Daily Technical Analysis from ACFX (Atlas Capital Forex) - page 6
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Daily Technical Analysis
14th April 2014
AUDUSD
Summary
Thursday AUDUSD continued to trade higher as the price action closed above the 0.9390 resistance level and accelarates towards the 78.6% Fibonacci resistance level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February.
However the weekly chart continues to trade in a weekly down trend with the price action now trading into the Fibonacci resistance area.
The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.
Focus on today
This morning AUDUSD has opened quietly as the price action trades within Fridaty’s candle range.
I am this morning monitoring the price action for a potential test of the 0.9535 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the 0.9390 support level.
GOLD
Summary
Friday Gold experience a quiet day as it continued to test the 34 period moving averages.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December.
The test of the large downward sloping trend line adds impetus to the current positive swing bias. Furthermore we have witnessed a large multi month
double bottom forming which could indicate a large upside trend reversal is a possibility.
However the weekly time frame continues to point down. That the recent rejection of higher prices has come off a bounce from a downward sloping trend line and
Fibonacci resistance level could indicate that the recent rally in Gold is part of a bigger cycle correction that ultimately sends Gold lower.
More recently Gold has experienced a strong rally that has push the price action back into the daily averages. This area can possibly be viewed as a value area to add shorts.
Notwithstanding as Gold is now approaching the large downward sloping trend line we may see the price action naturally move to this area.
Focus on today
This morning Gold has opened bullishly as the price action trades above the 34 period daily moving averages and last week’s range.
Today I am monitoring the price action for Gold to test the 1335.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade down to the 1310.00 support level.
OIL
Summary
Friday Oil continued to trade higher as the price action closed above 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 activity has seen the price action perform a text book move by trading down to
Fibonacci support and from there bouncing higher.
Focus on today
This morning Oil has opened strongly as the price action trades tests Friday’s high candles range.
Today I am monitoring the price action for a test 105.00 support level.
Alternatively a failure to sustain higher prices could see Oil trade down to the 103.00 level.
Daily Technical Analysis
15th April 2014
EURUSD
Summary
Monday EURUSD traded down from the 1.3900 level and ended the day bouncing moderatley off its averages.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. This price action has put the daily time frame in gear with the positive weekly trend. Furthermore the large head and shoulders pattern would appear to be invalidated by the recent bullish momentum.
Focus on today
This morning EURUSD has opened quietly as the price action trades within a tight range at the bottom of Monday’s candle.
I am this morning monitoring the price actions for a potential downside test of the averages.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a test of the 1.3900 level.
GBPUSD
Summary
Monday GBPUSD traded lower as the price action tested the 1.6700 support level and 8 period daily moving averages.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. Last week’s price activity has as expected, broken the converging triangle to the upside. However past two day’s price action has seen a move back to the converging triangle and the 1.6700 level and 8 period daily moving averages which should offer a level of support. A failure to maintain upside momentum at these levels will put a significant question on the strength of the daily trend.
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 bounce off the 1.6700 support level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade further into the triangle formation.
USDJPY
Summary
Monday USDJPY for the 6th day continued to trade around the 101.70 and ultimatley closed slightly above this 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. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum. However USDJPY is now experiencing a strong corrective pull back. A breach of the 101.19 level being the 14th March low would change the daily trend to down.
Focus on today
This morning USDJPY has opened quietly with the price action trading at the highs of a 5 day candle range.
Today I am monitoring USDJPY for a test of the 101.19 level being the 14th March low.
Alternatively a failure to sustain lower prices could see USDJPY trade back up to the 34 period moving averages.
USDCHF
Summary
Monday USDCHF experienced a corrective up day as the price action close above Friday’s candle range.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. I am therefore considering the break down from trend line and Fibonacci resistance as a resumption of the down trend.
Focus on today
This morning USDCHF has opened bullishly as it trades above Monday’s candle range.
Today I am monitoring the price action to see if USDCHF can potentially trade back to its averages.
Alternatively a failure to sustain higher prices could possibly see a move into the direction of the 13th March low.
Daily Technical Analysis
15th April 2014
Gold
Summary
Monday Gold traded higher as the price action tested the 34 period daily moving averages.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The test of the large downward sloping trend line adds impetus to the current positive swing bias. Furthermore we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
However the weekly time frame continues to point down. That the recent rejection of higher prices has come off a bounce from a downward sloping trend line and Fibonacci resistance level could indicate that the recent rally in Gold is part of a bigger cycle correction that ultimately sends Gold lower.
More recently Gold has experienced a strong rally that has push the price action back into the daily averages. This area can possibly be viewed as a value area to add shorts. Notwithstanding as Gold is now approaching the large downward sloping trend line we may see the price action naturally be drawn to this area.
Focus on today
This morning Gold has opened bearishly as the price action tests the lows of Monday’s candle range.
Today I am monitoring the price action for Gold to test the 1335.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade down to the 1310.00 support level.
AUDUSD
Summary
Monday AUDUSD continued to traded at the 0.9390 resistance level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now trading into the Fibonacci resistance area. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.
Focus on today
This morning AUDUSD has opened bearishly as the price action tests the lows of Monday’s candle range.
I am this morning monitoring the price action for a potential test of the 0.9535 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the 0.9390 support level.
Oil
Summary
Monday Oil traded marginally higher but closed slightly above its opening pricec and above the 103.00 support 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 activity has seen the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.
Focus on today
This morning Oil has opened quietly as the price action trades within Monday’s candles range.
Today I am monitoring the price action for a test 105.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade down to the 103.00 support level.
Daily Technical Analysis
16th April 2014
EURUSD
Summary
Tuesday EURUSD traded around its averages in what was a news driven small range but volatile days trading.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. This price action has put the daily time frame in gear with the positive weekly trend. Furthermore the large head and shoulders pattern would appear to be invalidated by the recent bullish momentum.
Focus on today
This morning EURUSD has opened bullishly as the price action tests the high of Tuesday’s candle.
I am this morning monitoring the price actions for a potential upside move to the 1.3900 level.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a test of trend line support.
GBPUSD
Summary
Tuesday GBPUSD traded through the 1.6700 level but found support at the 34 period daily moving averages.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. Last week’s price activity has as expected, broken the converging triangle to the upside. However past two day’s price action has seen a move back to the converging triangle and the 1.6700 level and 8 period daily moving averages which should offer a level of support. A failure to maintain upside momentum at these levels will put a significant question on the strength of the daily trend.
Focus on today
This morning GBPUSD has opened quietly as the price action trades at the highs of Tuesday’s candle range.
I am today monitoring the price action for a bounce off the 1.6700 support level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 34 period daily moving averages.
USDJPY
Summary
Tuesday USDJPY for the 6th day continued to trade in a range around 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. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum. However USDJPY is now experiencing a strong corrective pull back. A breach of the 101.19 level being the 14th March low would change the daily trend to down.
Focus on today
This morning USDJPY has opened strongly as the price action trades above the highs of Tuesday’s candle range.
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 retest the 101.70 support level.
USDCHF
Summary
Tuesday USDCHF continued to correct to the upside as the price action traded back to its averages.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. I am therefore considering the break down from trend line and Fibonacci resistance as a resumption of the down trend.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle range.
Today I am monitoring the price action to see if USDCHF can potentially bounce lower of the averages and take out the 0.8743 level being the 11th April pivot low.
Alternatively a failure to sustain lower prices could possibly see a test of the averages and move towards the down trend line.
Daily Technical Analysis
16th April 2014
Gold
Summary
Tuesday Gold broke down from its averages as the price action slashed traded higher as the price action tested the 34 period daily moving averages.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The test of the large downward sloping trend line adds impetus to the current positive swing bias. Furthermore we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
However the weekly time frame continues to point down. That the recent rejection of higher prices has come off a bounce from a downward sloping trend line and Fibonacci resistance level could indicate that the recent rally in Gold is part of a bigger cycle correction that ultimately sends Gold lower.
More recently Gold has experienced a strong rally that has push the price action back into the daily averages. This area can possibly be viewed as a value area to add shorts. Notwithstanding as Gold is now approaching the large downward sloping trend line we may see the price action naturally be drawn to this area.
Focus on today
This morning Gold has opened quietly as the price action trades at the lows of Tuesday’s candle range.
Today I am monitoring the price action for Gold to test the 50% Fibonacci support level.
Alternatively a failure to sustain lower prices could see Gold to bounce off Fibonacci support and trade up to the 1335.00 resistance level.
AUDUSD
Summary
Tuesday AUDUSD continued broke below the 0.9390 resistance level and traded down to 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 weekly down trend with the price action now trading into the Fibonacci resistance area. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.
Focus on today
This morning AUDUSD has opened bearishly with the price auctioning already testing the lows of Tuesday’s candle range.
I am this morning monitoring the price action for a potential move beneath the low of Tuesday’s candle range and move into the direction of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.
Oil
Summary
Tuesday Oil traded tested the the 103.00 support level but failed to sustain a move lower.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias. The recent price activity has seen the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.
Focus on today
This morning Oil has opened quietly as the price action trades within Tuesday’s candles range.
Today I am monitoring the price action for a test 105.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade down to the 103.00 support level.
Daily Technical Analysis
17th April 2014
EURUSD
Summary
Wednesday EURUSD experienced a fairly volatile session as the price action pivoted around its moving averages.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. This price action has put the daily time frame in gear with the positive weekly trend. Furthermore the large head and shoulders pattern would appear to be invalidated by the recent bullish momentum.
Focus on today
This morning EURUSD has opened bullishly as the price action tests the high of Wednesday’s candle.
I am this morning monitoring the price actions for a potential upside move to the 1.3900 level.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a test of trend line support.
GBPUSD
Summary
Wednesday GBPUSD traded spiked through the 1.6795 level as the price action bounced off its averages.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. Last week’s price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.
Focus on today
This morning GBPUSD has opened bullishly as the price action trades above the 1.6822 level being the 17th February pivot high.
I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.
USDJPY
Summary
Wednesday USDJPY bounced higher as the price action closed above the 5 day 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. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.
Focus on today
This morning USDJPY has opened negatively as the price action trades within Wednesday’s candle range.
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 retest the 101.70 support level.
USDCHF
Summary
Wednesday USDCHF continued to correct to the upside as the price action closed above its averages.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. I am therefore considering the break down from trend line and Fibonacci resistance as a resumption of the down trend.
Focus on today
This morning USDCHF has opened negativley as it trades within Wednesday’s candle range.
Today I am monitoring the price action to see if USDCHF can potentially bounce lower of the averages and take out the 0.8743 level being the 11th April pivot low.
Alternatively a failure to sustain lower prices could possibly see a test of the averages and move towards the down trend line.
Daily Technical Analysis
17th April 2014
Gold
Summary
Wednesday Gold traded for the entire session at the lows of Tuesday’s candle range.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The test of the large downward sloping trend line adds impetus to the current positive swing bias. Furthermore we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
However the weekly time frame continues to point down. That the recent rejection of higher prices has come off a bounce from a downward sloping trend line and Fibonacci resistance level could indicate that the recent rally in Gold is part of a bigger cycle correction that ultimately sends Gold lower.
More recently Gold has experienced a strong rally that has push the price action back into the daily averages. This area can possibly be viewed as a value area to add shorts. Notwithstanding as Gold is now approaching the large downward sloping trend line we may see the price action naturally be drawn to this area.
Focus on today
This morning Gold has opened quietly as the price action trades within Wednesday’s candle range.
Today I am monitoring the price action for Gold to test the 50% Fibonacci support level.
Alternatively a failure to sustain lower prices could see Gold to bounce off Fibonacci support and trade up to the 1335.00 resistance level.
AUDUSD
Summary
Wednesday AUDUSD found support at 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 weekly down trend with the price action now trading into the Fibonacci resistance area. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.
Focus on today
This morning AUDUSD has opened bearishly with the price action trading within Wednesday’s candle range.
I am this morning monitoring the price action for a potential move beneath the low of Wednesday’s candle range and move into the direction of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.
Oil
Summary
Wednesday Oil traded tested and bounce higher off the 103.00 support level and 8 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias. The recent price activity has seen the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.
Focus on today
This morning Oil has opened bulllishly as the price action trades within Wednesday’s candles range.
Today I am monitoring the price action for a test 105.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade down to the 103.00 support level.
Daily Technical Analysis
22nd April 2014
EURUSD
Summary
Monday EURUSD traded in a fairly small bank holiday range as the price action tested the 1.3789 level being the low of the 15th April.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. This price action has put the daily time frame in gear with the positive weekly trend. Furthermore the large head and shoulders pattern would appear to be invalidated by the recent bullish momentum.
Focus on today
This morning EURUSD has opened quietly as the price action tests the lows of Monday’s candle.
I am this morning monitoring the price actions for a potential test of the 1.3789 level being the low of the 15th April.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a breach of the averages and a test of last week’s high of 1.3864.
GBPUSD
Summary
Monday GBPUSD experienced a quiet day’s trading as the price action hovered around the 1.6795 level.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. Last week’s price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.
Focus on today
This morning GBPUSD has opened quietly as the price action tests the 1.6795 level.
I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.
USDJPY
Summary
Monday USDJPY continued to trade higher as the price action closed above the averages.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.
Focus on today
This morning USDJPY has opened negatively as the price action trades within Monday’s candle range.
Today I am monitoring USDJPY for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.
USDCHF
Summary
Monday USDCHF continued to correct to the upside as the price action closed above its averages.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. However we require a breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within Monday’s candle range.
Today I am monitoring the price action to see if USDCHF can potentially test the downward sloping trend line.
Alternatively a failure to sustain higher prices could possibly see a resumption of the daily down trend.
Daily Technical Analysis
22nd April 2014
Gold
Summary
Monday Gold traded in a fairly volatile sessionas the price action tested Fibonacci support.
Market overview
Gold continues to trade in a daily uptrend following the breach of the 1267.99 level being the swing high of the 10th December. The test of the large downward sloping trend line adds impetus to the current positive swing bias. Furthermore we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
However the weekly time frame continues to point down. That the recent rejection of higher prices has come off a bounce from a downward sloping trend line and Fibonacci resistance level could indicate that the recent rally in Gold is part of a bigger cycle correction that ultimately sends Gold lower.
More recently Gold has experienced a strong rally that has push the price action back into the daily averages. This area can possibly be viewed as a value area to add shorts. Notwithstanding as Gold is now approaching the large downward sloping trend line we may see the price action naturally be drawn to this area.
Focus on today
This morning Gold has opened quietly as the price action trades within Monday’s candle range.
Today I am monitoring the price action for Gold to test the 50% Fibonacci support level.
Alternatively a failure to sustain lower prices could see Gold to bounce off Fibonacci support and trade up to the 1310.00 resistance level.
AUDUSD
Summary
Monday AUDUSD traded in a narrow range under 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 weekly down trend with the price action now trading into the Fibonacci resistance area. The target for the large inverse head and shoulders pattern at 0.9535 is now within reach.
Focus on today
This morning AUDUSD has opened bullishly with the price action tests the 8 period daily moving averages.
I am this morning monitoring the price action for a potential move beneath the low of Monday’s candle range and move into the direction of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.
Oil
Summary
Monday Oil traded lower as the price acton tested the 103.00 support 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 activity has seen the price action perform a text book move by trading down to Fibonacci support and from there bouncing higher.
Focus on today
This morning Oil has opened quietly as the price action trades within Monday’s candles range.
Today I am monitoring the price action for a test 105.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade down to the 103.00 support level.
Daily Technical Analysis
23rd April 2014
EURUSD
Summary
Tuesday EURUSD continued to trade in smallish range with the price action testing but not able to close beneath the 1.3789 level being the low of the 15th April.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.
Focus on today
This morning EURUSD has been trading with a volatile range that has seen the price action trade above the averages.
I am this morning monitoring the price actions for a potential test of the 1.3789 level being the low of the 15th April.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a breach of the averages and a test of last week’s high of 1.3864.
GBPUSD
Summary
Tuesday GBPUSD continued to trade above the the 1.6795 level.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. Last week’s price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.
Focus on today
This morning GBPUSD has opened quietly as the price trades within yesterday’s candle ranges.
I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.
USDJPY
Summary
Tuesday USDJPY traded marginally higher but ultimatley the price action closed just below its opening price.
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. The recent price action has seen a failure of the head and shoulders pattern which confirms the current upward momentum. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Tuesday’s candle range.
Today I am monitoring USDJPY for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.
USDCHF
Summary
Tuesday USDCHF traded marginally higher but ultimatley the price action closed just above its opening price.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent 5 day collapse off trend line resistance has invalidated the inverse head and shoulders pattern. However we require a breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle range.
Today I am monitoring the price action to see if USDCHF can potentially test the downward sloping trend line.
Alternatively a failure to sustain higher prices could possibly see a resumption of the daily down trend.