ACFX DAILY TECHNICAL REPORT – NEW YORK OPEN 18.02.2015
EURUSD
The intraday technical outlook
The markets continue to feel the fall out of the Greek debt impasse with the ongoing indecision can be seen in the charts with EURUSD trading within a large converging triangle.
The price action has so far failed to break above the 1.1440 resistance level.
EURUSD needs to trade above this level if the current upward momentum is to be confirmed.
A breach of the triangle formation in either direction could indicate the path of possible market direction.
From a technical perspective EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1440 level.
GBPUSD
The intraday technical outlook
The good UK data had the effect of sending higher.
This had followed a bounce off the area of the channel bottom.
From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5440 level.
USDJPY
The intraday technical outlook
This morning USDJPY has traded above the 119.20 resistance level.
I want to see a pull back and a retest of this level to confirm that the trend is changing to up.
From a technical perspective USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.20 level.
USDCHF
The intraday technical outlook
USDCHF continues to trade higher as the price action this morning has broken above the 0.9370 resistance level.
This up move has created a rather distinct up channel.
From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9265 level.
AUDUSD
The intraday technical outlook
AUDUSD has had a quiet days trading as the price action consolidates above the 0.7800 support level.resistance level.
A double bottom has formed above the 0.7630 level.
From a technical perspective the pair is trading in an intraday 1 hour uptrend with the line of control at the 0.7730 level.
GOLD
The intraday technical outlook
As posted this morning:
The drop off in the price of Gold gather pace yesterday as the price action moves to test the 1200.00 level.
With the price action now trading into a Fibonacci support area I am monitoring the price action for signs of downward momentum dissipating.
From a technical perspective Gold is trading in an intraday 1 hour uptrend with the line of control at the 1221.00 level.
OIL
The intraday technical outlook
As posted this morning:
The recent up move in the price the price of Oil has had the effect of creating a large converging triangle formation.
I am monitoring the price action for a potential breach of the triangle top.
From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 48.00 level.
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