Daily Technical Analysis for EURUSD as at 3rd December 2013
Yesterday’s summary
Yesterday’s trading saw EURUSD trade 55 lower in what was a 90 pip range day.
EURUSD continues to trade and close to the within a large expanding triangle and horizontal congestion range. Yesterdays down move coincided with EURUSD trading up into the previous 3 day’s session highs
Market open focus
This morning’s EURUSD has been trading within a 30 pip range. I am monitoring the price action as it trades with the 1.3557 to 1.3525 previous day’s range for an indication of possible market direction during today’s session.
The key intraday levels to watch are 1.3525 1.3557, 1.3598 and 1.3622.
The possible projected maximum daily ranges based upon current price action are 1.3485 to 1.3600.
Today’s scenarios
1. EURUSD is trading within a 30 pip early morning Tokyo range. I am monitoring potential shorts below 1.3525 with a target of 1.3485.
2. Alternatively a potential break above 1.3557 has an upside intraday target of 1.3600.
Macro trade Ideas
1. The breach of the 16th October prior isolated low has changed the daily trend on a swing basis from up to down. The move back up to the averages and previously broken trend line has proved a good value area where shorts could be added. I am monitoring a continuation of the move down to the 7th November low at 1.3300 levels being a prior daily swing low.
2. Alternatively the weekly time frame continues to be swing positive. Therefore there is a possibility that the down trend on the daily chart is nothing more than a corrective sell off that brings the price action into potential value areas where long term swing position buy trades could be executed. It should also be noted that EURUSD has traded into a large Fibonacci support area where price action stalled and bounced. With this in mind there is potential for a substantial upside move that could bring the daily trend back into line with the weekly trend. This scenario is valid as long as EURUSD can trade above the 1st September swing long which comes in around the 1.3100 area.
The Macro Technical Targets
The upside targets are 1.3470, 1.3530, 1.3650, and 1.3830. The downside targets are 1.3300, 1.3200, 1.3100 and 1.2750.
Daily Technical Analysis for GBPUSD as at 2nd December2013
Yesterday’s summary
Yesterday’s GBPUSD traded a 100 pip range which saw it close some 20 pips below its previous day’s close. It would appear the 1.6385 area is offering some resistance and with the price action extend from the averages is the possible technical reason for yesterdays sell off.
Market open focus
This morning’s open has been relatively busy with trading up by some 45 pips off this sessions low. This move has taken GBPUSD back into the 1.6373 to 1.6442 previous day’s trading range.
The key intraday levels to watch are 1.6132, 1.6174, 1.6373 and 1.6442.
The possible projected maximum daily ranges based upon current price action are 1.6300 to 1.6435.
Today’s scenarios
1. GBPUSD has traded back into the 1.6373 to 1.6442 previous day’s range. I am monitoring a potential up move to 1.6442.
2. Alternatively a cross back under 1.6373 could see GBPUSD trade back down to 1.6300.
Macro trade ideas
1. The breach of the 23rd October swing high has changed the trend on a daily swing basis from down to up. This move has also taken out the prior high of the 1st October and multi month trend line resistance. With the price action in the daily time frame also being confirmed on the weekly time frame there is potential for a multi month move higher with an attempt at the 1.7045 level.
2. Alternatively the rising wedge formation if triggered could offer a powerful selling opportunity that takes GBPUSD back down to the 7th July low of 1.4810.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 3rd December 2013
Yesterday’s summary
Yesterday’s USDCHF traded a 67 pip range day as it closed 15 pips above the previous sessions high. Yesterday’s move came off a bounce off the downward sloping trend line as the price action has at the moving averages.
Market open focus
USDCHF has traded this morning within a 16 pip opening range. Today’s opening key price levels are 0.9110 to 0.9085. I am monitoring for breaks above or beneath this level.
The key intraday levels to watch are 0.9027, 0.9055, 0.9085 and 0.9110.
The possible projected maximum daily ranges based upon current price action are 0.9038 to 0.9135.
Today’s scenarios
1. USDCHF is trading with a very tight 16 pip opening range. I am monitoring for potential breaks 0.9110 with a target of 0.9135.
2. Alternatively a break beneath 0.9085 could see USDCHF potentially trade down to 0.9038.
Macro trade ideas
1. On a basis swing bases the trend is now positive following the breach of the prior isolated high. However the price action has been struggling to extend a move away from the downside sloping trend line. Notwithstanding this as long USDCHF can trade above 0.8889 being the current isolated low then the potential for a substantial upside breakout is possibility.
2. However the weekly time frame continues to point down. Therefore a sustained breach of the 34 period moving averages puts into play a move to the 0.8889 isolated low areas.
Macro technical levels
The macro technical levels are 0.9020 0.8930, 0.8570 and 0.9200.
Daily Technical Analysis for USDJPY as at 3rd December 2013
Yesterday’s summary
USDJPY yesterday’s trade some 35 pips lower off its open before reversing and trading higher by some 90 pips from that day’s low prior to selling off at the close by a marginal 21 pips. The move up could be viewed as an attempt to take out the 103.70 level which could happen during the course of this week’s trading. However the as the price action becomes extended from its averages a pull back is also possible.
Market open focus
This morning’s has seen USDJPY trade a 56 pip range. I am monitoring the 103.05 to 103.38 range.
The key intraday levels to watch are 100.13, 101.35, 103.05 and 103.38.
The possible projected maximum daily ranges based upon current price action are 102.70 to 103.70.
Today’s scenarios
1. This morning USDJPY traded within a 31 pip range. I am monitoring the price action for breaches of 103.38 with a target of 103.70.
2. Alternatively a breach of 103.05 could see USDJPY trade down to 102.70.
Macro trade ideas
1. With USDJPY having breached the prior swing high of the 17th October has changed the trend on a swing bias to up. The change of the daily trend now puts the swing bias in line with the weekly trend. The breach of both the downward sloping trend line and significant 100 levels now puts in play potential moves 103.73 swing level which is also a major multi year high. The previous 101.52 target having been breached this morning.
2. Alternatively as USDJPY is now becoming extended from its averages there is a possibility that USDJPY corrects down to these averages.