MARKET BRIEFING – TECHNICAL ANALYSIS 03.02.2016.
EURUSD
The intraday technical outlook
EURUSD continues to trade higher after the pair bounced off the top of the daily downtrend channel on Monday. The range pattern, nevertheless still remains at place.
EURUSD needs to hold above 1.013 level being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1.0969, which is the 2nd pivot resistance level of today. Should this mark be reached successfully, a further extension to 1.1002, being the Daily Average True Range (ATR) upside projection level of today and also coinciding with 3rd 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 1.0843, being the pair’s Daily Average True Range (ATR) downside projection level of today.
GBPUSD
The intraday technical outlook
GBPUSD is making aa new three-month high this morning.
GBPUSD needs to hold above 1.4393 level, being the intraday Pivot Point if the price action is to continue its upward move.
The initial upside target is 1.4544, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 1.4579, which is the 3rd 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 1.4282, being the Daily Average True Range (ATR) downside projection level of today.
USDJPY
The intraday technical outlook
USDJPY continues to retrace from one-month high the pair reached last Friday. In addition, the pair has also breached the bottom of the uptrend channel this morning.
USDJPY needs to hold below 120.27 level, being the intraday Pivot Point in order to continue the downtrend scenario.
The initial downside target is 118.74, which is the pair’s Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 118.30, which is the 3rd pivot support level, could follow next.
If USDJPY fails to maintain the downward momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target for today is 120.27, which is the Pivot Point level of today.
USDCHF
The intraday technical outlook
USDCHF has bounced off the top of the upward trend channel.
USDCHF needs to hold below 1.0191 line being the intraday Pivot Point if the price action is to continue its downward move.
The initial downside target is 1.0136, being the 3rd pivot support level of today. Should this level be reached, the pair could extend trading towards 1.0108, which is the Daily Average True Range downside projection target of today.
If USDCHF fails to maintain downward momentum, a reversal higher could potentially unfold.
If this scenario was to occur the initial upside target for today will be 1.0214, being the 1st pivot resistance level of today
USDCAD
The intraday technical outlook
USDCAD continues to retrace after the pair reached a thirteen-year high last week.
USDCAD needs to below 1.4023 level being the intraday Pivot Point, if the price action is to continue its downward move.
The initial downside aim is 1.3966, being the 1st pivot support level of today. When this level is reached, the pair could extend trading towards 1.3925, which is the Daily Average True Range downside projection target.
If USDCAD fails to maintain the downward momentum, a reversal and returning to trade higher could potentially unfold.
If this scenario was to occur the target for today is 1.4110, being the 1st pivot resistance level of today.
AUDUSD
The intraday technical outlook
AUDUSD has broken the bottom of the recently formed uptrend channel. The pair is currently trying to reconfirm the breach.
AUDUSD needs to hold below 0.7066 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target for this afternoon will be 0.7004, being the 1st pivot support level of today. Should this aim be reached successfully, a further stretch towards 0.6947, which is the Daily Average True Range downside projection level of today, could follow next.
If AUDUSD fails to maintain the downside momentum, a retracement higher could potentially unfold.
If this scenario was to occur the target is 0.7104, being the Daily Average True Range upside projection level of today
GOLD
The intraday technical outlook
Gold is remaining to concentrate at the two-month high, which it reached at the beginning of this week.
Gold needs to hold above 1127.27 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 1136.00, being today’s 2nd pivot resistance. Should this aim be reached, a further extension to 1139.00, which the commodity’s Daily Average True Range (ATR) upside projection level of today, 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 1115.00, which is the metal’s Daily Average True Range (ATR) downside projection level of today.
OIL
The intraday technical outlook
Oil price is recovering after it has breached the bottom of the downtrend channel on Monday.
The commodity needs to hold above 31.16 level, being the intraday Pivot Point if the price action is to continue the upward move.
The initial upside target is 32.91, being the Daily Average True Range (ATR) upside projection of today. Should this target be reached successfully, a move towards 33.81, which is the Daily Average True Range (ATR) upside projection of today, could follow next.
If the Oil fails to maintain the upside momentum, a reversal and trading higher could potentially unfold.
If this scenario was to occur the target for today is 29.20, being the 2nd pivot support of today.
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