28th May 2014
EURUSD
Summary
Tuesday EURUSD traded lower in what was a good range day.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. The past three days price action has seen a sustained move under this last support level.
Focus on today
This morning EURUSD has opened quietly as the price action trades within Tuesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3550 support level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.
GBPUSD
Summary
Tuesday GBPUSD traded marginally lower as the price action tested the 1.6795 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. More recently GBPUSD has managed to break above its daily moving averages which can be seen positively for GBPUSD.
From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.
I am today monitoring the price action for a sustained move above the 8 period moving averages.
Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6795 support level.
USDJPY
Summary
Tuesday USDJPY traded within the 8 and 34 period daily moving averages.
Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action tests within Tuesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 101.70 level.
Alternatively a failure to sustain lower prices could see USDJPY test the 34 period daily moving averages.
USDCHF
Summary
Tuesday USDCHF experienced a strong up day as the price action tested the 61.8% Fibonacci resistance level.
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF test the 8 period daily moving averages.
AUDUSD
Summary
Tuesday AUDUSD continued to trade higher as the price action tested the 8 period daily moving averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
Focus on today
This morning AUDUSD has opened quietly as the price trades under Tuesday’s candle ranges.
I am this morning monitoring the price action for a potential a test of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests the 34 period daily moving averages.
GOLD
Summary
Thursday Gold traded lower as the price action traded back down to the averages.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Thursday’s candle ranges.
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.
OIL
Summary
Tuesday Oil continues to trade above the 8 period daily moving averages as the price action moves into the direction of the prior 2014 highs.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.
Focus on today
This morning Oil has opened quietly as the price action at the highs Tuesday’s candle range.
Today I am monitoring the price action for a test of the 105.00 level being the April high.
Alternatively a failure to sustain higher prices could see Oil trade back down to its averages.
USDCAD
Summary
Tuesday USDCAD traded lower as the price action traded back down to the prior broken downward sloping trend line.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.
A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.
Focus on today
This morning USDCAD has opened quietley as the price action trades at the highs of Tuesday’s candle range.
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retest the broken 34 period daily moving averages.