MARKET BRIEFING – LONDON OPEN 16.04.2015
EURUSD
The intraday technical outlook
EURUSD has continued its mini rally with the move above the 1.0700 level technically changing the 1 hour trend from down to up.
However this morning EURUSD slammed into the 1.0700 resistance level which is formed by the upper level of the down channel and the prior intraday isolated high.
This morning I am monitoring the price action for a retest of the 1.0070 resistance level.
Alternatively a failure to breach this level could see EURUSD trade back down to the 1.0670 support level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0670 level
GBPUSD
The intraday technical outlook
GBPUSD continues to trade higher as it briefly moved above the 1.4850.
With GBPUSD continuing to trade in an up trend I am this morning monitoring the price action for a retest of the 1.4850 level
Alternatively a breach of the 1.4800 level could see GBPUSD trade down to the 1.4700 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4700 level.
USDJPY
The intraday technical outlook
USDJPY experienced a strong sell off yesterday.
However a small double bottom formed above the 118.75 support level and this acted as a catalyst to send USDJPY higher.
I am this morning monitoring the price action for a retest of the 119.75 level and a continuation of the move down to 119.00.
Alternatively a failure to sustain higher prices could see USDJPY restest 119.00 and 118.75 levels.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 119.75 level.
USDCHF
The intraday technical outlook
USDCHF yesterday trade lower.
However this morning support has been found at the 0.9600 level which coincides with a prior monthly swing point.
I am this morning monitoring the price action for a retest of the 0.9700 level.
Alternatively a failure to trade higher could see USDCHF retest the 0.9600 level.
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 spiked higher in what was an impressive up move.
However the price action found strong resistance as the top of its down channel.
I am this morning monitoring the prices action for a retest of the 0.7750 level and the channel top.
Alternatively a failure to sustain higher prices could see AUDUSD trade back down to the 0.7700 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7550 level
GOLD
The intraday technical outlook
Gold yesterday broke above it narrow down channel and traded back up to the the area of the 1209.00 resistance area.
I am this morning monitoring the price action for a retest of the 1209.00 level.
Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.
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
Yesterday’s news from the International Energy Agency that OPEC was producing 2.5m barrels more oil than is actually needed did nothing to dampen the recent rise in the value of this commodity.
On the contrary the market seemed to take its queue from the Crude Oil Inventories report which showed a massive reduction in stockpiles from 10.9M to 1.3M.
Oil is now trading above both the daily and weekly swing high of 54.90.
This move has technical changed the the trend for both these time frames from down to up.
Although this move is significant there is a need to study closely the strength of any subsequent pull back before any firmer assessment on the strength of this move can be reached.
I am this morning monitoring the price action for a continuation of the move higher and a retest of the 56.50 level.
Alternatively a failure to sustain higher prices could see Oil trade back down to its channel bottom in he are of 54.00.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 51.50 level.
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