The intraday technical outlook
Gold did trade lower as it broke down from it up channel.
However the price action found support at the 1192.00 level.
This level acted as a catalyst for Gold to bounce higher.
The resulting move led Gold to breach its isolated high of 1202.50 and change the trend back to up.
I am this morning monitoring the price action for a retest of the 1209.00 level.
Alternatively a failure breach of this resistance level see Gold trade back down to the 1192.00 support level.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1192.00 level.
OIL
The intraday technical outlook
Oil has experienced some choppy price action following last weeks corrective pullback.
The 50.50 level has acted as good support.
I am this morning monitoring the price action for a test of Thursdays high and a continuation to the 54.00 level.
Alternatively a breach of the 50.50 support level could see Oil trade back down to 49.00 level.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 50.50 level.
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