12th March 2014
EURUSD
Summary
Tuesday EURUSD traded within Monday’s range as the price action test 1.3835 support level.
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 neutral as it trades within 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
Tuesday GBPUSD continued its recent downward trajectory but eventually found support coming in at the 8 period moving averages.
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. However the breach the 1.6639 level being the recen daily pivot low has added a question to the overall health of the uptrend.
Focus on today
This morning GBPUSD has opened neutral as the price action trades within 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
Tuesday USDJPY continued to trade within the range of 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
Tuesday USDCHF continued to trade within the range of the previous 3 day’s candle.
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 within yesterday’s 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.