ACFX DAILY TECHNICAL REPORT – LONDON OPEN 03.02.2015
Posted: Tue Feb 03, 2015 11:06 amMORE ON ACFXblog.com
ACFX DAILY TECHNICAL REPORT – LONDON OPEN 03.02.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD broke out of its down channel.
The price action is currently trading within a five day range.
A break above or below this range could indicate the direction of the medium term trend with key levels being 1.1220 and 1.1420.
The breach of the 1.1295 level being the prior isolated swing high has changed the trend from down to up.
From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1295 level.
GBPUSD
The intraday technical outlook
Following Cable’s break above it’s down channel the bulls would have hoped that there would have been some upside follow through.
However this was not to be with GBPUSD pairing a lot of the gains of its recent up move.
The price action tested and was repelled by at the 1.4990 level.
This morning GDPUSD is once again retesting the 1.4990 support level.
The breach of the 1.5150 support level has technically changed the trend from up to down.
From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5075 level.
USDJPY
The intraday technical outlook
Yesterday USDJPY broke lower from its 10 day congestion area.
However the move lower was short lived as the price action moved back to the 117.75 resistance level.
This morning we have seen USDJPY once again retested and bounce off the 116.90 support level.
I am this morning monitoring the price action for a retest of 117.75 resistance level.
From a technical perspective USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 117.75 level.
USDCHF
The intraday technical outlook
The chart for USDCHF is slowly getting back to normal.
From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9160 level.
AUDUSD
The intraday technical outlook
The action by the Reserve Bank of Australia has sent the Aussie Dollar into free fall.
The comments from the RBA that their Dollar is still over valued can only put more pressure on AUDUSD.
The next major level for AUDUSD is the 0.7315 weekly support target.
From a technical perspective AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.7800 level.
GOLD
The intraday technical outlook
Over the past two days trading XAUUSD has broken above its down channel.
This could be an indication the Gold has once again resumed its prior up trend.
From a technical perspective Gold is trading in an intraday 1 hour uptrend with the line of control at the 1269.00 level.
OIL
The intraday technical outlook
Some positive sentiment has come back into the market as traders have begun to bet that the fall in the price of crude has found a floor.
With the price of crude rebounding off the US$45.00 level and is currently trading above the US$50.00 level the rally so far has been very impressive.
From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 44.25 level.
MORE ON ACFXblog.com
ACFX DAILY TECHNICAL REPORT – LONDON OPEN 03.02.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD broke out of its down channel.
The price action is currently trading within a five day range.
A break above or below this range could indicate the direction of the medium term trend with key levels being 1.1220 and 1.1420.
The breach of the 1.1295 level being the prior isolated swing high has changed the trend from down to up.
From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1295 level.
GBPUSD
The intraday technical outlook
Following Cable’s break above it’s down channel the bulls would have hoped that there would have been some upside follow through.
However this was not to be with GBPUSD pairing a lot of the gains of its recent up move.
The price action tested and was repelled by at the 1.4990 level.
This morning GDPUSD is once again retesting the 1.4990 support level.
The breach of the 1.5150 support level has technically changed the trend from up to down.
From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5075 level.
USDJPY
The intraday technical outlook
Yesterday USDJPY broke lower from its 10 day congestion area.
However the move lower was short lived as the price action moved back to the 117.75 resistance level.
This morning we have seen USDJPY once again retested and bounce off the 116.90 support level.
I am this morning monitoring the price action for a retest of 117.75 resistance level.
From a technical perspective USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 117.75 level.
USDCHF
The intraday technical outlook
The chart for USDCHF is slowly getting back to normal.
From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9160 level.
AUDUSD
The intraday technical outlook
The action by the Reserve Bank of Australia has sent the Aussie Dollar into free fall.
The comments from the RBA that their Dollar is still over valued can only put more pressure on AUDUSD.
The next major level for AUDUSD is the 0.7315 weekly support target.
From a technical perspective AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.7800 level.
GOLD
The intraday technical outlook
Over the past two days trading XAUUSD has broken above its down channel.
This could be an indication the Gold has once again resumed its prior up trend.
From a technical perspective Gold is trading in an intraday 1 hour uptrend with the line of control at the 1269.00 level.
OIL
The intraday technical outlook
Some positive sentiment has come back into the market as traders have begun to bet that the fall in the price of crude has found a floor.
With the price of crude rebounding off the US$45.00 level and is currently trading above the US$50.00 level the rally so far has been very impressive.
From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 44.25 level.
MORE ON ACFXblog.com