MARKET BRIEFING – LONDON OPEN 30.04.2015
EURUSD
The intraday technical outlook
Wednesday EURUSD spiked higher as the price action broke above its large down channel.
The move higher would indicate that multiple year support in the 1.0500 area is valid and strong.
The move above the channel and the significant 1.1000 level now puts into play the long side of the trade.
This morning I am monitoring the price action for a test of the 1.1200 resistance level.
Alternatively a failure to sustain a move above this level could see EURUSD trade back down to the 1.1050 support level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0950 / 1.1000 level
GBPUSD
The intraday technical outlook
Wednesday GDPUSD traded higher as it broke through the 1.5350 resistance level.
The 1.5350 is a significant multiple year resistance level as it coincides with a prior broken converging triangle price structure.
This morning I am monitoring the price action for a test of the 1.5450 resistance level.
Alternatively a failure to trade higher could see GBPUSD trade back down to the 1.5350 support level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5150 level
USDJPY
The intraday technical outlook
Wednesday USDJPY traded lower as it broke the 118.80 support level.
However what followed was volatile trading as the price action moved between the 118.50 and 119.40 price levels.
This morning I am monitoring the price action for a retest of the 118.80 resistance level.
Alternatively a failure to trade higher could see USDJPY trade back down to the 118.50 support level.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 119.40 level.
USDCHF
The intraday technical outlook
Wednesday USDCHF collapsed as it broke under the 0.9500 support level.
This morning I am monitoring the price action for a retest of the 0.9340 support level.
Alternatively a failure to breach this level could see USDCHF trade back up to the 0.9500 resistance level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9600 level.
AUDUSD
The intraday technical outlook
Wednesday AUDUSD trade higher as the price action broke above the 0.8000 and 0.8050 resistance levels.
However during morning trading AUDUSD has corrected lower with the price action trading under the last isolated low of 0.7975.
The move beneath this swing level has technically changed the direction of the 1 hour trend from up to down.
This morning I am monitoring the price action for a continuation of the move lower and down to the area of channel support.
Alternatively a failure to trade lower could see AUDUSD trade back down to the 0.8000 resistance level.
From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.8075 level.
GOLD
The intraday technical outlook
Wednesday Gold failed in its attempt to retest the 1214.85 resistance level.
Subsequently Gold corrected lower as it penetrated the prior isolated low of 1204.70.
The move beneath this swing level has technically changed the direction of the 1 hour trend from up to down.
This morning I am monitoring the price action for a test of the 1198.05 support level.
Alternatively a failure to trade lower could see Gold retest the 1209.00 level.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1214.85 level.
OIL
The intraday technical outlook
Wednesday Oil broke higher from its recent tight consolidation pattern.
The break higher is in line with the directional momentum that can be found on both the daily and weekly time frames.
I am this morning monitoring the price action for a test of yesterdays highs on the 59.00 area.
Alternatively a failure to sustain higher prices could see Oil test the 56.65 resistance level.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 56.65 level.
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