Daily Technical Analysis for EURUSD as at 29th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading lower from the open after yesterdays down day.
This morning EURUSD broke down from the proceeding tight range is now touching the 34 period moving averages and trend line support.
We continue to monitor the price action to see if the 34 period moving average will act as support.
In terms of the bigger picture the swing bias has changed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has breached trend line resistance.
3. The weekly time frame is in gear with the daily time frame.
4. The averages have crossed positively.
5. The price action has broken above the 8 period moving averages.
Alternative counter trend bullish factors:
1. The averages are becoming extended which could lead to corrective down to sideways price action.
2. The RSI is confirming is showing signs of negative divergence.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities
Scenario 2
Alternatively if EURUSD can breach the 34 period moving averages there is potential for an extended move to the previous swing low.
Daily Technical Analysis for GBPUSD as at 29th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading lower from the open after yesterdays down day.
Yesterday GBPUSD broke lower only to find good support at the 3 period moving averages and in the process a bullish hammer candle was printed.
As the swing bias remains positive we are monitoring this pullbacks to the averages acting as a potential buying area. However there is potential for a move to the previous swing low.
In terms of the bigger the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.
Alternative counter trend bearish factors:
1. The moving averages are somewhat extended.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the next area of interest being the 34 period moving averages.
Scenario 2
Alternatively a sustain break of the 34 period moving averages could potentially see GBPUSD trade into the direction of the prior swing low.
Daily Technical Analysis for USDCHF as at 29th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading higher from the open after yesterdays up day
Following yesterday’s strong bounce off support the positivity has continued into the European session as USDCHF trades towards the 34 period moving averages.
It would appear that USDCHF is attempting to build a base prior to breaking higher. However on a swing bases the trend is down and a breach of the 20th August low would reconfirm this trend.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.
Alternative counter trend bullish factors:
1. The price has corrected but there is potential for an extended move past the 34 period moving averages.
2. Support is holding.
Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.
Scenario 2
Alternatively if the price action cannot breach the 20th August low there is potential for a pullback to the 34 period moving averages.
Daily Technical Analysis for USDJPY as at 29th August 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning trading higher from the open after yesterdays up day.
Yesterday USDJPY reversed off the lows and closed higher. This positive movement has continued into the European session with the price action moving back into the averages. Although Fibonacci resistance is a hurdle that needs to be overcome a move above the previous swing high will effectively change the trend to long. Furthermore with the development of what can be described as a large converging triangle, an upside break of this triangle could see USDJPY breaching the 100 level.
In terms of the bigger picture the swing bias is negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.
7. The price action is trading below the moving averages.
Alternative counter trend bullish factors:
1. The price action is attempting to print a higher low.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively this corrective move could potentially change into a full trend reversal pattern if the price action can breach the previous swing high.
Daily Technical Analysis for Gold as at 29th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading lower from the open after yesterdays up day.
Following the printing of a higher high and breach the previous swing high Gold is now effectively trending positively. However following yesterday’s reversal day where a bearish shooting star candle was printed we are monitoring pullbacks to the 8 period moving averages as buying opportunities.
In terms of the bigger picture the swing bias has reversed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.
Scenario 2
Alternatively as the price action is extended from the averages there is potential for taking counter trend shorts down to the averages.
Daily Technical Analysis for Oil (WTI) as at 29th August 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading lower from the open after yesterdays down day.
Following Tuesday’s powerful break out Oil yesterday experienced a reversal as a bearish shooting star candle was printed. As the price action continues to be extended from the averages it is not surprising that a corrective down to sideways pullback is happening. As long as the price action can hold above the 21st August low then the trend stays long.
In terms of the bigger picture the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The prior down spike has been reversed.
4. The averages are layered positively.
5. The price action is forming a possible corrective zigzag consolidation pattern.
6. The price action is trading above the large monthly converging triangle.
7. The weekly RSI diverging positively.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to resistance areas could possibly be viewed as buying opportunities.
Scenario 2
Alternatively as the price action is extended from the averages Oil may experience a down to sideways corrective pullback.