Daily Technical Analysis from ACFX (Atlas Capital Forex) - page 8
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Daily Technical Analysis
7th May 2014
Gold
Summary
Tuesday Gold traded at the highs of Monday’s candle range as the price action tested the 1310 resistance level.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has opened quietly as the price action trades at the highs of Tuesday’s candle range.
Today I am monitoring the price action for Gold to test the 1310 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back to the daily moving averages.
USDCAD
Summary
Tuesday USDCAD broke lower off the daily moving averages and trend line resistance.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. A breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD has opened quietly as the price trades at the lows of Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.0857 level being the daily swing low of the 9th April
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0940 resistance level.
Oil
Summary
Tuesday Oil traded around the 100 level and with Monday’s candle range.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction towards the 98.00 support level.
Focus on today
This morning Oil has opened positively as the price action trades within Tuesday’s candle range.
Today I am monitoring the price action for a test of the 100.00 level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.
AUDUSD
Summary
Tuesday AUDUSD broke higher off the daily moving averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the highs of Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Daily Technical Analysis
8th May 2014
EURUSD
Summary
Wednesday EURUSD traded within a tight 30 pip range for most of the day as the market awaited the FOMC statement and hearing.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Wednesday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.3966 level being the 13th March high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the 8 period daily moving averages.
GBPUSD
Summary
Wednesday GBPUSD had a quiet day as the price action consolidated at the highs of Tuesday’s candle range.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price trades within Wednesday’s candle ranges.
I am today monitoring the price action for a test of the 1.6985 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the averages.
USDJPY
Summary
Wednesday USDJPY initially tested the weekly low however buyers came into the market and by the close of business closed the day higher.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.
Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.
USDCHF
Summary
Wednesday USDCHF have a quiet as the price action traded within Tuesday’s candle range.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can test the 0.8698 level being the 2014 low.
Alternatively a failure to sustain lower prices could see USDCHF trade back to the 8 period daily moving averages.
Daily Technical Analysis
8th May 2014
Gold
Summary
Wednesday Gold broke down from the 1310 resistance level as the price action traded down to Fibonacci support.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has opened quietly as the price action trades at the lows of Wednesday’s candle range.
Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.
USDCAD
Summary
Wednesday USDCAD had a quiet day as the price action trade within Tuesday’s candle range.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. A breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD has opened quietly as the price trades withins Wednesday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.0857 level being the daily swing low of the 9th April
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to the 1.0940 resistance level.
AUDUSD
Summary
Wednesday AUDUSD had a quiet day as the price action trade within Tuesday’s candle range.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened positively as the price trades at the price action tests the 0.9390 resistance level.
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Oil
Summary
Wednesday Oil traded broke above the 100 level and tested the 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction and bounce off the 98.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Wednesday’s candle range.
Today I am monitoring the price action for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.
Daily Technical Analysis
9th May 2014
EURUSD
Summary
Thursday EURUSD experienced some strange price action. Initially EURUSD broke higher and traded above the 1.3966 level being the 2014 high. However EURUSD immediatley reversed its directrion and collapsed by over 150 pips. This move down was only halted when EURUSD hit the top of the prior broken triangle formation.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. Yesterday’s collapse has brought EURUSD back into the averages and support. This can possibly be viewed as a value area to add longs.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Thursday’s candle range.
I am this morning monitoring the price action for a potential test of the 34 period daily moving averages and trend line support.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a bounce off support and move back to the 8 period daily moving averages.
GBPUSD
Summary
Thursday GBPUSD had a quiet day as the price action consolidated at the highs of this weeks range.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price trades at the 8 period daily moving averages.
I am today monitoring the price action for a test of the 1.6985 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the 1.6795 support level.
USDJPY
Summary
Thursday USDJPY traded within the prior two days candle ranges.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.
Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.
Alternatively a failure to sustain lower prices could see USDJPY trade back to the averages.
USDCHF
Summary
Thursday USDCHF broke down and at one point tested the 2014 low. However the direction immediatley reversed its direction. USDCHF rallied strongly. By the close of business USDCHF had end the day above the 8 period daily moving averages.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades above yesterday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially bounce lower off trend line resistance.
Alternatively a failure to sustain lower prices could see USDCHF test both the 34 period daily moving averages trend line resistance.
Daily Technical Analysis
9th May 2014
Gold
Summary
Thursday Gold had a quiet day as the price action traded at lows of Wednesday’s range.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has opened quietly as the price action trades within Thursday’s candle range.
Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back to the daily moving averages.
USDCAD
Summary
Thursday USDCAD experienced a strong down day as the price action breached the 9th April low and moved towards the 1.0790 support level.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD has opened quietly as the price trades at the lows of Thursday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.0790 support level.
Alternatively if the price action fails to sustain lower prices there is a possibility that USDCAD trades back up to 8 periods daily moving averages.
AUDUSD
Summary
Thursday AUDUSD had a strong up day as the price action tested the 0.9390 resistance level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the price action trades at the highs of Thursday’s candle ranges.
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Oil
Summary
Thursday Oil traded above the 100 level and the 8 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction and bounce off the 98.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.
Today I am monitoring the price action for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.
Daily Technical Analysis
13th May 2014
EURUSD
Summary
Monday EURUSD traded in a small range for the entire days business.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now moved into an area of Fibonacci support. This Fibonacci zone could possibly be viewed as a value area where longs could potentially be added.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Monday’s candle range.
I am this morning monitoring the price action for a potential bounce back up to the 34 period daily moving averages and trend line resistance.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a test of Friday’s low and the 1.3672 level being the 4th April swing low.
GBPUSD
Summary
Monday GBPUSD traded at tge lows of Friday’s candle range.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Monday’s candle range.
I am today monitoring the price action for a test of the 1.6795 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 8 period daily moving averages.
USDJPY
Summary
Monday USDJPY traded higher as the price action closed above prior three days candle ranges.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened positively as the price action trades tests the 34 period daily moving averages.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.
USDCHF
Summary
Monday USDCHF continued to trade higher as the price action closed above Friday’s high.
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Monday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.
Daily Technical Analysis
13th May 2014
Gold
Summary
Monday Gold experienced a volatile days trading as the price action traded both above and below its averages.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Monday’s candle ranges.
Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back up to the 1310.00 resistance level.
USDCAD
Summary
Monday USDCAD experienced a very quiet days trading following Friday’s impressive rally.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
Focus on today
This morning USDCAD has opened quietly as the price trades within Monday’s candle range.
I am this morning monitoring the price action for a potential test of trend line resistance.
Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD trades back down to the Friday’s lows.
AUDUSD
Summary
Monday AUDUSD had a quiet day as the price action tested the 0.9390 resistance level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened negatively as the price trades at the price action trades below Monday’s candle ranges.
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Oil
Summary
Monday Oil traded continued to trade within the 8 and 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction and bounce off the 98.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades within Monday’s candle range.
Today I am monitoring the price action for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.
Daily Technical Analysis
14th May 2014
EURUSD
Summary
Tuesday EURUSD broke lower as it traded towards the 1.3672 level being the 4th April swing low.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the lows Tuesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to yesterday’s high.
GBPUSD
Summary
Tuesday GBPUSD closed lower as the price action moved into the direction of the 1.6795 support level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 3 periods.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Tuesday’s candle range.
I am today monitoring the price action for a test of the 1.6795 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 8 period daily moving averages.
USDJPY
Summary
Tuesday USDJPY traded higher as the price action tested the 34 period daily moving averages.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Tuesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.
USDCHF
Summary
Tuesday USDCHF continued to trade higher as the price action moved towards the 0.8930 resistance level.
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.
Daily Technical Analysis
14th May 2014
Gold
Summary
Tuesday Gold traded within Tuesday’s candle range for the entire day’s business.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend. A breach of the 1270.00 support level would confirm the daily down trend.
However the recent price action has seen a rejection of the 1270 support level and a move above the 1306 level being the swing high of the 28th April.
Focus on today
This morning Gold has open quietly as it trades within Tuesday’s candle ranges.
Today I am monitoring the price action for Gold to test the 1270 support level.
Alternatively a failure to sustain lower prices could see Gold trade back up to the 1310.00 resistance level.
USDCAD
Summary
Tuesday USDCAD traded higher as the price action tested the downward sloping trend line.
Market overview
USDCAD is trading in a weekly uptrend however the daily trend has recently changed to negative. The breach of the 1.0857 level being the daily swing low of the 9th April will open up the possibility for a further move lower down to the 1.0790 support level.
More recently USDCAD has corrected back to the 8 period daily moving averages which could possibly be viewed as a value area to add shorts.
Focus on today
This morning USDCAD has opened quietly as the price trades within Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of trend line resistance.
Alternatively if the price action fails to sustain higher prices there is a possibility that USDCAD trades back down to the Friday’s lows.
AUDUSD
Summary
Tuesday AUDUSD had a quiet day as the price action tested the 0.9390 resistance level.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
More recently AUDUSD has bounced off trend line and moving average support and is once again testing the 0.9390 resistance level.
Focus on today
This morning AUDUSD has opened positively as the price trades at the price action trades above Tuesday’s candle ranges.
I am this morning monitoring the price action for a potential test of the of the 0.9390 resistance level.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the daily moving averages.
Oil
Summary
Tuesday Oil broke higher as the price action closed above the 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong bounce off the 98.00 and 100.00 support level.
Focus on today
This morning Oil has opened quietly as the price action trades at the highs of Tuesday’s candle range.
Today I am monitoring the price action for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 100.00 price levels.
Daily Technical Analysis
15th May 2014
EURUSD
Summary
Wednesday EURUSD experienced a quiet day as the price action traded at the lows of Tuesday’s candle range.
Market overview
The recent price action and the breach of the 1.3764 level being the swing low of the 30th April has changed the daily trend to down. However the weekly price action continues trend in an upward direction. EURUSD has now traded deep into the Fibonacci support area.
Focus on today
This morning EURUSD has opened quietely as the price action trades within Wednesday’s candle range.
I am this morning monitoring the price actions for a potential test of the 1.3672 level being the 4th April swing low.
Alternatively if EURUSD fails to sustain lower prices there is a possibility we see a move back to Tuesday’s high.
GBPUSD
Summary
Wednesday GBPUSD traded lower as the price action breached the 1.6795 support level and tested moving average and trend line support.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages had been offering good support to this up move. However the recent price action has seen GBPUSD trade and close under this average for the past 4 periods.
Focus on today
This morning GBPUSD has opened quietly as the price action trades within Wednesday’s candle range.
I am today monitoring the price action for a test of the 1.6700 support level.
Alternatively if GBPUSD cannot sustain lower prices could see the price action bounce higher and test the 1.6795 resistance level.
USDJPY
Summary
Wednesday USDJPY traded lower as the price action tested the 101.70 support level.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustained move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Wednesday’s candle ranges.
Today I am monitoring USDJPY for a test of the 34 period daily moving averages.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the 101.32 level being the 11th April swing low.
USDCHF
Summary
Wednesday USDCHF experienced a quiet day as the price action failed to test the 0.8930 resistance level.
Market overview
The recent price action and the breach of the 0.8862 level being the 22nd April prior swing high has changed the daily trend to up. However the weekly price action continues trend in a downward direction. USDCHF is now moving into the direction of Fibonacci resistance. This Fibonacci zone could possibly be viewed as a value area where shorts could potentially be added.
Focus on today
This morning USDCHF has opened quietly as it trades within Wednesday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can potentially trade higher and test Fibonacci resistance.
Alternatively a failure to sustain higher prices could see USDCHF trade back down to the averages.