Daily Technical Analysis from ACFX

[acfx]

Daily Technical Analysis
7th May 2014

EURUSD

Summary
Tuesday EURUSD broke higher as the price action traded and closed above the 1.3905 level being the 11th April high.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.3966 level being the 13th March high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the 8 period daily moving averages.
GBPUSD

Summary
Tuesday GBPUSD broke higher from its averages as the price action tested the 1.6985 resistance level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price trades at the highs of Tuesday’s candle ranges.
I am today monitoring the price action for a test of the 1.6985 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the averages.
USDJPY

Summary
Tuesday USDJPY experienced a strong down day as the price acion tested the 101.70 support level.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades beneath yesterday’s candle range.
Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.

USDCHF

Summary
Tuesday USDCHF continued to trade lower as the price action tested and closed under the 0.8743 being the swing low of the 11th April.

Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can test the 0.8698 level being the 2014 low.
Alternatively a failure to sustain lower prices could see USDCHF trade back to the 8 period daily moving averages.
Gold

Summary
Tuesday Gold traded at the highs of Monday’s candle range as the price action tested the 1310 resistance level.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has opened quietly as the price action trades at the highs of Tuesday’s candle range.

Today I am monitoring the price action for Gold to test the 1310 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back to the daily moving averages.
USDCAD

Summary
Tuesday USDCAD broke lower off the daily moving averages and trend line resistance.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. A breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD has opened quietly as the price trades at the lows of Tuesday’s candle range.

I am this morning monitoring the price action for a potential test of the 1.0857 level being the daily swing low of the 9th April
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0940 resistance level.

Oil

Summary
Tuesday Oil traded around the 100 level and with Monday’s candle range.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction towards the 98.00 support level.
Focus on today
This morning Oil has opened positively as the price action trades within Tuesday’s candle range.
Today I am monitoring the price action for a test of the 100.00 level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.

AUDUSD

Summary
Tuesday AUDUSD broke higher off the daily moving averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the highs of Tuesday’s candle range.

I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.

 

[acfx]

Daily Technical Analysis
8th May 2014
EURUSD

Summary
Wednesday EURUSD traded within a tight 30 pip range for most of the day as the market awaited the FOMC statement and hearing.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Wednesday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.3966 level being the 13th March high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the 8 period daily moving averages.

GBPUSD

Summary
Wednesday GBPUSD had a quiet day as the price action consolidated at the highs of Tuesday’s candle range.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price trades within Wednesday’s candle ranges.
I am today monitoring the price action for a test of the 1.6985 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the averages.

USDJPY

Summary
Wednesday USDJPY initially tested the weekly low however buyers came into the market and by the close of business closed the day higher.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.
Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.

USDCHF

Summary
Wednesday USDCHF have a quiet as the price action traded within Tuesday’s candle range.

Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can test the 0.8698 level being the 2014 low.
Alternatively a failure to sustain lower prices could see USDCHF trade back to the 8 period daily moving averages.

Gold

Summary
Wednesday Gold broke down from the 1310 resistance level as the price action traded down to Fibonacci support.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has opened quietly as the price action trades at the lows of Wednesday’s candle range.

Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.
USDCAD

Summary
Wednesday USDCAD had a quiet day as the price action trade within Tuesday’s candle range.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. A breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD has opened quietly as the price trades withins Wednesday’s candle range.

I am this morning monitoring the price action for a potential test of the 1.0857 level being the daily swing low of the 9th April
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0940 resistance level.

AUDUSD

Summary
Wednesday AUDUSD had a quiet day as the price action trade within Tuesday’s candle range.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

Focus on today
This morning AUDUSD has opened positively as the price trades at the price action tests the 0.9390 resistance level.

I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Oil

Summary
Wednesday Oil traded broke above the 100 level and tested the 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction and bounce off the 98.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Wednesday’s candle range.
Today I am monitoring the price action for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.

 

[acfx]

Daily Technical Analysis
9th May 2014
EURUSD

Summary
Thursday EURUSD experienced some strange price action. Initially EURUSD broke higher and traded above the 1.3966 level being the 2014 high. However EURUSD immediatley reversed its directrion and collapsed by over 150 pips. This move down was only halted when EURUSD hit the top of the prior broken triangle formation.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. Yesterday’s collapse has brought EURUSD back into the averages and support. This can possibly be viewed as a value area to add longs.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Thursday’s candle range.
I am this morning monitoring the price action for a potential test of the 34 period daily moving averages and trend line support.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a bounce off support and move back to the 8 period daily moving averages.

GBPUSD

Summary
Thursday GBPUSD had a quiet day as the price action consolidated at the highs of this weeks range.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price trades at the 8 period daily moving averages.
I am today monitoring the price action for a test of the 1.6985 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the 1.6795 support level.
USDJPY

Summary
Thursday USDJPY traded within the prior two days candle ranges.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.
Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.
Alternatively a failure to sustain lower prices could see USDJPY trade back to the averages.

USDCHF

Summary
Thursday USDCHF broke down and at one point tested the 2014 low. However the direction immediatley reversed its direction. USDCHF rallied strongly. By the close of business USDCHF had end the day above the 8 period daily moving averages.

Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades above yesterday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially bounce lower off trend line resistance.
Alternatively a failure to sustain lower prices could see USDCHF test both the 34 period daily moving averages trend line resistance.

Gold

Summary
Thursday Gold had a quiet day as the price action traded at lows of Wednesday’s range.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has opened quietly as the price action trades within Thursday’s candle range.

Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.
USDCAD

Summary
Thursday USDCAD experienced a strong down day as the price action breached the 9th April low and moved towards the 1.0790 support level.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD has opened quietly as the price trades at the lows of Thursday’s candle range.

I am this morning monitoring the price action for a potential test of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to 8 periods daily moving averages.

AUDUSD

Summary
Thursday AUDUSD had a strong up day as the price action tested the 0.9390 resistance level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the price action trades at the highs of Thursday’s candle ranges.

I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Oil

Summary
Thursday Oil traded above the 100 level and the 8 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction and bounce off the 98.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.
Today I am monitoring the price action for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.

 

[acfx]

Daily Technical Analysis
13th May 2014

EURUSD

Summary
Monday EURUSD traded in a small range for the entire days business.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now moved into an area of Fibonacci support. This Fibonacci zone could possibly be viewed as a value area where longs could potentially be added.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Monday’s candle range.
I am this morning monitoring the price action for a potential bounce back up to the 34 period daily moving averages and trend line resistance.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a test of Friday’s low and the 1.3672 level being the 4th April swing low.

GBPUSD

Summary
Monday GBPUSD traded at tge lows of Friday’s candle range.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Monday’s candle range.

I am today monitoring the price action for a test of the 1.6795 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 8 period daily moving averages.

USDJPY

Summary
Monday USDJPY traded higher as the price action closed above prior three days candle ranges.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened positively as the price action trades tests the 34 period daily moving averages.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.
USDCHF

Summary
Monday USDCHF continued to trade higher as the price action closed above Friday’s high.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Monday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.
Gold

Summary
Monday Gold experienced a volatile days trading as the price action traded both above and below its averages.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Monday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back up to the 1310.00 resistance level.
USDCAD

Summary
Monday USDCAD experienced a very quiet days trading following Friday’s impressive rally.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD has opened quietly as the price trades within Monday’s candle range.

I am this morning monitoring the price action for a potential test of trend line resistance.
Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD trades back down to the Friday’s lows.
AUDUSD

Summary
Monday AUDUSD had a quiet day as the price action tested the 0.9390 resistance level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened negatively as the price trades at the price action trades below Monday’s candle ranges.

I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.

Oil

Summary
Monday Oil traded continued to trade within the 8 and 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction and bounce off the 98.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Monday’s candle range.
Today I am monitoring the price action for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

 

[acfx]

Daily Technical Analysis
14th May 2014

EURUSD

Summary
Tuesday EURUSD broke lower as it traded towards the 1.3672 level being the 4th April swing low.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Tuesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to yesterday’s high.

GBPUSD

Summary
Tuesday GBPUSD closed lower as the price action moved into the direction of the 1.6795 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 3 periods.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.

I am today monitoring the price action for a test of the 1.6795 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 8 period daily moving averages.

USDJPY

Summary
Tuesday USDJPY traded higher as the price action tested the 34 period daily moving averages.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Tuesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.

USDCHF

Summary
Tuesday USDCHF continued to trade higher as the price action moved towards the 0.8930 resistance level.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.

Gold

Summary
Tuesday Gold traded within Tuesday’s candle range for the entire day’s business.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Tuesday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back up to the 1310.00 resistance level.

USDCAD

Summary
Tuesday USDCAD traded higher as the price action tested the downward sloping trend line.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened quietly as the price trades within Tuesday’s candle range.

I am this morning monitoring the price action for a potential test of trend line resistance.
Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD trades back down to the Friday’s lows.

AUDUSD

Summary
Tuesday AUDUSD had a quiet day as the price action tested the 0.9390 resistance level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.
Focus on today
This morning AUDUSD has opened positively as the price trades at the price action trades above Tuesday’s candle ranges.

I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.

Oil

Summary
Tuesday Oil broke higher as the price action closed above the 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades at the highs of Tuesday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

 

[acfx]

Daily Technical Analysis
15th May 2014

EURUSD

Summary
Wednesday EURUSD experienced a quiet day as the price action traded at the lows of Tuesday’s candle range.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.
Focus on today
This morning EURUSD has opened quietely as the price action trades within Wednesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to Tuesday’s high.

GBPUSD

Summary
Wednesday GBPUSD traded lower as the price action breached the 1.6795 support level and tested moving average and trend line support.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 4 periods.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Wednesday’s candle range.

I am today monitoring the price action for a test of the 1.6700 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.
USDJPY

Summary
Wednesday USDJPY traded lower as the price action tested the 101.70 support level.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Wednesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.

USDCHF

Summary
Wednesday USDCHF experienced a quiet day as the price action failed to test the 0.8930 resistance level.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Wednesday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.

Gold

Summary
Wednesday Gold broke higher as the price action tested the 1310.00 resistance level.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Wednesday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.

USDCAD

Summary
Wednesday USDCAD tested but failed to breach the downward sloping trend line.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened negatively as the price action has broken down from the downward sloping trend line.

I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.

AUDUSD

Summary
Wednesday AUDUSD made a strong effort to break above the 0.9390 resistance level. However by the close of business the price action failed to close above this level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.
Focus on today
This morning AUDUSD has opened positively as the price trades at the price action trades within Wednesday’s candle ranges.

I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.

Oil

Summary
Wednesday Oil traded higher but was not able to test the 103.00 resistance level.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Wednesday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

 

[acfx]

Daily Technical Analysis
16th May 2014

EURUSD

Summary
Thursday EURUSD spiked lower as it traded under the 1.3672 level being the 4th April swing low. However EURUSD was not able to sustain the move lower. Buyers did come into the market at support which had the result of EURUSD pairing most of its losses.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area. Yesterday’s price action and more specifically the reject of lower prices at support opens up the possibility for a move back up to the averages.
Focus on today
This morning EURUSD has opened quietely as the price action trades within Thursday’s candle range.
I am this morning monitoring the price actions for a potential move back up to the averages.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of the 1.3672 level being the 4th April swing low.
GBPUSD

Summary
Thursday GBPUSD traded lower as the price action continued to test moving average and trend line support.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.
From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Thursday’s candle range.
I am today monitoring the price action for a test of the 1.6700 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.
USDJPY

Summary
Thursday USDJPY traded lower as the price action closed under the 101.70 support level.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Thursday’s candle ranges.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.
USDCHF

Summary
Thursday USDCHF spiked higher as the price action breached the 0.8930 resistance level and moved into the Fibonacci resistance level. However the move higher was viewed as a shorting opportunity by bears and this led to a substantial sell off.
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Thursday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.

AUDUSD

Summary
Thursday AUDUSD traded lower as the price action tested the 34 period daily moving averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.
Focus on today
This morning AUDUSD has opened quietly as the price trades within Thursday’s candle ranges.
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
GOLD

Summary
Thursday Gold traded lower as the price action traded back down to the averages.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Thursday’s candle ranges.
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.

OIL

Summary
Thursday Oil traded traded lower as the price action tested the 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

USDCAD

Summary
Thursday USDCAD traded lower as the price action traded down from the averages.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened quietley as the price action trades within Thursday’s candle range.
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.

 

[acfx]

Daily Technical Analysis
16th May 2014
EURUSD

Summary
Friday EURUSD experienced a quiet day as the price action traded within Thursday’s range.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area. The recent reject of lower prices at support opens up the possibility for a move back up to the averages.
Focus on today
This morning EURUSD has opened positivley as the price action tests the highs of Friday’s candle range.
I am this morning monitoring the price actions for a potential move back up to the averages.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of Friday’s low.

GBPUSD

Summary
Friday GBPUSD traded lower as the price action tested the 8 period moving averages and closed above trend line support.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.
From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Friday’s candle range.

I am today monitoring the price action for a test of the 8 period moving averages.
Alternatively if GBPUSD cannot sustain higher prices could see the price action back to the the 1.6795 resistance level.

USDJPY

Summary
Friday USDJPY experienced a quiet day as the price action traded within Thursday’s range.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action test the lows of Friday’s candle ranges.
Today I am monitoring USDJPY for a test of the 101.00 level.
Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.

USDCHF

Summary
Friday USDCHF experienced a quiet day as the price action traded within Thursday’s range.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Friday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.
Gold

Summary
Friday Gold experienced a quiet day as the price action traded around the averages.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Friday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.

USDCAD

Summary
Friday USDCAD traded lower as the price action traded down from the averages.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened quietley as the price action trades within Friday’s candle range.

I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.

AUDUSD

Summary
Friday AUDUSD experienced a quiet day as the price action traded within Thursday’s range.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.
Focus on today
This morning AUDUSD has opened quietly as the price trades within Friday’s candle ranges.

I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.

Oil

Summary
Friday Oil traded traded higher as the price action bounced off the 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened positively as the price action trades above Friday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

 

[acfx]

Daily Technical Analysis
20th May 2014


EURUSD

Summary
Monday EURUSD traded most of the day marginally higher as the price action tested the highs of the previous 3 day range.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. The recent rejection of lower prices at the 1.3672 support level being the swing low of the 4th April and bounce off the 34 period weekly moving averages has opened up the possibility for a move back up to the averages.
However that the price action is now trading at the 8 period daily moving averages draws our attention is drawn to a potential negative rotation at an area of resistance.
Focus on today
This morning EURUSD has opened quietley as the price action trades within Monday’s candle range.
I am this morning monitoring the price actions for a potential test of the 8 period daily moving averages.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of 1.3764 level being the swing low.

GBPUSD

Summary
Monday GBPUSD experienced a quiet day with the price action confined within the averages.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.
From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Monday’s candle range.

I am today monitoring the price action for a test of the 8 period moving averages.
Alternatively if GBPUSD cannot sustain higher prices could see the price action back to the 1.6795 support level.
USDJPY

Summary
Monday USDJPY spiked lower as the price action tested the 101.00 level. However by the close of business USJPY had paired most of its losses.

Market overview
Yesterday’s breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the move beneath the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Monday’s candle ranges.
Today I am monitoring USDJPY for a test of the 101.00 level.
Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.

USDCHF

Summary
Monday USDCHF experienced a quiet day as the price action traded within Thursday’s range.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Monday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.
Gold

Summary
Monday Gold experienced a quiet day as the price action traded around the averages.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Monday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.

USDCAD

Summary
Monday USDCAD traded higher as the price action traded back up to the averages.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened positivley as the price action trades above Monday’s candle range.

I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.

AUDUSD

Summary
Monday AUDUSD traded lower as the price action tested the 34 period daily moving averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Furthermore this morning we have witnessed a break beneath the averages and trend line support. The opens up a possibility of a lower high forming which adds further weight to the short side.
Focus on today
This morning AUDUSD has opened negatively as the price trades under the averages and trend line support.

I am this morning monitoring the price action for a potential sustained move under trend line support.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back up to the broken trend line.

Oil

Summary
Monday Oil traded traded higher as the price action moved into the direction of the 103 resistance level. However by the closed of business Oil had lost the majority of its gains.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened positively as the price action within Monday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

 

[acfx]

Daily Technical Analysis
21st May 2014

EURUSD

Summary
Tuesday EURUSD experienced a quiet days trade as the price action traded marginally lower. However by the end of business EURUSD had paired the majority of its losses.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. The recent rejection of lower prices at the 1.3672 support level being the swing low of the 4th April and bounce off the 34 period weekly moving averages has opened up the possibility for a move back up to the daily averages.
However that the price action is now trading at the 8 period daily moving averages draws our attention is drawn to a potential negative rotation at an area of resistance.
Focus on today
This morning EURUSD has opened quietley as the price action trades within Tuesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 8 period daily moving averages.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of 1.3764 level being the swing low.

GBPUSD

Summary
Tuesday GBPUSD traded marginally higher as the price action bounced off the averages and trend line support.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. More recently GBPUSD has managed to break above its daily moving averages which can be seen positively for GBPUSD.
From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.

I am today monitoring the price action for a sustained move above the 8 period moving averages.
Alternatively if GBPUSD cannot sustain higher prices could see the price action back to the 1.6795 support level.
USDJPY

Summary
Tuesday USDJPY resumed its bearish momentum as the price action moved away from the 101.70 resistance level and 8 period daily moving averages.

Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the move beneath the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action tests within Tuesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 101.00 level.
Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.

USDCHF

Summary
Tuesday USDCHF experienced a quiet day as the price action tested the 0.8930 resistance level.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF test the 8 period daily moving averages.

Gold

Summary
Tuesday Gold experienced a quiet day as the price action traded around the averages.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Tuesday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.

USDCAD

Summary
Tuesday USDCAD traded higher as the price action tested the downward sloping trend line.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to the 8 period daily moving averages and trend line resistance which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened quietley as the price action trades at the highs of Tuesday’s candle range.

I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades up to the 1.0940 resistance level.
AUDUSD

Summary
Tuesday AUDUSD continued to trade lower as the price action broke trend line support and traded towards the 0.9200 level being the 2nd May swing low.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Yesterday’s downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
Focus on today
This morning AUDUSD has opened negatively as the price trades under Tuesday’s candle ranges.

I am this morning monitoring the price action for a potential a test of the 0.9200 level being the 2nd May swing low.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back up to the broken trend line.

Oil

Summary
Tuesday Oil found support at its averages and broke higher as the price action tested the 103.00 resistance level.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened quietly as the price action at the highs Tuesday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to its averages.

 

[acfx]

Daily Technical Analysis
28th May 2014
EURUSD

Summary
Tuesday EURUSD traded lower in what was a good range day.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. The past three days price action has seen a sustained move under this last support level.
Focus on today
This morning EURUSD has opened quietly as the price action trades within Tuesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3550 support level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.

GBPUSD

Summary
Tuesday GBPUSD traded marginally lower as the price action tested the 1.6795 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. More recently GBPUSD has managed to break above its daily moving averages which can be seen positively for GBPUSD.
From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.
I am today monitoring the price action for a sustained move above the 8 period moving averages.
Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6795 support level.

USDJPY

Summary
Tuesday USDJPY traded within the 8 and 34 period daily moving averages.
Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action tests within Tuesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 101.70 level.
Alternatively a failure to sustain lower prices could see USDJPY test the 34 period daily moving averages.

USDCHF

Summary
Tuesday USDCHF experienced a strong up day as the price action tested the 61.8% Fibonacci resistance level.
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF test the 8 period daily moving averages.

AUDUSD

Summary
Tuesday AUDUSD continued to trade higher as the price action tested the 8 period daily moving averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
Focus on today
This morning AUDUSD has opened quietly as the price trades under Tuesday’s candle ranges.
I am this morning monitoring the price action for a potential a test of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests the 34 period daily moving averages.

GOLD

Summary
Thursday Gold traded lower as the price action traded back down to the averages.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Thursday’s candle ranges.
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.

OIL

Summary
Tuesday Oil continues to trade above the 8 period daily moving averages as the price action moves into the direction of the prior 2014 highs.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.
Focus on today
This morning Oil has opened quietly as the price action at the highs Tuesday’s candle range.
Today I am monitoring the price action for a test of the 105.00 level being the April high.
Alternatively a failure to sustain higher prices could see Oil trade back down to its averages.

USDCAD

Summary
Tuesday USDCAD traded lower as the price action traded back down to the prior broken downward sloping trend line.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.
A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.
Focus on today
This morning USDCAD has opened quietley as the price action trades at the highs of Tuesday’s candle range.
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retest the broken 34 period daily moving averages.

 

[acfx]

Daily Technical Analysis
29th May 2014

EURUSD

Summary
Wednesday EURUSD traded lower as the price action tested the 78.6% Fibonacci support level.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly trend continues to be positive.
More recently we have seen an extended move lower that has traded beneath multiple prior pivot levels. The next major price target being 1.3476 being the 3rd February swing low.
Focus on today
This morning EURUSD has opened quietly as the price action trades within Wednesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3476 support level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.

GBPUSD

Summary
Wednesday GBPUSD traded lower as the price action tested the 1.6700 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. Yesterday’s move lower traded aggressively as the price action traded under the 1.6731 level being the minor pivot low of the 15th May. This move lower does put a question mark on the health of the daily up trend.
From a weekly perspective the price action is now trading under the 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which comes in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades at the lows of Wednesday’s candle range.

I am today monitoring the price action for a test of the 1.6700 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action test the 1.6795 level.

USDJPY

Summary
Wednesday USDJPY tested the 101.70 support level as the price action traded within the 8 and 34 period daily moving averages.

Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action tests within Wednesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 101.70 level.
Alternatively a failure to sustain lower prices could see USDJPY test the 34 period daily moving averages.

USDCHF

Summary
Wednesday USDCHF traded higher as the price action tested the 61.8% Fibonacci resistance level.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Wednesday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF test the 8 period daily moving averages.

Gold

Summary
Wednesday Gold continued to trade lower as the price action broke under the 61.8% Fibonacci support level.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. The breach of the 1270.00 support level has confirmed the daily down trend.
Focus on today
This morning Gold has open negatively as the price action trades below Wednesday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1250.00 support level.
Alternatively a failure to sustain lower prices could see Gold trade back up to the averages.

USDCAD

Summary
Wednesday USDCAD experience a positive day as the price action traded above the prior broken downward sloping trend line and tested the 8 period daily moving averages.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.
A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.

Focus on today
This morning USDCAD has opened quietley as the price action trades within Wednesday’s candle range.

I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retest the broken 34 period daily moving averages.
AUDUSD

Summary
Wednesday AUDUSD closed lower as the price action rejected a move into the 8 period daily moving averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
Focus on today
This morning AUDUSD has opened strongly as the price trades above Wednesday’s candle ranges.

I am this morning monitoring the price action for a potential a test of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests 0.9200 level being the 2nd May swing low.

Oil

Summary
Wednesday Oil broke lower as the price action traded under the 8 period daily moving averages. The move lower was only halted when the price action tested the 103.00 support level.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.
Focus on today
This morning Oil has opened quietly as the price action at the lows Wednesday’s candle range.
Today I am monitoring the price action for a test of the 34 period daily moving averages.
Alternatively a failure to sustain lower prices could see Oil trade up to the 105.00 level being the April high.

 

[acfx]

Daily Technical Analysis
2nd June 2014

EURUSD

Summary
Friday EURUSD reversed its downward momentum as the price action traded above the highs of the previous two days ranges. The up move was only halted at the 8 period daily moving averages.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly trend continues to be positive.
More recently we have seen an extended move lower that has traded beneath multiple prior pivot levels. The next major price target being 1.3476 being the 3rd February swing low.
Focus on today
This morning EURUSD has opened quietly as the price action trades within Friday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3550 support level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.

GBPUSD

Summary
Friday GBPUSD traded higher as the price action bounced off the 1.6700 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. However the recent move lower has seen the price action trade under the 1.6731 level being the minor pivot low of the 15th May. This move lower does put a question mark on the health of the daily up trend.
From a weekly perspective the price action is now trading under the 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which come in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Friday’s candle range.

I am today monitoring the price action for a test of the 1.6795 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6700 level.

USDJPY

Summary
Friday USDJPY experience a quiet day as the price action initially tested but closed above the 101.70 support level.

Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
Focus on today
This morning USDJPY has opened bullishly as the price action trades above Friday’s candle ranges.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY test the 101.70 support level.

USDCHF

Summary
Friday USDCHF traded traded lower as the price action tested and closed under the 8 period daily moving averages.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Friday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF move into the direction of the 34 period daily moving averages.
Gold

Summary
Friday Gold continued to trade lower as the price action tested the 1250 support level.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. The breach of the 1270.00 support level has confirmed the daily down trend.
Focus on today
This morning Gold has open bearishly as the price action trades within Friday’s candle ranges.

Today I am monitoring the price action for Gold to close under the 1250.00 support level.
Alternatively a failure to sustain lower prices could see Gold trade back up to the averages.

USDCAD

Summary
Friday USDCAD experienced a quiet day with the price action being squeezed between the downward sloping trend line and the 8 period daily moving averages.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.
A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.

Focus on today
This morning USDCAD has opened quietley as the price action trades within Friday’s candle range.

I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retest the broken 34 period daily moving averages.

AUDUSD

Summary
Friday AUDUSD attempted to test the 34 period daily moving averages. However by the close of business the price action close near its open.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opened up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
However the recent prior price action has had the effect of creating a bullish consolidation pattern at the highs of this daily up trend.
Focus on today
This morning AUDUSD has opened bearishly as the price trades under Friday’s candle ranges.

I am this morning monitoring the price action for a potential a test of the 0.9200 level being the 2nd May swing low.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trade back up to the last weeks highs.

Oil

Summary
Friday Oil traded lower with the price action closing under both the 103.00 support level and the 8 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.
Focus on today
This morning Oil has opened bullishly as the price action bounces of the 103.00 support level.
Today I am monitoring the price action for a test of the 8 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade down to the 103.00 level being the April high.

 

[acfx]

Daily Technical Analysis
5th June 2014


EURUSD

Summary
Wednesday EURUSD traded lower as the price action rejected the 8 period daily moving averages.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly trend continues to be positive.
More recently we have seen an extended move lower that has traded beneath multiple prior pivot levels. The next major price target being 1.3476 being the 3rd February swing low.
Focus on today
This morning EURUSD has opened quietly as the price action trades within Wednesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3550 support level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.

GBPUSD

Summary
Wednesday GBPUSD again tested the 8 period daily moving averages however the price action was not able to sustain the move higher and ny the close of business finished the day marginally higher.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. However the recent move lower has seen the price action trade under the 1.6731 level being the minor pivot low of the 15th May. This move lower does put a question mark on the health of the daily up trend.
From a weekly perspective the price action is now trading under the 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which come in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Wednesday’s candle range.

I am today monitoring the price action for a test of the 1.6700 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action test the 1.6795 level.

USDJPY

Summary
Wednesday USDJPY continued to trade higher as the price action closed above the 102.14 level being the minor swing high of the 27th May.

Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.
More recently yesterday’s price action has traded above the 102.14 level being the minor swing high of the 27th May. This adds further impetus to the long side of the trade.
Focus on today
This morning USDJPY has opened negatively as the price action trades with Wednesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 103.00 level.
Alternatively a failure to sustain higher prices could see USDJPY test the 101.70 support level.

USDCHF

Summary
Wednesday USDCHF continues to trade around the 8 period daily moving averages.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving within the Fibonacci resistance area. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Wednesday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher within the Fibonacci area and test the 0.9020 resistance level.
Alternatively a failure to sustain higher prices could see USDCHF move into the direction of the 34 period daily moving averages.
Gold

Summary
Wednesday Gold experience a quiet day at the price action traded within the previous 3 days ranges.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. The breach of the 1270.00 support level has confirmed the daily down trend.
Focus on today
This morning Gold has open quietly as the price action trades within Wednesday’s candle ranges.

Today I am monitoring the price action for Gold to continue its move under the under the 1250.00 support level and test yesterdays lows.
Alternatively a failure to sustain lower prices could see Gold trade back up to the averages.

USDCAD

Summary
Wednesday USDCAD traded higher as the price action tested the 1.0940 resistance and closed above the 34 period daily moving averages.
Market overview
USDCAD is trading in a daily down trend however the weekly uptrend continues to trade positively. A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.
However the recent price action has seen a double bottom form. This pattern has been confirmed with USDCAD trading higher.

Focus on today
This morning USDCAD has opened bullishly as the price action trades at the highs Wednesday’s candle range.

I am this morning monitoring the price action for a potential move into the direction of the 1.0940 resistance level.
Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD retest the 1.0790 support level.

AUDUSD

Summary
Wednesday AUDUSD continued to trade between the averages and the converging triangle formation.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opened up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
The recent prior price action has had the effect of creating a bullish consolidation pattern at the highs of this daily up trend.

Focus on today
This morning AUDUSD has opened quietly as the price trades within Wednesday’s candle ranges.

I am this morning monitoring the price action for a potential a re-test of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests the 0.9200 level being the 2nd May swing low.

Oil

Summary
Wednesday Oil tested the 8 period daily moving averages but was unable to sustain higher prices and by the end of business closed the day lower.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen OILUSD trade with a very large converging triangle formation.

Focus on today
This morning Oil has opened quietly as the price action trades at the lows of Wednesday’s candle range.
Today I am monitoring the price action for a test of the 8 period daily moving averages and 103.00 levels.
Alternatively a failure to sustain higher prices could see Oil trade test to the 34 period daily moving averages.

 

[acfx]

Daily Technical Analysis
10th June 2014


EURUSD

Summary
Although Monday was a Bank Holiday for most of Continental Europe EURUSD did see a good range day. The price action initially tested the 1.3670 resistance level but was not able to sustain a move above this level. The failure to move higher eventually led to a strong down move with the price action closing under the 8 period daily moving averages.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly trend continues to be positive.
Last week’s price action and the rejection of the 1.3550 support level have put a question mark on the daily down trend.
From the perspective of a lower time frame the 4 hour chart on a swing bias has changed to up however yesterday we did see a strong corrective pullback. In remains to be seen if this pulls back is nothing more a controlled correction which will revert back to the upside. I am therefore monitoring the 1.3550 level for potential signs that EURUSD can hold above this level and trade higher.
Focus on today
This morning EURUSD has opened quietly as the price action trades at the lows at the lows of Monday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3550 support level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action test the 8 period daily moving averages.

GBPUSD

Summary
Monday GBPUSD had a quiet day as the price action closing marginally above the 1.6795 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. More recently we have seen a corrective zigzag formation set up which is made up of lower highs and lower lows. A break below the 1.6700 support level would put a question mark over the current daily up trend as this would most probably change the trend on a swing basis to down.
From an intraday point of view the price action on both a swing and moving averages basis on a 4 hour chart is trading in an uptrend.

From a weekly perspective the price action has traded under its 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which come in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Monday’s candle range.

I am today monitoring the price action for a test of 34 period daily moving averages.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade down to the 1.6700 level.
USDJPY

Summary
Monday USDJPY experinced a quiet day following its failure to to sustain a move towards the 103.00 level.

Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. The price action over the past few trading sessions has seen a move above both the 102.13 and 102.36 pivot highs. This could indicate that the daily trend could be coming back into line with the bullish weekly trend.
Focus on today
This morning USDJPY has opened negatively as the price action trades under the 8 period daily moving averages.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain lower prices could see USDJPY trade back into the direction of the 103.00 level.

USDCHF

Summary
Monday USDCHF bounced higher as the price action bounced off the 0.8930 support level and closed above the 8 period daily moving averages.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction.
There has been a great deal of recent volatility with the 0.9037 level being the high of last week’s spike being a line that needs to be crossed if we are to see further strength in the US Dollar against the Swiss Franc.
As such USDCHF continues to trade within a weekly downtrend and the price action has moved back into the Fibonacci resistance areas. I am therefore monitoring the possibility of a rotation of the price action back to the short side.
Focus on today
This morning USDCHF has opened quietly as it trades at the highs of Monday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially test last week’s highs.
Alternatively a failure to sustain higher prices could see USDCHF break down from the Fibonacci area and trade down to the 34 period daily moving averages.

Gold

Summary
Monday Gold had a quiet day as the price action traded within a two day range.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. The breach of the 1270.00 support level has confirmed the daily down trend.
Focus on today
This morning Gold has open quietly as the price action trades within Monday’s candle ranges.

Today I am monitoring the price action for Gold to continue its move under the under the 1250.00 support level and test yesterdays lows.
Alternatively a failure to sustain lower prices could see Gold trade back up to the 1270.00 resistance level.

USDCAD

Summary
Monday USDCAD consolidated around its averages as the price action continued to test the 1.0940 resistance level.
Market overview
USDCAD is trading in a daily down trend however the weekly uptrend continues to trade positively. A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.
However the recent price action has seen a double bottom form. This pattern has been confirmed with USDCAD trading higher.

Focus on today
This morning USDCAD has opened negativley as the price action trades below Monday’s candle range.

I am this morning monitoring the price action for a re-test 1.0940 resistance level.
Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD retest the 1.0790 support level.
AUDUSD

Summary
Monday AUDUSD had a quiet day as the price action traded within the previous days range.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opened up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
The recent prior price action has had the effect of creating a bullish consolidation pattern at the highs of this daily up trend.
Focus on today
This morning AUDUSD has opened bullishly as the price action tests trend line resistance.

I am this morning monitoring the price action for a potential break above the triangle top.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests the 0.9200 level being the 2nd May swing low.

Oil

Summary
Monday Oil had a strong day as the price action traded up to the highs of the triangle top.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen OILUSD trade within a very large converging triangle formation.

Focus on today
This morning Oil has opened bullishly as the price action trades above Monday’s candle range and tests the triangle top and the 105.00 level.
Today I am monitoring the price action for a test of the triangle top and the 105.00 level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 8 period daily moving averages.

 

[acfx]

Daily Technical Analysis
11th June 2014
EURUSD

Summary
Tuesday EURUSD continued to trade lower as the price action tested and closed under the 1.3550 support level.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly trend continues to be positive.
Last week’s price action and the rejection of the 1.3550 support level have put a question mark against the health daily down trend.
From the perspective of a lower time frame the 4 hour chart on a swing bias continues to point up however a breach of the 1.3500 level would turn the intraday bias to negative.
From a recent perspective what is of great interest the range of the 5th June candle. The range of this bar is a large 165 pips. Therefore a move above or below the high of this range should give an indication of the direction of the medium term price action with the key levels being 1.3670 up and 1.3500 down
Focus on today
This morning EURUSD has opened quietly as the price action trades at the lows at the lows of Tuesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3500 pivot level.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back to the 8 period daily moving averages.

GBPUSD

Summary
Tuesday GBPUSD traded lower as the price action failed to sustain a move above the 34 period daily moving averages.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. More recently we have seen a corrective zigzag formation set up which is made up of lower highs and lower lows. A break below the 1.6700 support level would put a question mark over the current daily up trend as this would most probably change the trend on a swing basis to down.
From an intraday point of view the price action on both a swing and moving averages basis on a 4 hour chart is trading in an uptrend.

From a weekly perspective the price action has traded under its 8 period weekly moving averages with our next technical support level being the 34 period weekly moving averages which come in at the 1.6485 level. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.

I am today monitoring the price action for a test of 1.6750 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade down to the 1.6700 level.
USDJPY

Summary
Tuesday USDJPY experinced another quiet day following its failure to to sustain a move towards the 103.00 level.

Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. The price action over the past few trading sessions has seen a move above both the 102.13 and 102.36 pivot highs. This could indicate that the daily trend could be coming back into line with the bullish weekly trend.
Focus on today
This morning USDJPY has opened negatively as the price action trades under the 8 period daily moving averages.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain lower prices could see USDJPY trade back into the direction of the 103.00 level.

USDCHF

Summary
Tuesday USDCHF traded higher as the price action moved towards a potential test of the 0.9020 resistance level.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction.
There has been a great deal of recent volatility with the 0.9037 level being the high of last week’s spike being a line that needs to be crossed if we are to see further strength in the US Dollar against the Swiss Franc.
As such USDCHF continues to trade within a weekly downtrend and the price action has moved back into the Fibonacci resistance areas. I am therefore monitoring the possibility of a rotation of the price action back to the short side.
Focus on today
This morning USDCHF has opened quietly as it trades at the highs of Tuesday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially test the 0.9020 resistance level.
Alternatively a failure to sustain higher prices could see USDCHF break down from the Fibonacci area and trade down to the 0.8930 support level.
Gold

Summary
Tuesday Gold experienced a strong up day as the price action traded and closed and the previous 3 day range.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. The breach of the 1270.00 support level has confirmed the daily down trend.
Focus on today
This morning Gold has open quietly as the price action trades within Tuesday’s candle ranges.

Today I am monitoring the price action for Gold to continue its move under the under the 1270.00 resistance level and test yesterdays lows.
Alternatively a failure to sustain higher prices could see Gold trade back down to the 1250.00 support level.

USDCAD

Summary
Tuesday USDCAD continues to consolidate around its averages in what was a quiet days trading.
Market overview
USDCAD is trading in a daily down trend however the weekly uptrend continues to trade positively. A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.
However the recent price action has seen a double bottom form. This pattern has been confirmed with USDCAD trading higher.

Focus on today
This morning USDCAD has opened quietly as the price action trades below Tuesday’s candle range.

I am this morning monitoring the price action for a re-test 1.0940 resistance level.
Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD retest the 1.0790 support level.
AUDUSD

Summary
Tuesday AUDUSD had a strong up day as the price action traded and closed above trendline resistance.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
The downside break opened up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.
However the recent prior price action has had the effect of creating a bullish consolidation pattern at the highs of this daily up trend with yesterday’s price actually breaking and closing above this price pattern.
Focus on today
This morning AUDUSD has opened bullishly as the price action tests the 0.9390 resistance level.

I am this morning monitoring the price action for a potential continuation above the triangle top.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests the 0.9200 level being the 2nd May swing low.

Oil

Summary
Tuesday Oil attempted but failed to sustain a move above the 105.00 resistance level.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen OILUSD trade within a very large converging triangle formation.

Focus on today
This morning Oil has opened bullishly as the price action trades with Tuesday’s candle range and tests the triangle top and the 105.00 level.
Today I am monitoring the price action for a test of the triangle top and the 105.00 level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 8 period daily moving averages.

 

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[acfx]

Daily Technical Analysis
24th June 2014

EURUSD

Summary
Monday EURUSD had an indifferent days trading as the price action hovered around the days open. However once again EURUSD did find support at the 8 period daily moving averages and this ultimately led to a higher close.

Market overview
The Daily's
The breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down.
The 5th June large 165 pip range bullish bar has put a framework around the price action. Subsequent price action over the past two weeks has traded within this range. Therefore a move above or below the high of this range should give an indication of the direction of the medium term price action with the key levels being 1.3680 up and 1.3500 down.
More recently EURUSD has made some impressive gains over the past few sessions. Although we are coming into an area of resistance at the 1.3670 resistance level and 34 periods daily moving averages a breach of the 1.3677 level being the pivot high of the 6th June would be sufficient to change the daily trend to up.
The Weekly’s
From a weekly point of view EURUSD is trading in a strong up trend however over the past few weeks the price activity has experienced a multi week corrective sell off. This has seen EURUSD breach its intermediate trend line and trade under both the 8 and 34 period weekly moving averages. Of late EURUSD has been trading within a 4 week trading being 1.3680 to 1.3500. This is the same range that was mentioned in the daily analysis.
Last week’s weekly candle closed on Monday and between the 1.3550 and 1.3670 levels. This week’s candle is trading positively with the price action currently trading above last week’s high but not above last week’s range. I would like to see a break above the highs of the weekly range and the averages as an indication that the price action is rotating back to the long side.
Focus on today
This morning EURUSD has opened quietly as the price action trades within Monday’s candle.
From an intraday perspective EURUSD is trading within a 4 hour up trend and according to our current calculations the average true range projections are 1.3661 to 1.3543.
I am this morning monitoring the price actions for a potential test of the 1.3670 resistance level that coincides with the 34 period daily moving averages.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see the price action trade back to the 8 period daily moving averages.
GBPUSD

Summary
Monday GBPUSD closed the day higher as the price action continued to trade above the 8 period daily moving averages and between the 1.6985 support level and 1.7055 resistance level.
Market overview the Daily's
GBPUSD continues to trade in a daily uptrend with the price action having recently broken a large converging triangle.
We have seen a corrective zigzag formation set up which is made up of lower highs and lower lows. The past two weeks price bullish activity and the break above the 1.6920 level has confirmed that this was a consolidation pattern. Subsequently GBPUSD has successfully tested the 1.6996 level being this year’s and a 5 year high.
More recently GBPUSD has pushed higher from the 5 year highs and traded above the significant 1.7000 level and is now testing the 1.7050 resistance level. Over the past three days GBPUSD has consolidated at the highs of a 3 day trading range.
The Weekly's
From a weekly point of view GBPUSD is trading in a strong up trend. Although it may possibly be unwise to short such a strong trend the price action is now becoming increasingly extended from its averages. Therefore it would not be a surprise if we see some down to sideways price action.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Monday’s candle range.
From an intraday perspective GBPUSD is trading in a 4 hour uptrend and according to our current calculations the average true range projections are 1.7097 to 1.6957.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back towards the 1.6985 support level.
USDJPY

Summary
Monday USDJPY closed the day lower as the price action continued to trade around the 101.70 support level and 34 period daily moving averages.
Market overview The Daily's
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down.
The price action over the past few trading sessions has seen a move above both the 102.13 and 102.36 pivot highs. Although USDJPY has since pulled back the overall price action could indicate that the daily trend could possibly be attempting to rotate back to a daily up trend.
The Weekly's
From a weekly point of view USDJPY is trading in a strong uptrend however the recent price activity has seen this currency pair pull back and trade within a tight range for a considerable time. The net effect is that the price action is now forming a large triangle consolidation pattern. A break of which could possibly indicate the immediate longer term trend direction. More recently USDJPY is currently trading within a 4 week range of 102.80 to 101.60. A break of this range up or down is needed if we are to see an increase in weekly volatility for USDJPY.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Monday’s candle range.
From an intraday perspective USDJPY is trading in a 4 hour up trend and according to our current calculations the average true range projections are 102.31 to 101.51.
Today I am monitoring USDJPY for a test of the 101.70 support level.
Alternatively a failure to sustain lower prices could see USDJPY trade back into the area of last week’s high at 102.40.
USDCHF

Summary
Monday USDCHF had another quiet day as the price action continued to be squeezed between 8 and the 34 period daily moving averages.
Market overview The Daily's
USDCHF has been trading in a long up trend following the bounce off the March and May lows. This move has taken the price action into an area of Fibonacci resistance. This has coincided with a large bearish spike that has for the time being put a top in the market at the 0.9037 level.
USDCHF attempted to make a move back to this level however the upward momentum lost energy as the price action consolidated around its 8 period daily moving averages.
More recently USDCHF has rejected higher prices and this. This led to a move lower for USDCHF. Currently the price action is being squeezed between the 8 and the 34 period daily moving averages. A break out of this congestion area could give us an indication of the immediate direction of the price action with a breach of the 0.8907 level being the pivot low of the 5th June would technically signal a lower low and a rotation back to a daily down trend.
The Weekly's
From a weekly point of view USDCHF is trading in a large down trend however the price action has been showing signs of wanting to reverse to this trend. This can be seen by the double bottom that was formed and which was followed by USDCHF breaking and trading above a down trend line. It now remains to be seen if the weekly moving averages can cross positively as this will give further confirmation that we are witnessing a weekly positive rotation. More recently weekly price action has been trading within a three weekly range being 0.9037 to 0.8907. A break above or beneath this range could possibly give an indication of the longer term weekly momentum.
Focus on today
This morning USDCHF has opened quietly as it trades within Monday’s candle ranges and between both the 8 and the 34 period daily moving averages.
From an intraday perspective the 4 hour chart is bearish with the price action having tested and bounce off a prior recent low. According to my current calculations the average true range projections are 0.8988 to 0.8896.
Today I am monitoring the price action to see if USDCHF can potentially test the 0.8907 level being the 5th June pivot low.
Alternatively a failure to sustain lower prices could see USDCHF bounce off the 34 period daily moving averages and test the highs of last week’s range.

 

[acfx]

Daily Technical Analysis
24th June 2014


AUDUSD

Summary
Monday AUDUSD experienced a strong up day as the price action closed above the 8 period daily moving averages and 0.9390 resistance levels.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. The prior price action has had the effect of creating a bullish consolidation pattern at the highs of this daily up trend. Subsequently we have seen the price action actually breaking and closing above this price pattern.
More recently AUDUSD has been trading above the 0.9390 level and is being offered additional support by the 8 period daily moving averages.
The Weekley's
From a weekly point of view however the chart continues to trade in a down trend with the price action having corrected lower following a rejection of the Fibonacci resistance area. The recent price action has seen AUDUSD bounce off its 8 period weekly averages. I am therefore monitoring the price action for a test of the recent isolated high of 0.9460
Focus on today
This morning AUDUSD has opened quietly as the price action trades within Monday’s candle range and above the 0.9390 level.
From an intraday basis AUDUSD is trading in a 4 hour up trend and according to my current calculations the average true range projections are 0.9478 to 0.9363.
I am this morning monitoring the price action for a potential downside test of the 0.9460 level being this year’s high.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the 8 period daily moving averages.
GOLD

Summary
Monday Gold closed higher as the price action found support at the 1310.00 support level.
Market overview The Daily's
The breach of the 1316 level has effectively changed the intraday trend to up. This move was very stunning as it cleared out a large area of horizontal resistance and breached a large multi month down trend line. A consequence of this move higher has seen the moving averages form a gold cross.
The Weekly's
From a weekly point of view Gold is trading in a down trend however this week’s price action would appear to be attempting to form a lower high pattern in what is a large downward sloping triangle formation. A break of this triangle either up or down would give an indication of the possible longer term trend directional momentum.
Focus on today
This morning Gold has opened bearishly as the price action trades at the highs of Thursday’s candle ranges.
From an intraday perspective the four hour chart is trading in an uptrend however the price action finding supports at the 1310 support level. According to my current calculations the average true range projections are 1333 to 1302.
Today I am monitoring the price action for Gold to possibly test the 1310 support level.
Alternatively a failure to sustain lower prices could see Gold test last week’s high.
OIL

Summary
Monday Oil had a strong down day as the price action closed under the 8 period daily moving averages.
Market overview The Daily's
Oil continues to trade in a daily uptrend with the price action trading above the highs of this year. The overall price pattern would appear to be a break out of a large converging triangle formation.
The Weekly's
The weekly time frame is extremely bullish as the price action has broken above recent highs however it would appear the Oil is now becoming increasingly extended from its averages. The 105.00 level is increasingly becoming an important area of support.
Focus on today
This morning Oil has opened negatively as the price action trades under Monday’s candle range.
Today I am monitoring the price action for a potential test of last week’s high.
Alternatively a failure to higher prices could see Oil trade back down to the 105.00 support level.
USDCAD

Summary
Monday USDCAD continued to trade lower as the price action penetrated and closed under the 1.0790 support level.
Market overview The Daily's
USDCAD is trading in a daily down trend. The breach of the 1.0813 being the 8th May swing low has now confirmed that the daily down trend is intact. The next level of support comes in at 1.0650.
The Weekley's
From a weekly point of view the recent events have had a dramatic effect on USDCAD as the price action has failed to hold support at its daily averages and the 1.0790 support level. Although the weekly trend continues to be long it remains to be seen if this negative activity can now reverse this current directional momentum.
Focus on today
This morning USDCAD has opened bearishly as the price action trades under Monday’s candle range and the 1.0790 level.
From an intraday point of view the 4 hour chart is trading in a down trend. According to my current calculations the average true range projections are 1.0770 to 1.0681.
I am this morning monitoring the price action for a test the 1.0681 lower average true range level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0790 resistance level.

 

[acfx]

Intra Day Fractal Analysis
2nd July 2014

Currency pair: EURUSD

Time frame: Intraday: 1 hour
Trend: Down
Price action: Moving averages have turned negative with the price action beginning to trend lower
Probable scenario: Short beneath 1.3675
Alternate scenario: Long above 1.3685
Intraday levels: Open: 1.3678, R1 1.3704, R2 1.3730, S1 1.3653, S2 1.3627

Currency pair: GBPUSD

Time frame: Intraday: 1 hour
Trend: Up
Price action: Price action has corrected back down to the positively layered moving averages and these could act as a support area
Probable scenario: Long above 1.7152
Alternate scenario: Short beneath 1.7139
Intraday levels: Open: 1.7149, R1 1.7184, R2 1.7219, S1 1.7114, S2 1.7079
Currency pair: USDJPY

Time frame: Intraday: 1 hour
Trend: Up
Price action: Price action has corrected back down to the positively layered moving averages and these could act as a support area
Probable scenario: Long above 101.65
Alternate scenario: Short beneath 101.51
Intraday levels: Open: 101.52, R1 101.70, R2 101.88, S1 101.33, S2 101.15
Currency pair: USDCHF

Time frame: Intraday: 1 hour
Trend: Up
Price action: Moving averages have turned positive with the price action beginning to trend higher
Probable scenario: Long above 0.8879
Alternate scenario: Short beneath 0.8872
Intraday levels: Open: 0.8874, R1 0.8894, R2 0.8914, S1 0.8854, S2 0.8835