ACFX DAILY TECHNICAL REPORT – LONDON OPEN 20.02.2015
EURUSD
The intraday technical outlook
The Greek debt negotiations have now entered a crucial stage as the week comes to a close.
Although the meeting in Brussels today will be tough I have hopes that a consensus can be found.
From a technical view point the 1.1440 level have offered good resistance with the price action having also broken under is up channel.
We need to see a penetration of the 1.1330 level to happen as a reinforcement of the short side scenario to continue.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1440 level.
GBPUSD
The intraday technical outlook
As posted yesterday:
GBPUSD continues to rise off the back of good UK data.
This can be seem by the price action trading within a a large up channel.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5340 level.
USDJPY
The intraday technical outlook
USDJPY is this morning trading within a very narrow 5 day range.
Although the current price action is bullish we need a move above the 119.20 resistance level would confirm that a new up trend is under way.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.
USDCHF
The intraday technical outlook
As posted this yesterday:
USDCHF continues to trade higher with the price action having broken above the above the 0.9370 resistance level.
This up move has created a rather distinct up channel.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9370 level.
AUDUSD
The intraday technical outlook
AUDUSD this morning continues to trade within a four day range with the recent price action forming a large converging triangle structure.
We require a penetration of the triangle top as confirmation that the up trend is intact.
From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7770 level.
GOLD
The intraday technical outlook
Yesterday we did get a pull back off the down channel.
The price action now needs to successfully test the 1198.65 level if the current down trend is to be maintained.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1221.00 level.
OIL
The intraday technical outlook
Yesterday we had a break of the bottom of the triangle bottom.
This move has created an isolated low just above the 48.00 level.
A continuation of the down trend will require a retest of this level.
From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.15 level.
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