ACFX DAILY TECHNICAL REPORT – LONDON OPEN 06.02.2015
EURUSD
The intraday technical outlook
Yesterday EURUSD experienced a strong bounce off the 1.1310 level which took the price action back into recently broken up channel.
This morning EURUSD has bounce lower off the bottom of the up channel.
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 has traded higher yesterday as it slashed through a major resistance level which is formed by multiple year support level that was broken early in January.
This morning I will monitor the price action for a continuation of the move higher.
From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5175 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:
USDCHF is currently trading in a tight range at the top of the recent rally.
The breach of the 0.9250 has breached the last isolated high.
I am monitoring the price action for a potential retest of the 0.9340 level.
From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9200 level.
AUDUSD
The intraday technical outlook
The Reserve Bank of Australia issued a mixed message overnight but it was enough to push AUDUSD higher.
This morning I am monitoring the price action for a retest of the 0.7860 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.7730 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
Yesterday Oil bounced off the 48.00 level. I was anticipating such a move as the price action had retreated back to a Fibonacci support area.
This morning I am monitoring the price action for a continuation of the move to the 54.15 level.
From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 47.50 level.
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