MARKET BRIEFING – LONDON OPEN 04.05.2015
EURUSD
The intraday technical outlook
Friday EURUSD was not able to sustain a move above last week’s highs.
What followed was a breach of the 1.1200 isolated low.
The move beneath this level has technically changed the 1 hour trend from up to down.
This morning I am monitoring the price action for a move down to the 1.1050 level.
Alternatively a failure to sustain a move lower could see EURUSD retest the 1.1200 level.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1285 level.
GBPUSD
The intraday technical outlook
Friday GBPUSD collapsed.
The move lower followed the prior break down from the up channel and breach of the 1.5400 isolated low.
This morning I am monitoring the price action for a test of the 1.5100 level.
Alternatively a failure to trade lower could see GBPUSD test the 1.5250 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5400 level.
USDJPY
The intraday technical outlook
Friday USDJPY continued its strong rally.
The breach of the last isolated high at 119.35 has change the 1 hour trend from down to up.
This morning I am monitoring the price action for a retest of Friday’s high.
Alternatively a failure to trade higher could see USDJPY trade back down to the 119.75 support level.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.50 level.
USDCHF
The intraday technical outlook
Friday USCHF traded lower however has since rallied.
This morning I am monitoring the price action for a test of the 0.9445 level.
Alternatively a failure to trade higher could see USDCHF trade back down to the last weeks lows at the 0.9275 area.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9445 level.
AUDUSD
The intraday technical outlook
Friday AUDUSD broke down from its up channel.
This followed a breach of the 0.7975 isolated low.
The move beneath this level has technically changed the 1 hour trend from up to down.
This morning I am monitoring the price action for a test of the 0.7750 support level.
Alternatively a failure to trade lower could see AUDUSD test the 0.7840 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
Friday Gold continued to trade lower but found support at the 1175.35 level.
This morning I am monitoring the price action for a test of the 1184.15 level.
Alternatively a failure to trade higher could see Gold retest Friday’s lows.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1207.20 level
OIL
The intraday technical outlook
Friday Oil did trade higher however by the close of business had paired most of its gains.
I am this morning monitoring the price action for a test of the 60.00 level
Alternatively a failure to sustain higher prices could see Oil test the 59.00 support level.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 58.50 level.
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