Daily Technical Analysis

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MARKET BRIEFING – LONDON OPEN 27.03.2015





EURUSD



The intraday technical outlook

During the afternoon trade EURUSD broke down from upward channel and breached the 1.0900 support level.

There was a brief consolidation during the overnight session however the sell off in EURUSD has now resumed as traders arrive at their desks in London and other major European centers.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1050 level.



GBPUSD



The intraday technical outlook

This morning GBPUSD has opened negatively with the price action testing the 1.4800 prior monthly swing level.

I am this morning monitoring the price action with key range / break out levels being 1.4800 / 1.5000.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


USDJPY



The intraday technical outlook

Following yesterday’s bounce off the 118.50 areas USDJPY has traded higher as it tests the 119.25 resistance level.

A breach of this level could see USDJPY trade up to the top of its down channel.

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


USDCHF



The intraday technical outlook

The move above the 0.9600 level has technical changed the trend from down to up.

This has been followed by a breach above move above the current down channel.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.


AUDUSD



The intraday technical outlook

With yesterday morning’s breach the isolated low of 0.7850 level has changed the 1 hour trend for AUDUSD from up to down.

This has been followed by further breaches of the 0.7800 support level and the channel bottom.

The move lower has come off a bounce from the top of a long dated down channel.

From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7900 level.


GOLD




The intraday technical outlook

This morning Gold has broken the bottom of its up channel and is trading under the 1201.00 support level.

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

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


OIL



The intraday technical outlook

As posted yesterday Oil has traded higher off the back of geo-political and strategic tensions presently affecting the Arabian Peninsula.

The move higher has created a steep up channel.

Following such a strong up move Oil has back down towards it channel bottom,

I am this morning monitoring the price action for the possibility of  a bounce from this area.

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.



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MARKET BRIEFING – LONDON OPEN 30.03.2015





EURUSD



The intraday technical outlook

EURUSD broke down from upward channel and proceeded to trade to the 1.0800 level.

A successful retest of the 1.0800 level would confirm the current down trend.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.1050 level.



GBPUSD



The intraday technical outlook

This morning GBPUSD has opened negatively with the price action testing the 1.4800 prior monthly swing level.

I am this morning monitoring the price action with key range / break out levels being 1.4800 / 1.5000.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


USDJPY




The intraday technical outlook

USDJPY has experienced a good rally since Thursday.

This morning USDJPY has continued with the positive theme by trading above the top of its down channel.

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


USDCHF



The intraday technical outlook

USDCHF has experienced a good rally since Thursday.

This morning USDCHF has continued with the positive theme by trading above the top of its down channel.

The move above the 0.9600 level has technical changed the trend from down to up.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.



AUDUSD



The intraday technical outlook

The breach the isolated low of 0.7850 level has changed the 1 hour trend for AUDUSD from up to down.

This has been followed by further breaches of the 0.7800 support level and the channel bottom.

The move lower has come off a bounce from the top of a long dated down channel.

From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7900 level.


GOLD



The intraday technical outlook

Gold has broken the bottom of its up channel and is trading under the 1201.00 support level.

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

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1206.00 level.


OIL



The intraday technical outlook

Oil on Friday was not able to bounce off the bottom of its up channel.

What followed on Thursday was a strong correction that has pushed Oil in the direction of the 47.00 support area.

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.




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MARKET BRIEFING – LONDON OPEN 31.03.2015





EURUSD




The intraday technical outlook

As posted yesterday EURUSD broke down from upward channel and proceeded to trade to the 1.0800 level.

A successful retest of the 1.0800 level has confirmed the current down trend.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0950 level.



GBPUSD



The intraday technical outlook

This morning GBPUSD has opened negatively with the price action trading under the 1.4800 prior monthly swing level.

A breach of the 1.4750 level being yesterdays low could possibly add further downside pressure to the trade.

From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4925 level.


USDJPY



The intraday technical outlook

USDJPY continued to trade higher following the upside penetration of its down channel.

The move higher led to a successful test of Friday’s intraday swing high of 119.48.

The breach of this most recent isolated high has technically changed the trend from down to up.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.00 level.


USDCHF



The intraday technical outlook

USDCHF continued to trade higher following the upside penetration of its down channel.

The move higher led to a successful test of Friday’s intraday swing high of 0.9691.

The breach of this most recent isolated high has technically changed the trend from down to up.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9550 level.


AUDUSD



The intraday technical outlook

As posted yesterday the breach the isolated low of 0.7850 level has changed the 1 hour trend for AUDUSD from up to down.

This has been followed by further breaches of the 0.7800 support level and the channel bottom.

The move lower has come off a bounce from the top of a long dated down channel.

I am this morning monitoring the price action as it approaches the 0.7600 support area.

From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7900 level.


GOLD



The intraday technical outlook

As posted yesterday Gold has broken the bottom of its up channel and is trading under the 1201.00 support level.

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

I am this morning monitoring the price action as it approaches the 1175.00 / 1166.00 support area.

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level.


OIL



The intraday technical outlook

With talks continuing into today between Iran and the six nation contact group, the possibility of agreement being reached over this country’s nuclear programme could be a green light to the lifting of economic sanctions.

With Iran oil exports currently being hit by sanctions the very idea that such a large petroleum producer adding supply to the market could act as a catalyst for lower prices.

I expect today’s trading to be erratic and volatile.

As posted yesterday, Oil on Friday was not able to bounce off the bottom of its up channel.

What followed on Thursday was a strong correction that has pushed Oil in the direction of the 47.00 support area.

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.




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MARKET BRIEFING – LONDON OPEN 02.04.2015




EURUSD



The intraday technical outlook

This morning’s price action has seen EURUSD breach the 1.0800 resistance level.

As this level coincides with the last prior isolated high technically this changes the trend from down to up.

However it is still relatively early in the up move and I would need to see the price action remain above the 1.0700 level to be convinced that we will continue to see higher prices.

From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0700 level.



GBPUSD



The intraday technical outlook

GBPUSD continues to trade within a fairly narrow range.

With political events now coming to the fore in the UK we may see this kind of  price action continue up to the May 7 general election.

Traders will also be looking out for trends in the opinion polls and for traditional Political faux pas that we have become accustomed to during the election period.

From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4885 level.


USDJPY



The intraday technical outlook

USDJPY failed to breach the prior 120.00 resistance level and subsequently fell back to the 119.50 support area.

If USDJPY can hold above the 119.50 level we may probably see a retest of the 120.25 area.

Alternatively a breach of the 119.50 area could act as a catalyst for USDJPY to move down to the 119.00 level.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.50 level.


USDCHF



The intraday technical outlook

Yesterday’s penetration of the 0.9680 level coincided with a breach of the breach of the prior isolated low.

This has technical changed the trend from up to down.

A successful test of the 0.9600 level act as down trend confirmation.

From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9750 level.


AUDUSD



The intraday technical outlook

AUDUSD has continued to trade lower withe the breach of the 0.7600 level re-confirming the move.

The next major downside target being 0.7550 level which coincides with the prior daily swing low.

From a technical perspective the pair is trading in an intraday 1 hour down trend with the line of control at the 0.7650 level


GOLD




The intraday technical outlook

Gold’s yesterday spiked higher.

The move breached the 1192.00 area which coincides with the prior isolated weekly high.

This move has resulted in the the trend changing from down to up.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1180.00 level.



OIL



The intraday technical outlook

Oil yesterday spiked higher.

The move breached the 48.50 area which coincides with the prior isolated 1 hour high.

This move has resulted in the the trend changing from down to up.

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 47.00 level.





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MARKET BRIEFING – LONDON OPEN 06.04.2015





EURUSD



The intraday technical outlook

Fridays bad NFP number weakened the US Dollar.

This has led to EURUSD approaching the prior recent high of 1.1050.

The recent price action has seen EURUSD breach the 1.0800 resistance level.

As this level coincides with the last prior isolated high technically this changes the trend from down to up.

This morning I am monitoring the price action for a retest of the 1.1050 level.

From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0725 level.




GBPUSD



The intraday technical outlook

Friday’s NFP data sent GBPUSD higher.

The resulting price action saw GBPUSD trade above the 1.4885 resistance level.

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

I am this morning monitoring the price action for a test of the 1.5000 resistance level.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4750 level.


USDJPY



The intraday technical outlook

Following Friday’s US jobs number USDJPY broke down from its 119.50 support level.

The move beneath this level has technically changed the trend from up to down.

This morning I am monitoring the price action as it tests the 119.00 support level.

From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.25 level.



USDCHF



The intraday technical outlook

The penetration of the 0.9680 level coincided with a breach of the breach of the prior isolated low.

This has technical changed the trend from up to down.

Friday’s US Labor news has seen USDCHF retest the 0.9500.

I am this morning monitoring the price action for a retest or bounce off the 0.9500 level.

From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9600 level.


AUDUSD



The intraday technical outlook

AUDUSD experience a strong rally on Friday.

This came off the back of the bad US jobs number.

A breach of 0.7650 level has changed the trend from down to up.

I am this morning monitoring the price action for a retest or bounce lower off the 0.7650 level.

From a technical perspective the pair is trading in an intraday 1 hour up trend with the line of control at the 0.7550 level.


GOLD



The intraday technical outlook

Gold has open higher with a gap as it tests the recent 1221.00 high.

A breach of this level will confirm the strength of the up trend.

I am this morning monitoring the price action for a bounce of or break above the 1221.00 level.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1195.00 level.


OIL



The intraday technical outlook

As posted previously the breach of the 48.50 area which coincides with the prior isolated 1 hour high.

This move has resulted in the the trend changing from down to up.

This morning I am monitoring the price action for a retest of the 50.50 level

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





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MARKET BRIEFING – LONDON OPEN 07.04.2015





EURUSD



The intraday technical outlook

Overnight EURUSD moved lower on technical trading.

However following Monday’s strong performance in US indices the outlook for today at least looks to remain “Risk On”.

I am this morning monitoring the price action at the 1.0900 and 1.0950 levels.

A break above or beneath these levels could potentially signal the direction of prices.

From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0725 level.




GBPUSD



The intraday technical outlook

As posted yesterday the breach of the the 1.4885 resistance level. has technically changed the trend from down to up.

I am this morning monitoring the price action for a test of the 1.5000 resistance level.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


USDJPY



The intraday technical outlook

Yesterday’s move above the 119.00 led to the price action trading above the prior swing high.

Technically this has changed the trend from down to up.

This morning I am monitoring the price action as it tests the 120.00 resistant level.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.75 level.


USDCHF




The intraday technical outlook

Yesterday’s move above the 0.9550 led to the price action trading above the prior swing high.

Technically this has changed the trend from down to up.

This morning I am monitoring the price action as it tests the 0.9600 resistant level.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.


AUDUSD



The intraday technical outlook

This mornings RBA rate decision caused AUDUSD to spike higher.

The move above the 0.7650 led to the price action trading above the prior swing high.

Technically this has changed the trend from down to up.

This morning I am monitoring the price action as it tests the 0.7700 resistant level.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7575 level.


GOLD



The intraday technical outlook

Gold yesterday traded lower and has now partially field Mondays gap.

I am this morning monitoring the price action for a retest of the the 1221.00 resistance level.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1195.00 level.


OIL



The intraday technical outlook

Yesterday Oil traded higher and broke through the 50.50 level.

As posted previously the breach of the 48.50 area which coincides with the prior isolated 1 hour high.

This move has resulted in the the trend changing from down to up.

This morning I am monitoring the price action for a retest of the 52.50 level

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




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MARKET BRIEFING – LONDON OPEN 08.04.2015





EURUSD



The intraday technical outlook

Yesterday EURUSD traded lower as value hunters looked to purchase the US Dollar ahead of the release of the FOMC minutes.

However the move lower was stop at the 1.0800 area,

This morning I am monitoring the price for a bounce back up to the 1.0900 level or retest of the 1.0800 level.

From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0725 level.


GBPUSD



The intraday technical outlook

Yesterday GBPUSD traded lower as it broke through the 1.4885 level.

However the move lower was eventually held at the 1.4800 level which coincides with a prior monthly pivot.

I am this morning monitoring the price action for a move back towards the 1.4885 level or a retest of the 1.4800 level.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


USDJPY



The intraday technical outlook

Yesterday USDJPY attempted to trade above the prior 120.25 high but was unable to sustain a move above this level.

This morning USDJPY has traded lower it what has been a fairly aggressive move down.

The initial move higher has resulted in the formation of a broad up trend channel.

I am this morning morning monitoring the price action for a continuation of lower prices that takes USDJPY back down to the 119.50 support area that coincides with the channel bottom.

Alternatively a drop off in downside momentum could see USDJPY retest the 120.00 resistance level.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.75 level.


USDCHF



The intraday technical outlook

Yesterday USDCHF continued to trade higher as the price action broke above its down channel.

However the move was held at the 0.9700/0.9680 resistance level.

I am this morning monitoring the price action for a retest of 0.9680 level as this corresponds to the most recent isolated high.

Alternatively USDCHF could trade back to the 0.9600 support level.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.


AUDUSD




The intraday technical outlook

Yesterday AUDUSD retested but could not sustain a move above the 0.7700 level.

This lead to AUDUSD trading back down into and testing the 0.7650 support level.

This morning I am monitoring the price action for a a retest of the 0.7700 resistance level.

Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7650 support level.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7575 level.


GOLD




The intraday technical outlook

Gold yesterday traded lower as it came of its recent highs.

The price action has now approached the 1209.00 support level which corresponds to the channel bottom.

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

Alternatively a breach of this support zone could see Gold trade back down the 1195.00 support level.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1195.00 level.


OIL




The intraday technical outlook

Oil has experience a stellar rally with the price action yesterday painting a new recent high.

I am this morning monitoring the price action for a retest of the 54.00 level being yesterdays high.

Alternatively a breach of the 52.50 support level could see Oil trade back down to its channel bottom.

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




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MARKET BRIEFING – LONDON OPEN 09.04.2015





EURUSD



The intraday technical outlook

Yesterday EURUSD initially traded higher however the price action was not able to sustain its gains and broke down prior to the release of the FOMC minutes.

The move below the 1.0800 level has breached the prior isolated low.

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

I am this morning monitoring price for a possible test the 1.0750 support level.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0900 level.


GBPUSD



The intraday technical outlook

Yesterday GBPUSD attempted to test the high of the week at 1.4980 level but failed to break above it.

With the UK heading into a general election the price action has become very choppy.

This could be related to the political uncertainty. However the election is a little under a month away. For such volatility to enter the GBPUSD so early in the election period could indicate a continuation of this very choppy price action.

I am this morning monitoring the price action for a move back towards the 1.5000 level or a retest of the 1.4800 level.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4800 level.


USDJPY



The intraday technical outlook

During yesterday morning session USDJPY traded lower only reverse in the early afternoon.

This morning USDJPY I am monitoring the price action for a retest of this weeks high at the 120.50 area.

Alternatively a failure to sustain higher prices could see USDJPY trade back down to its channel bottom.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.50 level.


USDCHF



The intraday technical outlook

Yesterday USDCHF traded down to its 0.9600 support level.

However this monthly swing level proved to be too powerful as the price action bounced higher.

This morning USDCHF has made a new weekly high as it tests the 0.9680 level.

A breach of the 0.9680/0.9700 level could see USDCHF trade up to the 0.9750 level.

Alternatively USDCHF a failure to breach the 0.9680 level could see USDCHF move back toward the 0.9600 support level.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9600 level.


AUDUSD



The intraday technical outlook

AUDUSD continues to staircase higher as the price action experiences an upside correction.

A breach of the weekly high at the 0.7730 level is required to confirm the up trend is intact.

Alternatively a failure to breach the 0.7730 level could see AUDUSD test today’s low and the 0.7650 support level.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7650 level.


GOLD




The intraday technical outlook

Gold yesterday traded under the 1209.00 level and its channel bottom.

The move beneath the 1209.00 level also breached the prior isolated low and has resulted in a change of trend from up to down.

I am this morning monitoring the price action for a continuation of the move lower and a break beneath the 1192.00 support level.

Alternatively a failure breach of this support zone could see Gold trade back up to the 1215.00 resistance 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

Oil experienced a dramatic slide yesterday.

The move beneath the 51.00 level which coincides with the prior swing low has technically changed the trend from up to down.

However the price action is now bouncing higher off its channel bottom.

I am this morning monitoring the price action for a bounce of the channel bottom.

Alternatively a breach of the channel bottom and a break below the 50.50 level could see Oil trade substantially lower.

From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 54.00 level





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MARKET BRIEFING – LONDON OPEN 10.04.2015





EURUSD




The intraday technical outlook

EURUSD spiked to the new monthly lows, as the U.S. Unemployment claims numbers came stronger than expected.

The pair is has formed downtrend channel since this Monday  and since then is following it precisely, touching new monthly lows of 1.0620 this morning. 1.0600 level is to be targeted shortly before the likely downtrend resumption.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0900 level.




GBPUSD



The intraday technical outlook

GBPUSD this morning has slided even further on the background of the disappointing U.K. trade balance numbers and stronger than expected U.S. Unemployment Claims report yesterday.

The pair has reached new lows of 1.4670 this morning, without any a hint for a reversal or retracement at the moment.

From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4800 level


USDJPY



The intraday technical outlook

Last night the USDJPY has reached new highs of 120.72, on the backgorund of the further strenghtening U.S. currency

The pair is likely to retest 120.70 resistance level shortly. Alternatively 120.35 point will be traded, with subsequent target of the bottom of the channel and support of 120.00.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 119.50 level.


USDCHF



The intraday technical outlook

USDCHF continue the move higher, reaching new high of 0.9790 this morning.

In case 0.9800 level will be breached successfully, the pair will be likely to target 0.9870 resistance next.

Alternatively the support of 0.9750 might be again retested, before the pair returns to 0.9680 level.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9600 level


AUDUSD



The intraday technical outlook

AUDUSD has lost the momentum after strengthening for for a week.

The pair is still trading within the upward channel, however the short term head and shoulders pattern might indicate that reversal is to follow.

The closest support to be traded is of 0.7650. Alternatively, 0.7750 could be tested again.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7650 level.


GOLD



The intraday technical outlook

After breaking the upward trend channel the Gold price is consolidating below 1200.00 region.

If the breach of 1195.00 is unsuccessful, 1209.00 resistance level is the next likely point the Gold will be testing, before deciding on the move further.

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

Oil has broken the upward trend channel and continues to move lower towards 49.80 support this morning.

The move is likely to head towards 49.00 support. Alternatively 52.00 resistance will be once more retested.

From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 54.00 level




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MARKET BRIEFING – LONDON OPEN 13.04.2015






EURUSD



The intraday technical outlook

Friday EURUSD continued to trader lower.

The move lower has taken EURUSD back down to a major multiple month trend line and monthly support level at the 1.0550 area.

A breach of this area and the 1.0500 level opens up the possibility for move down to parity.

Alternatively a bounce off support could see EURUSD trade back up to the 1.0900 level.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0900 level.


GBPUSD



The intraday technical outlook

With election uncertainty gripping the markets the Pound continues to drift lower.

GBPUSD is this morning attempting to breach the 1.4600 support level.

A breach of this level opens up clear are for a move down to the 1.4250 level.

Alternatively a bounce off this level could see GBPUSD trade back up to the 1.4800 level.

From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.4980 level.


USDJPY



The intraday technical outlook

Yesterday USDJPY experienced a mild pullback.

However this morning buyer have come back into the market when USDJPY tested the 120.00 level.

I am this morning monitoring a potential test of the 120.70 level.

Alternatively a failure to sustain a move higher could see USDJPY test its channel bottom.

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


USDCHF



The intraday technical outlook

USDCHF continues to trade higher with the price action taking out the recent top at the 0.9750 level.

USDCHF did experience a minor pull back into the 0.9800 support area.

However it would appear that the price action has stabilized and has once again resumed its upward momentum with a target being at least Fridays high at the 0.9835 /0.9850 area.

Alternatively USDCHF fails to hold above this mornings low could see a move down to the 0.9750 level.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9600 level.


AUDUSD




The intraday technical outlook

AUDUSD has collapsed this morning following the release of Chinese data.

With the momentum being so bearish there is a possibility that the 0.7550 support level is breached.

Alternatively a failure to breach this level could see AUDUSD trade back up to the 0.7700 resistance level.

From a technical perspective AUDUSD is trading in an intraday 1 hour down trend with the line of control at the 0.7750 level.


GOLD



The intraday technical outlook

Gold did trade lower as it broke down from it up channel.

However the price action found support at the 1192.00 level.

This level acted as a catalyst for Gold to bounce higher.

The resulting move led Gold to breach its isolated high of 1202.50 and change the trend back to up.

I am this morning monitoring the price action for a retest of the 1209.00 level.

Alternatively a failure breach of this resistance level see Gold trade back down to the 1192.00 support level.

From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1192.00 level.


OIL



The intraday technical outlook

Oil has experienced some choppy price action following last weeks corrective pullback.

The 50.50 level has acted as good support.

I am this morning monitoring the price action for a test of Thursdays high and a continuation to the 54.00 level.

Alternatively a breach of the 50.50 support level could see Oil trade back down to 49.00 level.

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 50.50 level.






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MARKET BRIEFING – LONDON OPEN 15.04.2015




EURUSD



The intraday technical outlook

Disappointing US Retail Sales data sent EURUSD higher during yesterday’s afternoon trading.

The move higher however found initial resistance at the 1.0700 level.

This morning I am monitoring the price action for a retest of this level and a possible continuation of the move to the channel top which coincides with the 1.0750 level.

Alternatively a breach of this mornings low in the 1.0600 area could see EURUSD trade down to major support in the 1.0550 area.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0700 level.


GBPUSD



The intraday technical outlook

GBPUSD continues to trade higher as it surged past the 1.4700.

The move above his level coincides with the prior isolated high technically changes the trend from down to up.

I am this morning monitoring the price action for a retest of the 1.4800 level

Alternatively a breach of the 1.4750 support level could see GBPUSD trade down to the 1.4650 level.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4600 level.

USDJPY



The intraday technical outlook

USDJPY traded lower in afternoon trading.

The breach of the 120.00 level which coincides with the an isolated low has technically changed the trend from up to down.

The move lower has also slashed through channel support.

I am this morning monitoring the price action for a retest of the 119.50 level and a continuation of the move down to 119.00.

Alternatively a failure to sustain a move under the 119.50 level could see USDJPY retest the 120.00 level.

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

USDCHF



The intraday technical outlook

USDCHF yesterday broke down from its up channel.

The breach of the 0.9770 level which coincides with the an isolated low has technically changed the trend from up to down.

I am this morning monitoring the price action for a retest of the 0.9700 level.

Alternatively a move above the 0.9750 resistance level could see USDCHF trade back up to the 0.9800 level.

From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9800 level.

AUDUSD



The intraday technical outlook

AUDUSD has experienced a choppy couple of sessions but remains above the 0.7550 support level.

The overnight data from China may add some downside pressure on AUDUSD.

I am this morning monitoring the prices action for tests of 0.7650 and 0.7550.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7550 level

GOLD



The intraday technical outlook

Gold yesterday broke under its 1192.00 support level.

The breach of this level which coincides with the an isolated low has technically changed the trend from up to down.

The price action has now formed a rather steep down channel.

I am this morning monitoring the price action for a move away from the 1192.00 support level and a possible test of the 1182.00 level.

Alternatively a bounce off the 1192 level could see Gold trade up to the 1209.00 level.

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level


OIL



The intraday technical outlook

Oil continues to add to its impressive gains and this morning is trading above last weeks high of 54.00.

I am this morning monitoring the price action for a continuation of the move higher.

Alternatively a failure to sustain higher prices could see Oil trade back down to its channel bottom.

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 51.50 level.




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MARKET BRIEFING – LONDON OPEN 16.04.2015





EURUSD



The intraday technical outlook

EURUSD has continued its mini rally with the move above the 1.0700 level technically changing the 1 hour trend from down to up.

However this morning EURUSD slammed into the 1.0700 resistance level which is formed by the upper level of the down channel and the prior intraday isolated high.

This morning I am monitoring the price action for a retest of the 1.0070 resistance level.

Alternatively a failure to breach this level could see EURUSD trade back down to the 1.0670 support level.

From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0670 level


GBPUSD



The intraday technical outlook

GBPUSD continues to trade higher as it briefly moved above the 1.4850.

With GBPUSD continuing to trade in an up trend I am this morning monitoring the price action for a retest of the 1.4850 level

Alternatively a breach of the 1.4800 level could see GBPUSD trade down to the 1.4700 level.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4700 level.


USDJPY



The intraday technical outlook

USDJPY experienced a strong sell off yesterday.

However a small double bottom formed above the 118.75 support level and this acted as a catalyst to send USDJPY higher.

I am this morning monitoring the price action for a retest of the 119.75 level and a continuation of the move down to 119.00.

Alternatively a failure to sustain higher prices could see USDJPY restest 119.00 and 118.75 levels.

From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 119.75 level.


USDCHF




The intraday technical outlook

USDCHF yesterday trade lower.

However this morning support has been found at the 0.9600 level which coincides with a prior monthly swing point.

I am this morning monitoring the price action for a retest of the 0.9700 level.

Alternatively a failure to trade higher could see USDCHF retest the 0.9600 level.

From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9750 level.


AUDUSD



The intraday technical outlook

AUDUSD spiked higher in what was an impressive up move.

However the price action found strong resistance as the top of its down channel.

I am this morning monitoring the prices action for a retest of the 0.7750 level and the channel top.

Alternatively a failure to sustain higher prices could see AUDUSD trade back down to the 0.7700 level.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7550 level


GOLD



The intraday technical outlook

Gold yesterday broke above it narrow down channel and traded back up to the the area of the 1209.00 resistance area.

I am this morning monitoring the price action for a retest of the 1209.00 level.

Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level.


OIL



The intraday technical outlook

Yesterday’s news from the International Energy Agency that OPEC was producing 2.5m barrels more oil than is actually needed did nothing to dampen the recent rise in the value of this commodity.

On the contrary the market seemed to take its queue from the Crude Oil Inventories report which showed a massive reduction in stockpiles from 10.9M to 1.3M.

Oil is now trading above both the daily and weekly swing high of 54.90.

This move has technical changed the the trend for both these time frames from down to up.

Although this move is significant there is a need to study closely the strength of any subsequent pull back before any firmer assessment on the strength of this move can be reached.

I am this morning monitoring the price action for a continuation of the move higher and a retest of the 56.50 level.

Alternatively a failure to sustain higher prices could see Oil trade back down to its channel bottom in he are of 54.00.

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 51.50 level.



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MARKET BRIEFING – LONDON OPEN 17.04.2015







EURUSD




The intraday technical outlook

EURUSD has continued higher and yesterday slashed through the 1.0700 level.

However yesterday’s rally was held a the 1.0800 area.

This morning I am monitoring the price action for a retest of the 1.0800 resistance level.

Alternatively a failure to breach this level could see EURUSD trade back down to the 1.0700 support level.

From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0625 level.


GBPUSD



The intraday technical outlook

GBPUSD continued its impressive rally yesterday.

The move higher has now paired the majority of last weeks decline.

With GBPUSD continuing to trade in an up trend I am this morning monitoring the price action for a retest of the 1.5000 level

Alternatively a failure to breach of the 1.5000 level could see GBPUSD trade down to the 1.4800 level.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.4810 level.


USDJPY



The intraday technical outlook

This morning USDJPY is finding support at the 118.80 area.

A move beneath this level is required as confirmation that the down trend is intact.

I am this morning monitoring the price action for a bounce off the 118.80 area and a move higher into the direction of the 119.50 area.

Alternatively a failure to sustain higher prices could see USDJPY restest 118.80 level.

From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 119.50 level.

USDCHF



The intraday technical outlook

USDCHF yesterday continued to trade lower.

However this morning support has been found at the 0.9550 level.

I am this morning monitoring the price action for a retest of the 0.9600 level.

Alternatively a failure to trade higher could see USDCHF retest the 0.9500 level.

From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9710 level.


AUDUSD



The intraday technical outlook

AUDUSD yesterday broke above its down channel top.

This move followed a triple bottom formation on the daily and double bottom formation on the weekly charts.

I am this morning monitoring the prices action for a retest of the 0.7820 level being yesterdays high.

Alternatively a failure to sustain higher prices could see AUDUSD trade back down to the 0.7750 level.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7550 level


GOLD



The intraday technical outlook

Gold over the past few days has traded in a rather sloppy fashion.

However the bigger picture does seem bullish with last weeks pin bar attempting to replicate itself with this weeks price action.

The extent of how bullish or bearish this week will end will only be known with the conclusion of today’s trading.

However there does seem to be a great deal of support forming on the daily chart around the 1180 area.

Will this be a base for the creation of a broad multiple period up trend? We first need to see Gold trade above the April high of 1224.00.

I am this morning monitoring the price action for a retest of the 1209.00 level.

Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level.


OIL




The intraday technical outlook

As posted yesterday the news from the International Energy Agency that OPEC was producing 2.5m barrels more oil than is actually needed did nothing to dampen the recent rise in the value of this commodity.

On the contrary the market seemed to take its queue from the Crude Oil Inventories report which showed a massive reduction in stockpiles from 10.9M to 1.3M.

Oil is now trading above both the daily and weekly swing high of 54.90.

This move has technical changed the the trend for both these time frames from down to up.

Although this move is significant there is a need to study closely the strength of any subsequent pull back before any firmer assessment on the strength of this move can be reached.

I am this morning monitoring the price action for a continuation of the move higher and a retest of the 57.30 level being yesterday’s high.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 55.00 support level..

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 55.05 level.





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MARKET BRIEFING – LONDON OPEN 22.04.2015





EURUSD



The intraday technical outlook

Having breached the 1.0730 swing level and the channel bottom EURUSD is trading in a 1 hour down trend.

Yesterday EURUSD traded lower only for the price action to reverse in morning trading.

This morning I am monitoring the price action for a retest of the 1.0700 support level and yesterdays low at 1.0650.

Alternatively a failure to breach these level could see EURUSD trade back up to the 1.0800 resistance level.

From a technical perspective EURUSD is trading in an intraday 1 hour down trend with the line of control at the 1.0850 level.



GBPUSD



The intraday technical outlook

Having breached the 1.4915 swing level and the channel bottom GBPUSD is trading in a 1 hour down trend.

Yesterday GBPUSD traded lower only for the price action to reverse in morning trading.

This morning I am monitoring the price action for a retest of the 1.4900 support level.

Alternatively a failure to breach these level could see GBPUSD trade back up to the 1.5000 resistance level.

From a technical perspective GBPUSD is trading in an intraday 1 hour down trend with the line of control at the 1.5050 level.


USDJPY




The intraday technical outlook

Yesterday USDJPY continued its stellar rise following the break up from above its down channel the 119.25 swing level.

This morning I am monitoring the price action for a retest of the 119.75 resistance level.

Alternatively a failure to breach this level could see USDJPY trade back down to the 118.80 support level.

From a technical perspective USDJPY is trading in an intraday 1 hour up trend with the line of control at the 118.50 level.


USDCHF




The intraday technical outlook

Yesterday USDCHF experienced a strong reversal as it paired most of the gains it had made.

However the 0.9500 level has offered good support.

This morning I am monitoring the price action for a retest of the 0.9600 resistance level.

Alternatively a failure to breach this level could see USDCHF trade back down to the 0.9500 support level.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level.


AUDUSD



The intraday technical outlook

Yesterday AUDUSD traded above the 0.7750 prior isolated high.

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

This morning I am monitoring the price action for a retest of the 0.7840 resistance level.

Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7700 support level.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7700 level.


GOLD



The intraday technical outlook

As posted previously Gold over the past few days has traded in a rather sloppy fashion.

However the bigger picture does seem bullish with two consecutive weekly bullish pin bars being painted.

There does seem to be a great deal of support forming on the daily chart around the 1180 area.

Will this be a base for the creation of a broad multiple period up trend? We first need to see Gold trade above the April high of 1224.00.

I am this morning monitoring the price action for a retest of the 1209.00 level.

Alternatively a failure to trade above the 1209.00 level could see Gold trade back down to the 1192.00 level.

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1209.00 level.



OIL





The intraday technical outlook

Oil yesterday broke under its 56.65  support level.

This move has technically changed the 1 hour trend from up to down.

This morning Crude Oil is testing the low of its up channel.

I am this morning monitoring the price action for a bounce off its channel bottom.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 55.00 support level..

From a technical perspective Oil is trading in an intraday 1 hour down trend with the line of control at the 58.75 level..




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MARKET BRIEFING – LONDON OPEN 27.04.2015






EURUSD



The intraday technical outlook

Friday EURUSD traded higher however the price action became very erratic.

This morning I am monitoring the price action for a test of the 1.0900 resistance level.

Alternatively a failure to breach this level could see EURUSD trade back down to the 1.0800 support level.

From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.0800 level.


GBPUSD



The intraday technical outlook

GBPUSD spiked higher on Friday as it continued to trade above it large down channel.

The move higher over the past two weeks has put GBPUSD within touching distance of the 1.5350 area.

This area coincides with a prior broken multiple year converging triangle formation.

I am this morning I am monitoring the price action for a test of the 1.5250 resistance level.

Alternatively a failure to trade higher could see GBPUSD trade back down to the 1.5100 support level.

From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5150 level.


USDJPY



The intraday technical outlook

Friday’s move under the 119.30 level has technically changed the trend from up to down.

This morning I am monitoring the price action for a retest of the 118.80 support level.

Alternatively a failure to trade lower could see USDJPY trade back up to the 119.30 resistance level.

From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.10 level.


USDCHF



The intraday technical outlook

Following Thursday’s collapse USDCHF consolidated above the 0.9500 support level.

This morning I am monitoring the price action for a retest of the 0.9500 support level.

Alternatively a failure to breach this level could see USDCHF trade back up to the 0.9600 resistance level.

From a technical perspective USDCHF is trading in an intraday 1 hour up trend with the line of control at the 0.9500 level


AUDUSD



The intraday technical outlook

Friday AUDUSD tested the 0.7840 resistance level.

This morning I am monitoring the price action for a retest of the 0.7840 resistance level.

Alternatively a failure to breach this level could see AUDUSD trade back down to the 0.7805/7800 support level.

From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7700 level



GOLD



The intraday technical outlook

Friday Gold retested and broke through the 1184.15 support level.

I am this morning monitoring the price action for a move in the direction of the large channel bottom in the 1162.00 area.

Alternatively a failure to trade lower could see Gold retest the 1184.15 level.

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1198.05 level.


OIL



The intraday technical outlook

Oil has traded in a 55.70 to 58.75 range for the past few days.

I am this morning monitoring the price action for a test of the 58.75 / 59.000 resistance level.

Alternatively a failure to sustain lower prices could see Oil test the 55.50 support level.

From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 55.70 level.





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