Daily Technical Analysis for EURUSD as at 18th September 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
EURUSD is this morning trading unchanged from the open after yesterdays up day.
EURUSD continues to trade above Monday mornings opening upside gap and the moving averages have just crossed positively. This positive price activity is in line with the uptrend that is found on the weekly time frame. We are currently monitoring the possibility that EURUSD either trades up to and breaches the prior swing high or attempts to print a higher low prior to trading higher.
However as the swing bias is still negative we are monitoring a potential move to the area of the prior swing low.
In terms of the bigger picture the swing bias has changed to negative.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading at moving average resistance which could be viewed as over bought.
3. The price action is trading within Fibonacci resistance.
4. The RSI is showing signs of negative divergence.
Alternative counter trend bullish factors:
1. The weekly time frame has a positive swing bias.
2. The averages have crossed positively.
3. The price action has breached trend line resistance.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities
Scenario 2
Alternatively if EURUSD can breach Fibonacci resistance there is a possibility that the move continues to the previous swing high.
Daily Technical Analysis for GBPUSD as at 18th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
GBPUSD is this morning trading higher from the open after yesterdays up day.
GBPSD continues to trade above Mondays opening upside gap and 1.5825 support level.
We are monitoring the price action for continued positive momentum and a potential move to trend line resistance. However as the price action is looking extended then the averages a corrective down to sideways move is a possibility.
In terms of the bigger picture the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action has bounced off positively layered averages.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
Alternative counter trend bearish factors:
1. GBPUSD is trading within Fibonacci resistance.
2. The price action is extended from the averages.
3. The price action is approaching trend line resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities.
Scenario 2
Alternatively as the price action is extended from the averages short scalping opportunities could potentially become available.
Daily Technical Analysis for USDCHF as at 18th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDCHF is this morning trading unchanged from the open after yesterdays down day
USDCHF has made a weak attempt to fill its downside gap and is finding some initial resistance at the 34 period moving averages. If this resistance can be breached there is a possibility that USDCHF bounces off Fibonacci support and trade in the direction of the prior swing high.
However a breach of the 0.9200 support area could see USDCHF trade towards the prior swing low.
In terms of the bigger picture the swing bias has changed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The RSI is in gear with the move.
3. The averages are positively layered.
Alternative counter trend bearish factors:
1. The weekly time frame continues to have a negative bias.
Scenario 1
As the dominant daily trend is up corrective pullbacks could possibly offer buying opportunities.
Scenario 2
Alternatively as the 34 period moving averages as been breached could now see USDCHF move in the direction of the prior swing low.
Daily Technical Analysis for USDJPY as at 18th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
USDJPY is this morning higher from the open after yesterdays up day.
USDJPY has filled its downside gap following the printing of a bullish hammer candle.
We are monitoring the price action to see if support can hold prior to a retest of the 100 level.
However a breach of the 34 period moving averages could see USDJPY trading down towards the prior swing low.
In terms of the bigger picture the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias positive.
2. The price action has printed a higher low.
3. The price action has breached the upper trend line of a converging triangle.
4. The moving averages have crossed positively.
5. The price action is trading into the moving averages which could be viewed as oversold.
6. The RSI is confirming the move.
Alternative counter trend bearish factors:
1. The 100 level is offering resistance.
2. Fibonacci resistance could offer down side pressure.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities
Scenario 2
Alternatively a breach of the 34 period moving averages could offer a shorting opportunity to the prior swing low.
Daily Technical Analysis for Gold as at 18th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Gold is this morning trading lower from the open after yesterdays down day.
Gold has experienced a broad downside correction and is now breaching the bottom of Fibonacci support. We are monitoring to see if the price action can hold above the last swing low prior to a potential move to the swing high.
However if the correction gains momentum there is a possibility that Gold attempts to breach the prior pivot swing low which will effectively change the trend to short.
In terms of the bigger picture the swing bias has reversed to positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the 1322 support level.
5. The RSI is in gear with the move.
6. The price action has entered Fibonacci support.
Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.
Scenario 2
Alternatively the breach of the 34 moving averages could see Gold trade down to the 1300 area.
Daily Technical Analysis for Oil (WTI) as at 18th September 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -
Comments
Oil is this morning trading higher from the open after yesterdays down day.
Oil continues to trade within the 104.80 to 110.70 range. The price action within this range has been very choppy. Although there is a prominent RSI negative divergence, the move down thus far has been weak. Furthermore the weak correction corresponds with a positive hidden divergence of the RSI which could potentially indicates that the uptrend will stay intact.
As the swing bias remains positive for the time being we are monitoring a potential bounce off Fibonacci support and a move to the prior swing high. Furthermore moving average support has been breached which could be taken as a sign that Oil is oversold. However if the price action can hold beneath the averages for a sustained period of time will focus more of our attention to the short side. A breach of the prior swing low will reverse the trend to short.
In terms of the bigger picture the swing bias is positive.
The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading beneath the averages which could be a sign that this instrument is oversold.
3. The prior down spike has been reversed.
4. The averages are layered positively.
5. The price action is trading above the large monthly converging triangle.
Alternative counter trend bearish factors:
1. The weekly RSI diverging negatively.
2. Moving average support has been breached.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.
Scenario 2
Alternatively a breach of current support could see Oil trade down to the previous swing low.