Daily Technical Analysis from ACFX 11/21/2013
Daily Technical Analysis for EURUSD as at 21st November 2013
Yesterday’s summary
During yesterday’s session EURUSD initially traded higher. This move resulted in EURUSD printing a 1 hour swing pivot high with a range of some 45 pips. During the London morning session EURUSD tested and traded around the bottom of this range prior to breaking aggressively down in the New York session. EURUSD eventually found support late in the New York session slightly above the 1.3400 level.
Market open focus
Overnight EURUSD has traded within a 30 pip range above the 1.3400 level. The key morning levels to watch are 1.3410 and 1.3450.
The possible projected maximum daily ranges based upon current price action are 1.3350 to 1.3510.
Today’s scenarios
1. EURUSD is trading within a 30 pip early morning range. I am monitoring potential shorts below 1.3410 with a target of 1.3350. However the 1.3400 may offer additional support.
2. Alternatively a potential break above 1.3450 has an upside intraday target of 1.3510.
Macro trade Ideas
1. The breach of the 16th October prior isolated low has changed the daily trend on a swing basis from up to down. The move back up to the averages and previously broken trend line yesterday proved a good value area where shorts could be added. I am monitoring a continuation of the move down to the 7th November low at 1.3300 levels a prior daily swing low.
2. However the weekly time frame continues to be swing positive. Therefore there is a possibility that the down trend on the daily chart is nothing more than a corrective sell off that brings the price action into potential value areas where long term swing position buy trades could be executed. It should also be noted that EURUSD has traded into a large Fibonacci support area where price action stalled and bounced. With this in mind there is potential for a substantial upside move that could bring the daily trend back into line with the weekly trend. This scenario is valid as long as EURUSD can trade above the 1st September swing long which comes in around the 1.3100 area.
The Macro Technical Targets
The upside targets are 1.3470, 1.3530, 1.3650, and 1.3830. The downside targets are 1.3300, 1.3200, 1.3100 and 1.2750.
Daily Technical Analysis for GBPUSD as at 21st November 2013
Yesterday’s summary
Yesterday GBPUSD trade higher in the European / London session. This was in contrast to the 30 pip range consolidation during the Tokyo session. This positivity continued into the New York session before abruptly reversing off the highs and collapsing by some 90 pips.
Market open focus
The overnight price action has seen GBPUSD trade lower during the Tokyo session only for support to come into the market at the 1.6070 level which also corresponds to trend line and slightly above the 19th November low.
Key early morning levels to watch are 1.6070 and 1.6100.
The possible projected maximum daily ranges based upon current price action are 1.6010 to 1.6170.
Today’s scenarios
1. GBPUSD is trading within a 30 pip early morning range. I am monitoring potential shorts below 1.6070 with a target of 1.6010.
2. Alternatively a potential break above 1.6100 has an upside intraday target of 1.6170.
Macro trade ideas
1. Following the breach of the 16th October swing low the trend on a daily swing basis has changed from up to down. This move was preceded by multiple trend line breaks and the averages switching their bias from up to down. With the price action having also broken through Fibonacci support the down side is now very much in focus on the daily time frame. Conservative entry methods as a means to participate in the down move could be to wait for possible pullbacks to key value areas such as the 8 period moving averages and trend line resistance.
2. Alternatively as the weekly time frame continues to have a positive swing bias and with the price action on the daily time frame very much extended from the averages there is a possibility of a substantial upside correction.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 21st November 2013
Yesterday’s summary
USDCHF yesterday traded initially lower during the Tokyo session. The move down was halted the 0.9078 level which corresponds with the 34 period moving averages. USDCHF consolidated off its lows in both the Tokyo and London sessions. This consolidation did not last long as USDCHF as the price action broke aggressively higher during the New York session. The upside breakout printed a high at 0.9192.
Market open focus
The high print at 0.9192 has once been followed by a consolidation at the highs and a 33 range. The key morning levels to watch are 0.9159 and 0.9192.
The possible projected maximum daily ranges based upon current price action are 0.9120 to 0.9230.
Today’s scenarios
1. USDCHF is trading within a 33 pip early morning range. I am monitoring potential shorts below 0.9159 with a target of 0.9120.
2. Alternatively a potential break above 0.9192 has an upside intraday target of 0.9230.
Macro trade ideas
1. On a basis swing bases the trend is now positive following the breach of the prior isolated high. The price action has broken higher since trading within positively layered moving averages and above trend line support after what has been a substantial downside correction. An upside break would have initial target of the 9th September swing high at 0.9455.
2. However the weekly time frame continues to point down. Therefore a sustained breach of the 8 period moving averages puts into play a potential move to the 34 period moving averages
Macro technical levels
The macro technical levels are 0.9020 0.8930, 0.8570 and 0.9200.
Daily Technical Analysis for USDJPY as at 21st November 2013
Yesterday’s summary
Yesterday USDJPY traded within the range of the previous day’s session’s in what was a 45 pip range. A swing pivot London session 1 hour low was printed at 99.77.
Market open focus
USDJPY broke higher off the previous day’s low early in the Tokyo session. This moved continued throughout the morning. This has resulted in USDJPY printing a high early in the London session. This move has taken out the 11th September 100.60 high.
The key morning levels to watch are 100.65 and 100.85.
The possible projected maximum daily ranges based upon current price action are 100.10 to 101.35.
Today’s scenarios
1. USDJPY is trading within a 20 pip early morning range. I am monitoring potential shorts below 100.65 with a target of 100.10.
2. Alternatively a potential break above 100.85 has an upside intraday target of 101.35.
Macro trade ideas
1. With USDJPY having breached the prior swing high of the 17th October has changed the trend on a swing bias to up. The change of the daily trend now puts the swing bias in line with the weekly trend. The breach of both the downward sloping trend line and significant 100 levels now puts in play potential moves 101.50 swing levels. The previous 100.60 target having been reached this morning.
2. Alternatively failure to sustain a move above the 100.60 level could possibly see USDJPY trade back to the prior broken converging triangle.
Daily Technical Analysis for EURUSD as at 21st November 2013
Yesterday’s summary
During yesterday’s session EURUSD initially traded higher. This move resulted in EURUSD printing a 1 hour swing pivot high with a range of some 45 pips. During the London morning session EURUSD tested and traded around the bottom of this range prior to breaking aggressively down in the New York session. EURUSD eventually found support late in the New York session slightly above the 1.3400 level.
Market open focus
Overnight EURUSD has traded within a 30 pip range above the 1.3400 level. The key morning levels to watch are 1.3410 and 1.3450.
The possible projected maximum daily ranges based upon current price action are 1.3350 to 1.3510.
Today’s scenarios
1. EURUSD is trading within a 30 pip early morning range. I am monitoring potential shorts below 1.3410 with a target of 1.3350. However the 1.3400 may offer additional support.
2. Alternatively a potential break above 1.3450 has an upside intraday target of 1.3510.
Macro trade Ideas
1. The breach of the 16th October prior isolated low has changed the daily trend on a swing basis from up to down. The move back up to the averages and previously broken trend line yesterday proved a good value area where shorts could be added. I am monitoring a continuation of the move down to the 7th November low at 1.3300 levels a prior daily swing low.
2. However the weekly time frame continues to be swing positive. Therefore there is a possibility that the down trend on the daily chart is nothing more than a corrective sell off that brings the price action into potential value areas where long term swing position buy trades could be executed. It should also be noted that EURUSD has traded into a large Fibonacci support area where price action stalled and bounced. With this in mind there is potential for a substantial upside move that could bring the daily trend back into line with the weekly trend. This scenario is valid as long as EURUSD can trade above the 1st September swing long which comes in around the 1.3100 area.
The Macro Technical Targets
The upside targets are 1.3470, 1.3530, 1.3650, and 1.3830. The downside targets are 1.3300, 1.3200, 1.3100 and 1.2750.
Daily Technical Analysis for GBPUSD as at 21st November 2013
Yesterday’s summary
Yesterday GBPUSD trade higher in the European / London session. This was in contrast to the 30 pip range consolidation during the Tokyo session. This positivity continued into the New York session before abruptly reversing off the highs and collapsing by some 90 pips.
Market open focus
The overnight price action has seen GBPUSD trade lower during the Tokyo session only for support to come into the market at the 1.6070 level which also corresponds to trend line and slightly above the 19th November low.
Key early morning levels to watch are 1.6070 and 1.6100.
The possible projected maximum daily ranges based upon current price action are 1.6010 to 1.6170.
Today’s scenarios
1. GBPUSD is trading within a 30 pip early morning range. I am monitoring potential shorts below 1.6070 with a target of 1.6010.
2. Alternatively a potential break above 1.6100 has an upside intraday target of 1.6170.
Macro trade ideas
1. Following the breach of the 16th October swing low the trend on a daily swing basis has changed from up to down. This move was preceded by multiple trend line breaks and the averages switching their bias from up to down. With the price action having also broken through Fibonacci support the down side is now very much in focus on the daily time frame. Conservative entry methods as a means to participate in the down move could be to wait for possible pullbacks to key value areas such as the 8 period moving averages and trend line resistance.
2. Alternatively as the weekly time frame continues to have a positive swing bias and with the price action on the daily time frame very much extended from the averages there is a possibility of a substantial upside correction.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 21st November 2013
Yesterday’s summary
USDCHF yesterday traded initially lower during the Tokyo session. The move down was halted the 0.9078 level which corresponds with the 34 period moving averages. USDCHF consolidated off its lows in both the Tokyo and London sessions. This consolidation did not last long as USDCHF as the price action broke aggressively higher during the New York session. The upside breakout printed a high at 0.9192.
Market open focus
The high print at 0.9192 has once been followed by a consolidation at the highs and a 33 range. The key morning levels to watch are 0.9159 and 0.9192.
The possible projected maximum daily ranges based upon current price action are 0.9120 to 0.9230.
Today’s scenarios
1. USDCHF is trading within a 33 pip early morning range. I am monitoring potential shorts below 0.9159 with a target of 0.9120.
2. Alternatively a potential break above 0.9192 has an upside intraday target of 0.9230.
Macro trade ideas
1. On a basis swing bases the trend is now positive following the breach of the prior isolated high. The price action has broken higher since trading within positively layered moving averages and above trend line support after what has been a substantial downside correction. An upside break would have initial target of the 9th September swing high at 0.9455.
2. However the weekly time frame continues to point down. Therefore a sustained breach of the 8 period moving averages puts into play a potential move to the 34 period moving averages
Macro technical levels
The macro technical levels are 0.9020 0.8930, 0.8570 and 0.9200.
Daily Technical Analysis for USDJPY as at 21st November 2013
Yesterday’s summary
Yesterday USDJPY traded within the range of the previous day’s session’s in what was a 45 pip range. A swing pivot London session 1 hour low was printed at 99.77.
Market open focus
USDJPY broke higher off the previous day’s low early in the Tokyo session. This moved continued throughout the morning. This has resulted in USDJPY printing a high early in the London session. This move has taken out the 11th September 100.60 high.
The key morning levels to watch are 100.65 and 100.85.
The possible projected maximum daily ranges based upon current price action are 100.10 to 101.35.
Today’s scenarios
1. USDJPY is trading within a 20 pip early morning range. I am monitoring potential shorts below 100.65 with a target of 100.10.
2. Alternatively a potential break above 100.85 has an upside intraday target of 101.35.
Macro trade ideas
1. With USDJPY having breached the prior swing high of the 17th October has changed the trend on a swing bias to up. The change of the daily trend now puts the swing bias in line with the weekly trend. The breach of both the downward sloping trend line and significant 100 levels now puts in play potential moves 101.50 swing levels. The previous 100.60 target having been reached this morning.
2. Alternatively failure to sustain a move above the 100.60 level could possibly see USDJPY trade back to the prior broken converging triangle.