ACFX DAILY TECHNICAL REPORT – LONDON OPEN 23.02.2015
EURUSD
The intraday technical outlook
With the Greek crisis put on pause for at least four months the markets can now get back to digesting news from the European center with the German Ifo survey out this morning.
The price action is currently trading in a large 14 day range between 1.1300 and 1.1450.
A break of this range would potential give us a clue of the potential medium term directional momentum.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1450 level.
GBPUSD
The intraday technical outlook
This morning GBPUSD continues to trade at the bottom of its up channel.
I am currently monitoring the price action for a potential bounce from these levels.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5320 level.
USDJPY
The intraday technical outlook
USDJPY is this morning trading within a very narrow 5 day range.
Although the current price action is bullish we need a move above the 119.40 resistance level would confirm that a new up trend is under way.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.
USDCHF
The intraday technical outlook
USDCHF has had a good bounce off its up channel,
I am this morning monitoring a potential test of the 0.9530 level.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9370 level.
AUDUSD
The intraday technical outlook
AUDUSD this morning continues to trade within a five day range.
With the price action forming a double bottom above the 0.7630 level we require a penetration and sustained move above the 0.7875 level so as to maintain the current upside momentum.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7745 level.
GOLD
The intraday technical outlook
Gold continues to trade lower with the price action this morning testing the 1191.65 support level.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.
OIL
The intraday technical outlook
The recent pullback has failed to see a sustained move beneath the US$ 50 per barrel level.
We need to see a successful retest of this level for a continuation of the down trend.
From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 52.50 level.
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