Daily Technical Analysis from ACFX

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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 16.01.2015




EURUSD

The intraday technical outlook

Following yesterday’s news the focus once again is on the Swiss National Bank.

The SNB as a holder of a very substantial position of Euro’s is now a downward pressure on the EURCHF and EURUSD currency pairs.

With Euro stimulus seemingly on the way I expect sell offs into strength to continue.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1845 level.

Current support comes in at 1.1560 and 1.1500.

Alternatively resistance can be found at 1.1640 and 1.1725.


GBPUSD

The intraday technical outlook

Following the news of the SNB action GBPUSD made another attempt at the 1.5245 resistance level.

As I have mentioned in prior post this level 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.

With the SNB implementing a policy of negative interests rates I would expect to see a shift of funds into the pound and more specifically the safe haven of the London real estate market.

GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5150 level.

Current resistance comes in at 1.5195 and 1.5245.

Alternative support can be found at 1.5150 and 1.5100 levels


USDJPY

The intraday technical outlook

As posted yesterday the SNB announcement has necessitated a flight to safety and the Yen together Gold has been one of the major beneficiaries.

We have a prior weekly support level at the 115.70 level.

I would expect that the markets have also identified this level and will possibly attempt to test it at some stage.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 117.75 level

Current support is at 116.10 and 115.70.

Alternatively resistance levels are at 117.75 and 118.25.


USDCHF

The intraday technical outlook

Due to the SNB action any charts shorter than a monthly time frame are for the time being very difficult to read.

Furthermore the range based levels based off the average true range or off pivots for the time being are unreliable.

Therefore to try and give an intraday perspective for the time being is hard to do.

The trend is most definitely down and will all things being equal will continue to point it this direction.

I will take a detail look at the Swiss Franc tomorrow but for the time being I will let the market work through this excessive volatility.


AUDUSD

The intraday technical outlook

AUDUSD corrected downwards in afternoon and overnight trading.

However this morning it appears that support has held at the 0.8200 level.

This morning AUDUSD has resumed its upward direction.

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 0.8295.

Alternatively support is at the 0.8200 and 0.8160.


GOLD

The intraday technical outlook

I focused on Gold this week as technically there looked like an opportunity for a longer term buy trade setting up.

The SNB decision would seem to have time the technical’s and fundamentals to perfection.

Especially with Swiss Banks now penalizing deposits with negative interest rates holding Gold now becomes that little bit more attractive.

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

Current resistance comes in at 1269.00 and 1280.00.

Alternatively support comes in at 1254.00 and 1225.00.



OIL

The intraday technical outlook

Oil at one stage traded at US$51.00 to the barrel.

However in afternoon trading Oil sold off as the price action collapsed under the 47.15 isolated low.

The breach and close under the 47.15 technically changes the trend from up to down.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 51.00 level.

Current support comes in at 45.00 and 44.25.

Alternatively resistance comes in at 46.80 and 51.00.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 19.01.2015




EURUSD

The intraday technical outlook

The Euro continues to slide as the ECB decision begins to loom large this week.

With market volatilty increasing day by day could it be in the realms of possibility that we have a test of the 1.1000 level by the time of the ECB meeting.

For now the the mid 1.20 levels in December seem like a long time ago.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1640 level.

Current support comes in at 1.1560 and 1.1500.

Alternatively resistance can be found at 1.1640 and 1.1725.


GBPUSD

The intraday technical outlook

Late on Friday GBPUSD broke the 1.5150 support level.

The breach of the prior isolated low technically changes the trend from up to down.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5230 level.

Current support can be found at 1.5100 and 1.5070 levels.

Alternative resistance comes in at 1.5150 and 1.5195



USDJPY

The intraday technical outlook

USDJPY on Friday bounced off the double bottom support area that is found at 116.10.

What followed was an attempt to retest the 117.75 resistance level.

USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 117.75 level

Current support is at 116.10 and 115.70.

Alternatively resistance levels are at 117.75 and 118.25.



USDCHF

The intraday technical outlook

The market volatility that was caused by the SNB action continues to play havoc with the charts.

I am awaiting for new data to feed into the chart as only this will this help to smooth out the recent market volatility.

In meantime a new range has been formed between the 0.8205 to 0.9125 levels.



AUDUSD

The intraday technical outlook

On Friday AUDUSD traded higher as the price action bounced off the 0.8160 area.

The move higher continued into today’s trader however the recent price action has been rather choppy.

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

Current resistance can be found at 0.8255 and 0.8295.

Alternatively support is at the 0.8200 and 0.8160.



GOLD

The intraday technical outlook

Gold traded higher on Friday as traders and investors looked safety in this turbulent market.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1254.00 level.

Current resistance comes in at 1280.00 and 1306.00.

Alternatively support comes in at 1269.00 and 1254.00.


OIL

The intraday technical outlook

The SNB news has relegated the Oil story out of the spotlight.

The ECB meeting and the Greek election will further allow Oil to drop out of the limelight.

This lack of focus on Oil could just be what is required to allow Oil to build a base above the 45.00 level.

Friday’s break under the 47.15 support level has changed the trend from up to down.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 48.85 level.

Current support comes in at 46.00 and 45.00.

Alternatively resistance comes in at 48.85 and 51.00.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 20.01.2015




EURUSD

The intraday technical outlook

Yesterday EURUSD failed to breach the 1.1640 when it retested this level.

Subsequently the price action traded back down to the 1.1565 support level.

With the QE decision looming large the market is now trying to second guess which way the ECB will decide to go.

The SNB move had initially made it look like a decision on Euro Zone stimulus was a certainty however there are now concerns that the ECB could spring a surprise on traders.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1640 level.

Current support comes in at 1.1560 and 1.1500.

Alternatively resistance can be found at 1.1640 and 1.1725.




GBPUSD

The intraday technical outlook

Yesterday GDPUSD continued to slide as the price action took out a recent isolated 4 hour pivot low at the 1.5075 level.

It would appear that traders are now targeting the 1.5030 2015 low.

With the weekly and monthly charts looking so bear ugly there is a possibility that we do see a continuation of the downward momentum.

The only hope presently for the bulls is if a double bottom forms above the 1.5030 on the daily time frame.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5175 level.

Current support can be found at 1.5075 and 1.5030 levels.

Alternative resistance comes in at 1.5100 and 1.5150.



USDJPY

The intraday technical outlook

USDJPY overnight broke above both the 117.75 resistance level and the downward channel.

The move above the 117.75 level has technically changed the trend from down to up.

With the Bank of Japan governor due to deliver a press conference in the early hours of Wednesday morning a reaffirmation of the current dovish stance will only add to this recent USDJPY rally.

USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 116.90 level

Current resistance levels are at 118.85 and 119.30

Alternatively support is at 118.25 and 117.75.



USDCHF

The intraday technical outlook

As posted yesterday:

The market volatility that was caused by the SNB action continues to play havoc with the charts.

I am awaiting for new data to feed into the chart as only this will this help to smooth out the recent market volatility.

In meantime a new range has been formed between the 0.8450 to 0.8815 levels.




AUDUSD

The intraday technical outlook

This morning AUDUSD traded lower on the China GDP news.

However the sell off has been limited as the market digests the news that this data was not as bad as expected.

In the past four hours AUDUSD has traded higher off the 0.8160 support level.

I am now monitoring the price action for a possible retest of the 0.8240 level.

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

Current resistance can be found at 0.8200 and 0.8215.

Alternatively support is at the 0.8160 and 0.8125.



GOLD

The intraday technical outlook

Gold this morning is trading higher following its one day consolidation with the price action currently testing the 1280.00 resistance level.

A breach and close above this level could accelerate the pace of upward momentum.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1254.00 level.

Current resistance comes in at 1280.00 and 1306.00.

Alternatively support comes in at 1269.00 and 1254.00.



OIL

The intraday technical outlook

Yesterday Mr. Mohammed al-Sabban who is the Saudi Arabia minister for petroleum said that his could country would not suffer economically even if oil prices stay at low levels for “at least eight years”.

It is obvious that such comments are made to spook the markets and came at a time when the price of oil has risen moderately.

Although oil did drop on the back of these comments the fall was not as dramatic and deep as could have been expected.

The intraday chart has now arrived at a juncture in that the price action is now trading in a 46.00 to 49.00 range.

A brake above or beneath this range will potentially dictate the medium term directional momentum.

Oil is trading in an intraday 1 hour downtrend with the line of control at the 48.85 level.

Current support comes in at 46.00 and 45.00.

Alternatively resistance comes in at 48.85 and 51.00.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 22.01.2015




EURUSD

The intraday technical outlook

Yesterday EURUSD traded nervously as the market battled to form a view on the soon to announced us ECB stimulus program.

The markets have already priced in EUR 500 billion and an “open ended” ECB policy.

A failure to deliver this could send European equities crashing and the Euro higher.

EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1640 level.

Current support comes in at 1.1565 and 1.1500.

Alternatively resistance can be found at 1.1640 and 1.1725.


GBPUSD

The intraday technical outlook

Yesterday GBPUSD traded lowers on the news that all MPC policy makers had decided to keep interest rates on hold.

Up until recently two of the Monetary Policy Committee members had advocated a increase in interest rates. Therefore this shift in opinion puts back further the possibility of an interest rate increase.

Trying to make sense of the 1 hour chart for Cable at the moment is a little difficult as the price action has become very volatile with wild swings in price occurring.

A look at the four hour chart one can see the price action forming one of the most difficult patterns to trade which is an expanding triangle.

The price action needs to break above or beneath this range for more clarity to come into the trade.

GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5175 level.

Current support can be found at 1.5100 and 1.5200 levels.

Alternative resistance comes in at 1.5100 and 1.5050.



USDJPY

The intraday technical outlook

USDJPY continues to trade above both the 117.75 resistance level and the downward channel.

The move above the 117.75 level has technically changed the trend from down to up.

USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 117.15 level

Current resistance levels are at 118.25 and 118.85.

Alternatively support is at 117.75 and 117.15.


USDCHF

The intraday technical outlook

As posted yesterday:

The market volatility that was caused by the SNB action continues to play havoc with the charts.

I am awaiting for new data to feed into the chart as only this will this help to smooth out the recent market volatility.

In meantime a new range has been formed between the 0.8450 to 0.8815 levels.


AUDUSD

The intraday technical outlook

Yesterday AUDUSD crashed through its 0.8160 support level.

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

AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8230 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

Gold has experienced a two day correction that has taken the price action close to its channel bottom and the 1280.00 support level.

I am monitoring the price action for a potential rebound off these levels.

Gold is trading in an intraday 1 hour uptrend with the line of control at the 1269.00 level.

Current resistance comes in at 1306.00 and 1321.00.

Alternatively support comes in at 1280.00 and 1269.00.


OIL

The intraday technical outlook

The recent price action on oil has seen the trading ranges get smaller and smaller day by day.

Trying to get a 1 hour trend bias is difficult at the moment.

Although we have a break above a prior swing high which means we are in a technical up trend the structure of the recent price action leads me to question the validity of current directional momentum.

That we have had a break of a large down channel does give an indication that the longer term bias is up.

However the price of Oil at the moment is dictated by through away comments by official and semi official comments and current geo-political events.

More clarity will come once we have the ECB meeting and this afternoons Crude Inventories report.

Oil is trading in an intraday 1 hour uptrend with the line of control at the 46.80 level.

Current resistance comes in at 48.20 and 48.85

Alternatively support comes in at 46.80 and 46.00.


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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 27.01.2015



EURUSD

The intraday technical outlook

Yesterday EURUSD bounced higher as it traded back up to the 1.2950 level.

This morning EURUSD has opened quietly as the price action trades in a very tight range.

I am monitoring the price action for a retest of the 1.1100 level.

From a technical perspective EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1640 level.


GBPUSD

The intraday technical outlook

GBPUSD has had a good bounce that has taken the price action back up to its channel top.

I am this morning monitoring the price action for a potential resumption of its prior down trend.

In terms of news the BBA mortgage approvals data and more importantly the Preliminary GDP data is out this morning at 9:30 am London time.

This news could cause market volatility.

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


USDJPY

The intraday technical outlook

USDJPY continues to trade within a very large range between the 117.15 to 118.85 levels.

This morning USDJPY is trading lower off its open as it retraces back to the 117.75 level.

A successful test of the 118.85 is required to confirm the strength of the up trend.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 117.15 level.

USDCHF

The intraday technical outlook

As posted yesterday:

The market volatility that was caused by the SNB action continues to play havoc with the charts.

I am awaiting for new data to feed into the chart as only this will this help to smooth out the recent market volatility.

In meantime a new range has been formed between the 0.8450 to 0.8815 levels.

AUDUSD

The intraday technical outlook

AUDUSD has traded higher as it approaches its channel top.

The move higher has taken the price action back into its averages.

I am currently monitoring a potential resumption of the down trend.

From a technical perspective AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8125 level.

GOLD

The intraday technical outlook

Gold this morning broke above its very narrow down channel.

This could be the first signs that the recent downside correction is coming to an end.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1298.00 level.


OIL

The intraday technical outlook

Yesterday’s news from OPEC that prices have bottom helped keep Oil above the US$ 45.00 per barrel level.

However further evidence is required before I will take notice of a possible upside reversal.

From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 49.00 level.


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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 30.01.2015



EURUSD

The intraday technical outlook

Yesterday EURUSD finished the day testing its channel top.

This morning EURUSD has made a successful attempt to break above this resistance level.

With European CPI data out this morning and the markets eyeing events in Athens we may see some volatility hit the Euro trade today.

Today I will be monitoring a continuation of the recent up move towards the 1.1465 resistance level.

The breach of the 1.1295 level being the prior isolated swing high has changed the trend from down to up.

From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1295 level.

GBPUSD

The intraday technical outlook

Yesterday GBPUSD collapse was finally reversed late into the New York session.

We did get a good bounce off the 1.5030 support level which took the price action back up to the 1.5075 resistance level.

This morning I am monitoring the price action for a resumption of the down trend.

A breach of the 1.5150 support level has technically changed the trend from up to down.

From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5220 level.

USDJPY

The intraday technical outlook

The market ignored the overnight data with the price action continuing to trade in a tight 8 day range.

USDJPY continues to trade within a very large range between the 117.15 to 118.85 levels.

This morning USDJPY is trading lower off its open as it retraces back to the 117.75 level.

A successful test of the 118.85 is required to confirm the strength of the up trend.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 117.15 level.

USDCHF

The intraday technical outlook

Yesterday USDCHF continues its mini revival as the price action broke above its 0.9140 level.

With some normality coming back into the USDCHF price action I will soon once more be taking a closer look at the intraday USDCHF price action

AUDUSD

The intraday technical outlook

Yesterday’s decline in AUDUSD was finally halted at the 0.7720 area.

However with the trend is still pointing down I will be monitoring the price action for a possible continuation of this move and a test of the 0.7700 level.

From a technical perspective AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.8000 level.

GOLD

The intraday technical outlook

Gold continued to trade lower throughout the day. However this move was finally halted at the 1254.00 support level.

I am today monitoring the price action for a potential move back up to the channel top.

A failure to trend higher could see Gold retest the 1254.00 support level.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1293.00 level.

OIL

The intraday technical outlook

Yesterday Oil broke under its US$45.00 support level and traded down to the US$43.50 area before reversing of it lows.

The price action is currently trading just above the the top of its down channel.

I am this morning monitoring the price action for a possible resumption of the down trend.

From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 46.35 level.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 03.02.2015



EURUSD

The intraday technical outlook

Yesterday EURUSD broke out of its down channel.

The price action is currently trading within a five day range.

A break above or below this range could indicate the direction of the medium term trend with key levels being 1.1220 and 1.1420.

The breach of the 1.1295 level being the prior isolated swing high has changed the trend from down to up.

From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1295 level.


GBPUSD

The intraday technical outlook

Following Cable’s break above it’s down channel the bulls would have hoped that there would have been some upside follow through.

However this was not to be with GBPUSD pairing a lot of the gains of its recent up move.

The price action tested and was repelled by at the 1.4990 level.

This morning GDPUSD is once again retesting the 1.4990 support level.

The breach of the 1.5150 support level has technically changed the trend from up to down.

From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5075 level.


USDJPY

The intraday technical outlook

Yesterday USDJPY broke lower from its 10 day congestion area.

However the move lower was short lived as the price action moved back to the 117.75 resistance level.

This morning we have seen USDJPY once again retested and bounce off the 116.90 support level.

I am this morning monitoring the price action for a retest of 117.75 resistance level.

From a technical perspective USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 117.75 level.


USDCHF

The intraday technical outlook

The chart for USDCHF is slowly getting back to normal.

From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9160 level.


AUDUSD

The intraday technical outlook

The action by the Reserve Bank of Australia has sent the Aussie Dollar into free fall.

The comments from the RBA that their Dollar is still over valued can only put more pressure on AUDUSD.

The next major level for AUDUSD is the 0.7315 weekly support target.

From a technical perspective AUDUSD is trading in an intraday 1 hour downtrend with the line of control at the 0.7800 level.


GOLD

The intraday technical outlook

Over the past two days trading XAUUSD has broken above its down channel.

This could be an indication the Gold has once again resumed its prior up trend.

From a technical perspective Gold is trading in an intraday 1 hour uptrend with the line of control at the 1269.00 level.


OIL

The intraday technical outlook

Some positive sentiment has come back into the market as traders have begun to bet that the fall in the price of crude has found a floor.

With the price of crude rebounding off the US$45.00 level and is currently trading above the US$50.00 level the rally so far has been very impressive.



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From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 44.25 level.

 

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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 04.02.2015



EURUSD

The intraday technical outlook

EURUSD yesterday experienced a strong rally yesterday following the conciliatory statements coming from the Greek administration.

The move higher has taken EURUSD back into major resistance in the shape of the 21 period daily moving averages.

Professional traders will be eyeing this level for signs of weakness that sends EURUSD back into its downward intraday direction.

The breach of the 1.1295 level being the prior isolated swing high has changed the trend from down to up.

From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1310 level.


GBPUSD

The intraday technical outlook

Yesterday’s UK construction PMI data helped pushed GBPUSD higher.

With the FTSE 100 now feeding off capital inflows that stimulate higher stock market prices could add to a further appreciation in the price of cable.

The price action has now put in place a double bottom formation at the 1.4990 level.

This followed a prior break above a large down channel.

From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.4990 level.


USDJPY

The intraday technical outlook

The price action that has unfolded over the past two days has had the effect of creating a double bottom formation above the 116.90 level.

The daily chart would indicate that a large converging triangle is forming.

With the trend being so bullish on the weekly time frame I would look for an upside break of this consolidation pattern.

However as always it would be better to allow the break to happen and then trade the pullback in the direction of the initial move.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 116.90 level.


USDCHF

The intraday technical outlook

Yesterday’s breach of the 0.9250 level has technically changed the trend from up to down.

This moves corresponds to the price action coming into an area of resistance of the 21 period daily moving averages.

From a technical perspective USDCHF is trading in an intraday 1 hour downtrend with the line of control at the 0.9295 level.


AUDUSD

The intraday technical outlook

Yesterday we witnessed a move that breached the large down channel that has formed around the AUDUSD price action.

This morning we have seen a follow through of yesterdays move.

The move above the 0.7800 has technical changed the trend from down to up.

From a technical perspective AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.7630 level.


GOLD

The intraday technical outlook

Yesterday’s mini collapse in the price of Gold has now created a double top formation at the 1284.00 level.

The move lower also took out the 1269.00 level. The breach of this isolated low has technical changed the intraday trend from up to down.

The price action is now trading with a range of 1254.00 to 1284.00.

A breach above or beneath these levels could possibly indicate the medium term trend direction.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1284.00 level.


OIL

The intraday technical outlook

News from the United States that the crude extractors are now pulling rigs is giving the bulls hope that the fall in the price of oil is now done.

What is now of interest is the weekly time frame. If we can now get a weekly close above the high of the prior weeks candle then we technically have a reversal signal.

However to say that the market has found its bottom is still very premature.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 44.25 level.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 05.02.2015





EURUSD

The intraday technical outlook

Yesterday’s announcement by the ECB that it was lifting its waiver on Greek debt sent the Euro in free fall.

EURUSD slashed through multiple support levels before finally stalling at the 1.1310 level.

This morning EURUSD has bounced off this level and is testing the 1.1365 resistance level.from down to up.

The move lower has seen EURUSD breach its channel bottom. I will therefore be monitoring the price action for a continuation of the move lower.

From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1310 level.

GBPUSD

The intraday technical outlook

GBPUSD yesterday evening gave up some of its gains as the price action corrected downward.

The price action has now put in place a double bottom formation at the 1.4990 level.

This followed a prior break above a large down channel.

I will this morning monitoring the price action for a resumption of the upward momentum.

From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.4990 level.

USDJPY

The intraday technical outlook

As posted yesterday:

The price action that has unfolded over the past two days has had the effect of creating a double bottom formation above the 116.90 level.

The daily chart would indicate that a large converging triangle is forming.

With the trend being so bullish on the weekly time frame I would look for an upside break of this consolidation pattern.

However as always it would be better to allow the break to happen and then trade the pullback in the direction of the initial move.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 116.90 level.

USDCHF

The intraday technical outlook

As posted yesterday:

Yesterday’s breach of the 0.9250 level has technically changed the trend from up to down.

This moves corresponds to the price action coming into an area of resistance of the 21 period daily moving averages.

From a technical perspective USDCHF is trading in an intraday 1 hour downtrend with the line of control at the 0.9295 level.

AUDUSD

The intraday technical outlook

Following the breach the large down channel AUDUSD has corrected down to the 0.7730 down channel.

This morning AUDUD has bounced off the 0.7730 support level and is now testing the 0.7800 level.

From a technical perspective AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.7630 level.

GOLD

The intraday technical outlook

As posted yesterday:

The mini collapse in the price of Gold has now created a double top formation at the 1284.00 level.

The move lower also took out the 1269.00 level. The breach of this isolated low has technical changed the intraday trend from up to down.

The price action is now trading with a range of 1254.00 to 1284.00.

A breach above or beneath these levels could possibly indicate the medium term trend direction.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1284.00 level.

OIL

The intraday technical outlook

Oil overnight continued with its down side correction that followed off its mini rally.

This move has taken the price action back into the range of the previous weeks candle.

With the price action now trading now trading at the 61.8% Fibonacci ratio of the move higher I would really like to see the bulls take Oil higher from these levels.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 44.25 level.


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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 06.02.2015



EURUSD

The intraday technical outlook

Yesterday EURUSD experienced a strong bounce off the 1.1310 level which took the price action back into recently broken up channel.

This morning EURUSD has bounce lower off the bottom of the up channel.

From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1310 level.


GBPUSD

The intraday technical outlook

GBPUSD has traded higher yesterday as it slashed through a major resistance level which is formed by multiple year support level that was broken early in January.

This morning I will monitor the price action for a continuation of the move higher.

From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5175 level.


USDJPY

The intraday technical outlook

As posted yesterday:

The price action that has unfolded over the past two days has had the effect of creating a double bottom formation above the 116.90 level.

The daily chart would indicate that a large converging triangle is forming.

With the trend being so bullish on the weekly time frame I would look for an upside break of this consolidation pattern.

However as always it would be better to allow the break to happen and then trade the pullback in the direction of the initial move.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 116.90 level.


USDCHF

The intraday technical outlook

As posted yesterday:

USDCHF is currently trading in a tight range at the top of the recent rally.

The breach of the 0.9250 has breached the last isolated high.

I am monitoring the price action for a potential retest of the 0.9340 level.

From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9200 level.


AUDUSD

The intraday technical outlook

The Reserve Bank of Australia issued a mixed message overnight but it was enough to push AUDUSD higher.

This morning I am monitoring the price action for a retest of the 0.7860 level.

From a technical perspective AUDUSD is trading in an intraday 1 hour uptrend with the line of control at the 0.7730 level.


GOLD

The intraday technical outlook

As posted yesterday:

The mini collapse in the price of Gold has now created a double top formation at the 1284.00 level.

The move lower also took out the 1269.00 level. The breach of this isolated low has technical changed the intraday trend from up to down.

The price action is now trading with a range of 1254.00 to 1284.00.

A breach above or beneath these levels could possibly indicate the medium term trend direction.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1284.00 level.


OIL

The intraday technical outlook

Yesterday Oil bounced off the 48.00 level. I was anticipating such a move as the price action had retreated back to a Fibonacci support area.

This morning I am monitoring the price action for a continuation of the move to the 54.15 level.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 47.50 level.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 09.02.2015




EURUSD

The intraday technical outlook

Friday close EURUSD has retraced back to 1.1310 support level, which took the price action back towards the down trading channel.

This morning EURUSD has bounced slightly higher off that support level.

From a technical perspective EURUSD is trading in an intraday 1 hour range with the line of control at the 1.1310 level.

GBPUSD

The intraday technical outlook

After reaching 1.5350 on Friday GBPUSD has retraced back to 1.5220 support level, where the price has stabilized this morning.

From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5340 level.

USDJPY

The intraday technical outlook

The USDJPY pair has shot back to 119.20 level, as at the end of Friday’s session.

With bullish trend on the weekly time frame, the probability of an upside break of this pattern is very high.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 116.90 level.

USDCHF

The intraday technical outlook

USDCHF is continuing to trade in a tight range, which begun at 29 of January.

We are monitoring the price action for a potential retest of the 0.9340 level.

From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9200 level.

AUDUSD

The intraday technical outlook

The recent statement of Reserve Bank of Australia did not have enough power to push AUDUSD higher.

This morning we are looking for the the price action to retest of the 0.7860 level.

From a technical perspective AUDUSD is trading in an intraday 1 hour range with the line of control at the 0.7730 level.

GOLD

The intraday technical outlook

There was a second pull down of the Gold price on the Friday afternoon, which has reached 1228, 00 level.

The move lower also took out the 1269.00 level. The breach of this isolated low has technical changed the intraday trend from up to down.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1225.00 level.

OIL

The intraday technical outlook

This morning the Oil price felt short of creating a double top at 54.15 level and has retraced at the resistance of 53.00.

This morning we are monitoring the price action for a continuation of the move to the 54.15 level.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 47.50 level.


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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 11.02.2015



EURUSD

The intraday technical outlook

EURUSD continue to range around 1.1310 level. Currently it is congesting around 1.13 territory in the expectation of the tonight’s outcome of Eurozone meeting regarding the Greek situation.

From a technical perspective EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1310 level.

GBPUSD

The intraday technical outlook

GBPUSD is still ranging in the range 1.52 – 1.5270 region, before continuingon further direction.

On a Daily chart the pair is trading within downtrend channel, therefore entering the buy orders will still not be prudent at the moment.

From a technical perspective GBPUSD is trading in an intraday 1 hour range with the line of control at the 1.5280 level.

USDJPY

The intraday technical outlook

The USDJPY is continuing shooting up and currently approaching 120 resistance level.

With the strong up trend, which has begun in early 2012, we can see no reversal signs yet.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 120.00 level.

USDCHF

The intraday technical outlook

USDCHF continue to trade in 0.925 range, which begun on 29th of January.

We continue to monitor the price action for a potential retest of the 0.9340 level.

From a technical perspective USDCHF is trading in an intraday 1 hour range with the line of control at the 0.9200 level.

AUDUSD

The intraday technical outlook

AUDUSD has retraced back from its unsuccessful attempt to break 0.786 resistance. After creating head and shoulders pattern yesterday, it might try to retest 0.7730 support level.

From a technical perspective AUDUSD is trading in an intraday 1 hour range with the line of control at the 0.7730 level.

GOLD

The intraday technical outlook

Gold has resumed its downward trend after the 6th February shot down.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1225.00 level.

OIL

The intraday technical outlook

This morning the Oil price has made a double top at 54.00 level and has retraced currently

We are monitoring the price action for a continuation of the move above 54.15 level.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 47.50 level.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 12.02.2015




EURUSD

The intraday technical outlook

EURUSD became slightly stronger today but continues to trade in 1.1270 – 1.1360 range.

From a technical perspective EURUSD is trading in an intraday 1 hour range with the line of control at the 1.1360 level.


GBPUSD

The intraday technical outlook

GBPUSD is still ranging in the range 1.52 – 1.5270 region, before continuingon further direction.

On a Daily chart the pair is trading within downtrend channel, therefore entering the buy orders will still not be prudent at the moment.

From a technical perspective GBPUSD is trading in an intraday 1 hour range with the line of control at the 1.5280 level.


USDJPY

The intraday technical outlook

The USDJPY is continuing shooting up and currently approaching 120 resistance level.

With the strong up trend, which has begun in early 2012, we can see no reversal signs yet.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 120.00 level.


USDCHF

The intraday technical outlook

USDCHF continue to trade in 0.925 range, which begun on 29th of January.

We continue to monitor the price action for a potential retest of the 0.9340 level.

From a technical perspective USDCHF is trading in an intraday 1 hour range with the line of control at the 0.9200 level.


AUDUSD

The intraday technical outlook

AUDUSD has retraced back from its unsuccessful attempt to break 0.786 resistance. After creating head and shoulders pattern yesterday, it might try to retest 0.7730 support level.

From a technical perspective AUDUSD is trading in an intraday 1 hour range with the line of control at the 0.7730 level.


GOLD

The intraday technical outlook

Gold has resumed its downward trend after the 6th February shot down.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1225.00 level.


OIL

The intraday technical outlook

This morning the Oil price has made a double top at 54.00 level and has retraced currently

We are monitoring the price action for a continuation of the move above 54.15 level.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 47.50 level.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 13.02.2015





EURUSD

The intraday technical outlook

EURUSD continued its yesterday growth, reaching new high of 1.1440 this morning.

After forming higher low in the second week of February, this might finally be a reversal sign. Especially as the US dollar is weakening currently.

From a technical perspective EURUSD is trading in an intraday 1 hour range with the line of control at the 1.1465 level.

GBPUSD

The intraday technical outlook

GBPUSD has broken the significant 1.5280 resistance level on the optimistic report by the Bank of England this morning. The pair has reached 1.5387 level.

On a Daily chart the pair has broken the downwards channel, which formed in July 2014. This could be the first signs of the trend reversal, though we should expect for the trend change confirmation first.

From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5485 level.

USDJPY

The intraday technical outlook

The USDJPY has fell over 1% this morning as Bank of Japan has announced that it has no plans for further QE.

From the larger perspective there were still no reversal signs of uptrend of the pair. USDJPY continue trading within 116.00- 120.00 range since December 2014.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 120.70 level.

USDCHF

The intraday technical outlook

USDCHF has finally made a new high after many days consolidation pattern. The pair has reached 0.9335 this morning, the level we were monitoring for the number of days.

From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9340 level.

AUDUSD

The intraday technical outlook

AUDUSD continues its downtrend, after a new resistance level at 0.770 was formed.

The pair has pulled down sharply, as the Reserve Bank of Australia has cut its interest rate to the record low on February 3. AUDUSD continue to fall as more traders entering short positions, fearing of further interest cuts in March.

From a technical perspective the pair is trading in an intraday 1 hour downtrend with the line of control at the 0.700 level.

GOLD

The intraday technical outlook

Gold price has strengthened slightly, after it has reached a significant support level at 1216.00.

From a technical perspective Gold is trading in an intraday 1 hour downtrend with the line of control at the 1216.00 level.

OIL

The intraday technical outlook

Oil price has extended its morning gains, after it failed to reach 47.50 support line and formed higher low.

We continue to monitor the price action for a continuation of the move above 54.15 level.

From a technical perspective Oil is trading in an intraday 1 hour range with the line of control at the 48.00 level.





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ACFX DAILY TECHNICAL REPORT – NEW YORK OPEN 16.02.2015




EURUSD

The intraday technical outlook

A combination of the Presidents day holiday and the Euro Group meeting has led to quiet trading.sign. Especially as the US dollar is weakening currently.

From a technical perspective EURUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.1270 level.


GBPUSD

The intraday technical outlook

GBPUSD this morning did put in a new recent high however the price action was not able to sustain the move higher.

This has led to a strong decline back down to Friday’s low.

From a technical perspective GBPUSD is trading in an intraday 1 hour uptrend with the line of control at the 1.5195 level.


USDJPY

The intraday technical outlook

USDJPY has experienced a quiet days trading as the price action remaining within Friday’s range.

From a technical perspective USDJPY is trading in an intraday 1 hour uptrend with the line of control at the 118.25 level.


USDCHF

The intraday technical outlook

USDCHF continues to trade withing a tight range under the recent 0.9340 high.

From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9265 level.


AUDUSD

The intraday technical outlook

AUDUSD has this morning confined its trading within Friday’s range.

A double bottom has formed above the 0.7630 level.

From a technical perspective the pair is trading in an intraday 1 hour downtrend with the line of control at the 0.7800 level.


GOLD

The intraday technical outlook

Gold this morning has broken above the top of its large down channel.

This could a possible sign that the current down trend is coming to an end.

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


OIL

The intraday technical outlook

Following its recent bounce Oil is now trading with a 48 to 54 range.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 48.00 level.



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ACFX DAILY TECHNICAL REPORT – NEW YORK OPEN 17.02.2015





EURUSD

The intraday technical outlook

An up tick in ZEW data helped pushed the Euro higher this morning.

The price rise was however halted at the 1.1440 resistance level.

From a technical perspective EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1440 level.



GBPUSD

The intraday technical outlook

GBPUSD CPI data came in at expected at 0.3% which was lower than the prior months 0.5%

The price action has been so far this morning rather choppy with the price action trading within a tight range.

However GBPUSD continues to trade back above prior broken multiple year trend line support.

From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5440 level



USDJPY

The intraday technical outlook

This morning USDJPY has bounced off the 118.25 level.

This has seen the price action test the 118.85 resistance level.

From a technical perspective USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.20 level.



USDCHF

The intraday technical outlook

This afternoon the SNB chairman is due to speak.

This could cause volatility in the markets with traders monitoring the current flexible floor and ceiling levels.

USDCHF continues to trade within a tight range under the recent 0.9340 high.

From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9265 level.



AUDUSD

The intraday technical outlook

The AUDUSD has continued to trade higher as the price action breached the 0.7800 resistance level.

A double bottom has formed above the 0.7630 level.

From a technical perspective the pair is trading in an intraday 1 hour uptrend with the line of control at the 0.7730 level.



GOLD

The intraday technical outlook

Gold has continued to decline following yesterday’s attempt to trade back above the down channel.

We still require a move above yesterday’s pivot high of 1236.65 to confirm that the uptrend is intact.

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



OIL

The intraday technical outlook

As posted yesterday:

Following its recent bounce Oil is now trading with a 48 to 54 range.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 48.00 level.



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ACFX DAILY TECHNICAL REPORT – NEW YORK OPEN 18.02.2015



EURUSD

The intraday technical outlook

The markets continue to feel the fall out of the Greek debt impasse with the ongoing indecision can be seen in the charts with EURUSD trading within a large converging triangle.

The price action has so far failed to break above the 1.1440 resistance level.

EURUSD needs to trade above this level if the current upward momentum is to be confirmed.

A breach of the triangle formation in either direction could indicate the path of possible market direction.

From a technical perspective EURUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.1440 level.


GBPUSD

The intraday technical outlook

The good UK data had the effect of sending higher.

This had followed a bounce off the area of the channel bottom.

From a technical perspective GBPUSD is trading in an intraday 1 hour downtrend with the line of control at the 1.5440 level.


USDJPY

The intraday technical outlook

This morning USDJPY has traded above the 119.20 resistance level.

I want to see a pull back and a retest of this level to confirm that the trend is changing to up.

From a technical perspective USDJPY is trading in an intraday 1 hour downtrend with the line of control at the 119.20 level.


USDCHF

The intraday technical outlook

USDCHF continues to trade higher as the price action this morning has broken above the 0.9370 resistance level.

This up move has created a rather distinct up channel.

From a technical perspective USDCHF is trading in an intraday 1 hour uptrend with the line of control at the 0.9265 level.


AUDUSD

The intraday technical outlook

AUDUSD has had a quiet days trading as the price action consolidates above the 0.7800 support level.resistance level.

A double bottom has formed above the 0.7630 level.

From a technical perspective the pair is trading in an intraday 1 hour uptrend with the line of control at the 0.7730 level.


GOLD

The intraday technical outlook

As posted this morning:

The drop off in the price of Gold gather pace yesterday as the price action moves to test the 1200.00 level.

With the price action now trading into a Fibonacci support area I am monitoring the price action for signs of downward momentum dissipating.

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


OIL

The intraday technical outlook

As posted this morning:

The recent up move in the price the price of Oil has had the effect of creating a large converging triangle formation.

I am monitoring the price action for a potential breach of the triangle top.

From a technical perspective Oil is trading in an intraday 1 hour uptrend with the line of control at the 48.00 level.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 19.02.2015





EURUSD

The intraday technical outlook

EURUSD has been trading in a broad up channel for some 7 sessions.

However the 1.1440 level continues to offer EURUSD some stiff resistance.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1440 level.


GBPUSD

The intraday technical outlook

GBPUSD continues to rise off the back of good UK data.

This can be seem by the price action trading within a a large up channel.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5340 level.

USDJPY

The intraday technical outlook

Yesterday USDJPY has traded off its highs as the price action moves in the direction of the 118.25 support level.

A bounce off this level and a successful retest of the 119.20 resistance level would confirm that a new up trend is under way.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.


USDCHF

The intraday technical outlook

USDCHF continues to trade higher with the price action having broken above the above the 0.9370 resistance level.

This up move has created a rather distinct up channel.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9310 level.


AUDUSD

The intraday technical outlook

AUDUSD continues to spike higher and fall back.

I would really like to see AUDUSD to trade above the current structure and breach the 0.7900 level so as to confirm that major up side correction is underway.

From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7770 level.

GOLD

The intraday technical outlook

Gold continued to trade lower yesterday however late in the sessions we did get a good bounce off the 1200 area.

With the price action now trading into a Fibonacci support area I am monitoring the price action for signs of downward momentum dissipating.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1240.00 level.


OIL

The intraday technical outlook

Oil yesterday broke under its up channel and large triangle structure.

With Crude inventory numbers out this afternoon and unexpected increase in stockpiles could send Oil falling.

From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.15 level.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 20.02.2015




EURUSD

The intraday technical outlook

The Greek debt negotiations have now entered a crucial stage as the week comes to a close.

Although the meeting in Brussels today will be tough I have hopes that a consensus can be found.

From a technical view point the 1.1440 level have offered good resistance with the price action having also broken under is up channel.

We need to see a penetration of the 1.1330 level to happen as a reinforcement of the short side scenario to continue.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1440 level.

GBPUSD

The intraday technical outlook

As posted yesterday:

GBPUSD continues to rise off the back of good UK data.

This can be seem by the price action trading within a a large up channel.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5340 level.

USDJPY

The intraday technical outlook

USDJPY is this morning trading within a very narrow 5 day range.

Although the current price action is bullish we need a move above the 119.20 resistance level would confirm that a new up trend is under way.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.

USDCHF

The intraday technical outlook

As posted this yesterday:

USDCHF continues to trade higher with the price action having broken above the above the 0.9370 resistance level.

This up move has created a rather distinct up channel.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9370 level.

AUDUSD

The intraday technical outlook

AUDUSD this morning continues to trade within a four day range with the recent price action forming a large converging triangle structure.

We require a penetration of the triangle top as confirmation that the up trend is intact.

From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7770 level.

GOLD

The intraday technical outlook

Yesterday we did get a pull back off the down channel.

The price action now needs to successfully test the 1198.65 level if the current down trend is to be maintained.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1221.00 level.


OIL

The intraday technical outlook

Yesterday we had a break of the bottom of the triangle bottom.

This move has created an isolated low just above the 48.00 level.

A continuation of the down trend will require a retest of this level.

From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 54.15 level.




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 23.02.2015




EURUSD

The intraday technical outlook

With the Greek crisis put on pause for at least four months the markets can now get back to digesting news from the European center with the German Ifo survey out this morning.

The price action is currently trading in a large 14 day range between 1.1300 and 1.1450.

A break of this range would potential give us a clue of the potential medium term directional momentum.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1450 level.


GBPUSD

The intraday technical outlook

This morning GBPUSD continues to trade at the bottom of its up channel.

I am currently monitoring the price action for a potential bounce from these levels.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5320 level.


USDJPY

The intraday technical outlook

USDJPY is this morning trading within a very narrow 5 day range.

Although the current price action is bullish we need a move above the 119.40 resistance level would confirm that a new up trend is under way.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.25 level.

USDCHF

The intraday technical outlook

USDCHF has had a good bounce off its up channel,

I am this morning monitoring a potential test of the 0.9530 level.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9370 level.


AUDUSD

The intraday technical outlook

AUDUSD this morning continues to trade within a five day range.

With the price action forming a double bottom above the 0.7630 level we require a penetration and sustained move above the 0.7875 level so as to maintain the current upside momentum.

From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7745 level.

GOLD

The intraday technical outlook

Gold continues to trade lower with the price action this morning testing the 1191.65 support level.

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.


OIL

The intraday technical outlook

The recent pullback has failed to see a sustained move beneath the US$ 50 per barrel level.

We need to see a successful retest of this level for a continuation of the down trend.

From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 52.50 level.



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