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MARKET BRIEFING – TECHNICAL ANALYSIS 05.04.2016
EURUSD
The intraday technical outlook
This morning’s trading saw EURUSD test the 1.1355 line of control.
A penetration of the 1.1375 level would correspond to a breach of the last isolated high of this morning’s session.
Such an event could see EURUSD test the Daily Pivot (1.1385) and R1 (1.1414).
Alternatively, a sustained breached of the 1.1355 level could see EURUSD test S2 (1.1330)
GBPUSD
The intraday technical outlook
This morning GBPUSD broke down from its Daily Pivot (1.4258) and the 1.4250 support level.
The price continued its downward course and is now testing S1 (1.4195).
A continuation of the move lower could see GBPUSD test a prior weekly support level (1.4150) and S2 (1.4127).
Alternatively, a failure to sustain a move below S1 could see GBPUSD trade back up to the Daily Pivot.
USDJPY
The intraday technical outlook
USDJPY has traded lower for most of the day.
However, a bounce has occurred off S3 (110.31).
A continuation of the correction could see USDJPY trade through both S2 (110.69) and S1 (111.00).
Alternatively, a resumption of the downtrend could see S3 retested.
USDCHF
The intraday technical outlook
This morning, USDCHF has traded within a small range around the Daily Pivot (0.9588).
A breach of R1 (0.9609) or S1 (0.9562) could offer some guidance on the afternoon direction in prices.
USDCAD
The intraday technical outlook
USDCAD has experienced a strong up-day that has brought the price action to touching distance of R3 (1.3200).
A continuation of the move higher, however, could run out of upside momentum as the price action has come close to exhausting the upper limit of its average true range (1.3210).
AUDUSD
The intraday technical outlook
AUDUSD has experienced a volatile session with the price action initially testing S1 (0.7575) and then the Daily Pivot (0.7626).
The Daily Pivot, however, was rejected, and this led to a freefall in AUDUSD that sent the price action crashing through S2 (0.7546).
A continuation of the move lower, however, could run out of downside momentum as the price action tests the lower level of today’s average true range (0.7515)
GOLD
The intraday technical outlook
Gold this morning has broken higher as the price action has reversed its three day’s down trend.
Having slashed through R1, R2 and R3 Gold is now testing the upper ATR boundary of 1235.00.
OIL
The intraday technical outlook
Oil has experienced a quiet day as the price action trades at the bottom of a recent downtrend.
A breach of the Daily Pivot (36.00) or S1 (34.84) could offer guidance on the afternoon direction in prices.
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