MARKET BRIEFING – TECHNICAL ANALYSIS 01.02.2016
EURUSD
The intraday technical outlook
EURUSD bounced off the top of the daily downtrend channel.
EURUSD needs to hold above 1.0862 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.0905, which is the Daily Average True Range (ATR) upside projection level of today. Should this mark be reached successfully, a further extension to 1.1000, being the 2nd pivot resistance level of today, could be observed further.
If EURUSD fails to maintain the upward momentum, a move lower could potentially unfold.
If this scenario was to occur the target for today is 1.0759, being the pair’s Daily Average True Range (ATR) downside projection level of today.
GBPUSD
The intraday technical outlook
GBPUSD continues to range above the recently breached downtrend channel.
GBPUSD needs to hold above 1.4267 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.4379, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 1.4530, which is the 2nd pivot resistance, could take place next.
If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today will be 1.4115, being the Daily Average True Range (ATR) downside projection level of today.
USDJPY
The intraday technical outlook
USDJPY continues to trade higher, following the BoJ decision to raise the interest rate last Friday.
USDJPY needs to hold above 122.30 level, being the intraday Pivot Point in order to continue the uptrend scenario.
The initial upside target is 122.30, which is the pair’s Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 123.63, which is the 2nd pivot resistance, could follow next.
If USDJPY fails to maintain the upward momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target for today is 120.27, which is the Daily Average True Range (ATR) downside projection level of today.
USDCHF
The intraday technical outlook
USDCHF is retesting the top of the upward trend channel this morning.
USDCHF needs to hold above 1.0203 line being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.0286, being the Daily Average True Range upside projection target of today. Should that level be reached, the pair could extend trading towards 1.0327, which is the 2nd pivot resistance level of today.
If USDCHF fails to maintain upward momentum, a reversal lower could potentially unfold.
If this scenario was to occur the initial downside target for today will be 1.0164, being the Daily Average True Range downside projection target of today.
USDCAD
The intraday technical outlook
USDCAD continues to retrace after the pair reached a thirteen-year high last week.
USDCAD needs to above 1.4014 level being the intraday Pivot Point, if the price action is to continue its upward move.
The initial upside aim is 1.4145, being the Daily Average True Range upside projection target. After this level is reached, the pair could extend trading towards 1.4213, which is the 3rd pivot resistance level of today.
If USDCAD fails to maintain the upward momentum, a reversal and returning to trade lower could potentially unfold.
If this scenario was to occur the target for today is 1.3920, being the 1st pivot support level of today.
AUDUSD
The intraday technical outlook
AUDUSD is retracing after the pair reached a new high of this year last Friday.
AUDUSD needs to break above 0.7093 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target for this afternoon will be 0.7144, being the Daily Average True Range upside projection level of today. Should this aim be reached successfully, a further stretch towards 0.7176 could follow next.
If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.
If this scenario was to occur the target is 0.7010, being the 2nd pivot support of today.
GOLD
The intraday technical outlook
Gold is aiming to retest the two-month high.
Gold needs to hold above 1114.81 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1129.00, being the Daily Average True Range (ATR) upside projection level of today. Should this aim be reached, a further extension to 1131.57, which the commodity’s 3rd pivot resistance level could occur next.
If the metal fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur, the target for today is 1109.00, which is the metal’s Daily Average True Range (ATR) downside projection level of today.
OIL
The intraday technical outlook
Oil price is retesting the top of the upward trend channel this morning.
The commodity needs to break above 34.30 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 35.00, being the Daily Average True Range (ATR) upside projection of today. Should this target be reached successfully, a move towards 36.01, which is the 2nd pivot resistance, could follow next.
If the Oil fails to maintain the upside momentum, a reversal and trading lower could potentially unfold.
If this scenario was to occur the target for today is 32.59, being the commodity’s 2nd pivot support level of today.
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