Daily Technical Analysis for EURUSD as at 26th November 2013
Yesterday’s summary
Yesterday’s Tokyo session opened with an attempt to breach trend line resistance during the first hour of trading. However this attempt was quickly turned back which led to EURUSD trading moderately down. This trend continued through to the London and New York sessions in what was a relatively small 65 pip range day.
Market open focus
This morning’s EURUSD has opened slightly higher off yesterday’s low with the price action trading back up into a previous two day congestion area.
The key intraday levels to watch are 1.3398, 1.3442, 1.3535 and 1.3560.
The possible projected maximum daily ranges based upon current price action are 1.3445 to 1.3600.
Today’s scenarios
1. EURUSD is trading within a 26 pip early morning range. I am monitoring potential shorts below 1.3535 with a target of 1.3445.
2. Alternatively a potential break above 1.3560 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 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 26th November 2013
Yesterday’s summary
Yesterday GBPUSD traded lower throughout the Tokyo, London and New York sessions. However support did come into the market above the 1.6130 level which led to the market forming a 25 pip congestion zone at trend line support.
Market open focus
This morning has seen GBPUSD within a 43 pip range during the Tokyo session. I am monitoring a potential upside break of this range during London early morning trading.
The key intraday levels to watch are 1.6071, 1.6107, 1.6132, 1.6175, 1.6202 and 1.6240.
The possible projected maximum daily ranges based upon current price action are 1.6090 to 1.6230.
Today’s scenarios
1. GBPUSD is trading within a 43 pip early morning range. I am monitoring potential shorts below 1.6132with a target of 1.6090.
2. Alternatively a potential break above 1.6175 has an upside intraday target of 1.6230.
Macro trade ideas
1. The breach of the 16th October swing low has changed the trend on a daily swing basis from up to down. However both the breach of the 6th November minor swing high and the averages crossing positively does put a question mark on the strength of this trend. Despite this and with GBPUSD now trading up to multi month trend line resistance may offer a potential opportunity for the price action to once again reverse to the down side.
2. Alternatively the weekly time frame continues to have a positive swing bias which could indicate that the daily chart negativity could be little more than a downside correction. A break above the 23rd October high would confirm this scenario.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 26th November 2013
Yesterday’s summary
Yesterday saw USDCHF trade higher throughout the Tokyo, London and New York sessions with the price action closing near to its highs.
Market open focus
USDCHF has traded lower over the overnight and this morning’s Tokyo session. This price action has seen USDCHF break down from the previous days 24 pip area of congestion and into the previous sessions 0.9089 to 0.9060 area of support.
The key intraday levels to watch are 0.9060, 0.9089, 0.9107, 0.9131, 0.9137, 0.9150, 0.9159 and 0.9192.
The possible projected maximum daily ranges based upon current price action are 0.9050 to 0.9150.
Today’s scenarios
1. USDCHF has this morning traded down from the previous day’s high into the area of previous day’s support. I am monitoring a potential bounce off 0.9089.
2. Alternatively a potential break below 0.9060 has a downside intraday target of 0.9050.
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 26th November 2013
Yesterday’s summary
Yesterday USDJPY traded aggressively higher during Tokyo session. However this upside momentum stalled as the price action approached the 102.00 level during the London and New York session.
Market open focus
The overnight and this morning’s Tokyo session have seen USDJPY experience a corrective pullback. I am monitoring the possibility that this negative market action continues into the London session.
The key intraday levels to watch are 99.54, 100.26, 100.95, 101.20, 101.60 and101.9.
The possible projected maximum daily ranges based upon current price action are 101.10 to 102.10.
Today’s scenarios
1. USDJPY is trading beneath yesterday’s high area of congestion. I am monitoring the potential for further downside under the 101.60 to 101.90 area with a target of 101.10
2. Alternatively a potential break above 101.90 has an intraday target of 102.10.
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.