Daily Technical Analysis

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MARKET BRIEFING – LONDON OPEN 20.08.2015



Today Greece prepares to receive the first tranche of the new 86 billion euro bailout deal, which was approved by German Bundestag yesterday.  However, there is still a lot of scepticism whether Greece will be able to implement all the reforms required by the three-year financial aid programme.

The cash-strapped country is due to receive the first instalment from the European Stability Mechanism amounting to 26 billion euro, 13 billion euro of which will be available immediately, so the bond’s repayment to the European Central Bank can be made without delay. The rest of the funds will be distributed to the country in several parts and will help Greece to recapitalize its struggling banking sector.

Under the current program Greece should undertake strict conditions which are “aiming at setting right public finances and administration and dealing with the economy and problems in the financial sector” – the Dutch Finance Minister and Eurogroup president Jeroen Dijsselbloem said in his statement.

The implementation of the reforms will be closely monitored and assessed whether all the commitments are met. The International Monetary Fund will review the current Greece bailout programme in order to decide whether to participate in it.

The agreement was approved by the German Bundestag after the intensive debates regarding the sustainability of the new deal.

“Following three hours of lively debate, 453 voted in favour of the rescue package, while 113 voted against it and 18 MPs abstained. A total of 63 MPs of Angela Merkel’s CDU/CSU conservative alliance rebelled against the government despite warnings that there would be consequences if they failed to toe the party line. Three conservative MPs were among those who abstained” – as the Guardian reports.

“Bundestag observers said that despite being held during the summer holiday and with some MPs either ill or unable to return from far-flung places, never had so few voted in such an important vote. It was a sign of how controversial the topic has been” – it continues.



EURUSD



The intraday technical outlook

Trend 1 hour: Range

Target 1: 1.1217

Target 2: 1.1021

Projected range in ATR’s: 0.0105

Daily control level: 0.0980





GBPUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.5781

Target 2: 1.5577

Projected range in ATR’s: 0.0102

Daily control level: 1.5550





USDJPY



The intraday technical outlook

Trend 1 hour: Range

Target 1: 125.44

Target 2: 124.12

Projected range in ATR’s: 0.6561

Daily control level: 123.00




USDCHF



The intraday technical outlook

Trend 1 hour: Range

Target 1: 0.9744

Target 2: 0.9570

Projected range in ATR’s: 0.0087

Daily control level: 0.9900






USDCAD



The intraday technical outlook

Trend 1 hour: Range

Target 1: 1.3247

Target 2: 1.3007

Projected range in ATR’s: 0.0120

Daily control level: 1.2960




AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7434

Target 2: 0.7258

Projected range in ATR’s: 0.0088

Daily control level: 0.7425




GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1148.02

Target 2: 1119.10

Projected range in ATR’s: 14.46

Daily control level: 1112.00





OIL



The intraday technical outlook

Trend 1 hour: Down

Target 1: 48.77

Target 2: 45.77

Projected range in ATR’s: 1.5029

Daily control level: 51.10



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MARKET BRIEFING – LONDON OPEN 21.08.2015



A little over 7 months ago Alexis Tsipras led his SYRIZA party to an election victory on January 26. Mr. Tsipras since taking the leadership of the radical left SYRIZA in 2009 has been a driving force that has swept away the political elite that has taken Greece to the brink of ruin and bankruptcy.

Alexis has had an eventful tenure as the Greek Prime. His party was elected to office on a promise to roll back the much-hated austerity program. His leadership did cause a great deal of political and economic instability, but it also opened up the debate on which way the European project was heading.

Although Tsipras pressed home his domestic popularity by winning a referendum which said no to further austerity, the realities of the grim economic situation and hard line taken by European partners of Greece led to a dramatic U-turn by the Greek Prime Minister.

Alexis Tsipras acceptance of the harsh terms set out in the third austerity programme has now split the SYRIZA party. The left faction of the party led by the former Energy Minister Panagiotis Lafazanis and the former Parliamentary Speaker Zoe Konstantopoulou both former close associates of Alexis Tsipras have become the Greek Prime Ministers most outspoken critics.

The Greek political system has always been known for its fractious character. With the anger and opposition from the radical elements to the new austerity agreement being so strong, the possibility of the left faction splintering away from the core of SYRIZA is now very high.

The strength of internal opposition within his own SYRIZA party and the size political U-Turn which in Greek is called a kolotoumba performed by Mr.Tsipras meant that his resignation and the request of a fresh mandate from the Greek public was always on the cards and as such is not a great surprise.

The Greek Prime Minister has a moral obligation to ask the Greek people to back him and the EUR 86 billion three-year bailout agreement. The calling of the snap election is a risk, but the popularity of Tsipras is high. If you add to this the relief of the Greek public to the acceptance of the austerity programme the possibility of Alexis Tsipras once again leading the rump of what remains of SYRIZA to a second election victory is strong.

The timing of this election could not be better. Tsipras having transformed himself from an activist of the left to a new-born liberal of the political establishment also has support from other European Governments and European and international institutions. In reality only Alexis Tsipras as the leader of a new Greek Government that is untouched by the political scandals, corruption and mismanagement that blighted the establishment regimes of PASOK and New Democracy can sell to the Greek people a rescue plan that is heavy on spending cuts and tax rises.

Does Mr. Tsipras agree to the plan? Well, that is another question but what choice did he have other than the unthinkable of exiting the Eurozone.



EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1346

Target 2: 1.1134

Projected range in ATR’s: 0.0106

Daily control level: 1.1100




GBPUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.5790

Target 2: 1.5586

Projected range in ATR’s: 0.0102

Daily control level: 1.5600



USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 124.09

Target 2: 122.67

Projected range in ATR’s: 0.71

Daily control level: 124.00





USDCHF



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9672

Target 2: 0.9494

Projected range in ATR’s: 0.0089

Daily control level: 0.9650




USDCAD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3216

Target 2: 1.2956

Projected range in ATR’s: 0.0130

Daily control level: 1.3050




AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7422

Target 2: 0.7246

Projected range in ATR’s: 0.0088

Daily control level: 0.7400



GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1149.19

Target 2: 1117.97

Projected range in ATR’s: 15.61

Daily control level: 1108.00




OIL



The intraday technical outlook

Trend 1 hour: Down

Target 1: 42.48

Target 2: 39.52

Projected range in ATR’s: 1.48

Daily control level: 42.50






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MARKET BRIEFING – LONDON OPEN 26.08.2015




The People’s Bank of China cut interest rate and also has lowered the reserve requirements for the banking sector yesterday, hoping to support the struggling economy. The one-year benchmark interest rate was cut by 25 basis points, with the current rate now of 4.6 percent. At the same time the reserves were allowed to be reduced by 50 basis points to 18 percent.

The action followed one more day stock plunging on Tuesday, seeing the investors desperate in expectations of new supportive measures by the Chinese government. The major Chinese indices declined to more than 8 percent on Monday, with the following day’s decline accounted to approximate 7 percentage points.

The attempt to support plunging market was the next step after the investments of hundreds of billions dollars by the Chinese government to support the equities, failed to bring any sustainable result.

The China’s turmoil, the world’s second-largest economy and one of the main global engines, has sent a shockwave around the world, causing all the major indexes to decline sharply on Monday, which consequently was called “Black Monday”, as the amount of losses counted in billions of dollars.

Despite all the efforts to prop-up the Chinese stock market, the decline continues, with Shanghai Composite declining by another 1.3 percent by yesterday’s close. The index is now trading at 2927 level, its lowest since December 2014.

FTSE100, the main British benchmark index continued the decline, despite the brief retracement last afternoon. It is currently trading below 6000 mark, losing 1.8 percent of the value. The German DAX is following the trend with 1.9 percent loss up to now, trading at 9.955 this morning. French CAC 40 faced similar faith, declining 2.05 percent up to now.

The US Dollar Index has retraced to trade above 94.00 mark, after it reached 92.52 low on Monday. In the meantime, EURUSD has reconfirmed the reversal to the upward trend, currently trading around 1.1500 level. High volatility seems very likely to hold in the coming days.


 
EURUSD



The intraday technical outlook

Trend 1 hour: Range

Target 1: 1.1748

Target 2: 1.1486

Projected range in ATR’s: 0.0131

Daily control level: 0.0980



GBPUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.5880

Target 2: 1.5670

Projected range in ATR’s: 0.0105

Daily control level: 1.5615



USDJPY



The intraday technical outlook

Trend 1 hour: Range

Target 1: 119.62

Target 2: 117.18

Projected range in ATR’s: 1.2151

Daily control level: 124.60



USDCHF



The intraday technical outlook

Trend 1 hour: Range

Target 1: 0.9407

Target 2: 0.9193

Projected range in ATR’s: 0.0107

Daily control level: 0.9670





USDCAD



The intraday technical outlook

Trend 1 hour: Range

Target 1: 1.3416

Target 2: 1.3156

Projected range in ATR’s: 0.0130

Daily control level: 1.2960



AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7256

Target 2: 0.7056

Projected range in ATR’s: 0.0100

Daily control level: 0.7360




GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1172.02

Target 2: 1138.68

Projected range in ATR’s: 16.67

Daily control level: 1112.00


OIL



The intraday technical outlook

Trend 1 hour: Down

Target 1: 44.73

Target 2: 41.55

Projected range in ATR’s: 1.5940

Daily control level: 49.30



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MARKET BRIEFING – LONDON OPEN 27.08.2015




The Dow Jones Industrial Average index surged higher last afternoon, closing the day with the biggest single day gains since 2011.

The indicator was trading 627 points higher and after incurring substantial volatility during the day closed 619 points up, which amounts to 3.96 percent of the index increase. S&P 500 at the same time rose to 3.90 percent, lifting by 72.90 points to 1.940,51 level.

William Dudley, the President of the NY Federal Reserve has hinted in the yesterday’s speech at the press conference about the local and regional economy that the interest rate hike is still on the agenda, though with probabilities of the event occurring later than in September, as was previously projected by investors based on the Janet Yellen earlier communications.

The influential speaker has also reassured the auditory that the recent turmoil in China will not affect the US economy significantly.

“The decision to begin the normalization process at the September FOMC meeting seems less compelling to me than it was a few weeks ago,” he said.

“The stock market has to move a lot – and stay there – to have implications for the US economy. What we’re seeing is not a US problem. This is very different from the financial crisis.”

The indications of the hike delay, meaning that the credit costs will remain at the low levels for some time have calmed down the investors. The action is expected to affect positively the global markets, as the prospect of the investments outflow now seems to be reduced.

Nevertheless, Chinese markets continued on the way down, with even the Tuesday’s interest rate cut and further injection of 140 billion yuan by the government on Wednesday were incapable to support the situation. The Shanghai Composite closed down 1.3% yesterday, the fifth consecutive session towards the south.

The People’s Bank of China decided to cut interest rate for the fifth time in nine month so to induce banks for more funds availability to the public, as Chinese economic growth and manufacturing output are slowing down. The current official figures show the growth rate at 7 percent, whereas many analysts agree that the real figure will be closer to 5 percent.

European markets were tumbling as well, with the British FTSE 100 closing the day 102 points lower and 15 percent down from its record high. Germany’s DAX and Spain’s IBEX both lost 1.3 percent, while the French CAC dropped 1.4 percent.

The US Dollar index has opened this morning higher, trading up for the third consecutive day. The index is currently fluctuating around 95.35 level, rebounding from the Monday’s low of 92.52.



EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1464

Target 2: 1.11164

Projected range in ATR’s: 0.0141

Daily control level: 0.0980




GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5571

Target 2: 1.5345

Projected range in ATR’s: 0.0113

Daily control level: 1.5615




USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 121.17

Target 2: 118.57

Projected range in ATR’s: 1.3040

Daily control level: 116.80



USDCHF



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9680

Target 2: 0.9410

Projected range in ATR’s: 0.0135

Daily control level: 0.9780




USDCAD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3428

Target 2: 1.3154

Projected range in ATR’s: 0.0130

Daily control level: 0.0137





AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7221

Target 2: 0.7021

Projected range in ATR’s: 0.0100

Daily control level: 0.7360




GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1143.58

Target 2: 1107.58

Projected range in ATR’s: 18.00

Daily control level: 1112.00


OIL



The intraday technical outlook

Trend 1 hour: Down

Target 1: 45.80

Target 2: 42.50

Projected range in ATR’s: 1.6471

Daily control level: 49.30



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MARKET BRIEFING – LONDON OPEN 28.08.2015



Asian shares prolonged their upturn as the Chinese and US markets were recovering for the second consecutive day.

Chinese benchmark Shanghai Composite index surged 5.3 percent higher by the yesterday’s close, after crushing by 23 percent over the last five sessions. The revival came after it was announced that the People’s Bank of China purchased additional stock becoming a buyer of last resort, due to the absence of the real demand.

Moreover, it gave an order to the state-owned banks to purchase more of the national currency. These actions followed the reduction of the interest rate earlier this week for the fifth time in nine months.

Among the measures, which raised the market sentiment was the announcement that Chinese pension funds will invest as much as 313 billion US dollars in the country’s stock market. Analysts expect some more government intervention today, therefore propping up the weakened stock market further.

Positive news from China have affected well the global markets, diminishing the fears that the slowing Chinese economy would weight on the rest of the world which up to now wiped out more than 2 trillion US Dollars in market capitalization.

Wednesday comments by William Dudley, the Federal Reserve Bank of New York President, which hinted that the rate hike will be postponed from the earlier expected month of September, added more of a reassurance to investors.

The US preliminary GDP numbers beat the economists the expectations coming to 3.7 percent yesterday, have increased the desirability of the major world’s reserve currency, helping the dollar index gaining value for the third successive day in a row, which was trading above 96.00 level during the previous trading session.

Have all the above actions supported the real market upraise and will serve as a genuine revival or just as a mere dead cat bounce, should become clear within a short period of time.

 

EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1398

Target 2: 1.1090

Projected range in ATR’s: 0.0141

Daily control level: 0.0980



GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5515

Target 2: 1.5291

Projected range in ATR’s: 0.0112

Daily control level: 1.5615



USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 122.37

Target 2: 119.66

Projected range in ATR’s: 1.3588

Daily control level: 116.80


USDCHF



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9783

Target 2: 0.9537

Projected range in ATR’s: 0.0123

Daily control level: 0.9780




USDCAD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3326

Target 2: 1.3068

Projected range in ATR’s: 0.0129

Daily control level: 0.0137



AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7265

Target 2: 0.7063

Projected range in ATR’s: 0.0101

Daily control level: 0.7360




GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1142.98

Target 2: 1107.80

Projected range in ATR’s: 17.59

Daily control level: 1112.00




OIL



The intraday technical outlook

Trend 1 hour: Down

Target 1: 49.61

Target 2: 45.99

Projected range in ATR’s: 1.8129

Daily control level: 49.30




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MARKET BRIEFING – LONDON OPEN 31.08.2015



The European equities have opened lower this morning following their Asian counterparts, as worries over Chinese government support abandonment invoked the selling mood in investors.

The UK markets will remain closed due to the British bank holiday today.

Following the Chinese government decision to call off the further support to the country stock markets, the Shanghai Composite Index declined nearly 3 percent on Monday, following last week revival.

German DAX 30 opened 0.8 percent lower at 10,202.00 this morning, continuing the daily downward trend the Index of the largest EU economy has formed in the middle of this July. The EU Stoxx 50 had a similar fate, opening at 3,261.50, decreasing approximately 0.70 percent.

The German Retail Sales numbers came out on the positive note today, increasing to 1.4 percent from -1.0 percent last month. This helped the common European currency rebound higher against the US Dollar, following four consecutive days of the decline last week.

The US dollar index itself was trading lower, bouncing off the 96.20 resistance level. The index is fluctuating within 93.00- 98.00 borders since the beginning of last April, with the signs of lost upward momentum.

Gold remained trading at the Friday’s close level, after it broke the upward trend support line at the end of the previous week. It seems the precious metal is expecting some additional data from the global markets in order to decide on the move further.

Looking at the forthcoming releases, at 10.00 am London time the EuroStat will publish the Eurozone’s August Consumer Price Index inflation estimates. The numbers are projected to stay without change, with the CPI Flash Estimate index being at 0.2 percent and the Core CPI Flash Estimate at 1.0 percent.



EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1325

Target 2: 1.1011

Projected range in ATR’s: 0.0157

Daily control level: 0.1020



GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5528

Target 2: 1.5298

Projected range in ATR’s: 0.0115

Daily control level: 1.5815


USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 123.04

Target 2: 120.24

Projected range in ATR’s: 1.4031

Daily control level: 124.60



USDCHF



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.97401

Target 2: 0.9500

Projected range in ATR’s: 0.0120

Daily control level: 0.9780



USDCAD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3335

Target 2: 1.3081

Projected range in ATR’s: 0.0127

Daily control level: 0.0137



AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7246

Target 2: 0.7054

Projected range in ATR’s: 0.0096

Daily control level: 0.7360




GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1150.70

Target 2: 1115.30

Projected range in ATR’s: 17.70

Daily control level: 1112.00






OIL



The intraday technical outlook

Trend 1 hour: Range

Target 1: 51.87

Target 2: 48.11

Projected range in ATR’s: 1.8800

Daily control level: 51.10



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MARKET BRIEFING – LONDON OPEN 01.09.2015



After the recent Chinese turmoil, many economists have shifted their outlook regarding the US interest rate hike closer to the end of the year, rather than the earlier expected month of September.

At the moment, the September rate hike has declined to below 50 percent according to a survey, conducted by Bloomberg recently, which is now down from 77 percent last month.

“Forty-eight percent of 54 economists surveyed Aug. 27-31 by Bloomberg News see a September increase in the benchmark lending rate, the first move up since 2006. That’s down from 77 percent in an Aug. 7-12 survey, though it is still double the 24 percent who say the first move will occur in December. Seventeen percent said October” – Bloomberg news agency reports.

The latest speech by the FOMC member and the Fed’s vice chairman Stanley Fischer at the 2015 Economic Symposium in Jackson Hole last Saturday gave no indications regarding the timing of the next rate increase. By and large, it seems to be a tough call for the Federal Reserve to make such a decision.

The Federal Reserve has last raised the interest rates nine years ago, with the increase by 25 basis points to 5.25 percent. However, following housing market collapse and the consequent sliding into recession have soon reversed these actions, with the Fed benchmark interest rate set between 0.0 percent and 0.25 percent by December 2008.

As the Federal Reserve monetary policy’s main function is to strive for the maximum employment and stable prices, in 2011 the central bank determined that 2 percent target inflation rate would be the best to achieve such results and keep the economic growth at a healthy pace.

A reduction of the interest rate is commonly promoting more consumer spending, increasing inflation and economic revival. This time, however, since the interest rate was already at zero and still deemed ineffective, further actions such a Quantitative easing programmes were taken. At the moment, all these measures have been completed and the US economy showing an improvement,  with the jobs market being almost at the prerecession at 5.3 percent unemployment rate.

Hence, the Fed have started to consider the interest rates tightening, with such expectations sending the US currency up since the May of 2014. However sharp interest rate hike could cause the damages to not yet fully healed US economy, therefore such steps are still causing a contemplation among the US policy makers. In addition, the only expectations of such actions have already disrupted the global markets and put pressure on the emerging economies.

Surely enough the next rate increase should not exceed 25 basis points. Regarding the timing, some further lights will be given at the next Federal Open Market Committee meeting on 17 of September.

 

EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1362

Target 2: 1.1058

Projected range in ATR’s: 0.0152

Daily control level: 0.1020






GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5460

Target 2: 1.5226

Projected range in ATR’s: 0.0117

Daily control level: 1.5815



USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 122.54

Target 2: 119.70

Projected range in ATR’s: 1.4158

Daily control level: 124.60





USDCHF



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9786

Target 2: 0.9554

Projected range in ATR’s: 0.0131

Daily control level: 0.9780




USDCAD



The intraday technical outlook

Trend 1 hour: Range

Target 1: 1.3270

Target 2: 1.3008

Projected range in ATR’s: 0.0131

Daily control level: 1.3055




AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7204

Target 2: 0.7018

Projected range in ATR’s: 0.0093

Daily control level: 0.7360



GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1150.47

Target 2: 1118.19

Projected range in ATR’s: 16.14

Daily control level: 1112.00




OIL



The intraday technical outlook

Trend 1 hour: Up

Target 1: 55.42

Target 2: 50.90

Projected range in ATR’s: 2.257

Daily control level: 42.55



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MARKET BRIEFING – LONDON OPEN 02.09.2015



September did not begin well for the global stock markets, attesting that the last week’s revival was probably just a mere dead cat bounce.

Rising worries about the China’s slowing economy is prompting the sell-off of the international equities. Numerous interventions by the Chinese government to stabilize the markets brought little result when the Chinese equities were collapsing from June’s high over the last two months.

Furthermore, weak manufacturing reports from China, Europe and the United States invoked additional concerns about the prospects of the global growth.

European stocks followed the Asian ones down this morning, with no end to market volatility. The UK’s FTSE 100 opened 2.5 percent lower, after its worst month in the last four years. Earlier, Shanghai Composite index closed down a modest 1.2 percent, while Japan Nikkei slumped 3.8 percent, while the rest of the Asian equities were down to more than 2 percent.

There are still chances that the US Federal Reserve may still go ahead with the rate hike though probabilities of such an action significantly lower after last month markets turbulence.

Such prospects increase investors’ insecurity, causing them to look for the stability elsewhere after withdrawing their investments from the emerging markets.  In addition, the likelihood of the rising borrowing costs in the US adds to the liquidity outflow from the more fragile economies.

Returning to the two most significant world’s commodities, we see the following picture.

Oil price fell to more than 3 percent yesterday, with the Brent crude being down to more than four dollars since last Monday highs and now trades at the below 50 mark, compared to the last summer’s high of above 115 US dollars per barrel.

The previous three-day revival of the commodity followed the news that OPEC expressed its willingness to discuss the mutually beneficial oil price level with the non-member oil producing countries. Nonetheless, the barriers for consensus between the counterparts still remain high.

The only significant frontrunner was Gold, with the investors seeking “the safe heaven” during the times of uncertainty. The precious metal was on the way up again, after 3.5 percent rise in August.

The analysts see the uncertainty likely to continue in the near future.




EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1464

Target 2: 1.1164

Projected range in ATR’s: 0.0150

Daily control level: 0.1020





GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5420

Target 2: 1.5186

Projected range in ATR’s: 0.0117

Daily control level: 1.5815





USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 120.84

Target 2: 117.86

Projected range in ATR’s: 1.4896

Daily control level: 124.60



USDCHF



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9703

Target 2: 0.9467

Projected range in ATR’s: 0.0118

Daily control level: 0.9780


USDCAD



The intraday technical outlook

Trend 1 hour: Range

Target 1: 1.3383

Target 2: 1.3129

Projected range in ATR’s: 0.0127

Daily control level: 1.3055





AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7109

Target 2: 0.6919

Projected range in ATR’s: 0.0095

Daily control level: 0.7360


GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1155.59

Target 2: 1123.69

Projected range in ATR’s: 15.95

Daily control level: 1112.00


OIL



The intraday technical outlook

Trend 1 hour: Up

Target 1: 55.49

Target 2: 46.55

Projected range in ATR’s: 2.469

Daily control level: 42.55



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MARKET BRIEFING – LONDON OPEN 03.09.2015




Unless you have been on vacation for the whole of August you might have noticed that the foreign exchange markets have been very volatile during the prior month.

During the summer months, we are supposed to see the markets trade within small ranges. However, this has not been the case with typical Average True Range levels (ATR) ranging from the 140’s for EURUSD down to a still very large 90’s for AUDUSD.

Although August has come and gone, the fallout from China still continues to rile the markets. With the summer coming to a close, the action on the Forex markets during the coming autumn and winter months should continue to entertain some and give others frayed nerves.

Having only arrived back from my own mini-family break yesterday I have had a busy couple of days trying to catch up and make sense of what has gone on before. What comes to mind is a market that offers a lot of upside opportunity and downside risk.

Understanding and being aware of the up and coming event risks is of paramount importance and although we are now nearing the close of the first week in September, event-driven market volatility could see Thursday and Friday experience some extreme price action.

The big event of today is, of course, the European Central Bank’s press conference which takes place at 1:30 pm (London). These events are always keenly anticipated however this press conference is taking place after the tumultuous events that can only be described as the real China syndrome.

We have already have had a taste of what could be in store for us with the ECB Executive Board Member Mr. Peter Praet stating that Central Banks inflation targeting will take into account any slowdown in China and the drop-off in the price of Oil.

Mario Draghi the ECB boss will no doubt touch on these issues during today’s press conference, however, there is the added worry of what to do about the Euro. Confidence in the single currency has returned with traders bidding up EURUSD during the late spring and summer months. Only last week from a technical perspective EURUSD printed a weekly higher high.

If this bullishness for the Euro continues the ECB will become increasingly concerned that a strong single currency will play havoc to its inflation targeting. I always find the subject of inflation targeting a little confusing. Is low inflation or deflation such a big issue when businesses and the citizens of the European Union can purchase products, services and commodities for less?

I am sure Mr. Draghi will enlighten us with more pearls of wisdom this afternoon.



EURUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1373

Target 2: 1.1079

Projected range in ATR’s: 0.0147

Daily control level: 1.1320





GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5414

Target 2: 1.5182

Projected range in ATR’s: 0.0116

Daily control level: 1.5330


USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 121.80

Target 2: 118.83

Projected range in ATR’s: 1.48

Daily control level: 121.40




USDCHF



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.9802

Target 2: 0.9566

Projected range in ATR’s: 0.0118

Daily control level: 0.9560







USDCAD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3396

Target 2: 1.3140

Projected range in ATR’s: 0.0128

Daily control level: 1.3250



AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7134

Target 2: 0.6940

Projected range in ATR’s: 0.0097

Daily control level: 0.7060






GOLD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1149.15

Target 2: 1117.71

Projected range in ATR’s: 15.72

Daily control level: 1142.00


OIL



The intraday technical outlook

Trend 1 hour: Up

Target 1: 48.95

Target 2: 43.87

Projected range in ATR’s: 2.54

Daily control level: 43.50





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MARKET BRIEFING – LONDON OPEN 04.09.2015



Yesterday’s ECB press conference did not hold many surprises however the markets took their cue from the Central Bank chief as the Euro promptly sold off.

As expected the outlook for both inflation and Euro Area growth dominated Thursday’s event with Mr Draghi saying that the ECB had cut its forecasts for both.

The ECB chief said that he expected inflation to remain extremely low for a considerable time. It would appear that the issue of extremely low inflation in the Euro Area has now become a chronic problem.

On economic activity, Mario Draghi said that Euro Area growth will rise at a slower pace than had been earlier predicted.

Due to the continuing concerns over both inflation and growth Mario Draghi hinted that the ECB would be ready to add to an already large programme of stimulus.

The ECB yesterday kept interest rates on hold at 0.05% which was expected. In terms of other numbers, the ECB has revised its forecast for growth to 1.4% instead of 1.5% for 2015 and 1.7% instead of 1.9% for 2016.

The global outlook was also mentioned with Mr Draghi pointing to the problems facing the emerging markets and China during the month of August. According to ECB chief, these global issues had increased the risks and could impact Eurozone growth.

Draghi and his colleagues have now put out the message that they are ready to expand the Euro Areas Quantitative Easing programme by either spending more on a monthly basis, putting back the end of the QE programme to after September 2016, increasing the scope of the assets that can be purchased or a combination of all of the above.

I taking such a dovish stance the Euro should ultimately weaken value against the Green Back. The days of EURUSD trading above the 1.1000 level could potentially end soon.

 

EURUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1275

Target 2: 1.0969

Projected range in ATR’s: 0.0153

Daily control level: 1.1240




GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5370

Target 2: 1.5140

Projected range in ATR’s: 0.0115

Daily control level: 1.5330



USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 121.64

Target 2: 118.48

Projected range in ATR’s: 1.58

Daily control level: 120.70



USDCHF



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.9854

Target 2: 0.9610

Projected range in ATR’s: 0.0122

Daily control level: 0.9695




USDCAD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3315

Target 2: 1.3045

Projected range in ATR’s: 0.0135

Daily control level: 1.3325






AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7113

Target 2: 0.6917

Projected range in ATR’s: 0.0098

Daily control level: 0.7060



GOLD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1141.01

Target 2: 1109.01

Projected range in ATR’s: 16.00

Daily control level: 1142.00



OIL



The intraday technical outlook

Trend 1 hour: Up

Target 1: 49.68

Target 2: 44.29

Projected range in ATR’s: 2.70

Daily control level: 43.50





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MARKET BRIEFING – LONDON OPEN 07.09.2015




The finance minister of Saudi Arabia has said that the Government will delay certain state projects. This move has been taken with the aim to cut in State spending.

However, Finance Minister Ibrahim al-Assaf said that Saudi Arabian finances are in good health and that the low price of oil was not a problem and can be managed.

The oil-rich Gulf State is the biggest exporter of crude has increased production in a bid to maintain its market share in the face of increased but more expensive shale production that originates from the United States.

The increase in production has driven down the price of Oil from around US$112.00 per barrel in August 2013 to just under US$46.00 per barrel at the start of this week.
Mr. al-Assaf tried to reinforce the Saud position by telling CNBC Arabia in an interview that

“We have built reserves, cut public debt to near-zero levels and we are now working on cutting unnecessary expenses while focusing on main development projects and on building human resources in the kingdom,”

The Saudi Arabian government had built up some US$ 600 billion in reserves which were accumulated during the good times when the oil price was much higher. However according to the International Monetary Fund Saudi Arabia needs to sell oil at US$ 106.00 to balance is budget during the period 2015.

Although the substantial cash pile that Saudi Arabia has accumulated will enable it to continue to fund a large public sector workforce and crucial infrastructure projects there will be a growing concern within the Government that such high levels of production will lead to a squandering of this valuable cash asset.

Saudi Arabia without question is the giant within the globes crude producers but can it really carry on and fight the US shale sector without damaging its own economy in the long run.

Furthermore, the United States shale community will and has responded to the prevailing market conditions. Due to the historically low crude prices the US shale industry has found ways to become leaner and more efficient. This process will continue and this, in the long run, will eventually force the Saudi government to reassess its current policy.

 
EURUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1318

Target 2: 1.1004

Projected range in ATR’s: 0.0157

Daily control level: 1.1200





GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5286

Target 2: 1.5060

Projected range in ATR’s: 0.0113

Daily control level: 1.5250



USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 120.54

Target 2: 117.24

Projected range in ATR’s: 1.65

Daily control level: 120.70





USDCHF



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.9866

Target 2: 0.9616

Projected range in ATR’s: 0.0125

Daily control level: 0.9695



USDCAD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3392

Target 2: 1.3118

Projected range in ATR’s: 0.0137

Daily control level: 1.3325



AUDUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7025

Target 2: 0.6825

Projected range in ATR’s: 0.0100

Daily control level: 0.7000


GOLD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1139.98

Target 2: 1106.81

Projected range in ATR’s: 16.59

Daily control level: 1127.00




OIL



The intraday technical outlook

Trend 1 hour: Up

Target 1: 48.76

Target 2: 43.40

Projected range in ATR’s: 2.68

Daily control level: 43.50




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MARKET BRIEFING – LONDON OPEN 09.09.2015



Yesterday Eurostat which is responsible for European Economic statistics published revised data on growth numbers.

The new data for the 19 Eurozone members has now been revised upwards. The new revisions indicate that Gross Domestic Product (GDP) for the period of April to June as been increased to 0.4%. The previous first estimate being 0.3%.

There was more good news for European finance ministers and the ECB when Eurostat announced that first quarter GDP had been revised upwards from 0.4% to 0.5%.

The growth news update coincided with a Destatis publishing German Trade Balance data. This new data would seem to indicate that the expansion in the German economy was continuing. This can be confirmed by Destatis announcing that both imports and exports have risen to new record levels. Although there was an expansion in both imports and exports, the trade surplus increased due to EUR 25 billion. This is due to exports increasing at a much faster pace than imports.

Back to the European growth data story, there is one caveat in that Irish data was added as part of the revision for the first quarter of 2015. As Ireland is at the present time the fastest growing member of the Euro Area with a dizzy rate of expansion of 1.4% the jump higher in the revised data is to be expected.

However, the growth picture is a lot rosier than what we have become accustomed to. As such the healthier economic outlook could for the time being delay any European Central Bank decision to expand the already large quantitative easing programme.



EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1350

Target 2: 1.1050

Projected range in ATR’s: 0.0150

Daily control level: 1.1120





GBPUSD




The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.5510

Target 2: 1.5275

Projected range in ATR’s: 0.0118

Daily control level: 1.5150



USDJPY



The intraday technical outlook

Trend 1 hour: Up

Target 1: 121.45

Target 2: 118.10

Projected range in ATR’s: 1.69

Daily control level: 118.60



USDCHF



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.9910

Target 2: 0.9665

Projected range in ATR’s: 0.0123

Daily control level: 0.9695






USDCAD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3335

Target 2: 1.3075

Projected range in ATR’s: 0.0131

Daily control level: 1.3325



AUDUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7115

Target 2: 0.6910

Projected range in ATR’s: 0.0102

Daily control level: 0.6920






GOLD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1136.00

Target 2: 1106.00

Projected range in ATR’s: 14.73

Daily control level: 1127.00





OIL



The intraday technical outlook

Trend 1 hour: Up

Target 1: 48.00

Target 2: 43.00

Projected range in ATR’s: 2.70

Daily control level: 43.50






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MARKET BRIEFING – LONDON OPEN 11.09.2015




As expected the Bank of England kept the UK’s Official Bank Rate unchanged at 0.5%. The vote to keep the benchmark rate unchanged although not unanimous obtained a large majority with only one of the 9 committee members wanting to see an increase.

The lone dissenter was once again Monetary Policy Committee Ian McCafferty. Mr. Mcafferty voted for an increase the last time the MPC debated the merits of hiking interest rates. As such Mr. Mcafferty has maintained his hawkish stance by citing that there is now a growing inflation risk and that increasing costs could lead to the CPI could overshooting its 2% target.

However, the most 0.25% increase that Mr. Mcafferty wanted was not forthcoming. The doves on the Monetary Policy Committee can point to the majority view being supported by recent comments made both the World Bank and International Monetary Fund (IMF) that increasing UK interest rates now would be premature and risky. That the MPC took the safe wait and see approach for now is understandable.

Furthermore with the FOMC over in the United States has yet to decide on increasing its own benchmark interest rate the Bank of England will almost certainly wait for their American colleagues to act first in normalizing their own interest rate environment.

There were a couple of key points that could be taken from yesterday’s announcement. Firstly the move to lower third quarter GDP from 0.7% to 0.6% would seem to indicate that the Bank of England and its Governor Mr. Mark Carney will have concerns that to increase rates now will only weaken the GDP picture. This is in line with the World Bank and IMF’s concerns.

The other key point was that of international cross-border contagion and more specifically the recent and dramatic Chinese economic meltdown and worries for the Emerging Markets have added risks to the UK economy, however, according to their MPC, the Bank of England August outlook has not been sufficiently altered by these events.

The MPC view would seem to have noted the global economic turmoil and will act and adjust their policy as and when it is required. The key risk event for the Emerging Markets and China would appear to be the economic fallout post a US interest rate hike. With the September FOMC meeting fast approaching the MPC will soon have additional hard data to analyze.

The inflation outlook continues to concern the Bank of England with the 2% inflation target remaining a fair distance away. Current CPI levels at present are flat lining close to zero and with commodity and oil price risk continuing to add downside pressure to prices. However, the Bank of England has an expectation that inflation will rise to around 1% in the first part of 2016.

Taking what we can from yesterday’s announcement it would appear that the MPC will definitely increase interest rates in the future but are not in any hurry to make their move this year. What we really need to see is a lift off in the United States with interest rates being increased there first and enough data in Q4 that supports a UK interest rate nominalization early in 2016.


EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1405

Target 2: 1.1155

Projected range in ATR’s: 0.0126

Daily control level: 1.1170




GBPUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.5560

Target 2: 1.5330

Projected range in ATR’s: 0.0114

Daily control level: 1.5350




USDJPY




The intraday technical outlook

Trend 1 hour: Up

Target 1: 121.95

Target 2: 119.30

Projected range in ATR’s: 1.32

Daily control level: 120.00


USDCHF



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.9840

Target 2: 0.9620

Projected range in ATR’s: 0.0110

Daily control level: 0.9695



USDCAD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3375

Target 2: 1.3125

Projected range in ATR’s: 0.0127

Daily control level: 1.3310





AUDUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7105

Target 2: 0.6925

Projected range in ATR’s: 0.0091

Daily control level: 0.6945



GOLD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1121.15

Target 2: 1090.55

Projected range in ATR’s: 15.11

Daily control level: 1127.00



OIL



The intraday technical outlook

Trend 1 hour: Down

Target 1: 48.80

Target 2: 43.30

Projected range in ATR’s: 2.74

Daily control level: 46.75


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MARKET BRIEFING – LONDON OPEN 14.09.2015




This week sees the Federal Reserve announce it’s much-anticipated interest rate decision which takes place this coming Thursday.

However, long before this key event taking place the week has already started with Chinese National Bureau of Statistics releasing its Monthly, year on year Industrial Production number.

Although the overnight announcement of 6.1% did manage to print higher than the prior month the trend since the 2010 high continues to be solidly down with this release also missing the 6.4% forecast.

Back to today and Monday has little in the way if data events other than Eurostat releasing its monthly Eurozone monthly Industrial Production number. Thus release is due to take place at 10:00 am London. It is expected that the prior months negative reading of -0.4% will be eclipsed by a forecast of 0.3%.

Traders and investors of the Swiss France however may find that they have a busy morning with both monthly Producer Price Index and year on year Retail Sales number being released this morning at 8:15 am London time.

As a precursor of what is to come later in the week, on Tuesday we have more Central Banks coming into view. The Reserve Bank of Australia early on Tuesday morning will release its Monetary Policy Meeting Minutes.

The Bank of Japan not to be left out on Tuesday will also release its Monetary Policy Statement. This announcement will coincide with a press conference.

Tuesday is actually a very busy day in terms of data with UK CPI being released, together with the important German ZEW Economic Sentiment indicator.

Across the Atlantic and with an eye on what will happen this Thursday we get a glimpse of the how the US consumer is feeling with the Retail Sales and Core Retail Sales numbers being announced.

Wednesday we have important jobs numbers from the UK with a splurge of data being released at 9:30 am London time. Simultaneously data will be announced for the UK, Average Earnings, Claimant Count Change and the Unemployment Rate.

The Loonie also comes into focus on Wednesday with Statistics Canada announcing its monthly, Manufacturing Sales number.

A day before the FOMC decision we also have important inflation data from the US with monthly CPI and Core CPI data. Can this release so close to the Federal Reserve announcement have any bearing on Thursday’s decision?

This Thursday is, of course, the big day which Traders and Investors have been waiting for. Setting the tone for Thursday we have the Bank of Japan Governor Kuroda due to speak.
This is followed by the Swiss National Bank announcing its latest LIBOR decision and Monetary Policy Assessment.

Staying in Europe the UK’s Office for National Statistics will publish Retail Sales Data. With the Bank of England Governor and other committee members waiting for the FOMC to move first, a good number will increase the pressure and make an interest rate increase in early 2016 all the more likely.

Leading up to the FOMC decision we have the US building Permits and Unemployment Claims numbers which are being announced at 1:30 pm London time. This is followed by the Philly Fed Manufacturing Index at 3:00 pm.

Finally, we get to 7:00 pm London and the FOMC announcement for the Federal Funds rate. With many forecasting a hike by 25 basis points from 0.25% to 0.50% whatever is the outcome, it is due to cause lots of market volatility.

Friday, it is very much a case of picking up the pieces of what happened the night before. We do have more action from the Central Banks with the Reserve Bank of Australia Governor Stevens speaking and more monetary policy minutes, this time from the Bank of Japan.

The week is rounded off with Canadian Inflation data with both the CPI and Core CPI being announced.



EURUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1450

Target 2: 1.1210

Projected range in ATR’s: 0.0118

Daily control level: 1.1255



GBPUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.5540

Target 2: 1.5320

Projected range in ATR’s: 0.0110

Daily control level: 1.5400



USDJPY



The intraday technical outlook

Trend 1 hour: Down

Target 1: 121.75

Target 2: 119.30

Projected range in ATR’s: 1.23

Daily control level: 120.80




USDCHF



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9795

Target 2: 0.9590

Projected range in ATR’s: 0.0104

Daily control level: 0.9800


USDCAD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3370

Target 2: 1.3130

Projected range in ATR’s: 0.0119

Daily control level: 1.3175



AUDUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7170

Target 2: 0.6990

Projected range in ATR’s: 0.0089

Daily control level: 0.7035



GOLD




The intraday technical outlook

Trend 1 hour: Down

Target 1: 1121.00

Target 2: 1091.00

Projected range in ATR’s: 13.64

Daily control level: 1115.00


OIL



The intraday technical outlook

Trend 1 hour: Down

Target 1: 48.00

Target 2: 42.50

Projected range in ATR’s: 2.74

Daily control level: 46.40



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MARKET BRIEFING – LONDON OPEN 15.09.2015



As we approach Thursday, many traders and investors will now be working through their minds and penning scenarios for this much anticipated Federal Funds Rate decision.

Although a lot of trading is reactive in nature with knee-jerk decisions taken off the outcome of an economic news event the lead up to this Federal Reserve decision has given those who can, time to write their own battle plan.

The idea behind this is that instead of being caught with brain freeze and acting as a spectator when the FOMC Chairwoman announces the committee’s decision but instead acting proactively and with a clear purpose.

That is not to say that the trading of the Federal Reserve news can be easy if planned. Such major events come with them massive amounts of volatility, gaps in the market and thin price conditions which make it difficult to execute any type of trading plan.

Managing the risk of trading the FOMC has always been a difficult undertaking however on this occasion where the uncertainty is at extreme levels the skill factor increases.

If one understands these risks what are the possible scenarios to look out for.

One and done
If the FOMC was to increase interest rates by 25 basis points but indicate that no further movement for Federal Funds is planned. The possible scenario could result in the US Dollar to spiking higher and then promptly reversing.

Federal Funds on hold for now
If the FOMC as is expected by many does not increase in September but does not rule out action taken before the end of 2015. The possible scenario could result in a rapid drop in the value of the US Dollar which is followed by a bounce and a strong appreciation.

No increase and no guidance
Highly unlikely that the Federal Reserve does or says nothing but Janet Yellen could decide not to increase interest rates and give no indication with regards to future policy. This possible scenario could possibly result in an unchecked and multiple days declines in the value of the US Dollar.

Hike and more
This scenario would probably spook the market and, therefore, is not expected to happen. In this case, the FOMC increases rates and gives guidance that further increases are on the way in 2015. This possible scenario would send the US Dollar on a multiple day rally and US stocks lower.

Of all the scenarios, I would expect that the FOMC chooses “Federal Funds on Hold for now” with a possibility that they take the “One and done” option.

The other two scenarios will either spook the markets or cause uncertainty. As the FOMC wishes to promote stability in the markets I do not see them choosing the two latter options. However. There is always room for a surprise.


EURUSD




The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1455

Target 2: 1.1250

Projected range in ATR’s: 0.0103

Daily control level: 1.1280




GBPUSD



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.5520

Target 2: 1.5330

Projected range in ATR’s: 0.0096

Daily control level: 1.5470


USDJPY




The intraday technical outlook

Trend 1 hour: Down

Target 1: 121.40

Target 2: 119.00

Projected range in ATR’s: 1.19

Daily control level: 120.80



USDCHF



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9775

Target 2: 0.9585

Projected range in ATR’s: 0.0095

Daily control level: 0.9720



USDCAD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3370

Target 2: 1.3130

Projected range in ATR’s: 0.0119

Daily control level: 1.3220



AUDUSD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7220

Target 2: 0.7045

Projected range in ATR’s: 0.0088

Daily control level: 0.7060



GOLD



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1120.00

Target 2: 1096.00

Projected range in ATR’s: 11.92

Daily control level: 1103.00



OIL



The intraday technical outlook

Trend 1 hour: Down

Target 1: 47.00

Target 2: 42.00

Projected range in ATR’s: 2.73

Daily control level: 46.40



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