Daily Technical Analysis from ACFX

[acfx]

Daily Technical Analysis for EURUSD as at 19th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading down from the open after yesterdays strong down day. Today’s opening range is 53 pips which equates to 52% of the daily average true range.

Yesterday EURUSD corrected to and broke through the 8 period moving averages. We are monitoring the price actions reaction as it approaches the 1.3250 to 1.3175 support range

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached the prior Swing High level 1.3250.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 20th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading lower from the open after yesterdays strong down day. Today’s opening range is 68 pips which equates to a 53% of the daily average true range.

Yesterday GBPUSD continue it’s down move as it approaches the 34 period mobbing averages and Fibonacci support.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has breached the prior Swing High level 1.5600.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for USDJPY as at 20th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 113 pips which equates to 57% of the daily average true range.

USDJPY yesterday traded opened above the 8 period moving averages. We are monitoring approaches to the resistance at the Fibonacci level and 34 period moving averages.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The RSI is in gear with the move up.
3. The moving averages are layered negatively.
4. Fibonacci resistance may offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.


Daily Technical Analysis for USDCHF as at 20th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading higher from the open after yesterdays up day. Today’s opening range is 66 pips which equates to 58% of the daily average true range.

USDCHF traded off the 0.9200 support level and has today opened above the 8 period moving averages.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is this morning holding at the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to the 34 period moving averages and Fibonacci resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could break above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.



Daily Technical Analysis for Gold as at 20th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 – 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 295 pips which equates to 126% of the daily average true range

Gold this morning has broken down to the area just above of the low of 16th April. We are monitoring the possibility of further negativity.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The prior swing low has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. There is still some distance between the current price and Fibonacci resistance which gives the price action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively there is a possibility that this current level holds to form a double bottom.



Daily Technical Analysis for Oil (WTI) as at 20th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after yesterday’s strong down day. Today’s opening range is 159 pips which equates to 93% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated but yesterdays strong down day and the continued and accelerated bearishness this morning has pushed Oil beneath the 8 period moving averages. We are monitoring the price action to see if support can hold at this level. However there is a fairly large weekly negative RSI divergence that has been noted as a potential drag against continued upside and see the price action slide down to Fibonacci support

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading well above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
2. A large negative RSI divergence is forming.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively as the price extended from the averages the price action may need to trade down to sideways before the up move continues.

 

[acfx]

Comments

EURUSD TESTS AND HOLDS THE 1.3250 / 1.3175 SUPPORT AREAR.

EURUSD is this morning trading higher from the open after yesterdays strong down day. Today’s opening range is 55 pips which equates to 55% of the daily average true range.

Yesterday EURUSD corrected and traded through the 1.3250 levelonly to eventually pair some of its losses. We continue to monitor the price actions reaction at the 1.3250 to 1.3175 support range

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached the prior Swing High level 1.3250.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.

Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Comments

BULLISH HAMMER CANDLE PRINTED.

GBPUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 41 pips which equates to a 37% of the daily average true range.

Yesterday GBPUSD found support at the 1.5400 level and eventually printed a bullish hammer. We are monitoring the price for further signs of a base being formed that would support a continued up move. The next support levels are the 34 period mobbing averages and Fibonacci support.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.

Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Comments

USDJPY APPROACHES CLOSE TO FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 103 pips which equates to 52% of the daily average true range.

USDJPY continues to trade above the 8 period moving averages. We are monitoring approaches to the resistance at the Fibonacci level and 34 period moving averages.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The RSI is in gear with the move up.
3. The moving averages are layered negatively.
4. Fibonacci resistance may offer down side pressure.

Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.

Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.



Comments

BEARISH SHOOTING STAR CANDLE PRINTED.

USDCHF is this morning trading lower from the open after yesterdays down day. Today’s opening range is 38 pips which equates to 36% of the daily average true range.

USDCHF traded off the 0.9200 support level and moved higher only for aggressive selling to come and close the session with a down candle. We are monitoring the support at the 8 period moving averages and then at the 0.9200 level.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. A bearish shooting star candle has been printed.

Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.

Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.


Comments

OIL BREAKS DOWN TO FIBONACCI SUPPORT.

Oil is this morning trading higher from the open after yesterday’s strong down day. Today’s opening range is 109 pips which equates to 59% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated but the continued and accelerated bearishness of the past two days has pushed Oil down to Fibonacci support. We are monitoring the price action to see if support can hold at this level. However there is a fairly large weekly negative RSI divergence seems to be putting a drag to the upside and therefore probably needs to use up its energy.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced into Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.

Alternative counter trend bearish factors:
1. The price action is extended from the averages.
2. A large negative RSI divergence has formed.

Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.


Comments

GOLD BREAKS MAJOR SUPPORT LEVEL.

Gold is this morning trading higher from the open after yesterdays down day. Today’s opening range is 329 pips which equates to 126% of the daily average true range

Gold yesterday major support. The price action is fairly extended from the averages and we are monitoring a potential move to the 1322 resistance level

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The trend swing low has been breached.
4. The weekly bias has turned negative.

Alternative counter trend bullish factors:
1. The price action is extended from its averages.

Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively there is a possibility that this current level holds to form a double bottom.

 

[acfx]

Daily Technical Analysis for EURUSD as at 25th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD TESTS FIBONACCI SUPPORT AREAR.

EURUSD is this morning trading slightly lower from the open after yesterdays up day. Today’s opening range is 26 pips which equates to 24% of the daily average true range.

Yesterday EURUSD corrected and traded down to Fibonacci support where the move down was halted and reversed. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action has bounced off Fibonacci support.
6. The price action has bounced off the 34 period moving averages.
7. Both the daily and weekly time frames as positive and in gear.
8. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 25th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD TESTS FIBONACCI SUPPORT AREAR.

GBPUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 33 pips which equates to a 26% of the daily average true range.

Yesterday GBPUSD corrected and traded down to Fibonacci support where it found some support. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
5. The price action has bounced off the 34 period moving averages.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.



Daily Technical Analysis for USDJPY as at 25th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY FIBONACCI RESISTANCE.

USDJPY is this morning trading down from the open after yesterdays down day. Today’s opening range is 79 pips which equates to 40% of the daily average true range.

Yesterday USDJPY bounced off Fibonacci resistance. We are monitoring the price action for possible continued downward momentum.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The RSI is in gear with the move up.
3. The moving averages are layered negatively.
4. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.


Daily Technical Analysis for USDCHF as at 25th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF LOSSES UPSIDE MOMENTUM.

USDCHF is this morning trading lower from the open after yesterdays down day. Today’s opening range is 27 pips which equates to 25% of the daily average true range.

Yesterday USDCHF traded lower and this downward momentum has continued as the price action approaches the 8 period moving averages support.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.


Daily Technical Analysis for Gold as at 25th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD IS HOLDING ABOVE FRIDAY’S BULLISH HAMMER.

Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 151 pips which equates to 56% of the daily average true range

Gold yesterday traded lower but failed in its initial attempt to negate the bullish hammer support. As the price action is fairly extended from the averages and we are monitoring a potential move to the 1322 resistance level

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively there is a possibility that the price action trades back to the averages.


Daily Technical Analysis for Oil (WTI) as at 25th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL BOUNCES OFF FIBONACCI SUPPORT AND THE UPWARD SLOPING TREND LINE.

Oil is this morning trading higher from the open after yesterday’s strong up day. Today’s opening range is 82 pips which equates to 43% of the daily average true range.

Yesterday Oil bounced off Fibonacci support and the upward sloping trend line. The inverse Head and Shoulders pattern continues to be validated. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence seems to be putting a drag to the upside and therefore probably needs to use up its energy.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced into Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

 

[acfx]

Daily Technical Analysis from ACFX 26.06.2013

Daily Technical Analysis for EURUSD as at 26th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD CONTINUES TO TEST FIBONACCI SUPPORT AREAR.

EURUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 30 pips which equates to 31% of the daily average true range.

Yesterday EURUSD continued to correct downward through Fibonacci. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action is trading within Fibonacci support.
6. Both the daily and weekly time frames as positive and in gear.
7. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 26th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD TRADES ABOVE FIBONACCI SUPPORT AREAR.

GBPUSD is this morning trading unchanged from the open after yesterdays down day. Today’s opening range is 25 pips which equates to a 23% of the daily average true range.

Yesterday GBPUSD continues just above the Fibonacci support. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
5. The price action has bounced off the 34 period moving averages.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.


Daily Technical Analysis for USDJPY as at 26th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TRADES AWAY FROM FIBONACCI RESISTANCE.

USDJPY is this morning trading down from the open after yesterdays up day. Today’s opening range is 84 pips which equates to 46% of the daily average true range.

Yesterday USDJPY traded slightly up on the open after the bounce off Fibonacci resistance. However this morning the negativity has reentered the market as USDJPY trades away from Fibonacci resistance. We are monitoring the price action for possible continued downward momentum.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The RSI is in gear with the move up.
3. The moving averages are layered negatively.
4. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.


Daily Technical Analysis for USDCHF as at 26th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF TRADES HIGHER.

USDCHF is this morning trading lower from the open after yesterdays down day. Today’s opening range is 23 pips which equates to 23% of the daily average true range.

Yesterday USDCHF traded higher however this morning the open has been muted.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.


Daily Technical Analysis for Gold as at 26th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD CONTUNES TO TRADE LOWER THIS MORNING.

Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 345 which equates to 127% of the daily average true range

Gold yesterday traded slightly lower and the downward momentum accelerated today as the move took out the low of the bullish hammer.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively there is a possibility that the price action trades back to the averages.


Daily Technical Analysis for Oil (WTI) as at 26th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL OPENS LOWER IN FIBONACCI SUPPORT AREA.

Oil is this morning trading lower from the open after yesterdays up day. Today’s opening range is 91 pips which equates to 47% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated as oil trades within Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence seems to be putting a drag to the upside and therefore probably needs to use up its energy.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced into Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

 

[acfx]

Daily Technical Analysis from ACFX 26.06.2013

Daily Technical Analysis for EURUSD as at 27th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD APPROACHES UPWARD SLOPING TREND LINE SUPPORT.

EURUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 31 pips which equates to 32% of the daily average true range.

Yesterday EURUSD continued to correct downward through Fibonacci and is now approaching the upward sloping trend line. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action is trading within Fibonacci support.
6. Both the daily and weekly time frames as positive and in gear.
7. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 27th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD TRADES INTO FIBONACCI SUPPORT AND APPROACHES THE DOWNWARD SLOPING TREND LINE.

GBPUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 45 pips which equates to a 40% of the daily average true range.

Yesterday GBPUSD traded lower as it breached Fibonacci support. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.



Daily Technical Analysis for USDJPY as at 27th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TRADES WITHIN A TIGHT RANGE JUST BENEATH FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterday’s unchanged day. Today’s opening range is 30 pips which equates to 18% of the daily average true range.

Yesterday USDJPY traded unchanged as the price action consolidated within a tight range. Although we continue to monitor the possibility of further downward momentum, the weekly chart remains swing positive and when combined with the large RSI positive divergence could slow down or halt further negative price action.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive a break above the consolidation area could see the price action trade deep into Fibonacci resistance.


Daily Technical Analysis for USDCHF as at 27th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF APPROACHES FIBONACCI RESISTANCE.

USDCHF is this morning trading lower from the open after yesterdays up day. Today’s opening range is 7 pips which equates to 7% of the daily average true range.

Yesterday USDCHF traded higher however this morning the open has been muted.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.


Daily Technical Analysis for Gold as at 27th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD THIS MORNING TRADES HIGHER AS LARGE POSITIVE WEEKLY RSI DIVERGENCE FORMS.

Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 203 ATR’s which equates to 74% of the daily average true range

Gold yesterday broke lower however this morning the selling has come off as the price action trades higher.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively due the price extension there is a possibility that the price action trades back to the averages.



Daily Technical Analysis for Oil (WTI) as at 27th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL TRADES HIGHER OFF FIBONACCI SUPPORT.

Oil is this morning trading higher from the open after yesterdays up day. Today’s opening range is 77 pips which equates to 41% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

 

[acfx]

Daily Technical Analysis from ACFX 28.06.2013

Daily Technical Analysis for EURUSD as at 28th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD BOUNCES OFF FIBONACCI SUPPORT.

EURUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 46 pips which equates to 48% of the daily average true range.

Yesterday EURUSD bounced within Fibonacci support .We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action is trading within Fibonacci support.
6. Both the daily and weekly time frames as positive and in gear.
7. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 28th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD BOUNCES IN FIBONACCI SUPPORT.
GBPUSD CLOSED YESTERDAY WITH A BULLISH HAMMER.

GBPUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 38 pips which equates to a 33% of the daily average true range.

Yesterday GBPUSD traded lower only to find buyers coming in as it breached Fibonacci support. The resulting candle that formed yesterday was a bullish hammer. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.


Daily Technical Analysis for USDJPY as at 28th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TRADES UPTO FIBONACCI RESISTANCE.
USDJPY CLOSED WITH A BULLISH PIERCING LINE.

USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 66 pips which equates to 40% of the daily average true range.

Yesterday USDJPY traded higher as the price action broke the prior tight range. Although we continue to monitor the possibility of further downward momentum, the weekly chart remains swing positive and when combined with the large RSI positive divergence could slow down or halt further negative price action.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. The 34 period moving averages could offer overhead resistance.
4. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive a break above the consolidation area could see the price action trade deep into Fibonacci resistance.


Daily Technical Analysis for USDCHF as at 28th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF BOUNCES OFF FIBONACCI RESISTANCE.
USDCHF COULD POSSIBLE FIND RESISTANCE AT THE 34 PERIIOD MOVING AVERAGES.

USDCHF is this morning trading lower from the open after yesterdays up day. Today’s opening range is 29 pips which equates to 7% of the daily average true range.

Yesterday USDCHF traded higher however the upward momentum stalled and reversed at Fibonacci resistance. We are monitoring the possibility of a reversion to the down side.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.



Daily Technical Analysis for Oil (WTI) as at 28th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL CONTINUES TO TRADE HIGHER OFF FIBONACCI SUPPORT.

Oil is this morning trading higher from the open after yesterdays up day. Today’s opening range is 98 pips which equates to 50% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.


Daily Technical Analysis for Gold as at 28th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD THIS MORNING TRADES HIGHER AS LARGE POSITIVE WEEKLY RSI DIVERGENCE FORMS.

Gold is this morning trading higher from the open after yesterdays down day. Today’s opening range is 31.7 ATR’s which equates to 103% of the daily average true range

Gold yesterday broke lower however this morning the selling has come off as the price action trades higher.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively due the price extension there is a possibility that the price action trades back to the averages.

 

[acfx]

Daily Technical Analysis from ACFX 01.07.2013

Daily Technical Analysis for EURUSD as at 1st July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD CONTINUES TO TRADE WITHIN FIBONACCI SUPPORT.

EURUSD is this morning trading higher from the open after Fridays down day. Today’s opening range is 28 pips which equates to 29% of the daily average true range.

On Friday EURUSD attempted break out of the Fibonacci support range only for the price action to eventually close lower .We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action is trading within Fibonacci support.
6. Both the daily and weekly time frames as positive and in gear.
7. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.



Daily Technical Analysis for GBPUSD as at 1st July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD TRADES WITHIN FIBONACCI SUPPORT.

GBPUSD is this morning trading higher from the open after Fridays down day. Today’s opening range is 27 pips which equates to a 23% of the daily average true range.

On Friday GBPUSD continue to trade lower for the third straight day. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.




Daily Technical Analysis for USDCHF as at 1st July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF BOUNCES OFF FIBONACCI RESISTANCE.

USDCHF is this morning trading lower from the open after Fridays down day. Today’s opening range is 18 pips which equates to 20% of the daily average true range.

On Friday USDCHF failed to trade higher as it this pair found resistance at the 34 period moving averages and Fibonacci resistance. We are monitoring the possibility of a reversion to the down side.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.



Daily Technical Analysis for USDJPY as at 1st July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 36 pips which equates to 25% of the daily average true range.

On Friday USDJPY traded higher and eventually closed within Fibonacci resistance and above the 34 period moving averages. The up move corresponded with a large RSI positive divergence that was identified in prior posts. We continue to monitor the possibility of further downward momentum however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.


Daily Technical Analysis for Gold as at 1st July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD ON FRIDAY PRINTED A BULLISH PIERCING LINE CANDLE.

Gold is this morning trading higher from the open after Fridays up day. Today’s opening range is 22.08 ATR’s which equates to 70% of the daily average true range

Gold on Friday printed a piercing line bullish candle and this positivity has continued this morning as the price action retraces up to the 8 period moving averages.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively due the price extension there is a possibility that the price action trades back to the averages.


Daily Technical Analysis for Oil (WTI) as at 1st July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL ON FRIDAY PRINTS A BEARISH SHOOTING STAR CANDLE.

Oil is this morning trading higher from the open after yesterdays up day. Today’s opening range is 79 pips which equates to 41% of the daily average true range.

On Friday Oil printed a bearish shooting star candle which could be signs that sellers are attempting to push the price action back into the large triangle pattern. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

 

[acfx]

Daily Technical Analysis from ACFX 02.07.2013

Daily Technical Analysis for EURUSD as at 2nd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.
EURUSD MOVING AVERAGES HAVE CROSSED NEGATIVELY.

EURUSD is this morning trading unchanged from the open after yesterdays up day. Today’s opening range is 21 pips which equates to 22% of the daily average true range.

Yesterday EURUSD printed a piercing line bullish candle whilst trading within the Fibonacci support range. However the moving averages have crossed negatively that could be indications that the trend is about to change to negative or that this retracement is over sold. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed break above the downward sloping trend line.
2. The RSI is in gear with the move up.
3. The price action is trading above a broad prior congestion area.
4. The price action is trading within Fibonacci support.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
3. The moving averages have crossed negatively.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 2nd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD OPENS WITHIN A TWO DAY RANGE.
GBPUSD MOVING AVERAGES HAVE CROSSED NEGATIVELY.

GBPUSD is this morning trading lower from the open after Fridays down day. Today’s opening range is 27 pips which equates to a 23% of the daily average true range.

Yesterday GBPUSD traded within the previous day’s range and this theme has continued with this morning’s open. The moving averages have crossed negatively that could be indications that the trend is about to change to negative or that this retracement is over sold. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. Both the daily and weekly time frames are positive and in gear.
2. The RSI is in gear with the move.
3. The price action is trading within Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
4. The moving averages have crossed negatively.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.


Daily Technical Analysis for USDCHF as at 2nd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF YESTERDAY PRINTS A BEARISH SHOOTING STAR CANDLE.

USDCHF is this morning trading higher from the open after yesterdays down day. Today’s opening range is 22 pips which equates to 20% of the daily average true range.

Yesterday USDCHF did trade higher only for the price action to close lower and in the process printed a bearish shooting star candle. As it this pair found resistance at the 34 period moving averages and Fibonacci resistance we are monitoring the possibility of a reversion to the down side.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.


Daily Technical Analysis for USDJPY as at 2nd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 36 pips which equates to 25% of the daily average true range.

Yesterday USDJPY continues to trade higher within Fibonacci resistance and above the 34 period moving averages. The up move corresponded with a large RSI positive divergence that was identified in prior posts. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.


Daily Technical Analysis for Gold as at 2nd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
YESTERDAY GOLD TRADED UPTO THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading higher from the open after yesterdays up day. Today’s opening range is 10.10 ATR’s which equates to 31% of the daily average true range

Yesterday Gold traded up to the 8 period moving averages where resistance maybe offered.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively due the price extension there is a possibility that the price action trades back to the averages.


Daily Technical Analysis for Oil (WTI) as at 2nd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

Oil is this morning trading unchanged from the open after yesterdays up day. Today’s opening range is 37 pips which equates to 19% of the daily average true range.

Yesterday Oil experienced a strong up day and in the process printed a bullish piercing line candle. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.


As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively.

 

[acfx]

Daily Technical Analysis from ACFX 03.07.2013

Daily Technical Analysis for EURUSD as at 3rd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD YESTERDAY BREACHES AND CLOSES BENEATH TREND LINE SUPPORT.

EURUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 21 pips which equates to 22% of the daily average true range.

Yesterday EURUSD closed beneath trend line support however the price action continues to be contained within the Fibonacci support range. We are monitoring the price action to see if a base can be established that will allow for a resumption of the uptrend.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed break above the downward sloping trend line.
2. The RSI is in gear with the move up.
3. The price action is trading above a broad prior congestion area.
4. The price action is trading within Fibonacci support.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
3. The moving averages have crossed negatively.
4. EURUSD is has breached and closed beneath the upward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 2nd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD YESTERDAY BREACHED THE TWO DAY RANGE WITH A DOWN SIDE BREAK.
GBPUSD YESTERDAY BREACHED THE LOWER LEVEL OF THE FIBONACCI SUPPORT RANGE.

GBPUSD is this morning trading unchanged from the open after yesterdays down day. Today’s opening range is 20 pips which equates to a 17% of the daily average true range.

Yesterday GBPUSD broke down from the two day range and breached the lower level of the Fibonacci support range.
We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. Both the daily and weekly time frames are positive and in gear.
2. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
4. The moving averages have crossed negatively.
5. The price action has breached the lower the Fibonacci support range.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.



Daily Technical Analysis for USDCHF as at 3rd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.
USDCHF YESTERDAY CLOSES IN THE FIBONACCI RESISTANCE RANGE.

USDCHF is this morning trading higher from the open after yesterdays UP day. Today’s opening range is 21 pips which equates to 26% of the daily average true range.

Yesterday USDCHF did trade higher and closed within the Fibonacci resistance range. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.



Daily Technical Analysis for USDJPY as at 3rd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 40 pips which equates to 31% of the daily average true range.

Yesterday USDJPY continues to trade higher within Fibonacci resistance and above the 34 period moving averages. The up move corresponded with a large RSI positive divergence that was identified in prior posts. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.



Daily Technical Analysis for Gold as at 3rd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD YESTERDAY FOUND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading higher from the open after yesterdays down day. Today’s opening range is 7.4 ATR’s which equates to 22% of the daily average true range

Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.



Daily Technical Analysis for Oil (WTI) as at 3rd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL THIS MORNING BREACHES AND CLOSES ABOVE THE 100 LEVEL.

Oil is this morning trading up from the open after yesterdays up day. Today’s opening range is 260 pips which equates to 125% of the daily average true range.

Yesterday Oil experienced a strong up day and this bullishness has continued this morning with a strong break through the 100 level. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 04.07.2013

Daily Technical Analysis for EURUSD as at 4th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD YESTERDAY PRINTS A BULLISHE HAMMER CANDLE.

EURUSD is this morning trading lower from the open after yesterdays up day. Today’s opening range is 35 pips which equates to 36% of the daily average true range.

Yesterday EURUSD printed a bullish hammer as it bounced off trend line and Fibonacci support. We are monitoring the price action to see if a base can be established that will allow for a resumption of the uptrend.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed break above the downward sloping trend line.
2. The RSI is in gear with the move up.
3. The price action is trading above a broad prior congestion area.
4. The price action is trading within Fibonacci support.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
3. The moving averages have crossed negatively.
4. EURUSD is has breached and closed beneath the upward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 4th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

GBPUSD is this morning trading lower from the open after yesterdays up day. Today’s opening range is 45 pips which equates to a 37% of the daily average true range.

Yesterday GBPUSD printed a bullish piercing line as this pair traded higher within the Fibonacci support range. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. Both the daily and weekly time frames are positive and in gear.
2. The RSI is in gear with the move.
3. GBPUSD is holding in Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
4. The moving averages have crossed negatively.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.


Daily Technical Analysis for USDCHF as at 4TH July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF THIS MORNING OPENS WITHIN A THREE DAY RANGE.
USDCHF MOVING AVERAGES CROSS POSITIVELY.

USDCHF is this morning trading higher from the open after yesterdays down day. Today’s opening range is 28 pips which equates to 34% of the daily average true range.

Yesterday USDCHF fail to trade higher. This morning the price action has opened within a three day range however the moving averages have caught up with the up move by crossing positively. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.



Daily Technical Analysis for USDJPY as at 4th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TRADES LOWER WITHIN FIBONACCI RESISTANCE.
USDJPY FAILS TO HOLD ABOVE THE 100 LEVEL.
USDJPY MOVING AVERAGES CROSS POSITIVELY.

USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 57 pips which equates to 44% of the daily average true range.

Yesterday USDJPY has pulled back in the Fibonacci resistance area as it failed to hold above the 100 level range however the moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.


Daily Technical Analysis for Gold as at 4th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD YESTERDAY CONTINUED TO FIND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading unchanged from the open after yesterdays up day. Today’s opening range is 700 pips which equates to 21% of the daily average true range

Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.



Daily Technical Analysis for Oil (WTI) as at 4th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL TRADES DOWN BUT CONTINUES TO HOLD ABOVE THE 100 LEVEL.

Oil is this morning trading unchanged from the open after yesterdays up day. Today’s opening range is 50 pips which equates to 25% of the daily average true range.

Yesterday Oil experienced a strong up day however some selling came in at the highs so as to slightly pair those gains. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 05.07.2013

Daily Technical Analysis for EURUSD as at 5th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD YESTERDAY BREAKS DOWN AND APPROACHES THE LEVEL OF PRIOR SWING LOW SUPPORT.

EURUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 29 pips which equates to 28% of the daily average true range.

Yesterday EURUSD broke down and in the process negated the bullish hammer that was printed on the previous day. In the process the down move also broke and closed beneath the upward sloping trend line. Although the market appears to be turning bearish the swing bias will remain positive as long as the price action can stay above the prior swing low.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action could find support in the area of the downward sloping trend line.
2. The RSI is in gear with the move up.
3. The price action is moving into an area of a prior congestion area.
4. Both the daily and weekly time frames are positive and in gear.
5. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action has traded through Fibonacci support.
3. The price action is trading beneath the 8 and 34 period moving averages.
4. The moving averages have crossed negatively.
5. EURUSD is has breached and closed beneath the upward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.



Daily Technical Analysis for GBPUSD as at 5th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD APPROACHES THE 1.5000 SUPPORT LEVEL.

GBPUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 51 pips which equates to a 38% of the daily average true range.

Yesterday GBPUSD experienced a strong down day which broke through Fibonacci support area. The price action is now approaching the 1.5000 support area. Although the market appears to be turning bearish the swing bias will remain positive as long as the price action can stay above the prior swing low.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. Both the daily and weekly time frames are positive and in gear.
2. The RSI is in gear with the move.
3. The price action is moving into an area of a prior congestion area.
4. The price action could possibly find support at the 1.5000 level.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
4. The moving averages have crossed negatively.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.


Daily Technical Analysis for USDCHF as at 5TH July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF TRADES HIGHER WITHIN THE FIBONACCI RESISTANCE AREA.
USDCHF YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

USDCHF is this morning trading higher from the open after yesterdays up day. Today’s opening range is 24 pips which equates to 27% of the daily average true range.

Yesterday USDCHF traded higher within the Fibonacci resistance area and broke above the prior two day range however the moving averages have caught up with the up move by crossing positively. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9500 level.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.



Daily Technical Analysis for USDJPY as at 5th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY IS TRADING ABOVE THE 100 LEVEL.
USDJPY is this morning trading up from the open after yesterdays up day. Today’s opening range is 44 pips which equates to 36% of the daily average true range.

Yesterday USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.


Daily Technical Analysis for Gold as at 5th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD YESTERDAY CONTINUED TO FIND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading lower from the open after yesterdays down day. Today’s opening range is 1160 pips which equates to 34% of the daily average true range

Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.


Daily Technical Analysis for Oil (WTI) as at 5th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL opens up within a two day range.

Oil is this morning trading unchanged from the open after yesterdays down day. Today’s opening range is 69pips which equates to 35% of the daily average true range.

Yesterday Oil experienced a slightly down to unchanged day and this theme has continued today. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

 

[acfx]

Daily Technical Analysis for EURUSD as at 8th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD CONTINUES TO TRADE DOWN TO PRIOR SWING LOW SUPPORT.

EURUSD is this morning trading unchanged from the open after Fridays down day. Today’s opening range is 21 pips which equates to 21% of the daily average true range.

On Friday EURUSD continued to trade lower as it approached the prior swing low. A breach of this swing low will effectively change the trend to negative.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move up.
2. The price action has moved into an area of a prior congestion area.
3. Both the daily and weekly time frames are positive and in gear.
4. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action has traded through Fibonacci support.
3. The price action is trading beneath the 8 and 34 period moving averages.
4. The moving averages have crossed negatively.
5. EURUSD is has breached and closed beneath the upward sloping trend line.
6. The price action has breached the downward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 5th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD BREACHES THE 1.5000 SUPPORT LEVEL.
GBPUSD BREACHES THE PRIOR SWING.
GBPUSD SWING BIAS TURNS TO NEGATIVE.
GBPUSD HAS BREACHED TREND LINE SUPPORT.

GBPUSD is this morning trading unchanged from the open after Fridays down day. Today’s opening range is 25 pips which equates to 18% of the daily average true range.

On Friday GBPUSD breached both the prior swing low and trend line support. The move through the area of the prior swing low has effectively changed the trend bias to negative. After such an aggressive move down the price action is now extended from the averages therefore a corrective pullback is a possibility.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading beneath the 8 period moving averages.
2. The price action is trading beneath the 34 period moving averages.
3. The moving averages have crossed negatively.
4. Both the daily and weekly time frames have turned negative.
5. The RSI is in gear with the move.
6. The price action has traded through an area of a prior congestion.
7. The price action traded through the 1.5000 level.
Alternative counter trend bullish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is down retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as the price action is extended from the averages a corrective pullback is a possibility.



Daily Technical Analysis for USDCHF as at 8TH July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF CONTINUES TO TRADE HIGHER WITHIN THE FIBONACCI RESISTANCE AREA.

USDCHF is this morning trading unchanged from the open after Fridays up day. Today’s opening range is 21 pips which equates to 24% of the daily average true range.

On Friday USDCHF traded higher within the Fibonacci resistance. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9500 level.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.


Daily Technical Analysis for USDJPY as at 8th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.
USDJPY is this morning trading down from the open after Friday up day. Today’s opening range is 59 pips which equates to 48% of the daily average true range.

On Friday USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.



Daily Technical Analysis for Gold as at 8th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD ON FRIDAY TRADED DOWN FROM THE MOVING AVERAGES.

Gold is this morning trading lower from the open after Fridays down day. Today’s opening range is 1450 pips which equates to 41% of the daily average true range

On Friday Gold found resistance and broke down from 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.


Daily Technical Analysis for Oil (WTI) as at 8th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL ON FRIDAY PRINTS A BULLISH PIERCING LINE CANDLE.

Oil is this morning trading lower from the open after Fridays down day. Today’s opening range is 85 pips which equates to 41% of the daily average true range.

On Friday printed a bullish piercing line candle however the price action is now becoming extended from the averages and maybe due a corrective pullback. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 09.07.2013

Daily Technical Analysis for EURUSD as at 9th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD BOUNCES NEAR PRIOR SWING LOW SUPPORT.

EURUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 43 pips which equates to 43% of the daily average true range.

Yesterday EURUSD bounced near prior swing low. A breach of this swing low will effectively change the trend to negative.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move up.
2. The price action has moved into an area of a prior congestion area.
3. Both the daily and weekly time frames are positive and in gear.
4. A Head and Shoulders pattern failure on the Weekly time frame.
5. The 1.2795 prior swing low area has held support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action has traded through Fibonacci support.
3. The price action is trading beneath the 8 and 34 period moving averages.
4. The moving averages have crossed negatively.
5. EURUSD is has breached and closed beneath the upward sloping trend line.
6. The price action has breached the downward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.


Daily Technical Analysis for GBPUSD as at 9th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD HAS BOUNCED OFF TREND LINE SUPPORT.

GBPUSD is this morning trading higher from the open after yesterdays up day. Today’s opening range is 44 pips which equates to 34% of the daily average true range.

Yesterday GBPUSD made little further downside movement and has since bounced off trend line support.
After such an aggressive move down the price action is now extended from the averages therefore a corrective pullback is a possibility.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading beneath the 8 period moving averages.
2. The price action is trading beneath the 34 period moving averages.
3. The moving averages have crossed negatively.
4. Both the daily and weekly time frames have turned negative.
5. The RSI is in gear with the move.
6. The price action has traded through an area of a prior congestion.
7. The price action traded through the 1.5000 level.
Alternative counter trend bullish factors:
1. The price action is extended from the averages.
2. GBPUSD has bounced off trend line support.
Scenario 1
As the dominant daily trend is down retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as the price action is extended from the averages a corrective pullback is a possibility.


Daily Technical Analysis for USDCHF as at 9th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF THIS MORNING TRADES WITHIN THE PREVIOUS DAYS RANGE. AWAITING BREAKOUT/DOWN AS A POSSIBLE INDICATION OF TODAYS DIRECTION.

USDCHF is this morning trading higher from the open after yesterdays down day. Today’s opening range is 22 pips which equates to 28% of the daily average true range.

USDCHF is trading within the range of the previous days candle in what has been so far two days of quiet trading. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9500 level.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.


Daily Technical Analysis for USDJPY as at 8th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.
USDJPY APPROACHES THE PRIOR BROKEN UPWARD SLOPING TREND LINE.

USDJPY is this morning trading up from the open after yesterdays down day. Today’s opening range is 53 pips which equates to 47% of the daily average true range.

USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.



Daily Technical Analysis for Oil (WTI) as at 9th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL UPWARD MOMENT STALLS BENEATH 104.
OIL THIS MORNING IS TRADING WITH THE PREVIOUS DAYS RANGE. AWAITING BREAKOUT/DOWN AS A POSSIBLE INDICATION OF TODAYS DIRECTION.
Oil is this morning trading higher from the open after yesterdays down day. Today’s opening range is 68 pips which equates to 33% of the daily average true range.

Yesterday traded higher only to reverse beneath the 104 level and eventual close lower. The price action this morning is trading within yesterdays candle range. A break out or break down will possibly indicates today’s market direction. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.



Daily Technical Analysis for Gold as at 9th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD IS THIS MORNING ATTEMPTING TO PUT IT A HIGHER LOW.

Gold is this morning trading higher from the open after yesterdays up day. Today’s opening range is 2660 pips which equates to 74% of the daily average true range

Gold yesterday failed to make a new low and this positivity has carried through to today’s sessions with the price action attempting to put is a higher low. A breach of the previous lower high level at 1267.19 will indicate a change of trend to up.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
2. Gold is attempting to put in a higher low.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 10.07.2013

Daily Technical Analysis for EURUSD as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD BREACHES PRIOR HIGHER LOW SWING.

EURUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 27 pips which equates to 28% of the daily average true range.

Yesterday EURUSD breached the prior swing low. This breach of this swing low has effectively changed the trend to down.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading beneath the averages.
2. The averages have crossed negatively.
3. The price action has broken key trend line support.
4. The swing bias has turned negative.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. A Head and Shoulders pattern is forming and awaiting validation by breaking down.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and may experience a corrective pull back.
2. The price action has entered into a Fibonacci support zone.
Scenario 1
As the dominant daily trend is down retracements into resistance include up to the 8 period moving averages could be viewed as selling opportunities

Scenario 2
Alternatively as the price action is extended from the averages one could possibly buy these extensions with the initial target being the 8 period moving averages.


Daily Technical Analysis for GBPUSD as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD RE-BREAKES TREND LINE SUPPORT.

GBPUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 64 pips which equates to 47% of the daily average true range.

Yesterday GBPUSD failed in its attempt to bounce of trend line support and in the process made new lows The focus is now firmly on the down side however after such an aggressive move down the price action is now extended from the averages therefore a corrective pullback is a possibility.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading beneath the averages.
2. The averages have crossed negatively.
3. The price action has broken key trend line support.
4. The swing bias has turned negative.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. The price action has traded through an area of a prior congestion.
8. The price action traded through 1.5250 and 1.5000 support levels.
Alternative counter trend bullish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action is extended from the averages a corrective pullback is a possibility.


Daily Technical Analysis for USDCHF as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF BOUNCES OFF TREND LINE RESISTANCE.

USDCHF is this morning trading lower from the open after yesterdays up day. Today’s opening range is 39 pips which equates to 48% of the daily average true range.

USDCHF yesterday broke up from its range only for the move to find resistance at the downward sloping trend line. We are monitoring the price action for the possibility for a resumption of the down trend however a break above 0.9839 will breach the prior swing high and effectively change the trend to long.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. The swing bias remains negative.
3. The weekly time frame continues to have a negative bias.
4. The price action could find downside pressure coming in off trend line resistance.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. The moving averages have crossed positively.
3. USDCHF has broken above the 0.9600 resistance level.
4. The price action has traded through Fibonacci resistance.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.

Daily Technical Analysis for USDJPY as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY PULLS BACK TO THE 8 PERIOD MOVING AVERAGES.

USDJPY is this morning trading down from the open after yesterdays up day. Today’s opening range is 92 pips which equates to 88% of the daily average true range.

USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.


Daily Technical Analysis for Gold as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD IS HOLDS ABOVE THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading higher from the open after yesterdays up day. Today’s opening range is 1190 pips which equates to 38% of the daily average true range

Gold yesterday failed to make a new low and this positivity has carried through to today’s sessions with the price action attempting to put is a higher low. A breach of the previous lower high level at 1267.19 will indicate a change of trend to up.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The moving averages are layered negatively.
3. The price action has traded up to 8 period moving average resistance.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
2. Gold is attempting to put in a higher low.
3. Gold is finding support at the 8 period moving averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.


Daily Technical Analysis for Oil (WTI) as at 10th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

Oil is this morning trading lower from the open after yesterdays up day. Today’s opening range is 53 pips which equates to 27% of the daily average true range.

Yesterday oil broke higher from its opening range. The price action is becoming extended from the averages and therefore a corrective down to sideways move is a possibility. We however continue to monitor the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The averages are layered positively.
4. From a bullish perspective the price action has bounced off Fibonacci support.
5. An inverse Head and Shoulders pattern has broken to the upside.
6. The price action is trading above the large monthly converging triangle.
7. The weekly RSI divergence is invalidate by this oscillator breaking its down trend and printing a higher high.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 12.07.2013

Daily Technical Analysis for EURUSD as at 12th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD REJECTS FIBONACI RESISTANCE

EURUSD is this morning trading lower from the open after yesterdays up day. Today’s opening range is 27 pips which equates to 24% of the daily average true range.

Yesterdays strong up move was halted and rejected at Fibonacci resistance. As the swing bias is still bearish we are monitoring EURUSD move into Fibonacci resistance for an indication if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. A Head and Shoulders pattern is forming and awaiting validation by breaking down.
8. The price action has entered into a Fibonacci resistance zone.
Alternative counter trend bullish factors:
1. The price action has experience a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for GBPUSD as at 12th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD APPROACHES THE 1.5250 RESISTANCE LEVEL.

GBPUSD is this morning trading lower from the open after yesterdays up day. Today’s opening range is 23 pips which equates to 16% of the daily average true range.

GBPUSD upward momentum has stalled as it approached the 1.5250 resistance level. As the swing bias is still bearish we are monitoring GBPUSD up to resistance at the 1.5250 level to see if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. The price action has traded through an area of a prior congestion.
8. The price action traded through the 1.5250 support level.
Alternative counter trend bullish factors:
1. The price action has experience a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for USDCHF as at 12th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF BOUNCE OFF THE 34 PERIOD MOVING AVERAGES.

USDCHF is this morning trading higher from the open after yesterdays down day. Today’s opening range is 23 pips which equates to 25% of the daily average true range.

After trading higher over the past two weeks yesterday USDCHF broken down aggressively resistance from the downward sloping trend line. We are monitoring the price action for the possibility for a resumption of the down trend however the 34 period moving averages has offered some initial support.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The price action could find downside pressure coming in off trend line resistance.
4. The weekly time frame is in gear with the daily time frame.
5. The price action has broken down from a Fibonacci resistance zone.
6. The RSI is in gear with the move.
7. The price action has experience a strong bounce off resistance that will flush out many of the longs.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 34 period moving averages.
2. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down we continue to monitor this bounce of trend line resistance.

Scenario 2
Alternatively retracements to the 34 period moving averages could offer support and buying opportunities.


Daily Technical Analysis for USDJPY as at 12th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY YESTERDAY PRINTS A BULLISH HAMMER CANDLE.

USDJPY is this morning trading unchanged from the open after yesterdays down day. Today’s opening range is 64 pips which equates to 59% of the daily average true range.

USDJPY is attempting to break down from the Fibonacci resistance and trading beneath the 100 level. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The price action has broken below the significant 100 level.
3. The RSI is confirming the move.
4. The price action has managed to break below the upward sloping trend line.
5. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 34 period moving averages could offer support to further upside to the next resistance levels.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY support could possibly be found at the 34 period moving averages.


Daily Technical Analysis for Gold as at 12th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD OPENS AND TRADES WITHIN THE PREVIOUS DAYS RANGE.

Gold is this morning trading lower from the open after yesterdays up day. Today’s opening range is 1280 pips which equates to 40% of the daily average true range

Gold this morning is trading within the previous day’s range. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The RSI is diverging positively.
Alternative counter trend bearish factors:
1. The moving averages are layered negatively.
2. The 1322 support level has been breached.
3. The averages have crossed negatively.
4. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
5. The weekly time frame continues to point down.
6. The price action is close to a Fibonacci resistance zone.
Scenario 1
As the dominant daily trend is up the retracement into the averages might possibly offer buying opportunities.

Scenario 2
Alternatively if Gold can traded into Fibonacci resistance a shorting opportunity might possibly be offered.


Daily Technical Analysis for Oil (WTI) as at 12th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL CORRECTS BACK TO THE AVERAGES

Oil is this morning trading lower from the open after yesterdays down day. Today’s opening range is 61 pips which equates to 31% of the daily average true range.

Yesterday initially traded higher from its open only to fall back and closed lower. The price action is becoming extended from the averages and therefore a corrective down to sideways move is a possibility. We however continue to monitor the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The averages are layered positively.
4. An inverse Head and Shoulders pattern has broken to the upside.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI divergence is invalidate by this oscillator breaking its down trend and printing a higher high.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 15.07.2013

Daily Technical Analysis for EURUSD as at 15th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
On Friday EURUSD continued to trade under Fibonacci resistance but buying did come in near the end of the session to pair the losses. As the swing bias is still bearish we are monitoring EURUSD move into Fibonacci resistance for an indication if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced into the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. A Head and Shoulders pattern is forming and awaiting validation by breaking down.
8. The price action has entered into a Fibonacci resistance zone.
Alternative counter trend bullish factors:
1. The price action has experience a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.



Daily Technical Analysis for GBPUSD as at 15th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD upward momentum has failed to breach the 1.5250 resistance level. As the swing bias is still bearish we are monitoring GBPUSD up to resistance of 1.5250 level to see if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. The price action has traded through an area of a prior congestion.
8. The price action traded through the 1.5250 support level.
Alternative counter trend bullish factors:
1. The price action has experienced a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for USDCHF as at 15th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
After aggressively trading lower since the touch of the downward sloping trend line USDCHF experienced an indecisive day on Friday. We are monitoring the price action for the possibility for a resumption of the down trend however the 34 period moving averages has offered some initial support.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The price action could find downside pressure coming in off trend line resistance.
4. The weekly time frame is in gear with the daily time frame.
5. The price action has broken down from a Fibonacci resistance zone.
6. The RSI is in gear with the move.
7. The price action has experience a strong bounce off resistance that will flush out many of the longs.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 34 period moving averages.
2. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down we continue to monitor this bounce from trend line resistance.

Scenario 2
Alternatively retracements to the 34 period moving averages could offer support and buying opportunities.


Daily Technical Analysis for USDJPY as at 15th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY on Friday traded and closed within the range of the previous day’s candles. A breach of the high or low of this range could give an indication of today’s market direction.

USDJPY is attempting to break down from the Fibonacci resistance and trading beneath the 100 level. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The price action has broken below the significant 100 level.
3. The RSI is confirming the move.
4. The price action has managed to break below the upward sloping trend line.
5. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 34 period moving averages could offer support to further upside to the next resistance levels.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY support could possibly be found at the 34 period moving averages.


Daily Technical Analysis for Gold as at 15th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Gold on Friday traded and closed within the previous day’s range. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The RSI is diverging positively.
Alternative counter trend bearish factors:
1. The moving averages are layered negatively.
2. The 1322 support level has been breached.
3. The averages have crossed negatively.
4. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
5. The weekly time frame continues to point down.
6. The price action is close to a Fibonacci resistance zone.
Scenario 1
As the dominant daily trend is up the retracement into the averages might possibly offer buying opportunities.

Scenario 2
Alternatively if Gold can trade into Fibonacci resistance a shorting opportunity might possibly be offered.


Daily Technical Analysis for Oil (WTI) as at 15th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Oil on Friday traded higher off its approach to the 8 period moving average support. The two averages are becoming extended from each other which may indicate a need for a corrective down to sideways move. We however continue to monitor the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The averages are layered positively.
4. An inverse Head and Shoulders pattern has broken to the upside.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI divergence is invalidate by this oscillator breaking its down trend and printing a higher high.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 16.07.2013

Daily Technical Analysis for EURUSD as at 16th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 40 pips which equates to 35% of the daily average true range.
Yesterday EURUSD continues to trade under Fibonacci resistance but buying did come in near the end of the session to pair the losses. As the swing bias is still bearish we are monitoring EURUSD move into Fibonacci resistance for an indication if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced into the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. A Head and Shoulders pattern is forming and awaiting validation by breaking down.
8. The price action has entered into a Fibonacci resistance zone.
Alternative counter trend bullish factors:
1. The price action has experience a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for GBPUSD as at 16th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 52 pips which equates to 37% of the daily average true range.

GBPUSD upward momentum has failed to breach the 1.5250 resistance level. As the swing bias is still bearish we are monitoring GBPUSD up to resistance of 1.5250 levels to see if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. The price action has traded through an area of a prior congestion.
8. The price action traded through the 1.5250 support level.
Alternative counter trend bullish factors:
1. The price action has experienced a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for USDCHF as at 15th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading lower from the open after yesterdays up day. Today’s opening range is 20 pips which equates to 25% of the daily average true range.

USDCHF continues to base at the lows after the aggressive break down. We are monitoring the price action for the possibility for a resumption of the down trend however the 34 period moving averages has offered some initial support.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The price action could find downside pressure coming in off trend line resistance.
4. The weekly time frame is in gear with the daily time frame.
5. The price action has broken down from a Fibonacci resistance zone.
6. The RSI is in gear with the move.
7. The price action has experience a strong bounce off resistance that will flush out many of the longs.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 34 period moving averages.
2. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down we continue to monitor this bounce from trend line resistance.

Scenario 2
Alternatively retracements to the 34 period moving averages could offer support and buying opportunities.


Daily Technical Analysis for USDJPY as at 16th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE NEAR FIBONACCI RESISTANCE.

USDJPY is this morning trading lower from the open after yesterdays up day. Today’s opening range is 42 pips which equates to 40% of the daily average true range.

Yesterday USDJPY broke higher from its two day range and moved toward Fibonacci resistance. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The price action has broken below the significant 100 level.
3. The RSI is confirming the move.
4. The price action has managed to break below the upward sloping trend line.
5. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 34 period moving averages could offer support to further upside to the next resistance levels.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY support could possibly be found at the 34 period moving averages.


Daily Technical Analysis for Gold as at 16th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD TRADES WITHIN A FOUR DAY RANGE.

Gold is this morning trading unchanged from the open after yesterdays unchanged day. Today’s opening range is 780 pips which equates to 27% of the daily average true range

Gold continues to trade within a four day range. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The RSI is diverging positively.
Alternative counter trend bearish factors:
1. The moving averages are layered negatively.
2. The 1322 support level has been breached.
3. The averages have crossed negatively.
4. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
5. The weekly time frame continues to point down.
6. The price action is close to a Fibonacci resistance zone.
Scenario 1
As the dominant daily trend is up the retracement into the averages might possibly offer buying opportunities.

Scenario 2
Alternatively if Gold can trade into Fibonacci resistance a shorting opportunity might possibly be offered.



Daily Technical Analysis for Oil (WTI) as at 16th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after yesterdays up day. Today’s opening range is 73 pips which equates to 36% of the daily average true range.
Oil continues to trade at the highs of this up move. The two averages are becoming extended from each other which may indicate a need for a corrective down to sideways move. We however continue to monitor the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The averages are layered positively.
4. An inverse Head and Shoulders pattern has broken to the upside.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI divergence is invalidate by this oscillator breaking its down trend and printing a higher high.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 17.07.2013

Daily Technical Analysis for EURUSD as at 17th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD TRADES BACK INTO FIBONACCI RESISTANCE.
EURUSD PRINTS A BULLISH PIERCING LINE CANDLE.

EURUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 31 pips which equates to 26% of the daily average true range.
Yesterday EURUSD printed a bullish piercing line candle as it traded into Fibonacci resistance. As the swing bias is still bearish we are monitoring EURUSD move into Fibonacci resistance for an indication if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced into the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. A Head and Shoulders pattern is forming and awaiting validation by breaking down.
8. The price action has entered into a Fibonacci resistance zone.
Alternative counter trend bullish factors:
1. The price action has experience a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for GBPUSD as at 17th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD YESTERDAY BOUNCES OFF THE 8 PERIOD MOVING AVERAGES.

GBPUSD is this morning trading lower from the open after yesterdays up day. Today’s opening range is 55 pips which equates to 39% of the daily average true range.

Yesterday GBPUSD bounced off the 8 period moving averages but the upward momentum has failed to breach the 1.5250 resistance level. As the swing bias is still bearish we are monitoring GBPUSD up to resistance of 1.5250 levels to see if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. The price action has traded through an area of a prior congestion.
8. The price action traded through the 1.5250 support level.
Alternative counter trend bullish factors:
1. The price action has experienced a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.



Daily Technical Analysis for USDCHF as at 17th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF BOUNCES MODERATLEY OFF THE 0.9400 AREA.

USDCHF is this morning trading higher from the open after yesterdays down day. Today’s opening range is 32 pips which equates to 33% of the daily average true range.

USDCHF put in another down leg as it tries to break through the 34 period moving averages. We are monitoring the price action for the possibility of a move in the direction of the previous swing low.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The price action could find downside pressure coming in off trend line resistance.
4. The weekly time frame is in gear with the daily time frame.
5. The price action has broken down from a Fibonacci resistance zone.
6. The RSI is in gear with the move.
7. The price action has experience a strong bounce off resistance that will flush out many of the longs.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 34 period moving averages.
2. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down we continue to monitor this bounce from trend line resistance.

Scenario 2
Alternatively retracements to the 34 period moving averages could offer support and buying opportunities.



Daily Technical Analysis for USDJPY as at 17th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY OPENS AND IS TRADING WITHIN THE PREVIOUS DAYS RANGE.

USDJPY is this morning trading higher from the open after yesterdays down day. Today’s opening range is 46 pips which equates to 42% of the daily average true range.

Yesterday USDJPY continued to trade within Fibonacci resistance. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The price action has broken below the significant 100 level.
3. The RSI is confirming the move.
4. The price action has managed to break below the upward sloping trend line.
5. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 34 period moving averages could offer support to further upside to the next resistance levels.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY support could possibly be found at the 34 period moving averages.


Daily Technical Analysis for Gold as at 17th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD TRADES WITHIN A FOUR DAY RANGE.

Gold is this morning trading lower from the open after yesterdays up day. Today’s opening range is 900 pips which equates to 33% of the daily average true range

Gold continues to trade within a five day range. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The RSI is diverging positively.
Alternative counter trend bearish factors:
1. The moving averages are layered negatively.
2. The 1322 support level has been breached.
3. The averages have crossed negatively.
4. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
5. The weekly time frame continues to point down.
6. The price action is close to a Fibonacci resistance zone.
Scenario 1
As the dominant daily trend is up the retracement into the averages might possibly offer buying opportunities.

Scenario 2
Alternatively if Gold can trade into Fibonacci resistance a shorting opportunity might possibly be offered.


Daily Technical Analysis for Oil (WTI) as at 17th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL TRADES DOWN TO THE 8 PERIOD MOVING AVERAGES.
Oil is this morning trading lower from the open after yesterdays down day. Today’s opening range is 58 pips which equates to 36% of the daily average true range.
Oil continues to trade at the highs of this up move. The two averages are becoming extended from each other which may indicate a need for a corrective down to sideways move. We however continue to monitor the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The averages are layered positively.
4. An inverse Head and Shoulders pattern has broken to the upside.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI divergence is invalidate by this oscillator breaking its down trend and printing a higher high.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis from ACFX 18.07.2013

Daily Technical Analysis for EURUSD as at 18th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD STRUGGLES TO TRADE HIGHER WITHIN FIBONACCI RESISTANCE.

EURUSD is this morning trading lower from the open after yesterdays down day. Today’s opening range is 36 pips which equates to 31% of the daily average true range.
Yesterday EURUSD struggled to trade higher into Fibonacci resistance. As the swing bias is still bearish we are monitoring EURUSD move into Fibonacci resistance for an indication if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced into the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. A Head and Shoulders pattern is forming and awaiting validation by breaking down.
8. The price action has entered into a Fibonacci resistance zone.
Alternative counter trend bullish factors:
1. The price action has experience a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for GBPUSD as at 18th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD YESTERDAY REJECTS THE 1.5250 RESISTANCE LEVEL.

GBPUSD is this morning trading lower from the open after yesterdays up day. Today’s opening range is 55 pips which equates to 39% of the daily average true range.

Following the bounce off the 8 period moving averages GBPUSD moved up to the 1.5250 resistance. However this level was rejected. As the swing bias is still bearish we are monitoring GBPUSD up to resistance of 1.5250 levels to see if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. The price action has traded through an area of a prior congestion.
8. The price action traded through the 1.5250 support level.
Alternative counter trend bullish factors:
1. The price action has experienced a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for USDCHF as at 18th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF CONTINUES IT BOUNCE OFF THE 0.9400 AREA.
USDCHF FINDS SUPPORT AT THE 34 PERIOD MOVING AVERAGES.

USDCHF is this morning trading higher from the open after yesterdays down day. Today’s opening range is 47 pips which equates to 47% of the daily average true range.

USDCHF yesterday found support at the 34 period moving where it bounced and this upward momentum has continued this morning. We are monitoring the price action for a potential move to the 8 period moving averages. However as the swing bias continues to be negative we are monitoring a possible move to the area of the previous swing low.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The price action could find downside pressure coming in off trend line resistance.
4. The weekly time frame is in gear with the daily time frame.
5. The price action has broken down from a Fibonacci resistance zone.
6. The RSI is in gear with the move.
7. The price action has experience a strong bounce off resistance that will flush out many of the longs.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 34 period moving averages.
2. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down we continue to monitor this bounce from trend line resistance.

Scenario 2
Alternatively retracements to the 34 period moving averages could offer support and buying opportunities.


Daily Technical Analysis for USDJPY as at 18th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY YESTERDAY PRINTED A BULLISH PIERCING LINE.
USDJPY THIS MORNING IS TRADING ABOVE THE 8 PERIOD MOVING AVERAGES.
USDJPY IS TRADING ABOVE THE 100 LEVEL.

USDJPY is this morning trading higher from the open after yesterdays up day. Today’s opening range is 72 pips which equates to 81% of the daily average true range.

Yesterday continued to trade higher following the bounce off the 34 period moving averages. This move has continued and breached both the 100 level and the 8 period moving averages. However the price action continues to trade within Fibonacci resistance. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The price action has broken below the significant 100 level.
3. The RSI is confirming the move.
4. The price action has managed to break below the upward sloping trend line.
5. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 34 period moving averages could offer support to further upside to the next resistance levels.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY support could possibly be found at the 34 period moving averages.


Daily Technical Analysis for Gold as at 18th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD TRADES WITHIN A SIX DAY RANGE.

Gold is this morning trading unchanged from the open after yesterdays down day. Today’s opening range is 500 pips which equates to 20% of the daily average true range

Gold continues to trade within a six day range. We are monitoring the price action for further upside momentum. However there is potential for sideways to downward correction.

In terms of the bigger picture the swing changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The RSI is diverging positively.
Alternative counter trend bearish factors:
1. The moving averages are layered negatively.
2. The 1322 support level has been breached.
3. The averages have crossed negatively.
4. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
5. The weekly time frame continues to point down.
6. The price action is close to a Fibonacci resistance zone.
Scenario 1
As the dominant daily trend is up the retracement into the averages might possibly offer buying opportunities.

Scenario 2
Alternatively if Gold can trade into Fibonacci resistance a shorting opportunity might possibly be offered.


Daily Technical Analysis for Oil (WTI) as at 18th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL BOUNCES OFF THE 8 PERIOD MOVING AVERAGES.
Oil is this morning trading lower from the open after yesterdays up day. Today’s opening range is 45 pips which equates to 23% of the daily average true range.
Oil yesterday bounces off the 8 period moving averages. We are monitoring the possibility of a continued up move. However the two averages are becoming extended from each other which may indicate a need for a corrective down to sideways move.
In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The averages are layered positively.
4. An inverse Head and Shoulders pattern has broken to the upside.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI divergence is invalidate by this oscillator breaking its down trend and printing a higher high.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

 

[acfx]

Daily Technical Analysis for EURUSD as at 19th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD TRADES WITHIN A FOUR DAY RANGE.

EURUSD is this morning trading higher from the open after yesterdays down day. Today’s opening range is 61 pips which equates to 51% of the daily average true range.
Yesterday EURUSD struggled to trade higher into Fibonacci resistance. As the swing bias is still bearish we are monitoring EURUSD the move into Fibonacci resistance for an indication if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced into the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. A Head and Shoulders pattern is forming and awaiting validation by breaking down.
8. The price action has entered into a Fibonacci resistance zone.
Alternative counter trend bullish factors:
1. The price action has experience a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for GBPUSD as at 19th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD THIS MORNING ATTEMPTS TO BREACH THE 1.5250 RESISTANCE LEVEL.

GBPUSD is this morning trading unchanged from the open after yesterdays up day. Today’s opening range is 54 pips which equates to 39% of the daily average true range.

Following the bounce off the 8 period moving averages GBPUSD continues to try and breach the 1.5250 resistance. As the swing bias is still bearish we are monitoring GBPUSD up to resistance of 1.5250 levels to see if the price action will revert to the down side or if there will be a continuation of the up move.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned negative.
2. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
3. The averages have crossed negatively.
4. The price action had broken key trend line support but is this morning trading above it.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. The price action has traded through an area of a prior congestion.
8. The price action traded through the 1.5250 support level.
Alternative counter trend bullish factors:
1. The price action has experienced a strong bounce off support that will flush out many of the shorts.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action trading above the 8 period moving averages approaches back to this average could offer support and a buying area.


Daily Technical Analysis for USDCHF as at 19th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF CONTINUES IT BOUNCE OFF THE 0.9400 AREA.
USDCHF FINDS SUPPORT AT THE 34 PERIOD MOVING AVERAGES.

USDCHF is this morning trading lower from the open after yesterdays up day. Today’s opening range is 56 pips which equates to 56% of the daily average true range.

USDCHF yesterday found support at the 34 period moving where it bounced and this upward momentum has continued this morning. We are monitoring the price action for a potential move to the 8 period moving averages. However as the swing bias continues to be negative we are monitoring a possible move to the area of the previous swing low.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The price action could find downside pressure coming in off trend line resistance.
4. The weekly time frame is in gear with the daily time frame.
5. The price action has broken down from a Fibonacci resistance zone.
6. The RSI is in gear with the move.
7. The price action has experience a strong bounce off resistance that will flush out many of the longs.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 34 period moving averages.
2. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down we continue to monitor this bounce from trend line resistance.

Scenario 2
Alternatively retracements to the 34 period moving averages could offer support and buying opportunities.


Daily Technical Analysis for USDJPY as at 19th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TESTS THE 100 SUPPORT LEVEL.

USDJPY is this morning trading lower from the open after yesterdays up day. Today’s opening range is 106 pips which equates to 91% of the daily average true range.

Yesterday USDJPY closed above the 8 period moving averages following its bounce off the 34 period moving averages. However the price action this morning USDJPY has tested the 100 level. As the price action is trading within Fibonacci resistance we continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The price action has broken below the significant 100 level.
3. The RSI is confirming the move.
4. The price action has managed to break below the upward sloping trend line.
5. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 34 period moving averages could offer support to further upside to the next resistance levels.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY support could possibly be found at the 34 period moving averages.


Daily Technical Analysis for Gold as at 19th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD TRADES WITHIN A SEVEN DAY RANGE.

Gold is this morning trading higher from the open after yesterdays up day. Today’s opening range is 500 pips which equates to 20% of the daily average true range

Gold continues to trade within a seven day range. We are monitoring the price action for further upside momentum. However there is potential for sideways to downward correction.

In terms of the bigger picture the swing changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The RSI is diverging positively.
Alternative counter trend bearish factors:
1. The moving averages are layered negatively.
2. The 1322 support level has been breached.
3. The averages have crossed negatively.
4. The price action has retraced in the negatively layered averages which could offer a selling opportunity.
5. The weekly time frame continues to point down.
6. The price action is close to a Fibonacci resistance zone.
Scenario 1
As the dominant daily trend is up the retracement into the averages might possibly offer buying opportunities.

Scenario 2
Alternatively if Gold can trade into Fibonacci resistance a shorting opportunity might possibly be offered.


Daily Technical Analysis for Oil (WTI) as at 19th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL CONTINUES TO TRADE OFF THE 8 PERIOD MOVING AVERAGES.
Oil is this morning trading lower from the open after yesterdays up day. Today’s opening range is 45 pips which equates to 23% of the daily average true range.
Oil continued its move off the 8 period moving averages. We are monitoring the possibility of a continued up move. However the two averages are becoming extended from each other which may indicate a need for a corrective down to sideways move.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The averages are layered positively.
4. An inverse Head and Shoulders pattern has broken to the upside.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI divergence is invalidate by this oscillator breaking its down trend and printing a higher high.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.