ACFX DAILY TECHNICAL REPORT – LONDON OPEN 25.02.2015
EURUSD
The intraday technical outlook
Yesterdays dovish testimony by the Federal Reserve chairman to the Senate has put the US Dollar this morning under pressure.
This news combined with the positive outcome to the Greek debt talks has sent the Euro higher in early trading.
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
The Pound this morning is trading higher following a bounce off its channel bottom with the price action taking out last weeks high.
The Bank of England Governor Mark Carney is due to speak this morning.
The market will await any comments he may have with respect to interest rates.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5400 level.
USDJPY
The intraday technical outlook
Yesterday we did see USDJPY pop up above the 119.40 level.
However the dovish testimony by the Federal Reserve chairman Yellen slapped USDJPY down under this level.
Although the current price action is bullish we still 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
This morning USDCHF broke the bottom of its up channel.
Although this is not sufficient to change the trend from up to down this is a strong warning sign that a reversal is on the cards.
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
Yesterday AUDUSD experienced a strong upside reversal off the 0.7745 support level.
The bounce higher was accelerated by the news from the FOMC and the better than expected construction number.
The bounce higher has followed a double bottom that formed above the 0.7630 level with the move higher taking out the key 0.7875 resistance level.
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
Following a long downside correction Gold this morning has broken above its down channel.
We now require a move above the 1215.00 level as a confirmation that a rotation to the long side of the trade is under way.
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
As posted yesterday:
With the price action having resumed its prior bearish bias I am monitoring the potential for a a retest of this years lows.
From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 50.35 level.
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