Daily Technical Analysis from ACFX (Atlas Capital Forex) - page 9
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Daily Technical Analysis
15th May 2014
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.
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.
Daily Technical Analysis
16th May 2014
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.
Daily Technical Analysis
19th 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.
Daily Technical Analysis
19th May 2014
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.
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.
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.
Daily Technical Analysis
21st May 2014
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.
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.
Daily Technical Analysis
28th May 2014
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.