MARKET BRIEFING – LONDON OPEN 09.03.2015
EURUSD
The intraday technical outlook
Euro stimulus gets under the way today.
With the prospect of the ECB pumping into the Eurozone some EUR60 billion per month of fresh liquidity one can only anticipate what the longer terms effect this will have on the value of the Euro.
Friday’s NFP number well and truly pushed EURUSD through the 1.1000 floor.
The next support level being the 1.0760 level being a prior weekly swing point.
A breach of this level could see EURUSD test the 1.0600 level being a monthly trend line.
From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1100 level.
GBPUSD
The intraday technical outlook
GBPUSD dropped aggressively off the back of the US job data.
The price action continues to trade within a fairly steep down channel.
I am this monitoring the price action for a continuation of the downward momentum.
From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5260 level.
USDJPY
The intraday technical outlook
The continued rise of the US Dollar sent USDJPY on Friday through the 120.00 level.
Although there was a brief flirtation that saw the price action trade above the 121.00 level the price action subsequently experienced a minor correction.
I am this morning monitoring the price action for a resumption of positive directional momentum.
From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.80 level.
USDCHF
The intraday technical outlook
Friday’s NFP news led to USDCHF experiencing an acceleration of the current up trend.
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 0.9715 level.
AUDUSD
The intraday technical outlook
The US Jobs number pushed AUDUSD out of its congestion range and sent it lower.
A new down channel has now formed.
From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7850 level.
GOLD
The intraday technical outlook
The prospects of higher US interest rates sent Gold lower on Friday.
However the aggressiveness of the move lower could open up the possibility that Gold experiences a good bounce.
As the longer term trend continues to point down I will be monitoring the price action for a further move lower.
From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level.
OIL
The intraday technical outlook
Friday’s break down from the brief up channel that was created would indicate that the prior down trend has once again resumed.
However there is some optimism remaining for Oil Bulls with the price action on the daily chart having broken above the top if its large down channel.
From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 51.00 level.
MORE ON ACFXblog.com