MARKET BRIEFING – LONDON OPEN 04.03.2015
Posted: Wed Mar 04, 2015 9:27 amMORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 04.03.2015
EURUSD
The intraday technical outlook
EURUSD continues to trade in a pronounced down channel.
This has followed the break down from a large triangle formation
There is some support to be found at the 1.1150 level which needs to be overcome if the price action is to remain in the confines of its down channel.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1245 level.
GBPUSD
The intraday technical outlook
As posted yesterday the Pound continues to trend in a bearish fashion today following the break down from its up channel.
However there is strong upside support at the 1.5300 area.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5455 level.
USDJPY
The intraday technical outlook
USDJPY overnight bounced off the area of its down channel bottom.
I require a move above this weeks high at 120.25 level to confirm that the up trend is continuing.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.40 level.
USDCHF
The intraday technical outlook
As posted yesterday USDCHF continues to trade in a broad up channel.
The price action has formed a typical staircase formation.
Due to the bullishness of this formation I will be monitoring the price action for a continuation of the current trend.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9450 level.
AUDUSD
The intraday technical outlook
The increase in Australia GDP has helped push AUDUSD higher.
This followed yesterday’s surprise decision not to cut interest rates by the Reserve Bank of Australia.
The price action is currently testing the 0.7830 resistance level.
A sustained move above this level will technically change the trend back to up.
From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7830 level.
GOLD
The intraday technical outlook
There has been an increase in market volatility following the break down from the small up channel.
Gold has now created two key points of interest.
These being long above 1223.00 and short beneath 1191.65.
Within this area there is a possibility that Gold will range.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1223.00 level.
OIL
The intraday technical outlook
Oil followed its breach of its down channel by trading above the last isolated low.
A continuation of the up move will require the price action to breach the 51.00 being Monday’s high.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 49.40 level.
MORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 04.03.2015
EURUSD
The intraday technical outlook
EURUSD continues to trade in a pronounced down channel.
This has followed the break down from a large triangle formation
There is some support to be found at the 1.1150 level which needs to be overcome if the price action is to remain in the confines of its down channel.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1245 level.
GBPUSD
The intraday technical outlook
As posted yesterday the Pound continues to trend in a bearish fashion today following the break down from its up channel.
However there is strong upside support at the 1.5300 area.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5455 level.
USDJPY
The intraday technical outlook
USDJPY overnight bounced off the area of its down channel bottom.
I require a move above this weeks high at 120.25 level to confirm that the up trend is continuing.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.40 level.
USDCHF
The intraday technical outlook
As posted yesterday USDCHF continues to trade in a broad up channel.
The price action has formed a typical staircase formation.
Due to the bullishness of this formation I will be monitoring the price action for a continuation of the current trend.
From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9450 level.
AUDUSD
The intraday technical outlook
The increase in Australia GDP has helped push AUDUSD higher.
This followed yesterday’s surprise decision not to cut interest rates by the Reserve Bank of Australia.
The price action is currently testing the 0.7830 resistance level.
A sustained move above this level will technically change the trend back to up.
From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7830 level.
GOLD
The intraday technical outlook
There has been an increase in market volatility following the break down from the small up channel.
Gold has now created two key points of interest.
These being long above 1223.00 and short beneath 1191.65.
Within this area there is a possibility that Gold will range.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1223.00 level.
OIL
The intraday technical outlook
Oil followed its breach of its down channel by trading above the last isolated low.
A continuation of the up move will require the price action to breach the 51.00 being Monday’s high.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 49.40 level.
MORE ON ACFXblog.com