MARKET BRIEFING – LONDON OPEN 06.03.2015
EURUSD
The intraday technical outlook
With the ECB confirming the date that Euro stimulus will begin the focus now falls on what is the next key level of support.
The obvious level be 1.1000. As it is NFP day good US job numbers combined with a pick up in average earnings could see this level being breached during today’s trading.
The recent activity has now formed two pronounced down channels around the price action.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1100 level.
GBPUSD
The intraday technical outlook
The price action continues to trade within a fairly steep down channel.
GBPUSD having broken under the 1.5300 support level the price action is this morning trading under the 1.5245 prior monthly prior support level.
I am this monitoring the price action for a continuation of the downward momentum.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5400 level.
USDJPY
The intraday technical outlook
Following the bounce of its channel bottom USDJPY has once again traded above the most recent isolated high.
With the trend being so bullish the expectation is that we continue to see higher prices.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.40 level.
USDCHF
The intraday technical outlook
USDCHF continues to trade in a broad up channel.
The price action has formed a typical staircase formation.
Due to the bullishness of this formation I will be monitoring the price action for a continuation of the current trend.
However with news soon to be released by the SNB on the level of its foreign currency reserves there will be market interest on the level and pace of buying of the Euro by the Swiss central bank.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9610 level.
AUDUSD
The intraday technical outlook
The Aussie Dollar continues to experience a great deal of market volatility.
This is partly driven by domestic news and partly by events in China.
With the price action now trading in a tight six day range we require resolution by the price action either sustaining a higher or lower break.
The US jobs numbers could give the market the jolt it needs.
From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7850 level.
GOLD
The intraday technical outlook
As posted previously previously:
There has been an increase in market volatility following the break down from the small up channel.
As the longer term trend continues to point down I will be monitoring the price action for a further move lower.
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
Oil continues to experience a mini rally with the price action forming a fairly obvious up channel.
However this morning the price action is making an attempt to break down from its up channel.
That the price action is trending higher on the 4 hour chart and the attempting to paint a higher low on the daily does give the bulls some room to be optimistic.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 49.80 level.
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