11th March 2014
EURUSD
Summary
Monday EURUSD traded within Friday’s range as the price action continued to test the high of the 27th December candle at 1.3893.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing. This price action has put the daily time frame in gear with the positive weekly trend.
Focus on today
This morning EURUSD has opened negativly as it tests the bottom of Friday’s range.
I am this morning monitoring the price action for a potential retest of the 1.3893 level
Alternatively if EURUSD fails to sustain a move higher there is a possibility the price action trades back up to the 8 period moving averages.
GBPUSD
Summary
Monday GBPUSD broke down from the 8 period moving averages as the price action breached the 1.6639 level being the recen daily pivot low.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook.
Focus on today
This morning GBPUSD has opened neutral as the price action trades at the bottom of the range of the previous day’s candle.
I am today monitoring the price action for a possible test of the 34 period moving averages.
Alternatively if GBPUSD cannot sustain lower prices could see the price action potentially trade up to the 8 period moving averages.
USDJPY
Summary
Monday USDJPY traded within the range of Friday’s candle as price action traded between the 8 period moving averages and the 103.74 resistance level.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame.
Focus on today
This morning USDJPY is trading at the highs of the previous day’s range.
Today I am monitoring USDJPY for a possible retest of the 103.74 level.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.
USDCHF
Summary
Monday USDCHF trade within Monday’s candle as the price action tested but failed to sustain a move beneath the previously broken down trend line.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias.
Focus on today
This morning USDCHF has opened positively as the price action trades above Mondays range.
Today I am monitoring the price action for a test of the 8 period moving averages.
Alternatively a failure to sustain higher prices could see USDCHF test the 0.8755 level being the last isolated low.