ACFX DAILY TECHNICAL REPORT – LONDON OPEN 05.02.2015
EURUSD
The intraday technical outlook
Yesterday’s announcement by the ECB that it was lifting its waiver on Greek debt sent the Euro in free fall.
EURUSD slashed through multiple support levels before finally stalling at the 1.1310 level.
This morning EURUSD has bounced off this level and is testing the 1.1365 resistance level.from down to up.
The move lower has seen EURUSD breach its channel bottom. I will therefore be monitoring the price action for a continuation of the move lower.
From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1310 level.
GBPUSD
The intraday technical outlook
GBPUSD yesterday evening gave up some of its gains as the price action corrected downward.
The price action has now put in place a double bottom formation at the 1.4990 level.
This followed a prior break above a large down channel.
I will this morning monitoring the price action for a resumption of the upward momentum.
From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.4990 level.
USDJPY
The intraday technical outlook
As posted yesterday:
The price action that has unfolded over the past two days has had the effect of creating a double bottom formation above the 116.90 level.
The daily chart would indicate that a large converging triangle is forming.
With the trend being so bullish on the weekly time frame I would look for an upside break of this consolidation pattern.
However as always it would be better to allow the break to happen and then trade the pullback in the direction of the initial move.
From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 116.90 level.
USDCHF
The intraday technical outlook
As posted yesterday:
Yesterday’s breach of the 0.9250 level has technically changed the trend from up to down.
This moves corresponds to the price action coming into an area of resistance of the 21 period daily moving averages.
From a technical perspective USDCHF is trading in an intraday 1 hour downtrend with the line of control at the 0.9295 level.
AUDUSD
The intraday technical outlook
Following the breach the large down channel AUDUSD has corrected down to the 0.7730 down channel.
This morning AUDUD has bounced off the 0.7730 support level and is now testing the 0.7800 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.7630 level.
GOLD
The intraday technical outlook
As posted yesterday:
The mini collapse in the price of Gold has now created a double top formation at the 1284.00 level.
The move lower also took out the 1269.00 level. The breach of this isolated low has technical changed the intraday trend from up to down.
The price action is now trading with a range of 1254.00 to 1284.00.
A breach above or beneath these levels could possibly indicate the medium term trend direction.
From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1284.00 level.
OIL
The intraday technical outlook
Oil overnight continued with its down side correction that followed off its mini rally.
This move has taken the price action back into the range of the previous weeks candle.
With the price action now trading now trading at the 61.8% Fibonacci ratio of the move higher I would really like to see the bulls take Oil higher from these levels.
From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 44.25 level.
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