Daily Technical Analysis

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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 06.02.2015



EURUSD



The intraday technical outlook

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

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

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


GBPUSD



The intraday technical outlook

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

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

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


USDJPY



The intraday technical outlook

As posted yesterday:

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

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

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

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

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


USDCHF



The intraday technical outlook

As posted yesterday:

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

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

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

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


AUDUSD



The intraday technical outlook

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

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

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


GOLD



The intraday technical outlook

As posted yesterday:

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

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

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

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

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


OIL



The intraday technical outlook

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

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

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



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 09.02.2015




EURUSD



The intraday technical outlook

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

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

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

GBPUSD



The intraday technical outlook

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

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

USDJPY



The intraday technical outlook

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

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

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

USDCHF



The intraday technical outlook

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

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

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

AUDUSD



The intraday technical outlook

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

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

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

GOLD



The intraday technical outlook

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

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

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

OIL



The intraday technical outlook

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

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

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


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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 11.02.2015



EURUSD



The intraday technical outlook

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

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

GBPUSD



The intraday technical outlook

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

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

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

USDJPY



The intraday technical outlook

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

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

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

USDCHF



The intraday technical outlook

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

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

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

AUDUSD



The intraday technical outlook

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

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

GOLD



The intraday technical outlook

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

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

OIL



The intraday technical outlook

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

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

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



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 12.02.2015




EURUSD



The intraday technical outlook

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

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


GBPUSD



The intraday technical outlook

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

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

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


USDJPY



The intraday technical outlook

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

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

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


USDCHF



The intraday technical outlook

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

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

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


AUDUSD



The intraday technical outlook

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

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


GOLD



The intraday technical outlook

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

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


OIL



The intraday technical outlook

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

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

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



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 13.02.2015





EURUSD



The intraday technical outlook

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

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

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

GBPUSD



The intraday technical outlook

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

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

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

USDJPY



The intraday technical outlook

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

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

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

USDCHF



The intraday technical outlook

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

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

AUDUSD



The intraday technical outlook

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

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

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

GOLD



The intraday technical outlook

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

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

OIL



The intraday technical outlook

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

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

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





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ACFX DAILY TECHNICAL REPORT – NEW YORK OPEN 16.02.2015




EURUSD



The intraday technical outlook

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

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


GBPUSD



The intraday technical outlook

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

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

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


USDJPY



The intraday technical outlook

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

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


USDCHF



The intraday technical outlook

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

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


AUDUSD



The intraday technical outlook

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

A double bottom has formed above the 0.7630 level.

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


GOLD



The intraday technical outlook

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

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

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


OIL



The intraday technical outlook

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

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



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ACFX DAILY TECHNICAL REPORT – NEW YORK OPEN 17.02.2015





EURUSD



The intraday technical outlook

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

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

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



GBPUSD



The intraday technical outlook

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

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

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

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



USDJPY



The intraday technical outlook

This morning USDJPY has bounced off the 118.25 level.

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

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



USDCHF



The intraday technical outlook

This afternoon the SNB chairman is due to speak.

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

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

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



AUDUSD



The intraday technical outlook

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

A double bottom has formed above the 0.7630 level.

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



GOLD



The intraday technical outlook

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

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

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



OIL



The intraday technical outlook

As posted yesterday:

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

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



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ACFX DAILY TECHNICAL REPORT – NEW YORK OPEN 18.02.2015



EURUSD



The intraday technical outlook

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

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

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

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

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


GBPUSD



The intraday technical outlook

The good UK data had the effect of sending higher.

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

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


USDJPY



The intraday technical outlook

This morning USDJPY has traded above the 119.20 resistance level.

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

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


USDCHF



The intraday technical outlook

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

This up move has created a rather distinct up channel.

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


AUDUSD



The intraday technical outlook

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

A double bottom has formed above the 0.7630 level.

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


GOLD



The intraday technical outlook

As posted this morning:

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

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

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


OIL



The intraday technical outlook

As posted this morning:

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

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

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



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 19.02.2015





EURUSD



The intraday technical outlook

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

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

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


GBPUSD



The intraday technical outlook

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

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

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

USDJPY



The intraday technical outlook

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

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

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


USDCHF



The intraday technical outlook

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

This up move has created a rather distinct up channel.

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


AUDUSD



The intraday technical outlook

AUDUSD continues to spike higher and fall back.

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

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

GOLD



The intraday technical outlook

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

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

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


OIL



The intraday technical outlook

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

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

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




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 20.02.2015




EURUSD



The intraday technical outlook

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

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

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

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

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

GBPUSD



The intraday technical outlook

As posted yesterday:

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

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

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

USDJPY



The intraday technical outlook

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

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

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

USDCHF



The intraday technical outlook

As posted this yesterday:

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

This up move has created a rather distinct up channel.

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

AUDUSD



The intraday technical outlook

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

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

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

GOLD



The intraday technical outlook

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

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

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


OIL



The intraday technical outlook

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

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

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

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




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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 23.02.2015




EURUSD



The intraday technical outlook

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

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

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

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


GBPUSD



The intraday technical outlook

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

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

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


USDJPY



The intraday technical outlook

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

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

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

USDCHF



The intraday technical outlook

USDCHF has had a good bounce off its up channel,

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

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


AUDUSD



The intraday technical outlook

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

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

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

GOLD



The intraday technical outlook

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

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


OIL



The intraday technical outlook

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

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

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



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 24.02.2015




EURUSD



The intraday technical outlook

With the February 28th deadline looming I would expect to see a resolution of this phase of Greek crisis to happen soon.

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

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

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


GBPUSD



The intraday technical outlook

Today’s inflation hearings should give us some insight the Bank of England’s outlook with respect to the timing of interest rate rises.

However with elections due in May any increases could be put on hold until after the election.

From a technical perspective GBPUSD has bounced off its channel bottom and is retesting last weeks highs.

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

USDJPY




The intraday technical outlook

USDJPY is this morning trading within a very narrow 6 day range.

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

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


USDCHF



The intraday technical outlook

USDCHF continues to trade higher following a bounce off its up channel.

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

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

AUDUSD



The intraday technical outlook

AUDUSD continues to trade within a daily range.

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

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


GOLD



The intraday technical outlook

Gold continues to trade lower with the price action remaining within a tight down channel.

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


OIL



The intraday technical outlook

With the price action having resumed its prior bearish bias I am monitoring the potential for a a retest of this years lows.

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



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 25.02.2015




EURUSD



The intraday technical outlook

Yesterdays dovish testimony by the Federal Reserve chairman to the Senate has put the US Dollar this morning under pressure.

This news combined with the positive outcome to the Greek debt talks has sent the Euro higher in early trading.

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

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

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


GBPUSD



The intraday technical outlook

The Pound this morning is trading higher following a bounce off its channel bottom with the price action taking out last weeks high.

The Bank of England Governor Mark Carney is due to speak this morning.

The market will await any comments he may have with respect to interest rates.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5400 level.



USDJPY



The intraday technical outlook

Yesterday we did see USDJPY pop up above the 119.40 level.

However the dovish testimony by the Federal Reserve chairman Yellen slapped USDJPY down under this level.

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

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

USDCHF



The intraday technical outlook

This morning USDCHF broke the bottom of its up channel.

Although this is not sufficient to change the trend from up to down this is a strong warning sign that a reversal is on the cards.

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

AUDUSD



The intraday technical outlook

Yesterday AUDUSD experienced a strong upside reversal off the 0.7745 support level.

The bounce higher was accelerated by the news from the FOMC and the better than expected construction number.

The bounce higher has followed a double bottom that formed above the 0.7630 level with the move higher taking out the key 0.7875 resistance level.

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


GOLD



The intraday technical outlook

Following a long downside correction Gold this morning has broken above its down channel.

We now require a move above the 1215.00 level as a confirmation that a rotation to the long side of the trade is under way.

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

OIL



The intraday technical outlook

As posted yesterday:

With the price action having resumed its prior bearish bias I am monitoring the potential for a a retest of this years lows.

From a technical perspective Oil is trading in an intraday 1 hour downtrend with the line of control at the 50.35 level.



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ACFX DAILY TECHNICAL REPORT – LONDON OPEN 27.02.2015



EURUSD



The intraday technical outlook

Yesterday’s CPI data pushed traders to buy the US Dollar.

The effect was to push EURUSD through the bottom of its downward triangle and slash through the 1.1270 support level.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1390 level.


GBPUSD



The intraday technical outlook

The decline in the Pound accelerated following the CPI data.

This pushed GBPUSD to the bottom of its upward channel.

I am this morning monitoring the price action for a bounce off this level.

Alternatively a breach of the channel bottom would open up the possibility that we see lower prices for Cable.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5400 level.


USDJPY



The intraday technical outlook

We had lots of overnight data from Japan but this hardly moved the market.

As posted previously:

We did see USDJPY pop up above the 119.40 level.

However the dovish testimony by the Federal Reserve chairman Yellen slapped USDJPY down under this level.

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

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


USDCHF



The intraday technical outlook

USDCHF continues to staircase higher.

We did get a bit of a sell off following the inflation data.

This has pushed the price action back into the direction of the channel bottom.

I am this morning monitoring the price action for a bounce off this level.

Alternatively a breach of the channel bottom would open up the possibility that we see lower prices for USDCHF.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9450 level.


AUDUSD



The intraday technical outlook

The sell off against the US Dollar yesterday afternoon also effected the Aussie.

The price action collapsed to an area of strong support made up by two channel bottoms and a a prior weekly congestion level at 0.7800.

Buying has come into the market following the positive Private Sector Credit number.

I am this morning monitoring the price action for a bounce off this level.

Alternatively a breach of the channel bottom would open up the possibility that we see lower prices for AUDUSD.

From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7910 level.


GOLD



The intraday technical outlook

As posted previously Gold continues to propel itself higher on speculation that buying is  originating in China.

Following the CPI data Gold did experience a strong pull back however support was found at the 1206.00 level.

I am this morning monitoring the price action for a bounce off this level.

Alternatively a breach of the 1206.00 level would open up the possibility that we see lower prices for Gold.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1201.00 level.


OIL



The intraday technical outlook

High volatility in the Oil price has had the effect of creating a fairly distinct downward channel.

With the trend continuing to be negative I will this morning monitoring the price action for any signs of weakness as the price action trades up to its channel top.

Alternatively a breach of the channel top would open up the possibility that we see higher prices for Oil.

From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 51.25 level.



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MORNING BRIEFING – LONDON OPEN 02.03.2015



EURUSD



The intraday technical outlook

With all the main central banks due to make announcement and with it being NFP day this Friday it looks like to another volatile and hectic week in the life of a EURUSD trader.

The price action has now well and truly broken its triangle formation with this mornings price activity breaching Thursday’s low.

This opens up the possibility for a potential move down to the 1.1100 prior weekly swing level.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1245 level.


GBPUSD



The intraday technical outlook

With the Bank of England Governor due to speak tomorrow the markets will be looking for signs of any hawkishness on interest rate policy.

We have had a strong pull back to the 1.5400 level which has broken the down channel.

However I am not not convinced that the down trend will continue.

I really want to see a sustained move under the 1.5400 level.

This leads us back tomorrow and the tone and the areas of grey in Mr. Carney’s testimony.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5400 level.


USDJPY



The intraday technical outlook

During Friday afternoon the Dollar bulls took control of the market and pushed USDJPY higher.

This move as continued into this morning with USDJPY testing and trading above the 119.80 level.

The recent price action has now created a fairly broad up channel.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.10 level.


USDCHF



The intraday technical outlook

The 0.9450 level did provide strong support and a base for higher prices which Friday’s price action testing last weeks high.

This mornings price action has completed the job by painting a new recent high and in the process creating a much more broader and potentially more sustainable up channel.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9450 level.

AUDUSD



The intraday technical outlook

The markets would seem to have priced in a rate cut tomorrow by Australia Reserve Bank.

This could potentially be the reason behind the recent collapse in the value of the Aussie which has seen the price action breach the bottom of no less than two up channels.

From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7830 level.

GOLD



The intraday technical outlook

Gold continues to trade higher in a staircase formation.

However the steepness of the up trend does cause me some concern.

I would therefore like to see a broadening of the up channel.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1204.00 level.

OIL



The intraday technical outlook

Friday’s price action has had the effect of breaching the large down channel.

Although this type of price action could be seen as a warning signal that the down trend is about to reverse I would really need to see a successful retest of the 49.80 level being the area of the most recent isolated high to be convinced that a new up trend is underway.

From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 51.00 level.



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