MARKET BRIEFING – LONDON OPEN 12.05.2015
EURUSD
The intraday technical outlook
Monday EURUSD experienced a somewhat choppy day.
This morning I am monitoring the price action for a test of the 1.1200 level.
Alternatively a failure to sustain a move higher prices could see EURUSD re-test the 1.1050 level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.1050 level.
GBPUSD
The intraday technical outlook
Monday GBPUSD continued to trade higher.
This morning I am monitoring the price action for a test of the 1.5600 level.
Alternatively a failure to trade higher could see GBPUSD re-test the 1.5350 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5350 level.
USDJPY
The intraday technical outlook
Monday USDJPY rallied for the entire day.
This morning I am monitoring the price action for a test of the 120.25 level.
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 down trend with the line of control at the 120.25 level.
USDCHF
The intraday technical outlook
Monday USDCHF USDCHF continued to rally as the price action traded up to its channel top.
This morning I am monitoring the price action for a test of the 0.9385 level.
Alternatively a failure to trade higher could see USDCHF trade back down to the 0.9270 level.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9295 level.
AUDUSD
The intraday technical outlook
Monday AUDUSD continues to trade in a tight range.
This morning I am monitoring the price action for a test of the 0.7975 level.
Alternatively a failure to trade higher could see AUDUSD could trade back down into the direction of 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 0.7975 level.
GOLD
The intraday technical outlook
Monday Gold tested but could not sustain a move above its down channel top.
This morning I am monitoring the price action for a test of the 1182.00 level.
Alternatively a failure to trade lower could see Gold re-test 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 1192.00 level.
OIL
The intraday technical outlook
Monday Oil happy a choppy days trading.
This morning monitoring the price action for a breach of the 60.00 level
Alternatively a failure to trade higher could see Oil re-test the 58.50 level.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 60.00 level.
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