Daily Technical Analysis from ACFX 12/04/2013
Posted: Wed Dec 04, 2013 8:09 amDaily Technical Analysis from ACFX 12/04/2013
Daily Technical Analysis for EURUSD as at 4th December 2013
Yesterday’s summary
Yesterday’s trading saw EURUSD end 50 odd pips higher from the previous day’s close whilst trading a ninety pip range.
The price action continues to have a negative daily swing bias whilst trading within a large expanding triangle and horizontal congestion range.
Focus on today
This morning’s EURUSD had been trading within a 15 pip range but has since broken down over the past two hours and is now trading 30 pips lower off its intraday high.
EURUSD is trading with the yesterday’s high range which is 1.3569, 1.3614. I am monitoring the potential for this trading range to hold with theprice action bouncing within these levels. Alternatively breaks above or beneath this range could offer potential trading opportunities in the direction of the break out or break down.
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 being 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 4th December2013
Yesterday’s summary
Yesterday’s trading saw GBPUSD close 34 pips higher from the previous day’s close whilst trading a 90 pip range.
The price action continues to have a positive daily swing bias whilst at major resistance of 1.6385.
Focus on today
This morning’s GBPUSD had been trading within a 20 pip range but has since broken down over the past hour and is now trading 25 pips lower off its intraday high.
GBPUSD is trading with the yesterday’s high range which is 1.6368 to 1.6442. I am monitoring the potential for this trading range to hold with the price action bouncing within these levels. Alternatively breaks above or beneath this range could offer potential trading opportunities in the direction of the break out or break down.
Macro trade ideas
1. The breach of the 23rd October swing high has changed the trend on a daily swing basis from down to up. This move has also taken out the prior high of the 1st October and multi month trend line resistance. With the price action in the daily time frame also being confirmed on the weekly time frame there is potential for a multi month move higher with an attempt at the 1.7045 level.
2. Alternatively the rising wedge formation if triggered could offer a powerful selling opportunity that takes GBPUSD back down to the 7th July low of 1.4810.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 4th December 2013
Yesterday’s summary
Yesterday’s trading saw USDCHF close 41 pips lower from the previous day’s close whilst trading a 78 pip range.
The price action continues to have a positive daily swing bias whilst trading within a bullish flag formation.
Focus on today
This morning’s EURUSD had been trading within a 10 pip range but has since broken higher over the past 2 hours and is now trading 13 pips lower off its intraday low.
USDCHF is trading with the yesterday’s low range which is 0.9020 to 0.9059. I am monitoring the potential for this trading range to hold with the price action bouncing within these levels. Alternatively breaks above or beneath this range could offer potential trading opportunities in the direction of the break out or break down.
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 4th December 2013
Yesterday’s summary
Yesterday’s trading saw USDJPY close 43 pips lower from the previous day’s close whilst trading a 140 pip range.
The price action continues to have a positive daily swing bias. The 103.70 level is still offering both a target and a strong resistance level to current market activity.
Focus on today
This morning’s USDJPY had been trading within a 42 pip range but has since broken up over the past two hours and is now trading 59 pips higher off its intraday low.
USDJPY is trading between the 100.13, 101.35 and 103.05, 103.38 intraday low to high ranges. I am currently monitoring the potential into the 103.05 to 103.38 resistance area. Alternatively a failure to break into this upper range could see USDJPY trade back down to the 103.13 to 103.35 support range.
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.
Daily Technical Analysis for EURUSD as at 4th December 2013
Yesterday’s summary
Yesterday’s trading saw EURUSD end 50 odd pips higher from the previous day’s close whilst trading a ninety pip range.
The price action continues to have a negative daily swing bias whilst trading within a large expanding triangle and horizontal congestion range.
Focus on today
This morning’s EURUSD had been trading within a 15 pip range but has since broken down over the past two hours and is now trading 30 pips lower off its intraday high.
EURUSD is trading with the yesterday’s high range which is 1.3569, 1.3614. I am monitoring the potential for this trading range to hold with theprice action bouncing within these levels. Alternatively breaks above or beneath this range could offer potential trading opportunities in the direction of the break out or break down.
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 being 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 4th December2013
Yesterday’s summary
Yesterday’s trading saw GBPUSD close 34 pips higher from the previous day’s close whilst trading a 90 pip range.
The price action continues to have a positive daily swing bias whilst at major resistance of 1.6385.
Focus on today
This morning’s GBPUSD had been trading within a 20 pip range but has since broken down over the past hour and is now trading 25 pips lower off its intraday high.
GBPUSD is trading with the yesterday’s high range which is 1.6368 to 1.6442. I am monitoring the potential for this trading range to hold with the price action bouncing within these levels. Alternatively breaks above or beneath this range could offer potential trading opportunities in the direction of the break out or break down.
Macro trade ideas
1. The breach of the 23rd October swing high has changed the trend on a daily swing basis from down to up. This move has also taken out the prior high of the 1st October and multi month trend line resistance. With the price action in the daily time frame also being confirmed on the weekly time frame there is potential for a multi month move higher with an attempt at the 1.7045 level.
2. Alternatively the rising wedge formation if triggered could offer a powerful selling opportunity that takes GBPUSD back down to the 7th July low of 1.4810.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 4th December 2013
Yesterday’s summary
Yesterday’s trading saw USDCHF close 41 pips lower from the previous day’s close whilst trading a 78 pip range.
The price action continues to have a positive daily swing bias whilst trading within a bullish flag formation.
Focus on today
This morning’s EURUSD had been trading within a 10 pip range but has since broken higher over the past 2 hours and is now trading 13 pips lower off its intraday low.
USDCHF is trading with the yesterday’s low range which is 0.9020 to 0.9059. I am monitoring the potential for this trading range to hold with the price action bouncing within these levels. Alternatively breaks above or beneath this range could offer potential trading opportunities in the direction of the break out or break down.
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 4th December 2013
Yesterday’s summary
Yesterday’s trading saw USDJPY close 43 pips lower from the previous day’s close whilst trading a 140 pip range.
The price action continues to have a positive daily swing bias. The 103.70 level is still offering both a target and a strong resistance level to current market activity.
Focus on today
This morning’s USDJPY had been trading within a 42 pip range but has since broken up over the past two hours and is now trading 59 pips higher off its intraday low.
USDJPY is trading between the 100.13, 101.35 and 103.05, 103.38 intraday low to high ranges. I am currently monitoring the potential into the 103.05 to 103.38 resistance area. Alternatively a failure to break into this upper range could see USDJPY trade back down to the 103.13 to 103.35 support range.
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.