Daily Technical Analysis from ACFX

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ACFX London opening technical report – 28.11.2014





EURUSD

The macro technical view

The bullish double bottom scenario could maybe put to the test today if we have disappointing CPI numbers.

Combined with the OPEC decision which is also deflationary are probably the main reasons why we had negative trading yesterday.

From a weekly perspective if we can get a good up close today the overall picture of a bottom forming is reinforced.

However as every major pull back on the 4 hour and daily charts has resulted in an opportunity to short the Euro it would not be a surprise if we got more of the same.

Popping up to the monthly chart we do have monthly support coming in at around the 1.2200 level. This comes off the back of a monthly trend line.

This level now becomes an obvious target for the shorts and a magnate for EURUSD to drop down to.

The intraday technical outlook

Intraday this morning we had our first unsuccessful test of the 1.2445 level. This price point is the current line of control and higher low swing point. A 1 hour close beneath this level would confirm that the trend has changed from up to down.

However as long as we can stay above the 1.2445 level the 1 hour trend points upwards with the current price target being 1.2500 and 1.2570.

Alternatively a breach of the 1.2445 level could see EURUSD test the 1.2400 and then the 1.2360 levels.





GBPUSD

The macro technical view

At one point yesterday GBPUSD managed to trade at the 1.5825 level in what has turned out to be a decent rally for the pound.

Having broken above its 4 hour triangle I am now monitoring the possibility that GBPUSD can put in a higher low or at least a double bottom above the 1.5600 level.

In terms of trying to assess a much bigger picture one really needs to take a look at the monthly chart. The monthly chart has actually put in a higher high and is now trading at the 61.8% Fibonacci support level.

We have also had no less than 5 months of lower closes. Therefore the question now becomes is this drop over done?

Therefore for all the negative sentiment that surrounds the Pound right now, the formation of higher highs on the 4 hour and daily charts would be the first sign that this large macro long play is about to begin.

These kinds of trades need big stops and big pockets to finance them but a return to a macro uptrend has a target price of 1.7050. This was top of the bottom of the 2005 monthly down swing and top of the last isolated monthly high of July of this year.

Back to reality and the current daily momentum is down. If nothing changes then the current daily targets of
1.5630 and 1.5590 levels which coincide with priors 4 hour swing low points are still valid.

The intraday technical outlook

The pound today is trading lower and as I speak is testing the 1.5715 support level.

A continuation of the move down that successfully breaches the 1.5675 level would change the trend from up to down.

The current upside targets are 1.5740 and 1.5785.

Alternative downside targets are 1.5675 and 1.5645.


USDJPY

The macro technical view

Yesterday USDJY continued to trade lower however following the disappointing inflation data and concerns that Japan has to implement even more stimulus has this morning pushed USDJPY higher.

On the weekly chart I am interested to see if USDJPY can trade above the 118.98 level being last week’s high.

Down to the 4 hour chart it would appear that the bullish ABC scenario is now in play.

This puts into focus a retest of this year’s high being the 119.00 level.

The intraday technical outlook

Intraday USDJPY has this morning tested and been repelled by the 118.30 level which is my line of control.

As long USDJPY can continue to trade under this level the 1 hour bias is down.

The downside targets are 117.65 and then 117.35.

Alternatively a break above the 118.30 level could see USDJPY test the 118.60 and 119.00 levels.



USDCHF

The macro technical view

Yesterday’s higher close has had the effect of creating triangle consolidation pattern around the price action on the 4 hour and daily charts.

The question does continue to be is USDCHF now toppish however with the rejection of lower prices yesterday and this morning bullish open the focus does somewhat return to upside.

With the weekly time frame looking bullish trying to find areas of resistance and potential price targets forces me to take a look at the weekly and monthly time frames.

The 0.9915 and 0.9970 levels do offer obvious price points which are created by weekly and monthly swing lows and highs.

Alternatively a downside triangle break has an initial target at the 0.9530 level.

A breach and daily close under this level would change the daily trend from up to down.

The intraday technical outlook

This morning we have had a 1 hour close above the 0.9665 level which is the intraday line of control.

Technically this changes the intraday trend from down to up.

However not one to jump the gun I want to see how USDCHF now pulls back.

What is important is if USDCHF can form a higher low. This will then become a base that propels USDCHF and into a new intraday uptrend.

The upside targets are 0.9700 and then 0.9730.

Alternative downside targets are 0.9630 and 0.9605.


AUDUSD

The macro technical view

There is a saying that one swallow does not make a summer. This can be applied to the Aussie Dollar with one piece of good data not being enough to keep the AUDUSD trading higher.

The monthly chart and the formation of a large head and shoulders scenario that potentially targets the 0.8065 level is still in play.

The intraday technical outlook

The 1 hour chart continues to point up but only just.

AUDUSD is now trading very near to the 0.8480 level which is the intraday line of control.

A breach and close of this level would turn the intraday trend from up to down.

The current upside targets are 0.8535 and 0.8635.

Alternatively a test of the 0.8480 support level could see AUDUSD test the 0.8325 and 0.8075 levels.

These levels are a bit away from the current price action. The reason for this is that there are no recent 1 hour swing points to target.

The only points I can really target are off the weekly time frame. However one could also use significant numbers such as 00 and 50 levels and pivot points.


GOLD

The macro technical view

I mentioned in my previous posts that Gold had entered into area of Fibonacci resistance.

It would now appear that this has been targeted by some traders who are now attempting to push XAUUSD back into a daily down trend.

A key level to watch today is the 1175.00 level which coincides with an area just beneath last week’s low.

The 4 hour medium term chart is still trading in an uptrend. As long as the price action can hold above the 1174.50 level being the last isolated 4 hour swing low the bullish scenario remains intact.

The intraday technical outlook

On a 1 hour basis the breach of the 1192.50 level has changed the trend for XAUUSD technically from up to down.

The current downside targets are 1181.00 and 1174.50.

Alternatively upside resistance comes in at 1186.50 and 1192.50.



OIL

The macro technical view

What a surprise. OPEC did not cut production and the net effect was both Light Sweet Crude and Brent dropping like a stone.

In terms of long term technical’s nothing has really changed from yesterday with my 67.00 target for Light Sweet Crude now in touching distance.

There are no real arguments for the long side just yet with the momentum from 4 hour and up being so bear ugly.

Let’s see if we get any signs of life at the 67.00 2010 low level.

The intraday technical outlook

As posted yesterday on an intraday basis the 1 hour chart continues to be very bearish with 1 hour line of control at 74.45.

The 71.50 and 69.50 downside targets have been hit. All eyes are now on the 67.00 level

Alternatively if bulls are brave enough to show their face we may get a bounce back to 69.50.


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ACFX London opening technical report – 03.12.2014



EURUSD

The macro technical view

Yesterday EURUSD resumed is downward slide as it took out intraday support levels of 1.2445, 1.2420 and 1.2400.

We will soon have our answer to the possible double bottom scenario with a breach of the 1.2360 level confirming that the down trend in higher time frames is intact.

As mentioned in prior posts we do have monthly support coming in at around the 1.2200 level. This comes off the back of a monthly trend line.

This level now becomes an obvious target for the shorts and a magnate for EURUSD to drop down to.

The intraday technical outlook

Yesterday’s breach of the 1.2420 level changed the 1 hour trend back to down with the line of control now at the 1.2505 level.

The downside support comes in at 1.2360 and 1.2240.

Alternatively upside targets for today are at the 1.2400and 1.2420 levels.





GBPUSD

The macro technical view

Yesterday GBPUSD traded lower as it broke down through 1.5715 and 1.5675 supports levels.

Cable is now currently trading around the 1.5645 support level.

The possible double bottom scenario is still on play on both the 4 hour and daily charts.

However as mentioned yesterday I still want to see the formation of a higher low and even better a higher high on the 4 hour chart.

This would give me more confidence that a bottom has formed.

Looking for a bottoming formation when the momentum being so bearish might be foolhardy however the markets do and will change their mood.

However in prior posts I wrote that the weekly chart does however not reinforce the negative picture that is found on the smaller time frames with the price action having corrected to an area of possible Fibonacci support following its initial bullish impulse move higher.

This view continues to be confirmed by the monthly chart. The monthly chart has actually put in a higher high.

As mentioned in my prior posts we have also had no less than 5 months of lower closes. Therefore the question now becomes is this drop over done?

With this in mind if GBPUSD can hold above the 1.5600 level we may just have the first signs that this longer term bullish play is about to unfold.

The upside target for GBPUSD being 1.7050. This was top of the bottom of the 2005 monthly down swing and top of the last isolated monthly high of July of this year.

A failure however to stay above the 1.5600 level could however see GBPUSD test the 1.5420 support level.

The intraday technical outlook

Intraday the pound is trading in a down trend with the line of control at the 1.5765 level.

The intraday downside targets are at the 1.5625 and 1.5585 levels.

Alternative a upside resistance comes in at 1.5675 and 1.5715.


USDJPY

The macro technical view

Yesterday USDJPY broke above the 119.00 level. With this level broken the 120.00 level comes into focus.

All times frames from 4 hour and above are very bullish with the only real concern being the amount of green candles in succession that are shown on the weekly chart.

On the premise that what goes up must come down so at some point we could get a good correction.

The monthly chart the level long term position traders will be hoping to hit is the 124.15 level which coincides to the last isolated monthly swing high.

The intraday technical outlook

Intraday USDJPY is trading in a 1 hour uptrend with the line of control at the 117.85 level.

Upside areas of interest being the 119.50 and 119.75 levels.

Alternatively down side levels are 119.00 and 118.60.


USDCHF

The macro technical view

USDCHF is this morning trading testing the 0.9730 high. With USDJPY having broken above its 119.00 level there is a possibility that USDCHF follows suit.

The 4 hour chart has now committed to the long side by painting a higher low and higher high swing and it looks like the daily time frame will soon joint this club.

A similar scenario can be seen on the monthly chart with a breach of the 0.9970 level required before we can confirm that USDCHF is trading in a monthly uptrend.

The intraday technical outlook

The current intraday trend for USDCHF on the 1 hour chart is up with the line of control at 0.9615.

The current upside targets are 0.9745 and 0.9800.

Alternative downside targets are 0.9700 and 0.9665.


AUDUSD

The macro technical view

As mentioned in my introduction the latest GDP numbers have added to the gloom surrounding the Australian Dollar.

AUDUSD is currently trading at the 0.8400 level having this morning breached the 0.8415 support level.

Today’s move now means that the 4 hour, daily and weekly time frames are all pointing down.

The monthly chart and the formation of a large head and shoulders scenario that potentially targets the 0.8065 level is still in play.

In terms of bullish arguments the monthly chart is actually trading in an uptrend with the price action now trading in an area of Fibonacci support.

Confirmation that the potential for this long scenario was to play out does however require so basing movement to happen on lower time frames. This is something I have yet to notice.

The intraday technical outlook

AUDUSD is trading in a intraday down trend with the line of control at the 0.8470.

This morning’s AUDUSD is testing the 0.8400 support level.

The current downside targets are 0.8400 and 0.8350.

Alternatively resistance can be found at 0.8415 and 0.8470.


GOLD

The macro technical view

Yesterday Gold traded down to the 1192.50 support level.

At these levels buyers have coming into the market to push XAUUSD higher.

The 4 hour chart is now trading in an uptrend and is attempting to put in a higher low swing.

The bullishness has also been transferred to the daily chart with a higher high on the very of being painted.

I am now monitoring this week’s close to see if Gold can put in place a weekly double bottom.

On the monthly chart Gold continues to trade in an uptrend with the down move entering into an area of Fibonacci support.

The intraday technical outlook

On an intraday basis the 1 hour is up with the line of control at 1192.50 level.

Current upside resistance comes in at 1208.00 and 1221.15

Alternatively downside targets are 1192.50 and 1189.30.


OIL

The macro technical view

Oil continues to trade under the 69.60 resistance level.

However the pullback from the test of this level was not as aggressive as expected with the price action now finding support at 67.00.

All higher frames from 4 hours and up are bearish.

As mentioned in prior posts it is now a case of trying to identify key levels where the price action could bounce off.

Focus now falls on the 63.65 level which was the last support level.

If the price action can form a higher low above this level preferably on the 4 hour chart there is the possibility that we get a much stronger correction which takes Oil up to the 73.60 level

However a failure to hold above the 63.65 levels could see Oil challenge the 58.75 support level.

The intraday technical outlook

Oil continues to trade in an intraday down trend with the line of control at the 69.60 level.

A break above the 69.60 would technically change the 1 hour trend to up.

Current support is at the 67.00 level.

Alternatively successful test of the 69.60 level opens up the possibility of a move up to the 73.60 level.


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ACFX London opening technical report – 05.12.2014




EURUSD

The macro technical view

Yesterday Super Mario decided to sit on his hands with respect to QE and this sent EURUSD higher.

This afternoon however we have the NFP being released.

A strong number will most likely push EURUSD down in the direction of the significant monthly trend line support that comes in at around the 1.2200 level.

In terms of other times frames the 4 hour, daily and weekly charts even after yesterdays minor rally are still trading in a technical down trend.

The intraday technical outlook

Yesterday’s breach of the 1.2325 level changed the 1 hour trend back to up with the line of control now at the 1.2275 level.

The upside targets for today are at the 1.2400 and 1.2445 levels.

Alternatively downside support comes in at 1.2360 and 1.2325



GBPUSD

The macro technical view

Yesterday was an indifferent day for Cable as GBPUSD traded around its open and then closed slightly lower.

On the 4 hour and daily charts we are seeing a great deal of consolidation as the price action holds above the 1.5585 low.

The possible double bottom scenario is still on play on both the 4 hour and daily charts.

However as mentioned in prior posts I still want to see the formation of a higher low and even better a higher high on the 4 hour chart.

This would give me more confidence that a bottom has formed.

Looking for a bottoming formation when the momentum being so bearish might be foolhardy however the markets do and will change their mood.

However in prior posts I wrote that the weekly chart does however not reinforce the negative picture that is found on the smaller time frames with the price action having corrected to an area of possible Fibonacci support following its initial bullish impulse move higher.

This view continues to be confirmed by the monthly chart. The monthly chart has actually put in a higher high.

As mentioned in my prior posts we have also had no less than 5 months of lower closes. Therefore the question now becomes is this drop over done?

With this in mind if GBPUSD can hold above the 1.5600 level we may just have the first signs that this longer term bullish play is about to unfold.

The upside target for GBPUSD being 1.7050. This was top of the bottom of the 2005 monthly down swing and top of the last isolated monthly high of July of this year.

A failure however to stay above the 1.5600 level could however see GBPUSD test the 1.5420 support level.

The intraday technical outlook

Intraday the pound is trading in a down trend with the line of control at the 1.5725 level.

The intraday support is at 1.5625 and 1.5585 levels.

Alternative upside resistance comes in at 1.5645 and 1.5675.



USDJPY

The macro technical view

Yesterday we got the push I was watching for above the 120.00 level.

However traders did push USDJPY close to the 119.30 support level in what was a bout of corrective profit taking however during the Tokyo session USDJPY has resumed its upward course once more.

All times frames from 4 hour and above are very bullish with the only real concern being the amount of green candles in succession that are shown on the weekly chart.

On the premise that what goes up must come down so at some point we could get a good correction.

For the time however with the upside momentum being so strong it is probably unwise to be brave enough to get in front of what has become a USDJPY juggernaut.

The monthly chart the level long term position traders will be hoping to hit is the 124.15 level which coincides to the last isolated monthly swing high.

The intraday technical outlook

Intraday USDJPY is trading in a 1 hour uptrend with the line of control at the 119.30 level.

Upside areas of interest being the 120.50 and 120.75 levels.

Alternatively down side levels are 119.30 and 119.00.



USDCHF

The macro technical view

Yesterday USDCHF experienced a strong pull back as it broke down through the 0.9730 and 0.9630 levels.

Support finally came in at the 0.9650 level.

Both the 4 hour and daily charts has now committed to the long side by painting a higher high swings.

The weekly time frame will also turned positive if we get a move above the 0.9845 level.

A similar scenario can be seen on the monthly chart with a breach of the 0.9970 level required before we can confirm that USDCHF is trading in a monthly uptrend.

The intraday technical outlook

The current intraday trend for USDCHF on the 1 hour chart is up with the line of control at 0.9650.

The current upside targets are 0.9730 and 0.9800.

Alternative downside targets are 0.9690 and 0.9650.



AUDUSD

The macro technical view

With a break beneath the 0.8400 level becoming a reality has there ever been a case of ground hog day being more applicable to a currency pair then AUDUSD.

All chart time frames from 4 hour, daily and weekly time frames are all pointing down.

The monthly chart and the formation of a large head and shoulders scenario that potentially targets the 0.8065 level is still in play.

In terms of bullish arguments the monthly chart is actually trading in an uptrend with the price action now trading in an area of Fibonacci support.

Confirmation that the potential for this long scenario was to play out does however require some basing movement to happen on lower time frames. This is something I have yet to notice.

The intraday technical outlook

AUDUSD is trading in an intraday down trend with the line of control at the 0.8415.

The current downside targets are 0.8350 and 0.8315.

Alternatively resistance can be found at 0.8400 and 0.8445.


GOLD

The macro technical view

Gold has traded in a relatively small range over the past two business days with the price action confined within the 1203.00 and 1215.00 levels.

The 4 hour chart is now trading in an uptrend and is attempting to put in a higher low swing.

The bullishness has also been transferred to the daily chart with a higher high on the very of being painted.

I am now monitoring this week’s close to see if Gold can put in place a weekly double bottom.

On the monthly chart Gold continues to trade in an uptrend with the down move entering into an area of Fibonacci support.

The intraday technical outlook

On an intraday basis the 1 hour is up with the line of control at 1192.50 levels.

Current upside resistance comes in at 1208.00 and 1215.00

Alternatively support comes in at 1203.00 and 1192.50


OIL

The macro technical view

As mentioned in yesterday’s post the 68.00 area has now become a significant area of intraday resistance with the 68.20 level becoming the line in the sand.

The bulls really need to get a close above this level if the upside momentum is to be maintained.

All higher frames from 4 hours and up are bearish however the 4 hour time frame is attempting to paint a bullish higher low.

For the shorts a confirmation of the longer term downward momentum needs a significant breach of the 63.65 level.

As long as the price action can hold above this level there is a possibility that a base can be built base from where a corrective rally can unfold.

However a failure to hold above the 63.65 levels could see Oil challenge the 58.75 support level.

The intraday technical outlook

Oil continues to trade in an intraday down trend with the line of control at the 68.20 level.

A break above the 69.60 would technically change the 1 hour trend to up.

Current support is at the 66.65 level.

Alternatively successful test of the 8.20 level opens up the possibility of a move up to the 69.60 level.


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ACFX daily technical report – London Open 09.12.2014





EURUSD

The macro technical view

EURUSD traded higher in what was a technical correction.

As posted in prior articles further downside momentum could push EURUSD in the direction of the significant monthly trend line support that comes in at around the 1.2200 level.

In terms of other times frames the 4 hour, daily and weekly charts even after yesterdays minor rally are still trading in a technical down trend.

The intraday technical outlook

EURUSD is trading in an intraday 1 hour down trend with the line of control way up at the 1.2455 level.

Current downside support comes in at 1.2325 and 1.2275.

Alternatively upside resistance can be found at 1.2360 and 1.2400.



GBPUSD

The macro technical view

Yesterday GBPUSD traded higher. As with the EURUSD the move had more to do with a technical correction rather than any real news driven event.

The 4 hour and daily chart are now down trending with Friday’s price action now opening up the possibility of a GBPUSD now testing the monthly support trend line.

This support area comes in around 1.5200 to 1.5250.

The weekly and monthly time frames continue to point upwards therefore the 1.5200/50 area becomes a significant line in the sand.

A breach of this area could set the pound up for a multi month down trend.

However a bounce off major support opens up the possibility for a move to the 1.7050 level.

The intraday technical outlook

Intraday the pound is trading in a down trend with the line of control at the 1.5695 level.

The intraday support is at 1.5645 and 1.5625 levels.

Alternative upside resistance comes in at 1.5675 and 1.5695.




USDJPY

The macro technical view

Following the unsuccessful attempt at the 122.00 level USDJPY has experienced a strong downside correction.

I mentioned in my prior posts that this up move did look a little over bought, especially when one looked at the amount of green bullish candles on the weekly chart.

A correction was therefore on the cards.

The question is are we just seeing a 1 or 2 candle daily correction that will allow buyers to jump onto the long side at better values or will this correction be more cyclical and last week’s rather than days.

It is rather too early to tell however with all times frames from 4 hour and above being bullish the prudent choice would be to wait for a technical change of trend before deciding to commit to the short side of the trade.

In terms of the monthly chart the level long term position traders will be hoping to hit is the 124.15 level which coincides to the last isolated monthly swing high.

The intraday technical outlook

Intraday USDJPY is trading in a 1 hour uptrend with the line of control at the 119.30 level.

Upside areas of interest being the 120.25 and 121.00 levels.

Alternatively down side levels are 119.30 and 118.60.


USDCHF

The macro technical view

After testing the 0.9800 area USDCHF has experienced a decent pull back.

This correction is a technical pull back with all time frames from 1 hour to the daily pointing up.

The weekly time frame will also turn positive if we get a move above the 0.9845 level.

A similar scenario can be seen on the monthly chart with a breach of the 0.9970 level required before we can confirm that USDCHF is trading in a monthly uptrend.

The intraday technical outlook

The current intraday trend for USDCHF on the 1 hour chart is up with the line of control at 0.9650.

The current upside resistance is at the 0.9800 and 0.9845 levels.

Alternative downside targets are 0.9730 and 0.9690 levels.



AUDUSD

The macro technical view

Unlike the other majors AUDUSD has not had any type of a pullback.

The overnight NAB survey has only reinforced the negativity surrounding the Aussie Dollar.

All chart time frames from 4 hour, daily and weekly time frames are all pointing down.

The monthly chart and the formation of a large head and shoulders scenario that potentially targets the 0.8065 level is still in play.

In terms of bullish arguments the monthly chart is actually trading in an uptrend with the price action now trading in an area of Fibonacci support.

Confirmation that the potential for this long scenario was to play out does however require so basing movement to happen on lower time frames.

This is something I have yet to notice.

The intraday technical outlook

AUDUSD is trading in an intraday down trend with the line of control at the 0.8315.

This morning’s AUDUSD is testing the 0.8250 support level.

The current downside targets are 0.8250 and 0.8200.

Alternatively resistance can be found at 0.8260 and 0.8315.


GOLD

The macro technical view

After experiencing a moderate pull back Gold is once again trading higher.

Gold continues to trade in a 4 hour uptrend as the price action attempts to paint a higher low swing.

The bullishness has also been transferred to the daily chart with a higher high being painted.

Last week XAUSD closed higher and actually put in a higher low.

This price could possibly be the precursor of a double bottom forming on the weekly chart.

On the monthly chart Gold continues to trade in an uptrend with the down move entering into an area of Fibonacci support.

The intraday technical outlook

On an intraday basis the 1 hour trend is down with the line of control at 1214.95 levels.

Current support comes in at 1203.00 and 1192.50.

Alternatively upside resistance comes in at 1208.00 and 1214.95.


OIL

The macro technical view

Oil continues to slide with the price action yesterday penetrating the 63.65 support level.

This level was identified in prior posts as the target the shorts where gunning for.

With the 63.65 now broken the 58.75 target now comes into play.

The recent price action has not put all time frames from 4 hour and above into negative territory.

The intraday technical outlook

Oil continues to trade in an intraday down trend with the line of control at the 66.65 level.

Current support comes in at 60.00 and 58.75.

Alternatively upside resistance comes in at 63.65 and 66.85.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 12.12.2014



EURUSD

The intraday technical outlook

Yesterday EURUSD traded lower at it moved into the area of the last isolated low at the 1.2360 area.

EURUSD is trading in an intraday 1 hour up trend with the line of control way up at the 1.2360 level.

Current upside resistance can be found at 1.2400 and 1.2450.

Alternatively downside support comes in at 1.2360 and 1.2330.

The macro technical view

The move higher has turned the 4 hour trend positive following the breach of the 1.2450 resistance level

The daily trend continues to be negative today’s as the price action trades under the 1.2600 daily resistance levels.

The move under the 1.2750 has turned the weekly trend to down with support coming in around 1.2250.

The monthly frame is interesting.

Although the current swing count is negative the monthly price action is trading within a converging triangle with support coming in off the 1.2200 to 1.2250 level which corresponds to trend line support




GBPUSD

The intraday technical outlook

Yesterday GBPUSD traded down to the area of its prior intraday swing low at the 1.5650 level.

However it’s stay in these regions was brief as it traded higher throughout the rest of the London and New sessions.

Intraday the pound is trading in an uptrend with the line of control at the 1.5650 level.

The intraday upside resistance comes in at 1.5725 and 1.5750.

Alternative support is at 1.5645 and 1.5625 levels.

The macro technical view

The breach of the 1.5725 technically changed the 4 hour trend to up.

However there is some concern that the candle could not paint a 4 hour close above the 1.5725 level.

The daily chart is trading in a technical down trend with resistance coming in at 1.5825.

The weekly chart saw GBPUSD breach the 1.6390 level and a multi month down trend line.

This move has technically changed the weekly trend to positive.

The weekly and monthly time frames continue to point upwards therefore the 1.5200/50 area becomes a significant line in the sand.

The 1.5200/50 area is a zone of support that is offered by a multi month trend line.

A breach of this area could set the pound up for a multi month down trend.

However a bounce off major support opens up the possibility for a move to the 1.7050 level.



USDJPY

The intraday technical outlook

Yesterday the area of the 119.55 being intraday resistance held back the rise of USDJPY.

However with Sunday’s election looming large on the horizon downward traders will be anticipating potential further Yen weakening following a possible Abe election victory.

Intraday USDJPY is trading in a 1 hour downtrend with the line of control at the 119.55 level.

Downside support is at 118.25 and 117.90.

Alternatively resistance levels are at 118.95 and 119.30.

The macro technical view

Longer term position traders will once again be eyeing a potential retest of the 122.00 level on Monday if Abe as is expected wins Sunday’s election.

The 4 hour time frame has been in an uptrend since the breach of the 118.95 resistance level.

The daily time has been bullish for some time and the correction that it recently experienced is due to recent news events but also to a large part of traders simply realizing profits.

Much the same for the weekly chart however we do have weekly support at the 115.70 level.

The weekly chart gives us the interesting possibility of a lower close for the first time since October 5,

The 117.85 level will be a key level to watch today being last weeks low.

The monthly chart has a price target of 124.15.

After such weakness in the Yen and with the prospect of Fed tightening and the Bank of Japan implementing massive stimulus the 124.15 level is looking a probable prospect.


USDCHF

The intraday technical outlook

Yesterday USDCHF had a good run up after it failed to test the 0.9600 level

The current intraday trend for USDCHF on the 1 hour chart is down with the line of control at 0.9725.

The downside support is at 0.9650 and 0.9610 levels.

Alternative current upside resistance is at the 0.9690 and 0.9725 levels.

The macro technical view

The highlight of the price action on the 4 hour chart with the market rejecting repeated attempts to sustain a move under the 0.9650 level.

The daily chart does look like a staircase with price action having experience what looks like a typical downside controlled correction.

The upside target of 0.9840 being weekly resistance is still in play.

The weekly time frame will also turn positive if we get a move above the 0.9840 level.

A similar scenario can be seen on the monthly chart with a breach of the 0.9970 level required before we can confirm that USDCHF is trading in a monthly uptrend



AUDUSD

The intraday technical outlook

Yesterday AUDUSD once again reverted to form as it broke beneath the 0.8280 and 0.8265 support levels.

However the price action was held at the 0.8220 support level being the area of the prior isolated low.

AUDUSD is trading in an intraday down trend with the line of control at the 0.8375.

The current downside support is at the 0.8265 and 0.8220.

Alternatively resistance can be found at 0.8280 and 0.8315.

The macro technical view

All chart time frames from 4 hour, daily and weekly time frames are all pointing down.

The monthly chart and the formation of a large head and shoulders scenario that potentially targets the 0.8065 level is still in play.

In terms of bullish arguments the monthly chart is actually trading in an uptrend with the price action now trading in an area of Fibonacci support.

Confirmation that the potential for this long scenario was to play out does however require so basing movement to happen on lower time frames.

This is something I have yet to notice.


GOLD

The intraday technical outlook

Following Gold’s breach of the 1215.00 resistance level the price action has been trending up.

However we have now had the painting of a lower high swing pivot at the 1232.00 level.

Gold needs to trade above this level for confirmation that the uptrend is in good health,

On an intraday basis the 1 hour trend is uptrend with the line of control at 1215.00 levels.

Current upside resistance comes in at 1225.60 and 1232.00.

Alternatively support comes in at 1221.00.00 and 1215.00.

The macro technical view

Gold continues to trade in a 4 hour uptrend as the price action attempts to paint a higher low swing.

The bullishness has also been transferred to the daily chart with a higher high being painted.

Last week XAUSD closed higher and actually put in a higher low.

This price could possibly be the precursor of a double bottom forming on the weekly chart.

On the monthly chart Gold continues to trade in an uptrend with the down move entering into an area of Fibonacci support.


OIL

The intraday technical outlook

Oil continues to slide with the price action yesterday penetrating the 60.45 support level.

The decline was somewhat held at the 59.25 level.

Oil continues to trade in an intraday down trend with the line of control at the 61.45 level.

Current support comes in at 59.25 and 56.50.

Alternatively upside resistance comes in at 64.45 and 61.65.

The macro technical view

With all time frames from 4 hour and above point down the next the 59.25 level becomes today’s battleground.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 15.12.2014



EURUSD

The intraday technical outlook

EURUSD has over the past three sessions traded within a 1.2370 to 1.2495 range.

A significant brake of this range will potentially dictate the medium term trading direction.

EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.2370 level.

Current upside resistance can be found at 1.2495 and 1.2530.

Alternatively downside support comes in at 1.2450 and 1.2420





GBPUSD

The intraday technical outlook

GBPUSD has been trading within a 1.5650 to 1.5750 trading range over the past three sessions.

A significant brake of this range will potentially dictate the medium term trading direction.

GBPUSD is trading in an intraday 1 hour intraday uptrend with the line of control at the 1.5650 level.

The intraday upside resistance comes in at 1.5750 and 1.5790.

Alternative support is at 1.5725 and 1.5650 levels.


USDJPY

The intraday technical outlook

USDJPY is trading within a 118.00 to 119.00 trading range.

A significant brake of this range will potentially dictate the medium term trading direction.

USDJPY is trading in an intraday 1 hour intraday downtrend with the line of control at the 119.05 level

Downside support is at 118.25 and 117.50.

Alternatively resistance levels are at 119.05 and 119.55.


USDCHF

The intraday technical outlook

Overnight USDCHF tested the 0.9625 support level.

A significant breach of this level would confirm that the intraday downtrend is intact.

USDCHF is trading in an intraday 1 hour intraday downtrend with the line of control at the 0.9710 level

The downside support is at 0.9625 and 0.9610 levels.

Alternative current upside resistance is at the 0.9690 and 0.9710 levels.


AUDUSD

The intraday technical outlook

Overnight AUDUSD tested but could not sustain a move under the 0.8200 support level.

A significant breach of this level would confirm that the intraday downtrend is intact.

AUDUSD is trading in an intraday 1 hour intraday downtrend with the line of control at the 0.8300 level.

The current downside support is at the 0.8200 and 0.8070.

Alternatively resistance can be found at 0.8300 and 0.8350.



GOLD

The intraday technical outlook

XAUUSD this morning tested and bounced off the 1215.00 support level.

A significant breech of this level would change the 1 hour from up to down.

Gold is trading in an intraday 1 hour intraday uptrend with the line of control at the 1215.00 level.

Current upside resistance comes in at 1221.00 and 1225.60.

Alternatively support comes in at 1215.00.00 and 1204.75.


OIL

The intraday technical outlook

Oil overnight continued to trade lower.

However the downward slide was held at the 56.50 support level.

Oil is trading in an intraday 1 hour intraday downtrend with the line of control at the 59.25 level.

Current support comes in at 56.50 and 53.00.

Alternatively upside resistance comes in at 59.25 and 60.45.


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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 16.12.2014






EURUSD

The intraday technical outlook

Yesterday EURUSD traded in a fairly narrow range as the price action stayed within the range of the December 11 candle.

Currently the price action has painted a lower high at the 1.2485 level.

Although I have the line of control at the 1.2370 level a breach and close beneath the the 1.2420 level being the prior swing low would be sufficient to change the trend from up to down.

The price action this morning is trading around the 1.2450 level.

A close above or below this level could potentially indicate the direction of today’s trading.

EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.2370 level.

Current upside resistance can be found at 1.2495 and 1.2530.

Alternatively downside support comes in at 1.2420 and 1.2400.



GBPUSD

The intraday technical outlook

GBPUSD yesterday experienced significant bearish price action that saw it break beneath the 1.5695 support level and trade through the 1.5650 level,

However the decline was stopped around the 1.5625 support area.

GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5750 level.

The support is at 1.5660 and 1.5625 levels.

Alternative intraday upside resistance comes in at 1.5725 and 1.5750.



USDJPY

The intraday technical outlook

This morning USDJPY broke under the 117.50 support level.

The next level of support comes in at the 115.70 area which was a prior weekly pivot.

As this level is far away from the current price action the next possible levels of support are the round trading numbers starting at 117.00.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.05 level

Downside support is at 117.00 and 116.50.

Alternatively resistance levels are at 117.50 and 118.25.




USDCHF

The intraday technical outlook

Yesterday USDCHF experienced choppy price action that saw it trade within the 0.9625 to 0.9675 range.

This morning USDCHF open negatively as the price action trades under the 0.9650 support level.

A breach of the 0.9625 is required so as to confirm that the bearish intraday outlook.

USDCHF is trading in an intraday 1 hour intraday downtrend with the line of control at the 0.9675 level

The downside support is at 0.9625 and 0.9610 levels.

Alternative current upside resistance is at the 0.9650 and 0.9675 levels.




AUDUSD

The intraday technical outlook

During yesterday and this morning AUDUSD has made 3 attempts to penetrate through the 0.8200 level.

This level is significant as it is both a round number and a level of prior monthly support/resistance.

This morning AUDUSD has open positively as the price action trades above the 0.8220 support level.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.

The current downside support is at the 0.8220 and 0.8200.

Alternatively resistance can be found at 0.8265 and 0.8285.



GOLD

The intraday technical outlook

The recent bullish feel surrounding XAUUSD has gone over the past two business days as Gold emphatically broke the the 1215.00 support level.

Yesterday’s slide however was stopped at the 1191.65 support level.

Gold is trading in an intraday 1 hour downtrend with the line of control at the 1232.00 level.

Current support comes in at 1191.65 and 1185.25.

Alternatively upside resistance comes in at 1204.75 and 1215.00



OIL

The intraday technical outlook

Oil on Monday initially bounced off the 56.50 support level.

However traders where unable to push crude up to the 59.25 resistance level.

In afternoon trading Oil reverted to its downward direction as the market push oil through the 56.50 support level.

Oil is trading in an intraday 1 hour intraday downtrend with the line of control at the 56.50 level.

Current support comes in at 53.00 and 50.35.

Alternatively upside resistance comes in at 56.50 and 59.25.





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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 17.12.2014




EURUSD

The intraday technical outlook

With Fed day finally upon us watch out for big moves today for the euro and all major currency pairs, commodities and metals.

Yesterday EURUSD continued with its recent strong rally.

EURUSD did break above the 1.2500 level and at one point seemed that it would test the 1.2570 resistance level.

However in the afternoon traded EURUSD traded off its highs as it moved back down to the 1.2500 support area.

This morning EURUSD is making an attempt to trade beneath its down channel.

This is a very early sign of weakness in EURUSD.

A confirmation a more bearish sentiment is being felt by the market would see EURUSD make a weak pull back back into its up channel before once again rolling over.

EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.2420 level.

Current upside resistance can be found at 1.2500 and 1.2575.

Alternatively downside support comes in at 1.2450 and 1.2420.



GBPUSD

The intraday technical outlook

Yesterday was a wild ride for cable.

Initially it attempted to test the 1.5600 support level before turning in a dime and breaking higher.

The rally was so dramatic the we had an actual close above the 1.5750 level.

This has necessitated a trend change from down to up.

In the afternoon trade we had very choppy action at the highs.

This morning GBPUSD is trading lower in quiet action as the market awaits the latest MPC rate vote.

GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5600 level.

Upside resistance comes in at 1.5750 and 1.5790.

Alternative intraday Support can be found at 1.5725 and 1.5660 levels.



USDJPY

The intraday technical outlook

The 115.70 level yesterday offered a good area of support.

We did get an initial test of the 117.50 level.

This morning it would appear that this level and the top of the down channel are about to be tested once more.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.05 level

Downside support is at 115.70 and 113.85.

Alternatively resistance levels are at 117.50 and 118.25.



USDCHF

The intraday technical outlook

This morning USDCHF is retesting the 0.9625 level.

This was a level USDCHF yesteday failed to trade above.

The price action is also trading above its down channel.

I am monitoring the price action for a potential pull back into this channel.

A weak pullback would signal that market sentiment is changing to a more bullish outlook.

USDCHF is trading in an intraday 1 hour downtrend with the line of control at the 0.9675 level

The downside support is at 0.9610 and 0.9550 levels.

Alternative current upside resistance is at the 0.9625 and 0.9650 levels.


AUDUSD

The intraday technical outlook

Yesterday for the most part AUDUSD had a good day as the price action bounced off the 0.8200 level.

We did get a retest of the 0.8265 resistance level however the price action was not able to sustain a close above this level.

In early morning trading AUDUSD has broken lower as it slashed through yesterday support.

The next support level is the 0.8070 level being a prior weekly swing pivot.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.

The current downside support is at the 0.8100 and 0.8070.

Alternatively resistance can be found at 0.8200 and 0.8265.


GOLD

The intraday technical outlook

Gold yesterday had a wild day of trading which saw the price action test both the 1221.00 resistance and 1191.65 support level.

This morning XAUUSD is trading at the lows of yesterdays range and between the 1191.65 and 1204.85 levels.

We do have a down channel developing.

I will be monitoring the price action with a view on how Gold reacts to a potential move up to the top of its channel.

However a break beneath the 1191.65 would confirm that the down move will potentially continue.

Gold is trading in an intraday 1 hour downtrend with the line of control at the 1221.00 level.

Current support comes in at 1191.65 and 1186.25.

Alternatively upside resistance comes in at 1204.85 and 1215.00


OIL

The intraday technical outlook

Yesterday Oil managed to avoid hitting the 53.00 support level.

This will no doubt come as a bit of a relief to oil producers.

In afternoon trading Oil staged a mini US$3.00 rally which saw it test the 56.50 level.

This morning Oil is trading off the previous days highs at the 54.75 level.

I am monitoring the price action for a test of the 53.00 level or a retest of the 56.50 level.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 59.25 level.

Current support comes in at 53.00 and 50.35.

Alternatively upside resistance comes in at 56.50 and 59.25.





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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 18.12.2014





EURUSD

The intraday technical outlook

Yesterday evening the Euro extended its losses after the Fed announcement on interest rates.

Pressure on EURUSD continues this morning as the US Dollar continues to strengthen.

EURUSD made feeble attempts yesterday to trade back into its up channel and the breach of the 1.2420 level completed the bearish story by turning the intraday trend from up to down.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2575 level.

Support comes in at 1.2280 and 1.2245.

Alternatively resistance can be found at 1.2330 and 1.2360.



GBPUSD

The intraday technical outlook

Yesterday GBPUSD collapsed from its up channel and traded down to the 1.5540 support area.

During the Asia trade GBPUSD did manage to muster a minor rally up to the 1.5590 level but in the past two hours is coming under pressure.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5790 level.

Support can be found at 1.5540 and 1.5500 levels.

Alternative resistance comes in at 1.5600 and 1.5625.


USDJPY

The intraday technical outlook

Yesterday USDJPY continue to trade higher following the break of its down channel.

Overnight we had a test of the 119.05 level.

I am this morning monitoring the price action for a potential retest of this level.

A 1 hour close above this level will technically change the trend from down to up.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.05 level

Support is at 118.25 and 117.50.

Alternatively resistance levels are at 119.05 and 119.55.


USDCHF

The intraday technical outlook

Yesterday’s move higher from its down channel was accelerated following the FOMC news.

This morning USDCHF has continued to rise as it breaks through the 0.9795 and 0.9820 resistance levels.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9555 level

Support is at 0.9820 and 0.9795 levels.

Alternative resistance is at the 0.9840 and 0.9900 levels.



AUDUSD

The intraday technical outlook

Yesterday AUDUSD also like other currencies had a wild ride.

The price action did actual try to trade above its down channel but was unable to sustain the move higher.

What followed was an aggressive spike down that took out the days low of 0.8138.

This morning AUDUSD is experiencing a minor rally as the price action would appear that it wants to test the top of its down channel.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.

Support is at the 0.8100 and 0.8070.

Alternatively resistance can be found at 0.8200 and 0.8265.



GOLD

The intraday technical outlook

Gold yesterday did spike lower on the Fed news however the move lower was held at the 1186.25 level.

The price action over the last 3 days of trading has created 3 lower low swings within a relatively tight range which are closely spaced together.

With the price action now hovering under the 1203.00 resistance level I am interested to see if XAUUSD can breach this level and make an attempt to test the top of its down channel.

Gold is trading in an intraday 1 hour downtrend with the line of control at the 1203.00 level.

Current support comes in at 1191.65 and 1186.25.

Alternatively upside resistance comes in at 1203.00and 1215.00



OIL

The intraday technical outlook

Yesterday crude had a strong rally following the breech of its down channel.

The move higher took out the 56.50 level which necessitated a change of trend from down to up.

At one point it appeared that Oil would even attempt to make a test of the 59.25 resistance level.

However into the news Oil like most other instruments weakened against the US Dollar.

The move lower was however held at the 56.50 support level.

This level becomes today’s battle ground with a move away in either direction potentially dictating the trend for today.

Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.

Resistance comes in at 56.50 and 59.25.

Alternatively support comes in at 53.60 and 50.35.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 19.12.2014






EURUSD

The intraday technical outlook

Yesterday EURUSD continued to trade lower.

However overnight the price action has based around the 1.2280 level.

This could be a precursor to a possible upside correction with traders looking to take profits after making a killing from this two day collapse in EURUSD.

The signs of a corrective move is a foot would be if we get a close above the 1.2295 level.

This level corresponds to the high of the lowest candle printed in this down sequence.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2575 level.

Support comes in at 1.2280 and 1.2245.

Alternatively resistance can be found at 1.2330 and 1.2360.




GBPUSD

The intraday technical outlook

Yesterday GBPUSD traded higher and effectively painted a 1 hour double bottom formation above the 1.5540 level.

Cable however continues to be stuck at the 1.5660 resistance level.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5790 level.

Support can be found at 1.5625 and 1.5600 levels.

Alternative resistance comes in at 1.5660 and 1.5725.




USDJPY

The intraday technical outlook

Yesterday’s move above the 119.00 level took a prior intraday swing high.

This move has technically changed the trend from down to up.

This morning USDJPY continues to move higher.

I will be watching for a potential test of the 119.55 resistance level during the London open.

USDJPY is trading in an intraday 1 hour u[trend with the line of control at the 118.25 level

Resistance levels are at 119.55 and 119.90.

Alternatively support is at 119.05 and 118.25.




USDCHF

The intraday technical outlook

Yesterday’s move by the Swiss National Bank to apply negative interest rates on deposits added weakness to the Swiss Franc.

During volatile trading the price action did at one stage test but was repelled from the 0.9840 resistance level.

This morning USDCHF is trading at the highs of this 3 day up move and within a tight overnight range of 0.9795 to 0.9820.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9555 level

Resistance is at the 0.9820 and 0.9840 levels.

Alternatively support is at 0.9795 and 0.9740 levels.





AUDUSD

The intraday technical outlook

Yesterday AUDUSD did have a a strong move up that breached its channel and had an unsuccessful test of the 0.8200 resistance level.

A pronounced inverse head and shoulders pattern is now forming on the 1 hour chart.

If this pattern does break to the upside there is a possibility that we see a move to the 0.8265 resistance level.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8265 level.

Support is at the 0.8150 and 0.8100.

Alternatively resistance can be found at 0.8200 and 0.8265.




GOLD

The intraday technical outlook

Yesterday XAUUSD did close above its down channel but was not able to sustain the move higher and traded back into its prior trading range.

This morning Gold has once again broken above the down channel.

This move follows Gold to painting a higher low swing.

I am monitoring the price now for a possible retest of the 1203.00 resistance level.

A break above this level would open the door for a potential move to the 1215.00 resistance level.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.

Current upside resistance comes in at 1203.00 and 1215.00.

Alternatively support comes in at 1191.65 and 1186.25.




OIL

The intraday technical outlook

There is still much volatility to be found in Oil trading.

Yesterday the price action made an unsuccessful attempt to retest the 58.85 resistance level but was ultimately pushed back as broke through the 56.50 support level.

The move down was finally held at the 54.15 support level.

This level now becomes key intraday support as a 1 hour close under this level will technically change the trend from up to down.

Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.

Resistance comes in at 56.50 and 58.25

Alternatively support comes in at 54.15 and 53.60.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 23.12.2014






EURUSD

The intraday technical outlook

EURUSD yesterday attempted to pair some of the recent losses.

However by the afternoon negative Euro sentiment came back into the market.

During the latter part of the New York session EURUSD was trading at the 1.2215 level.

This being above the significant 1.2200 big figure and monthly trend line support.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2245 level.

Support comes in at 1.2200 and 1.2150.

Alternatively resistance can be found at 1.2245 and 1.2270.


GBPUSD

The intraday technical outlook

GBPUSD traded lower into the New York session as traders pushed cable through the 1.5600 support level.

We did get a small pop up and retest of the 1.5600 level.

However GBPUSD has not been able to get back above this level.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5660 level.

Support can be found at 1.5540 and 1.5500 levels.

Alternative resistance comes in at 1.5600 and 1.5660.


USDJPY

The intraday technical outlook

USDJPY has continued to trade higher in what appears to be an upward procession.

With the 120.00 level being broken we have a weekly resistance level at the 120.70 level.

We can use this level as the next possible upside target.

USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 118.80 level

Resistance levels are at 120.70 and 121.80.

Alternatively support is at 120.00 and 119.00.


USDCHF

The intraday technical outlook

The recent upside momentum for USDCHF has declined as the price action consolidates within a narrow range.

As the trend is up it would be expected that we get an upside break of the 0.9840 area.

is trading in an intraday 1 hour uptrend with the line of control at the 0.9800 level

Resistance is at the 0.9840 and 0.9920 levels.

Alternatively support is at 0.9820 and 0.9800 levels.


AUDUSD

The intraday technical outlook

The overnight news coming out of Western Australia with respect to state finances brought back the negative market sentiment surrounding the Aussie Dollar.

This led to a break lower of the converging triangle pattern and a breach of the 0.8100 level.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8170 level.

Support is at the 0.8100 and 0.8070.

Alternatively resistance can be found at 0.8140 and 0.8170.



GOLD

The intraday technical outlook

XAUUSD broke lower from its consolidation pattern with some power during the New York session as the price action slashing through the 1191.65, 1186.25 and 1178.65 support levels.

Gold is trading in an intraday 1 hour downtrend with the line of control at the 1203.00 level.

Current support comes in at 1178.65 and 1170.60.

Alternatively resistance comes in at 1186.25 and 1191.65.



OIL

The intraday technical outlook

The negative news from the Saudi Oil minister sent the price of crude crashing yesterday.

However the price action continues to consolidated within a very broad converging triangle pattern.

Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.

Resistance comes in at 56.50 and 58.85

Alternatively support comes in at 54.15 and 53.00.



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ACFX AFTERNOON TECHNICAL REPORT – NEW YORK OPEN 24.12.2014




EURUSD

The intraday technical outlook

Not much has changed this morning which is not surprising with markets soon to close for Christmas.

A combination of continued political instability in Greece and the best USA GDP numbers in 11 years was enough to finally push EURUSD through the 1.2200 support level.

With the year fast coming to a close I would like to see a monthly close under the 1.2200 as confirmation that Euro weakness will continue into 2015.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2245 level.

Support comes in at 1.2150 and 1.2100.

Alternatively resistance can be found at 1.2200 and 1.2245.




GBPUSD

The intraday technical outlook

This morning Cable has a bit of a rally as profit takers square up short positions prior to the long holiday.

With yesterdays price action having broken under the recent daily swing low of 1.5540 trying to pick the next support level becomes problematic as there is clear air between the current price and the next target.

The next major level being a 1.5340 being a prior weekly support area.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5600 level.

Support can be found at 1.5500 and 1.5450 levels.

Alternative resistance comes in at 1.5540 and 1.5600.



USDJPY

The intraday technical outlook

This morning there is not much to report with USDJPY trading between the 120.00 to 120.70 levels

We may get some volatility coming into the market during the Tokyo session as the market waits for the Monetary Policy Meeting Minutes and for Bank of Japan governor Kuroda to give a speech.

However with most of Europe and the West closed for the annual festivities one would expect that the volatility is limited.

USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 120.00 level

Resistance levels are at 120.70 and 121.80.

Alternatively support is at 120.00 and 119.00.



USDCHF

The intraday technical outlook

This morning USDCHF has traded back to support as the price action moves in a tight range.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9820 level

Resistance is at the 0.9920 and 0.9950 levels.

Alternatively support is at 0.9840 and 0.9800 levels.


AUDUSD

The intraday technical outlook

With Australia now closed for the Christmas period I would expect to see limited liquidity during today’s trading.

However that is not to say that we may get volatility spikes during the day.

AUDUSD yesterday had a bit of a yoyo session as it initially broke down from its triangle pattern then trade back into only for sellers to smack it down once again.

This scenario was predicted in yesterday mornings analysis.

AUDUSD has now formed a double bottom above the 0.8080 level.

A breach of this level is required to confirm a continuation of the down trend.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8140 level.

Support is at the 0.8100 and 0.8070.

Alternatively resistance can be found at 0.8140 and 0.8170.



GOLD

The intraday technical outlook

This morning Gold is trading within a tight range.

A breach of the 1170.60 level is required to maintain the downside momentum.

Gold is trading in an intraday 1 hour downtrend with the line of control at the 1186.25 level.

Current support comes in at 1178.65 and 1170.60.

Alternatively resistance comes in at 1186.25 and 1191.65.



OIL

The intraday technical outlook

This morning Oil has traded lower off its open as downside pressure increases.

Oil continues to traded within a large converging triangle formation as the markets contemplate the next moves to be made by OPEC and look for signs that an increased global growth can stimulate demand for crude.

Oil is trading in an intraday 1 hour uptrend with the line of control at the 54.15 level.

Resistance comes in at 58.65 and 59.25.

Alternatively support comes in at 56.50 and 54.15.





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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 05.01.2015





EURUSD

The intraday technical outlook

EURUSD spiked lower on the open as the price action traded down to the 1.1851 level.

However buying came into the market which pushed EURUSD back up to its opening area.

The morning spike down has had the effect of creating a pin bar bottom.

I will today be monitoring the price action to see how EURUSD reacts to a potential move into the the areas of a of Fridays low and at the the top of its down channel.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.2185 level.

Current support comes in at 1.1950 and 1.1875.

Alternatively resistance can be found at 1.2000 and 1.2040.



GBPUSD

The intraday technical outlook

GBPUSD spiked lower at is open as it tested both the 1.5245 support level and major multi month trend line support.

However just like EURUSD buyers came into the market and pushed Cable back to its opening range.

I am monitoring the price action for a potential move higher of what is a major trend line support area.

A failure hold above trend line support could of course signal the start of a dramatic weakening for GBPUSD.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5605 level.

Current support can be found at 1.5245 and 1.5200 levels.

Alternative resistance comes in at 1.5340 and 1.5485.


USDJPY

The intraday technical outlook

The morning USDJPY is trading within Fridays range as the price action moves within a choppy albeit bullish bias.

With the US Dollar being so strong of late I would expect that a successful test of the 120.70 level to happen today.

A failure to trade above this level could see USDJPY to consolidate within a tight range before it decided to make its next move.

However as USDJPY has broken above its recent down channel it would not be a surprise if we saw a continuation of the move higher.

USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 118.85 level

Current resistance levels are at 120.70 and 121.80.

Alternatively support is at 120.15 and 119.55.


USDCHF

The intraday technical outlook

USDCHF spiked higher on its open as the price action broke above the 1.000 level.

At one point USDCHF did trade above the 1.0100 level however selling did come into the market which has pushed USDCHF back down to its opening range.

The USDCHF chart is now the mirror image of the price action that has happening on EURUSD.

A bearish pin bar has formed and this could now prompt a move down to the high of Friday and even down to the low of the channel bottom.

I will therefore be monitoring the price action to see how USDCHF reacts to a possible move to lower levels with a rejection of lower prices putting the focus back to the long side of the trade.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9865 level

Current resistance is at the 1.0050 and 1.0100 levels.

Alternatively support is at 1.000 and 0.9920 levels.


AUDUSD

The intraday technical outlook

AUDUSD continued its relentless collapse as the price action broke under the 0.8070 support level.

With the next major monthly support level at the 0.8000 a further collapse in commodity prices combined with a continuation of weakness in China will add the pressure on AUDUSD and make a move down to this level more likely.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8215 level.

Current support is at the 0.8070 and 0.8120

Alternatively resistance can be found at 0.8050 and 0.8000.


GOLD

The intraday technical outlook

Friday’s bounce off the 1170.60 level has continued into today’s trade as the price action approaches the 1199.20 resistance level.

I will be monitoring the price action to see if momentum increases or drops if we see Gold attempt to pull back.

The focus will be to identify if XAUUSD is attempting to paint a higher low which will potentially be a precursor to an assault on the 1210.00 level.

Gold is trading in an intraday 1 hour downtrend with the line of control at the 1170.60 level.

Current support comes in at 1191.65. and 1182.20.

Alternatively resistance comes in at 1199.20 and 1210.00.


OIL

The intraday technical outlook

Oil on Friday traded under its 53.00 support level as the price action tested the 51.50 level.

I am currently watching if Oil can trade back up to the 53.00 level.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.

Current support comes in at 51.50 and 51.00.

Alternatively resistance comes in at 52.00 and 53.00.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 06.01.2015



EURUSD

The intraday technical outlook

Today has seen a continuation of yesterday’s theme.

This morning EURUSD failed once again to break above the 1.1965 level as the power if tge bullish pin bar formation begins to dissipate.

A penetration of yesterday’s low will confirm that the down trend is intact.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1965 level.

Current support comes in at 1.1900 and 1.1875.

Alternatively resistance can be found at 1.1965 and 1.2040.



GBPUSD

The intraday technical outlook

This morning GBPUSD has given up all of yesterday’s gains as it trades under 1.5245 area which is also a mufti month support level.

A penetration of yesterday’s low will confirm that the down trend is intact.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5270 level.

Current support can be found at 1.5160 and 1.5100 levels.

Alternative resistance comes in at 1.5270 and 1.5340.


USDJPY

The intraday technical outlook

USDJPY collapsed during the New York session and this move lower has broken multiple support levels.

The move lower also penetrated the 119.80 support level.

The breach of this level has technically changed the 1 hour trend from up to down.

A continuation of the move lower would on a daily basis create a higher low formation with a move under the 115.70 level technically changing the daily trend from up to down.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level

Current support is at 118.85 and 118.25.

Alternatively resistance levels are at 119.55 and 121.15.



USDCHF

The intraday technical outlook

What strikes me today is how detached USDJPY and USDCHF have become over past trading sessions.

We have USDJPY attempting to paint a daily lower high whilst USDCHF is testing the prior hourly high of 1.0112.

With such bullish momentum in USDCHF it would not be a surprise if USDCHF takes out the prior high in today’s trading.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level

Current resistance is at the 1.0100 and 1.0150 levels.

Alternatively support is at 1.0050 and 1.000 levels.


AUDUSD

The intraday technical outlook

AUDUSD this morning has continued with yesterday’s strong up move as the price action tests the 0.8140 level.

A successful retest of this level could see AUDUSD also test the 0.8160 level.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8215 level.

Current support is at the 0.8120 and 0.8085

Alternatively resistance can be found at 0.8140 and 0.8160.


GOLD

The intraday technical outlook

Gold during today’s session has breached the 1210.00 level.

In the daily time frame XAUUSD has now painted a higher low and a bullish inverse head and shoulders pattern.

A completion of this pattern will need Gold to trade above the 1238.00 level.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.

Current resistance comes in at 1221.00 and 1228.00.

Alternatively support comes in at 1210.00 and 1199.20.


OIL

The intraday technical outlook

Overnight Oil broke under the significant 50.00 level.

The downward momentum continues as Oil attempts to test the low 48 levels.

With no end in sight to Oils capitulation it remains to be seen if the price action can test the 2008 crisis lows of US$ 34.00 per barrel.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.

Current support comes in at 48.00 and 47.50.

Alternatively resistance comes in at 50.35 and 53.00.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 07.01.2015




EURUSD

The intraday technical outlook

The general negativity surrounding EURUSD continued today as the morning price action took out the recent low of 1.1851.

The price action however over the past three sessions has put in place two pin bar support candles around the 1.1840 level.

This could be the first indication that a base is forming that could propel EURUSD back up to its channel top.

However with the momentum being so bearish a breach of the 1.1840 support levels is the natural direction of least resistance.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.

Current support comes in at 1.1875 and 1.1840.

Alternatively resistance can be found at 1.1970 and 1.2040.




GBPUSD

The intraday technical outlook

This morning GBPUSD has opened up negatively as the price action traded under the 1.5160 support level.

The recent move lower has now penetrated a multiple year trend line support.

However I would like to see a weekly or even better monthly close beneath this level as confirmation that this move is not a fake long term break down.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5245 level.

Current support can be found at 1.5100 and 1.5050 levels.

Alternative resistance comes in at 1.5160 and 1.5245.




USDJPY

The intraday technical outlook

USDJPY has experience an overnight rally following its bounce off the 118.25 support level.

I am targetting a move today back up to the 119.55 resistance level which now coincideds with the top of the down channel.

A failure to trade higher during the London session will put the focus back on the short side with a retest of the 118.85 being a possibility.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level

Current support is at 118.85 and 118.25.

Alternatively resistance levels are at 119.55 and 120.15.


USDCHF

The intraday technical outlook

USDCHF this morning opened up bullishly the price action taking out the prior 1 hour high.

However into the European session the current candle has broken under the 1.0110 support level.

A move lower would indicate that the mornings retest of resistance resulted in a fake break out.

I will be therefore be monitoring the price action for a potential move to the channel bottom.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level

Current resistance is at the 1.0110 and 1.0150 levels.

Alternatively support is at 1.0040 and 1.000 levels.




AUDUSD

The intraday technical outlook

During the New York and Asia sessions AUDUSD has given up the majority of its gains.

However during the overnight and early into the European sesssion AUDUSD has built a small base off the 0.8050 level.

I await to see in AUDUSD can paint a higher low formation from these levels.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.

Current support is at the 0.8035 and 0.8000.

Alternatively resistance can be found at 0.8070 and 0.8120.



GOLD

The intraday technical outlook

Overnight Gold made an initial attempt to test the 1221.00 level but was not able to sustain the move higher.

The current price action could indicate that a retest of the 1221.00 level is a possibility.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.

Current resistance comes in at 1221.00 and 1228.00.

Alternatively support comes in at 1210.00 and 1199.20.



OIL

The intraday technical outlook

Overnight Oil broke under the significant 48.00 level.

The downward momentum continues as Oil attempts to test the low 47 levels.

With no end in sight to Oils capitulation it remains to be seen if the price action can test the 2008 crisis lows of US$ 34.00 per barrel.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.

Current support comes in at 47.00 and 46.50.

Alternatively resistance comes in at 50.35 and 53.00.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 08.01.2015






EURUSD

The intraday technical outlook

Yesterday’s US jobs report which indicated that there had been an increase in US employment pushed EURUSD slightly lower.

However news later in the day from the FOMC that there will be no rise in short term interest rates before April help the single currency gain some value as EURUSD bounced slightly higher.

With multiple year support and a large converging triangle broken to the down side the next longer term target is the 1.1640 level being the 2005 low.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.

Current support comes in at 1.1800 and 1.1750.

Alternatively resistance can be found at 1.1840 and 1.1875.



GBPUSD

The intraday technical outlook

Yesterday GBPUSD continued to trade lower.

Although Cable did manage to bounce higher in overnight trading it was unable to reverse any of yesterday’s losses.

The recent move lower has now penetrated a multiple year trend line support.

However I would like to see a weekly or even better monthly close beneath this level as confirmation that this move is not a fake long term break down.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5245 level.

Current support can be found at 1.5050 and 1.5000 levels.

Alternative resistance comes in at 1.5160 and 1.5245.



USDJPY

The intraday technical outlook

Yesterday USDJPY continued to trade higher in what can be described as a typical staircase fashion.

The resulting move has now broken above a recently created broad down channel.

The price action has traded higher from what can be described as simple inverse head and and shoulders formation as indicated by the up arrows.

I am monitoring the price action for a possible pull back that creates a higher low formation that will build a base for USDJPY to proceed with its current upward momentum.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.70 level

Current support is at 119.80 and 119.55.

Alternatively resistance levels are at 120.15 and 120.70.


USDCHF

The intraday technical outlook

Yestderday USDCHF continued to trade in a bullish fashion as the price action took out prior recent highs.

This morning USDCHF has opened up bullishly and a test of the overnight high of 1.0175 is a possibility.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level

Current resistance is at the 1.0200 and 1.0250 levels.

Alternatively support is at 1.0110 and 1.0040 levels.



AUDUSD

The intraday technical outlook

AUDUSD has experienced a decent bounce since putting in an overnight low.

The price action has now formed a double bottom formation above the 0.8035 level.

Furthermore AUDUSD has broken above a recently formed down channel.

With this in mind I will be monitoring the price action for a possibility that AUDUSD creates a higher low swing from where a move higher could potentially happen.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.

Current support is at the 0.8085 and 0.8070.

Alternatively resistance can be found at 0.8120 and 0.8140.


GOLD

The intraday technical outlook

Gold yesterday traded lower for the entire session.

This morning this trend has continued in what can be described at present as a corrective pull back.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1186.25 level.

Current resistance comes in at 1210.00 and 1221.00.

Alternatively support comes in at 1199.20 and 1191.65.


OIL

The intraday technical outlook

The unexpected contraction in US oil inventories helped boost oil as it rallied off the 47.00 area lows.

However this morning it would appear that the up move is now beginning to run out of steam.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.50 level.

Current support comes in at 48.00 and 46.80.

Alternatively resistance comes in at 50.35 and 53.00.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 09.01.2015




EURUSD

The intraday technical outlook

Yesterday EURUSD attempted to pair some of its losses but ultimately ended the day lower.

Overnight EURUSD has traded in a tight range as traders await this afternoons latest Non Farm Payrolls number.

A continuation of the positive jobs trend is bound to add more pressure onto the Euro.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1970 level.

Current support comes in at 1.1750 and 1.1700.

Alternatively resistance can be found at 1.1840 and 1.1875.



GBPUSD

The intraday technical outlook

Cable has open quietly this morning as traders await the latest Manufacturing Production numbers.

This follows yesterdays Bank of England decision not to increase interest rates.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5245 level.

Current support can be found at 1.5050 and 1.5000 levels.

Alternative resistance comes in at 1.5100 and 1.5160.



USDJPY

The intraday technical outlook

Yesterday USDJPY attempted to test the 120.00 area but ultimately failed to breach this area of resistance.

Overnight this area was retested but the price action failed to trade above the prior intraday high.

As per yesteday’s post USDJPY has traded higher in what can be described as a typical staircase fashion.

The resulting move has now broken above a recently created broad down channel.

The price action has traded higher from what can be described as simple inverse head and and shoulders formation as indicated by the up arrows.

I am monitoring the price action for a possible pull back that creates a higher low formation that will build a base for USDJPY to proceed with its current upward momentum.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 120.00 level

Current support is at 118.85 and 118.25.

Alternatively resistance levels are at 120.00 and 120.70.




USDCHF

The intraday technical outlook

Yesterday USDCHF put in a new intraday high as it traded above the 1.0200 level.

However in afternoon and overnight trading USDCHF experiencde a moderate corrective pullback.

With the up trend being so strong I am monitoring the possibility of USDCHF continuing with its bullish momentum at attempts to put in a new intraday high.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0040 level

Current resistance is at the 1.0200 and 1.0250 levels.

Alternatively support is at 1.0110 and 1.0040 levels.



AUDUSD

The intraday technical outlook

This morning the Australian Bureau of Statistics released disappointing Retail Sales numbers.

This has allowed AUDUSD to experience a very moderate corrective sell off.

The price action has now formed a double bottom formation above the 0.8035 level.

Furthermore AUDUSD has broken above a recently formed down channel.

With this in mind I will be monitoring the price action for a possibility that AUDUSD creates a higher low swing from where a move higher could potentially happen.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8160 level.

Current support is at the 0.8120 and 0.8085.

Alternatively resistance can be found at 0.8140 and 0.8160.



GOLD

The intraday technical outlook

Gold yesterday experienced a moderate bounce off the 1205.00 level and although there was an aggressive sell off during the afternoon this support area once again proved to strong for the Bears to overcome.

Following this corrective pullback I am monitoring the price for a retest of the 1221.00 resistance level.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1205.00 level.

Current resistance comes in at 1221.00 and 1228.00.

Alternatively support comes in at 1205.00 and 1199.20.



OIL

The intraday technical outlook

Oil has experienced some good corrective price action following its bounce off the 47.00 level.

The price action has resulted in Oil painting a higher low formation with Oil now testing the top of its down channel.

A break and close above the 49.50 level will technically change the trend from down to up.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.50 level.

Current support comes in at 48.00 and 47.00.

Alternatively resistance comes in at 49.50 and 50.35.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 13.01.2015





EURUSD

The intraday technical outlook

This morning EURUSD has opened quietly as the price action trades within yesterday’s range.

Yesterday’s price action did break above the current down channel as EURUSD painted a higher high and higher low formation.

I will today be monitoring the price action for a possible retest of the 1.1875 level which coincides with yesterdays high.

EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1785 level.

Current resistance can be found at 1.1875 and 1.1970.

Alternatively support comes in at 1.1785 and 1.1755.


GBPUSD

The intraday technical outlook

This morning GBPUSD has bounce lower following a retest of the 1.5195 level.

This level coincides with yesterday’s high.

The resulting price action has created a minor intraday double top formation and a higher low swing.

This morning there is a great deal of economic data coming our of the UK with the highlight being the year on year CPI number.

One would assume that a lower than expected forecast number would add to the downward pressure Cable is currently experiencing.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5195 level.

Current support can be found at 1.5095 and 1.5030 levels.

Alternative resistance comes in at 1.5195 and 1.5245.



USDJPY

The intraday technical outlook

USDJPY sat down yesterday following the latest release of Japan’s current account.

In early morning trading USDJPY rebounded off the 117.75 level.

With a Japan budget due to be announced tomorrow that plans to disclose record levels of support for the Japanese economy one could expect the possibility of increased market volatility and continued Yen weakness.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.30 level

Current support is at 118.25 and 117.75.

Alternatively resistance levels are at 118.85 and 119.30.


USDCHF

The intraday technical outlook

Following the break of its upward channel USDCHF has traded within a fairly tight range.

A double bottom has formed above the 1.0100 level and this would appear to today’s battle ground.

A breach and close of the 1.0200 level which is slight above yesterday’s high of 1.0188 would give confirmation that the current up trend is intact.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0110 level

Current resistance is at the 1.0200 and 1.0250 levels.

Alternatively support is at 1.0110 and 1.0040 levels.


AUDUSD

The intraday technical outlook

Yesterday AUDUSD corrected aggressively lower as traders took profits off the table.

However in afternoon trading AUDUSD found support at the 0.8125 level.

I will this morning monitoring the price action for signs that AUDUSD is attempting to put in place a bullish higher low formation.

Such an occurrence could propel AUDUSD back up to yesterday’s high of 0.8255.

AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.8125 level.

Current resistance can be found at 0.8200 and 0.8255.

Alternatively support is at the 0.8160 and 0.8120.


GOLD

The intraday technical outlook

Gold this morning continues to trade higher and as I write is resting the 1238.00 resistance level.

The move higher came off a bounce off the channel bottom.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1221.00 level.

Current resistance comes in at 1238.00 and 1254.00.

Alternatively support comes in at 1230.00 and 1221.00.



OIL

The intraday technical outlook

Oil continues to trade lower as the price action slashes through the US$45.00 per barrel level.

Following an acceleration of downward momentum the possibility of Oil hitting the US$40.00 becomes more likely.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.50 level.

Current support comes in at 44.00 and 40.85.

Alternatively resistance comes in at 45.00 and 46.80.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 14.01.2015





EURUSD

The intraday technical outlook

In afternoon trading EURUSD moved lower as the price action breached the 1.1785 support level.

The move below the 1.1785 level means that the price action breached the last prior isolated swing low.

This move technically changes the trend from up to down.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1860 level.

Current support comes in at 1.1755 and 1.1700.

Alternatively resistance can be found at 1.1785 and 1.1860.


GBPUSD

The intraday technical outlook

The market did initially sell off following the worse than expected CPI number.

However both the governor of the Bank of England, Mr, Mark Carney and the Chancellor of the Exchequer Mr. George Osborne have gone out of the way to play down the risk of deflation by focusing the discussion on the Oil story which on the whole is positive for the UK economy.

It would seem that the markets have a similar view with cable yesterday pairing most of its losses and closed just under its open.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5195 level.

Current support can be found at 1.5095 and 1.5030 levels.

Alternative resistance comes in at 1.5195 and 1.5245.



USDJPY

The intraday technical outlook

Yesterday’s announcement of a record budget would seemed to have been welcomed as the Yen appreciated against the US Dollar.

The failure of USDJPY to retest December’s highs has given traders food for thought.

Falling US yields forced investors to sell the Green Back and shift their funds to lower risk assets.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 118.85 level

Current support is at 117.00 and 116.50.

Alternatively resistance levels are at 117.75 and 118.25.



USDCHF

The intraday technical outlook

Yesterday USDCHF traded higher off its double bottom formation as the price action took out the 1.0190 resistance level and retested the 1.0215 high.

However the price action was not about to sustain a move above the 1.0215 level and has during overnight and morning trading move back down to its channel bottom.

I am this morning currently monitoring the price action for a possible rebound off the channel bottom and a retest of the 1.0215 level.

USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 1.0125 level

Current resistance is at the 1.0215 and 1.0250 levels.

Alternatively support is at 1.0125 and 1.0100 levels.


AUDUSD

The intraday technical outlook

This mornings breach of the 0.8125 level will technically change the trend from up to down.

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8200 level.

Current support is at the 0.8070 and 0.8035.

Alternatively resistance can be found at 0.8125 and 0.8160.


GOLD

The intraday technical outlook

Yesterday Gold put in a new recent high in late morning trading.

However as the day continued XAUUSD sold off.

This morning the sell off has continued as Gold trades under its down channel.

This morning a minor support level has now been established above the 1225.00 level with a minor one hour pin bar double bottom forming.

I will be monitoring the price action for a continuation of the current up trend.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1221.00 level.

Current resistance comes in at 1240.00 and 1244.50.

Alternatively support comes in at 1230.00 and 1221.00.



OIL

The intraday technical outlook

Oil yesterday bounced off the US$44.25 area as the price action corrected above the US$45.00 level.

However the negativity has once again entered the market as Oil once more approaches the US$45.00 level.

Expect increased market volatility around the time of the US Oil Inventories report.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.50 level.

Current support comes in at 44.25 and 40.85.

Alternatively resistance comes in at 45.00 and 46.80.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 15.01.2015






EURUSD

The intraday technical outlook

Yesterday EURUSD traded higher as the Dollar weakened due to a disappointing Retail Sales number.

The resulting move higher broke above the high of the current down channel.

Although EURUSD did trade above the high of its intraday swing pivot which technically changes the trend from down the move higher does look a little anemic.

Especially if one was to compare the strength in the other currency pairs and especially AUDUSD and Oil.

This maybe because of the the legal go ahead given by the European Court of Justice to the ECB with respect to Bond purchases, traders will still have an eye on shorting rallies in EURUSD.

As confirmation that this move higher will continue I would like to see a rejection of a move lower to the 1.1725 level which is yesterdays low and the possible formation of a double bottom / higher low.

From this base we will need to see 1.1845 taken out as this level is yesterday’s high and the last 1 hour isolated high pivot.

EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1725 level.

Current resistance can be found at 1.1810 and 1.1845.

Alternatively support comes in at 1.1755 and 1.1725.


GBPUSD

The intraday technical outlook

Yesterday GBPUSD traded higher as the price action moved above the 1.5195 level.

The breach and close above this level has technically changed the trend from down to up.

The move higher was finally held at the 1.5245 level.

This coincides with the bottom of a recently broken multiple year trend line.

From a longer term perspective if the this months candle can close above this trend line then we have a powerful case for a continuation of higher prices.

I will discuss this further in a longer term GBPUSD analysis.

GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5075 level.

Current resistance comes in at 1.5245 and 1.5340.

Alternative support can be found at 1.5195 and 1.5100 levels.


USDJPY

The intraday technical outlook

Last night the Cabinet Office released the latest month on month Core Machinery Orders number.

The latest release missed the forecast by reporting 4.8% whereas the actual came in at 1.3%.

This news helped propel USDJPY higher as this currency pair put in a V bottom formation.

With USDJPY this morning testing the 117.75 level I am monitoring the price action for a possible test of the down channel top.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 118.85 level

Current support is at 117.00 and 116.10.

Alternatively resistance levels are at 117.75 and 118.25.


USDCHF

The intraday technical outlook

Yesterday USDCHF experienced a volatile session as it tested the 1.0235 level before falling back in the afternoon following the release of US data.

The move lower did breach and close under the 1.0165 level being the last isolated low.

The breach of this level technically changes the trend from up to down.

The recent price action has resulted in a rising wedge forming,

With the USDCHF now trading within a rather congested and choppy range it would probably best to trade this range.

Longer term directional traders can potentially taken if the range is broken.

USDCHF is trading in an intraday 1 hour downtrend with the line of control at the 1.0235 level.

Current support is at 1.0125 and 1.0100 levels.

Alternatively resistance is at the 1.0215 and 1.0250 levels.



AUDUSD

The intraday technical outlook

Overnight the Australian Bureau of Statistics published its latest Employment Change number.

The number was a big surprise as the actual of 37.4K being a big beat on the forecast of 5.3K.

This news did much to propel AUDUSD higher as the price action broke the 0.8200 resistance level.

The breach of the 0.8200 level means that the price action has broken above the last isolated high and this has resulted in the trend technically changing from down to up.

AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.8070 level.

Current resistance can be found at 0.8255 and 0.8350.

Alternatively support is at the 0.8200 and 0.8160.



GOLD

The intraday technical outlook

Gold yesterday attempted to test but ultimately failed to breach the 1244.00 resistance level.

It would now appear that there is a possibility that trading range will form between the 1225.00 and 1244.00 levels.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1225.00 level.

Current resistance comes in at 1240.00 and 1244.00.

Alternatively support comes in at 1225.00 and 1221.00.



OIL

The intraday technical outlook

Yesterday’s Crude Oil Inventories report stated the reserves had expanded to 5.4M.

This number beat the forecast of 1.2M by a wide margin.

Although inventories expanded Oil shrugged off the news as it traded higher.

The move higher broke above the current large down channel and the last isolated high at the 46.80 level.

The breach of the 46.80 level technically changes the 1 hour trend from down to up.

Oil is trading in an intraday 1 hour uptrend with the line of control at the 45.00 level.

Current resistance comes in at 49.50 and 50.35.

Alternatively support comes in at 47.00 and 45.00.



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