Daily Technical Analysis for EURUSD as at 2nd September 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading lower from the open after Fridays down day.
Friday EURUSD continued to trade lower as it breached the previous pivot swing low. This breach effectively changes the trend from up to down. The price action is now trading under both the averages and trend line support. We are monitoring a potential negative cross of the averages which will confirm the new down trend. However the weekly time does continue to point up which could indicate that this change in the trend on the daily trend is nothing more than a strong corrective move.
In terms of the bigger picture the swing bias has changed to negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative..
2. The price action has breached trend line support.
3. The price action has broken beneath the averages.
4. The RSI is showing signs of negative divergence.
Alternative counter trend bullish factors:
1. The weekly time frame is in gear with the daily time frame.
2. The averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively as EURUSD is extended from the averages and therefore there is a possibility of a corrective up to sideways move.
Daily Technical Analysis for GBPUSD as at 2nd September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading higher from the open after Fridays down day.
GBPUSD is bouncing off the 34 period moving averages and is this morning trading above the 8 period moving averages.
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 bouncing off 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. GBPUSD is approaching Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities.
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 2nd September 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading higher from the open after Fridays up day
Following a strong bounce off support the positivity has continued as USDCHF traded through 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 as there has been a breach of the 34 period moving averages there is potential for a move to prior swing high.
Daily Technical Analysis for USDJPY as at 2nd September 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning trading higher from the open after Fridays down day.
This morning USDJPY is attempting to breach the upper level of the converging triangle. A successful breach followed by a move above the previous swing high would effectively change the trend from down to up.
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.
2. The price action is attempting to breach trend line converging triangle resistance.
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 2nd September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading unchanged from the open after Fridays down day.
This morning Gold has traded down to the 8 period moving averages which we are monitoring as a potential buying area.
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.
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 2nd September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading lower from the open after Fridays down day.
This morning Oil traded down to the 34 period moving averages where support was found. We are monitoring the potential for a further upswing.
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.
Alternative counter trend bearish factors:
1. The weekly RSI diverging negatively.
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.