Daily Technical Analysis

[ACFX AtlasCapital]

Daily Technical Analysis
25th April 2014







EURUSD




Summary
Thursday EURUSD experienced a mixed day as the price action spiked above and below its averages.

Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high.  The daily trend is now in gear with the strong weekly up trend.

Focus on today
This morning EURUSD has opened quietley as the price action trades within Thursday’s candle range.

I am this morning monitoring the price actions for a potential test of Thursday’s high.
 
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the range of this week’s low.



GBPUSD



Summary
Thursday GBPUSD continued to trade around the 1.6795 level and 8 period moving averages.

Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. The recent price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.

Focus on today
This morning GBPUSD has opened quietly as the price trades within Thursday’s candle ranges.

I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.

Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.



USDJPY



Summary
Thursday USDJPY traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.

Focus on today
This morning USDJPY has opened quietly as the price action trades within Thursday’s candle range.

Today I am monitoring USDJPY for a test of the 103.00 resistance level.

Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.
 


USDCHF



Summary
Thursday USDCHF traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.

Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend.  A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

Focus on today
This morning USDCHF has opened quietly as it trades within Thursday’s candle range.
 
Today I am monitoring the price action to see if USDCHF can move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

Alternatively a failure to sustain lower prices could possible retest of the upward sloping trend line.




Gold



Summary
Thursday Gold traded strongly higher as the price action rejected the 1270.00 support level and closed back at the 8 period moving averages.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

However yesterday’s strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.

Focus on today
This morning Gold has opened quietly as the price action trades at the highs Thursday’s candle range.
 
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.

Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.




AUDUSD



Summary
Thursday AUDUSD continued to trade lower as the price action moved into the direction of the 34 period daily moving averages.
 
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

Focus on today
This morning AUDUSD has opened quietly as the price trades at the lows of Thursday’s candle range.
 
I am this morning monitoring the price action for a potential continuation of the downside momentum and move into the direction of the 34 period daily moving averages.

Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.


Oil




Summary
Thursday Oil experienced a quiet day as the price action hovered above the 34 period daily moving averages.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

However the recent price action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.

Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.

Today I am monitoring the price action for a test 34 period daily moving averages.

Alternatively a failure to sustain lower prices could see Oil trade back up to the 103.00 level.

[ACFX AtlasCapital]

Daily Technical Analysis
 30th April 2014






EURUSD





Summary
Tuesday EURUSD broke down from the previous days high as the price action traded down to its averages.

Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.

Focus on today
 This morning EURUSD has opened quietly as the price action trades at the lows of Tuesday’s candle range.

I am this morning monitoring the price action for a potential test of this week high.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the averages.



GBPUSD




Summary
Tuesday GBPUSD traded within Monday’s candle range.

Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. The recent price activity has as expected, broken the converging triangle to the upside with GBPUSD now trading at the 8 period moving averages.

Focus on today
This morning GBPUSD has opened quietly as the price trades within Tuesday’s candle ranges.

I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.

Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.



USDJPY



Summary
Tuesday USDJPY traded higher as the price action closed above the averages.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.

Focus on today
This morning USDJPY has opened bearishly as the price action trades beneath the low of Tuesday’s candle range.

Today I am monitoring USDJPY for a test of the 103.00 resistance level.

Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.



USDCHF




Summary
Tuesday USDCHF traded higher as the price action tested the downward sloping trend line.

Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle range.

Today I am monitoring the price action to see if USDCHF can test the upward sloping trend line.

Alternatively a failure to sustain higher prices could see USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.



AUDUSD



Summary
Tuesday AUDUSD tested the 34 period daily moving averages. However by the end of business AUDUSD have paired its losses and closed higher.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

Focus on today
This morning AUDUSD has opened positively as the price trades at the above Tuesday’s candle range.

I am this morning monitoring the price action for a potential test of the 8 period daily moving averages.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back to the 34 period daily moving averages.




GOLD



Summary
Tuesday Gold spiked beneath the 8 period daily moving averages however ultimatley closed at its open.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

However the recent strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.

Focus on today
This morning Gold has opened quietly as the price action trades at the lows Tuesday’s candle range.

Today I am monitoring the price action for Gold to test the 1310.00 resistance level.

Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.



OIL




Summary
Tuesday Oil spiked higher and tested the 8 period moving averages. However the price action was not able to sustain higher and ultimatley closed the day lower.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.

Focus on today
This morning Oil has opened negatively as the price action trades beneath Tuesday’s candle range.

Today I am monitoring the price action for a test of the 100 level.

Alternatively a failure to sustain lower prices could see Oil trade back up to the averages.

[ACFX AtlasCapital]

Daily Technical Analysis
5th May 2014




EURUSD




Summary
Friday EURUSD spent most of the London session trading in a tight range as the market awaited the Non Farm Payroll data. The better than expected numbers intially had the impact of EURUSD breaking lower as the price action penetrate under its expected lower range boundary and testedm the 34 period daily moving averages. However at these level buyers came into the market as EURUSD paired all the losses for the day and eventually closed marginally higher.

Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high.  The daily trend is now in gear with the strong weekly up trend.

With Friday’s price action closed slightly above trend line resistance I will be monitoring EURUSD for further upside momentum.

Focus on today
This morning EURUSD has opened quietely as the price action trades at the highss of Thurday’s candle range.

I am this morning monitoring the price action for a potential test of the 1.3900 resistance level.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the prior broken down trend line.



GBPUSD



Summary
Friday GBPUSD initially spiked lowed as the price action penetrated the 8 period daily moving averages and tested the 1.6795 support level. However by the closed of business GBPUSD had paired the majority of its lossess and closed slightly down on the day.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

Focus on today
This morning GBPUSD has opened quietly as the price trades within Friday’s candle ranges.

I am today monitoring the price action for a test of last week’s candle range high.

Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6795 support level.





USDJPY



Summary
Friday USDJPY spiked higher off the Non Farm Payroll data. However the 103.00 level offered good resistance as the price action was undable to sustain a move above this level. This ultimatley led to a collapse as sellers came into the market. By the close of business USDJPY closed down on the day and under its averages.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened negatively as the price action trades under last week’s candle range.

Today I am monitoring USDJPY for a test of the 101.70 support level.

Alternatively a failure to sustain higher prices could see USDJPY retest the 13.00 resistance level.
 


USDCHF



Summary
Tuesday USDCHF spiked higher off the Non Farm Payroll data as the price action tested the downward sloping trendline. However this trendline once again proved to be good resistance as USDCHF was unable to maintain a move above this level. This ultimatley led to a collapse as sellers came into the market. By the close of business USDCHF closed down on the day and under its averages.
 
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend.  A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

Focus on today
This morning USDCHF has opened negatively as it trades under Friday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

Alternatively a failure to sustain lower prices could see USDCHF can test the upward sloping trend line.



Gold



Summary
Friday Gold experience a strong up day as the price action rejected the 1270.00 support level. The price action continued to trade higher and was only held at the 1310.00 resistance level and the 34 period daily moving averages.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

A breach of the 1270.00 support level would confirm the daily down trend.

Focus on today
This morning Gold has opened positively as the price action trades above the highs of Friday’s candle range.
 
Today I am monitoring the price action for Gold to test the 1310 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back to the 8 period daily moving averages.



AUDUSD



Summary
Friday AUDUSD spiked lower off the Non Farm Payroll data as the price action tested the upward sloping trendline. However this trendline proved to be good resistance as AUDUSD was unable to maintain a move below this level. This ultimatley led to a rally as buyers came into the market. By the close of business AUDUSD closed marginally up on the day.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.

Focus on today
This morning AUDUSD has opened quietly as the price trades within Friday’s candle range.
 
I am this morning monitoring the price action for a potential bounce off the upward sloping trend line.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the upward sloping trend line.
 


Oil



Summary
Friday Oil traded higher as the price action tested the 100.00 level.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong downward correction towards the 98.00 support level.

Focus on today
This morning Oil has opened positively as the price action trades within Friday’s candle range.

Today I am monitoring the price action for a test of the 100.00 level.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
6th May 2014






EURUSD




Summary
Monday EURUSD in a tight range during the UK bank holiday.

Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high.  The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.

Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Monday’s candle range.

I am this morning monitoring the price action for a potential test of the 1.3900 resistance level.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the prior broken down trend line.



GBPUSD



Summary
Monday GBPUSD in a tight range during the UK bank holiday.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

Focus on today
This morning GBPUSD has opened positively as the price trades above Monday’s candle ranges.

I am today monitoring the price action for a test of last week’s candle range high.

Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6795 support level.




USDJPY




Summary
Monday USDJPY had an indifferent trading day with the price action closing marginally beneath its open.
 
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.

Today I am monitoring USDJPY for a test of the 101.70 support level.

Alternatively a failure to sustain higher prices could see USDJPY retest the 13.00 resistance level.
 


USDCHF



Summary
Tuesday USDCHF gapped down but by the close of business ended the days trading closing higher.
 
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend.  A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

Focus on today
This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.

Alternatively a failure to sustain lower prices could see USDCHF can test the upward sloping trend line.


Gold



Summary
Monday Gold traded higher as the price action tested the 1310.00 resistance level.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.

A breach of the 1270.00 support level would confirm the daily down trend.

Focus on today
This morning Gold has opened quietly as the price action trades at the highs of Monday’s candle range.
 
Today I am monitoring the price action for Gold to test the 1310 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back to the daily moving averages.



AUDUSD



Summary
Monday AUDUSD traded within a tight range around the averages.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.

Focus on today
This morning AUDUSD has opened quietly as the price trades within Monday’s candle range.
 
I am this morning monitoring the price action for a potential bounce off the upward sloping trend line.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the upward sloping trend line.
 


Oil



Summary
Monday Oil traded lower as the price action failed to closed above the 100.00 level.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong downward correction towards the 98.00 support level.

Focus on today
This morning Oil has opened positively as the price action trades within Monday’s candle range.

Today I am monitoring the price action for a test of the 100.00 level.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
7th May 2014






EURUSD





Summary
Tuesday EURUSD broke higher as the price action traded and closed above the 1.3905 level being the 11th April high.

Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high.  The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.

Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Tuesday’s candle range.

I am this morning monitoring the price action for a potential test of the 1.3966 level being the 13th March high.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the 8 period daily moving averages.





GBPUSD





Summary
Tuesday GBPUSD broke higher from its averages as the price action tested the 1.6985 resistance level.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

Focus on today
This morning GBPUSD has opened quietly as the price trades at the highs of Tuesday’s candle ranges.

I am today monitoring the price action for a test of the 1.6985 resistance level.

Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the averages.





USDJPY





Summary
Tuesday USDJPY experienced a strong down day as the price acion tested the 101.70 support level.
 
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened negatively as the price action trades beneath yesterday’s candle range.

Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.

Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.
 


USDCHF





Summary
Tuesday USDCHF continued to trade lower as the price action tested and closed under the 0.8743 being the swing low of the 11th April.
 
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend.  The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.

Focus on today
This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can test the 0.8698 level being the 2014 low.

Alternatively a failure to sustain lower prices could see USDCHF trade back to the 8 period daily moving averages.



Gold





Summary
Tuesday Gold traded at the highs of Monday’s candle range as the price action tested the 1310 resistance level.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has opened quietly as the price action trades at the highs of Tuesday’s candle range.
 
Today I am monitoring the price action for Gold to test the 1310 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back to the daily moving averages.



USDCAD





Summary
Tuesday USDCAD broke lower off the daily moving averages and trend line resistance.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. A breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

Focus on today
This morning USDCAD has opened quietly as the price trades at the lows of Tuesday’s candle range.
 
I am this morning monitoring the price action for a potential test of the 1.0857 level being the daily swing low of the 9th April

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0940 resistance level.


Oil





Summary
Tuesday Oil traded around the 100 level and with Monday’s candle range.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong downward correction towards the 98.00 support level.

Focus on today
This morning Oil has opened positively as the price action trades within Tuesday’s candle range.

Today I am monitoring the price action for a test of the 100.00 level.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.


AUDUSD




Summary
Tuesday AUDUSD broke higher off the daily moving averages.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.

Focus on today
This morning AUDUSD has opened quietly as the price trades at the highs of Tuesday’s candle range.
 
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.

[ACFX AtlasCapital]

Daily Technical Analysis
8th May 2014



EURUSD



Summary
Wednesday EURUSD traded within a tight 30 pip range for most of the day as the market awaited the FOMC statement and hearing.

Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high.  The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.

Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Wednesday’s candle range.

I am this morning monitoring the price action for a potential test of the 1.3966 level being the 13th March high.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the 8 period daily moving averages.


GBPUSD



Summary
Wednesday GBPUSD had a quiet day as the price action consolidated at the highs of Tuesday’s candle range.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

Focus on today
This morning GBPUSD has opened quietly as the price trades within Wednesday’s candle ranges.

I am today monitoring the price action for a test of the 1.6985 resistance level.

Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the averages.


USDJPY



Summary
Wednesday USDJPY initially tested the weekly low however buyers came into the market and by the close of business closed the day higher.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.

Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.

Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.
 


USDCHF



Summary
Wednesday USDCHF have a quiet as the price action traded within Tuesday’s candle range.
 
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend.  The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.

Focus on today
This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can test the 0.8698 level being the 2014 low.

Alternatively a failure to sustain lower prices could see USDCHF trade back to the 8 period daily moving averages.


Gold



Summary
Wednesday Gold broke down from the 1310 resistance level as the price action traded down to Fibonacci support.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has opened quietly as the price action trades at the lows of Wednesday’s candle range.
 
Today I am monitoring the price action for Gold to test the 1270 support level.

Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.



USDCAD



Summary
Wednesday USDCAD had a quiet day as the price action trade within Tuesday’s candle range.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. A breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

Focus on today
This morning USDCAD has opened quietly as the price trades withins Wednesday’s candle range.
 
I am this morning monitoring the price action for a potential test of the 1.0857 level being the daily swing low of the 9th April

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0940 resistance level.


AUDUSD



Summary
Wednesday AUDUSD had a quiet day as the price action trade within Tuesday’s candle range.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.


Focus on today
This morning AUDUSD has opened positively as the price trades at the  price action tests the 0.9390 resistance level.
 
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.



Oil



Summary
Wednesday Oil traded broke above the 100 level and tested the 34 period daily moving averages.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong downward correction and bounce off the 98.00 support level.

Focus on today
This morning Oil has opened quietly as the price action trades within Wednesday’s candle range.

Today I am monitoring the price action for a test of the 34 period daily moving averages.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
9th May 2014





EURUSD




Summary
Thursday EURUSD experienced some strange price action. Initially EURUSD broke higher and traded above the 1.3966 level being the 2014 high. However EURUSD immediatley reversed its directrion and collapsed by over 150 pips. This move down was only halted when EURUSD hit the top of the prior broken triangle formation.

Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high.  The daily trend is now in gear with the strong weekly up trend. Yesterday’s collapse has brought EURUSD back into the averages and support. This can possibly be viewed as a value area to add longs.

Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Thursday’s candle range.

I am this morning monitoring the price action for a potential test of the 34 period daily moving averages and trend line support.

Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a bounce off support and move back to the 8 period daily moving averages.




GBPUSD



Summary
Thursday GBPUSD had a quiet day as the price action consolidated at the highs of this weeks range.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

Focus on today
This morning GBPUSD has opened quietly as the price trades at the 8 period daily moving averages.

I am today monitoring the price action for a test of the 1.6985 resistance level.

Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the 1.6795 support level.



USDJPY




Summary
Thursday USDJPY traded within the prior two days candle ranges.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.

Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.

Alternatively a failure to sustain lower prices could see USDJPY trade back to the averages.
 


USDCHF



Summary
Thursday USDCHF broke down and at one point tested the 2014 low. However the direction immediatley reversed its direction. USDCHF rallied strongly. By the close of business USDCHF had end the day above the 8 period daily moving averages.
 
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend.  The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.

Focus on today
This morning USDCHF has opened quietly as it trades above yesterday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can potentially bounce lower off trend line resistance.

Alternatively a failure to sustain lower prices could see USDCHF test both the 34 period daily moving averages trend line resistance.


Gold



Summary
Thursday Gold had a quiet day as the price action traded at lows of Wednesday’s range.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has opened quietly as the price action trades within Thursday’s candle range.
 
Today I am monitoring the price action for Gold to test the 1270 support level.

Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.



USDCAD



Summary
Thursday USDCAD experienced a strong down day as the price action breached the 9th April low and moved towards the 1.0790 support level.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

Focus on today
This morning USDCAD has opened quietly as the price trades at the lows of Thursday’s candle range.
 
I am this morning monitoring the price action for a potential test of the 1.0790 support level.

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to 8 periods daily moving averages.




AUDUSD



Summary
Thursday AUDUSD had a strong up day as the price action tested the 0.9390 resistance level.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

Focus on today
This morning AUDUSD has opened quietly as the price trades at the price action trades at the highs of Thursday’s candle ranges.
 
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.





Oil



Summary
Thursday Oil traded above the 100 level and the 8 period daily moving averages.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong downward correction and bounce off the 98.00 support level.

Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.

Today I am monitoring the price action for a test of the 34 period daily moving averages.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
13th May 2014






EURUSD



Summary
Monday EURUSD traded in a small range for the entire days business.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now moved into an area of Fibonacci support. This Fibonacci zone could possibly be viewed as a value area where longs could potentially be added.

Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Monday’s candle range.

I am this morning monitoring the price action for a potential bounce back up to the 34 period daily moving averages and trend line resistance.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a test of Friday’s low and the 1.3672 level being the 4th April swing low.


GBPUSD



Summary
Monday GBPUSD traded at tge lows of Friday’s candle range.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.

Focus on today
This morning GBPUSD has opened quietly as the price action trades within Monday’s candle range.
 
I am today monitoring the price action for a test of the 1.6795 support level.

Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 8 period daily moving averages.


USDJPY



Summary
Monday USDJPY traded higher as the price action closed above prior three days candle ranges.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened positively as the price action trades tests the 34 period daily moving averages.

Today I am monitoring USDJPY for a test of the 34 period daily moving averages.

Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.



USDCHF



Summary
Monday USDCHF continued to trade higher as the price action closed above Friday’s high.
 
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

Focus on today
This morning USDCHF has opened quietly as it trades within Monday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.

Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.



Gold



Summary
Monday Gold experienced a volatile days trading as the price action traded both above and below its averages.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has open quietly as it trades within Monday’s candle ranges. 
 
Today I am monitoring the price action for Gold to test the 1270 support level.

Alternatively a failure to sustain lower prices could see Gold trade back up to the 1310.00 resistance level.



USDCAD



Summary
Monday USDCAD experienced a very quiet days trading following Friday’s impressive rally.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

Focus on today
This morning USDCAD has opened quietly as the price trades within Monday’s candle range.
 
I am this morning monitoring the price action for a potential test of trend line resistance.

Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD trades back down to the Friday’s lows.
 

AUDUSD



Summary
Monday AUDUSD had a quiet day as the price action tested the 0.9390 resistance level.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

Focus on today
This morning AUDUSD has opened negatively as the price trades at the price action trades below Monday’s candle ranges.
 
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.


Oil



Summary
Monday Oil traded continued to trade within the 8  and 34 period daily moving averages.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong downward correction and bounce off the 98.00 support level.

Focus on today
This morning Oil has opened quietly as the price action trades within Monday’s candle range.

Today I am monitoring the price action for a test of the 34 period daily moving averages.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
14th May 2014




EURUSD



Summary
Tuesday EURUSD broke lower as it traded towards the 1.3672 level being the 4th April swing low.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.

Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Tuesday’s candle range.

I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.

Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to yesterday’s high.


GBPUSD



Summary
Tuesday GBPUSD closed lower as the price action moved into the direction of the 1.6795 support level.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 3 periods.

Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.
 
I am today monitoring the price action for a test of the 1.6795 support level.

Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 8 period daily moving averages.


USDJPY



Summary
Tuesday USDJPY traded higher as the price action tested the 34 period daily moving averages.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened quietly as the price action trades within Tuesday’s candle ranges.

Today I am monitoring USDJPY for a test of the 34 period daily moving averages.

Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.

 


USDCHF



Summary
Tuesday USDCHF continued to trade higher as the price action moved towards the 0.8930 resistance level.
 
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.

Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.


Gold



Summary
Tuesday Gold traded within Tuesday’s candle range for the entire day’s business.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has open quietly as it trades within Tuesday’s candle ranges. 
 
Today I am monitoring the price action for Gold to test the 1270 support level.

Alternatively a failure to sustain lower prices could see Gold trade back up to the 1310.00 resistance level.


USDCAD



Summary
Tuesday USDCAD traded higher as the price action tested the downward sloping trend line.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

Focus on today
This morning USDCAD has opened quietly as the price trades within Tuesday’s candle range.
 
I am this morning monitoring the price action for a potential test of trend line resistance.

Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD trades back down to the Friday’s lows.


AUDUSD



Summary
Tuesday AUDUSD had a quiet day as the price action tested the 0.9390 resistance level.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.

Focus on today
This morning AUDUSD has opened positively as the price trades at the price action trades above Tuesday’s candle ranges.
 
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.


Oil



Summary
Tuesday Oil broke higher as the price action closed above the 34 period daily moving averages.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.

Focus on today
This morning Oil has opened quietly as the price action trades at the highs of Tuesday’s candle range.

Today I am monitoring the price action for a test of the 103.00 resistance level.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
15th May 2014




EURUSD




Summary
Wednesday EURUSD experienced a quiet day as the price action traded at the lows of Tuesday’s candle range.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.

Focus on today
This morning EURUSD has opened quietely as the price action trades within Wednesday’s candle range.

I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.

Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to Tuesday’s high.


GBPUSD



Summary
Wednesday GBPUSD traded lower as the price action breached the 1.6795 support level and tested moving average and trend line support.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 4 periods.

Focus on today
This morning GBPUSD has opened quietly as the price action trades within Wednesday’s candle range.
 
I am today monitoring the price action for a test of the 1.6700 support level.

Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.



USDJPY



Summary
Wednesday USDJPY traded lower as the price action tested the 101.70 support level.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened quietly as the price action trades within Wednesday’s candle ranges.

Today I am monitoring USDJPY for a test of the 34 period daily moving averages.

Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.

 


USDCHF



Summary
Wednesday USDCHF experienced a quiet day as the price action failed to test the 0.8930 resistance level.
 
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

Focus on today
This morning USDCHF has opened quietly as it trades within Wednesday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.

Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.


Gold



Summary
Wednesday Gold broke higher as the price action tested the 1310.00 resistance level.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has open quietly as it trades within Wednesday’s candle ranges. 
 
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.


USDCAD



Summary
Wednesday USDCAD tested but failed to breach the downward sloping trend line.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

Focus on today
This morning USDCAD has opened negatively as the price action has broken down from the downward sloping trend line.
 
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.


AUDUSD



Summary
Wednesday AUDUSD made a strong effort to break above the  0.9390 resistance level. However by the close of business the price action failed to close above this level.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.

Focus on today
This morning AUDUSD has opened positively as the price trades at the price action trades within Wednesday’s candle ranges.
 
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.


Oil



Summary
Wednesday Oil traded higher but was not able to test the 103.00 resistance level.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.

Focus on today
This morning Oil has opened quietly as the price action trades within Wednesday’s candle range.

Today I am monitoring the price action for a test of the 103.00 resistance level.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
 16th May 2014


EURUSD



Summary
Thursday EURUSD spiked lower as it traded under the 1.3672 level being the 4th April swing low. However EURUSD was not able to sustain the move lower. Buyers did come into the market at support which had the result of EURUSD pairing most of its losses.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area. Yesterday’s price action and more specifically the reject of lower prices at support opens up the possibility for a move back up to the averages.

Focus on today
This morning EURUSD has opened quietely as the price action trades within Thursday’s candle range.

I am this morning monitoring the price actions for a potential move back up to the averages.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of the 1.3672 level being the 4th April swing low.



GBPUSD




Summary
Thursday GBPUSD traded lower as the price action continued to test moving average and trend line support.

Market overview
 GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.

From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

Focus on today
This morning GBPUSD has opened quietly as the price action trades within Thursday’s candle range.

I am today monitoring the price action for a test of the 1.6700 support level.

Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.



USDJPY



Summary
Thursday USDJPY traded lower as the price action closed under the 101.70 support level.

Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened quietly as the price action trades within Thursday’s candle ranges.

Today I am monitoring USDJPY for a test of the 34 period daily moving averages.

Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.



USDCHF



Summary
Thursday USDCHF spiked higher as the price action breached the 0.8930 resistance level and moved into the Fibonacci resistance level. However the move higher was viewed as a shorting opportunity by bears and this led to a substantial sell off.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

Focus on today
This morning USDCHF has opened quietly as it trades within Thursday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.

Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.


AUDUSD



Summary
Thursday AUDUSD traded lower as the price action tested the 34 period daily moving averages.

Market overview
 AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.

Focus on today
 This morning AUDUSD has opened quietly as the price trades within Thursday’s candle ranges.

I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.



GOLD



Summary
Thursday Gold traded lower as the price action traded back down to the averages.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has open quietly as it trades within Thursday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1310.00 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.




OIL



Summary
Thursday Oil traded traded lower as the price action tested the 34 period daily moving averages.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.

Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.

Today I am monitoring the price action for a test of the 103.00 resistance level.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.




USDCAD



Summary
Thursday USDCAD traded lower as the price action traded down from the averages.

Market overview
 USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

Focus on today
This morning USDCAD has opened quietley as the price action trades within Thursday’s candle range.

I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.

[ACFX AtlasCapital]

Daily Technical Analysis
16th May 2014







EURUSD



Summary
Friday EURUSD experienced a quiet day as the price action traded within Thursday’s range.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area. The recent reject of lower prices at support opens up the possibility for a move back up to the averages.

Focus on today
This morning EURUSD has opened positivley as the price action tests the highs of Friday’s candle range.

I am this morning monitoring the price actions for a potential move back up to the averages.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of Friday’s low.


GBPUSD



Summary
Friday GBPUSD traded lower as the price action tested the 8 period moving averages and closed above trend line support.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.

From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

Focus on today
This morning GBPUSD has opened quietly as the price action trades within Friday’s candle range.
 
I am today monitoring the price action for a test of the 8 period moving averages.

Alternatively if GBPUSD cannot sustain higher prices could see the price action back to the the 1.6795 resistance level.




USDJPY



Summary
Friday USDJPY experienced a quiet day as the price action traded within Thursday’s range.
 
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.

Focus on today
This morning USDJPY has opened negatively as the price action test the lows of Friday’s candle ranges.

Today I am monitoring USDJPY for a test of the 101.00 level.

Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.
 


USDCHF



Summary
Friday USDCHF experienced a quiet day as the price action traded within Thursday’s range.
 
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

Focus on today
This morning USDCHF has opened quietly as it trades within Friday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.



Gold



Summary
Friday Gold experienced a quiet day as the price action traded around the averages.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has open quietly as it trades within Friday’s candle ranges. 
 
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.




USDCAD



Summary
Friday USDCAD traded lower as the price action traded down from the averages.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

Focus on today
This morning USDCAD has opened quietley as the price action trades within Friday’s candle range.
 
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.
 


AUDUSD



Summary
Friday AUDUSD experienced a quiet day as the price action traded within Thursday’s range.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.

Focus on today
This morning AUDUSD has opened quietly as the price trades within Friday’s candle ranges.
 
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.


Oil



Summary
Friday Oil traded traded higher as the price action bounced off the 34 period daily moving averages.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.

Focus on today
This morning Oil has opened positively as the price action trades above Friday’s candle range.

Today I am monitoring the price action for a test of the 103.00 resistance level.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
20th May 2014







EURUSD




Summary
Monday EURUSD traded most of the day marginally higher as the price action tested the highs of the previous 3 day range.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. The recent rejection of lower prices at the 1.3672 support level being the swing low of the 4th April and bounce off the 34 period weekly moving averages has opened up the possibility for a move back up to the averages.

However that the price action is now trading at the 8 period daily moving averages draws our attention is drawn to a potential negative rotation at an area of resistance.

Focus on today
This morning EURUSD has opened quietley as the price action trades within Monday’s candle range.

I am this morning monitoring the price actions for a potential test of the 8 period daily moving averages.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of 1.3764 level being the swing low.


GBPUSD



Summary
Monday GBPUSD experienced a quiet day with the price action confined within the averages.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD break under this average and now test trend line support.

From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

Focus on today
This morning GBPUSD has opened quietly as the price action trades within Monday’s candle range.
 
I am today monitoring the price action for a test of the 8 period moving averages.

Alternatively if GBPUSD cannot sustain higher prices could see the price action back to the 1.6795 support level.





USDJPY



Summary
Monday USDJPY spiked lower as the price action tested the 101.00 level. However by the close of business USJPY had paired most of its losses.
 
Market overview
Yesterday’s breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the move beneath the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.

Focus on today
This morning USDJPY has opened quietly as the price action trades within Monday’s candle ranges.

Today I am monitoring USDJPY for a test of the 101.00 level.

Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.
 


USDCHF



Summary
Monday USDCHF experienced a quiet day as the price action traded within Thursday’s range.
 
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

Focus on today
This morning USDCHF has opened quietly as it trades within Monday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.



Gold



Summary
Monday Gold experienced a quiet day as the price action traded around the averages.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has open quietly as it trades within Monday’s candle ranges. 
 
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.


USDCAD



Summary
Monday USDCAD traded higher as the price action traded back up to the averages.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.

Focus on today
This morning USDCAD has opened positivley as the price action trades above Monday’s candle range.
 
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retests the downward sloping trend line.


AUDUSD



Summary
Monday AUDUSD traded lower as the price action tested the 34 period daily moving averages.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

Furthermore this morning we have witnessed a break beneath the averages and trend line support. The opens up a possibility of a lower high forming which adds further weight to the short side.

Focus on today
This morning AUDUSD has opened negatively as the price trades under the averages and trend line support.
 
I am this morning monitoring the price action for a potential sustained move under trend line support.

Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back up to the broken trend line.


Oil



Summary
Monday Oil traded traded higher as the price action moved into the direction of the 103 resistance level. However by the closed of business Oil had lost the majority of its gains.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.

Focus on today
This morning Oil has opened positively as the price action within Monday’s candle range.

Today I am monitoring the price action for a test of the 103.00 resistance level.

Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.

[ACFX AtlasCapital]

Daily Technical Analysis
21st  May 2014






EURUSD



Summary
Tuesday EURUSD experienced a quiet days trade as the price action traded marginally lower. However by the end of business EURUSD had paired the majority of its losses.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. The recent rejection of lower prices at the 1.3672 support level being the swing low of the 4th April and bounce off the 34 period weekly moving averages has opened up the possibility for a move back up to the daily averages.

However that the price action is now trading at the 8 period daily moving averages draws our attention is drawn to a potential negative rotation at an area of resistance.

Focus on today
This morning EURUSD has opened quietley as the price action trades within Tuesday’s candle range.

I am this morning monitoring the price actions for a potential test of the 8 period daily moving averages.

Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a retest of 1.3764 level being the swing low.




GBPUSD




Summary
Tuesday GBPUSD traded marginally higher as the price action bounced off the averages and trend line support.

Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. More recently GBPUSD has managed to break above its daily moving averages which can be seen positively for GBPUSD.

From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.
 
I am today monitoring the price action for a sustained move above the 8 period moving averages.

Alternatively if GBPUSD cannot sustain higher prices could see the price action back to the 1.6795 support level.





USDJPY



Summary
Tuesday USDJPY resumed its bearish momentum as the price action moved away from the 101.70 resistance level and 8 period daily moving averages.
 
Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the move beneath the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.

Focus on today
This morning USDJPY has opened negatively as the price action tests within Tuesday’s candle ranges.

Today I am monitoring USDJPY for a test of the 101.00 level.

Alternatively a failure to sustain lower prices could see USDJPY trade back to the 101.70 level.
 


USDCHF



Summary
Tuesday USDCHF experienced a quiet day as the price action tested the 0.8930 resistance level.
 
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle ranges.
 
Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

Alternatively a failure to sustain higher prices could see USDCHF test the 8 period daily moving averages.




Gold



Summary
Tuesday Gold experienced a quiet day as the price action traded around the averages.
 
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has open quietly as it trades within Tuesday’s candle ranges. 
 
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.


USDCAD



Summary
Tuesday USDCAD traded higher as the price action tested the downward sloping trend line.

Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

More recently USDCAD has corrected back to the 8 period daily moving averages and trend line resistance which could possibly be viewed as a value area to add shorts.

Focus on today
This morning USDCAD has opened quietley as the price action trades at the highs of Tuesday’s candle range.
 
I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades up to the 1.0940 resistance level.



AUDUSD



Summary
Tuesday AUDUSD continued to trade lower as the price action broke trend line support and traded towards the 0.9200 level being the 2nd May swing low.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

Yesterday’s downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.

Focus on today
This morning AUDUSD has opened negatively as the price trades under Tuesday’s candle ranges.
 
I am this morning monitoring the price action for a potential a test of the 0.9200 level being the 2nd May swing low.

Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back up to the broken trend line.


Oil



Summary
Tuesday Oil found support at its averages and broke higher as the price action tested the 103.00 resistance level.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.

Focus on today
This morning Oil has opened quietly as the price action at the highs Tuesday’s candle range.

Today I am monitoring the price action for a test of the 103.00 resistance level.

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

[ACFX AtlasCapital]

Daily Technical Analysis
 28th May 2014







EURUSD




Summary
Tuesday EURUSD traded lower in what was a good range day.

Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. The past three days price action has seen a sustained move under this last support level.

Focus on today
This morning EURUSD has opened quietly as the price action trades within Tuesday’s candle range.

I am this morning monitoring the price actions for a potential test of the 1.3550 support level.

Alternatively if EURUSD fails to sustain lower prices there is a possibility we see the price action trade back up to the 1.3670 level.


GBPUSD



Summary
Tuesday GBPUSD traded marginally lower as the price action tested the 1.6795 support level.

Market overview
 GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. More recently GBPUSD has managed to break above its daily moving averages which can be seen positively for GBPUSD.

From a weekly perspective the price action is now testing the 8 period weekly moving averages. As the both daily and weekly trends remain positive I am monitoring the price action at this potential value area where longs can be added.

Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.

I am today monitoring the price action for a sustained move above the 8 period moving averages.

Alternatively if GBPUSD cannot sustain higher prices could see the price action test the 1.6795 support level.


USDJPY



Summary
Tuesday USDJPY traded within the 8 and 34 period daily moving averages.

Market overview
The breach of the 101.32 level being the swing low of the 11th April has effectively changed the daily trend to down. However the weekly trend continues to trade within an uptrend. I am now monitoring the price action for signs of a continuation under the 101.32. A failure to sustain a move beneath this level would put forward the possibility that the breach of the 101.32 level was a fake break down which could lead to further a resumption of the prior uptrend.

Focus on today
This morning USDJPY has opened quietly as the price action tests within Tuesday’s candle ranges.

Today I am monitoring USDJPY for a test of the 101.70 level.

Alternatively a failure to sustain lower prices could see USDJPY test the 34 period daily moving averages.


USDCHF



Summary
Tuesday USDCHF experienced a strong up day as the price action tested the 61.8% Fibonacci resistance level.

Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.

Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle ranges.

Today I am monitoring the price action to see if USDCHF can potentially trade higher and retest Fibonacci resistance.

Alternatively a failure to sustain higher prices could see USDCHF test the 8 period daily moving averages.


AUDUSD



Summary
Tuesday AUDUSD continued to trade higher as the price action tested the 8 period daily moving averages.

Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.

The downside break opens up the possibility of a breach of the 0.9200 level being the 2nd May swing low. A breach of this level will technically change the daily trend to down.

Focus on today
This morning AUDUSD has opened quietly as the price trades under Tuesday’s candle ranges.

I am this morning monitoring the price action for a potential a test of the 34 period daily moving averages.

Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD tests the 34 period daily moving averages.


GOLD



Summary
Thursday Gold traded lower as the price action traded back down to the averages.

Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.

However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.

Focus on today
This morning Gold has open quietly as it trades within Thursday’s candle ranges.

Today I am monitoring the price action for Gold to test the 1310.00 resistance level.

Alternatively a failure to sustain higher prices could see Gold trade back up to the 1270.00 support level.


OIL



Summary
Tuesday Oil continues to trade above the 8 period daily moving averages as the price action moves into the direction of the prior 2014 highs.

Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.

The recent price action has seen a strong bounce off the 98.00 and 100.00 support level. I am monitoring the price action for a move up to the 105.00 level being the April high.

Focus on today
This morning Oil has opened quietly as the price action at the highs Tuesday’s candle range.

Today I am monitoring the price action for a test of the 105.00 level being the April high.

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


USDCAD



Summary
Tuesday USDCAD traded lower as the price action traded back down to the prior broken downward sloping trend line.

Market overview
 USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.

More recently USDCAD has corrected back to and breach both the 8 period daily moving averages and trend line resistance. The price action rejected its attempt to breach the 34 period daily moving averages. A failure to sustain a move above this average opens up the possibility of a resumption of the daily down trend.

A breach of the 1.0813 being the 8th May swing low would confirm that the daily down trend is intact.

Focus on today
This morning USDCAD has opened quietley as the price action trades at the highs of Tuesday’s candle range.

I am this morning monitoring the price action for a potential move into the direction of the 1.0790 support level.

Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD retest the broken 34 period daily moving averages.