Daily Technical Analysis from ACFX (Atlas Capital Forex) - page 7
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Daily Technical Analysis
23rd April 2014
Gold
Summary
Tuesday Gold continued to trade lower and tested the 1277 level being the 1st April low.
Market overview
Yesterdays breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.
However we have witnessed a large multi month double bottom forming which could indicate a large upside trend reversal is a possibility.
Focus on today
This morning Gold has opened quietly as the price action trades within Tuesday’s candle range.
Today I am monitoring the price action for Gold to retest the 1277 level being the 1st April low.
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
Tuesday AUDUSD traded higher as the price action tested the 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 as the price trades beneath last week’s low.
I am this morning monitoring the price action for a potential continuation of the downside momentum and move into the direction of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.
Oil
Summary
Tuesday 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 bearishly as the price action moves into the direction of the 34 period daily moving averages.
Today I am monitoring the price action for a test 34 period daily moving averages.
Alternatively a failure to sustain lower prices could see Oil trade back up to the 103.00 level.
Daily Technical Analysis
25th April 2014
EURUSD
Summary
Thursday EURUSD experienced a mixed day as the price action spiked above and below its averages.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.
Focus on today
This morning EURUSD has opened quietley as the price action trades within Thursday’s candle range.
I am this morning monitoring the price actions for a potential test of Thursday’s high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the range of this week’s low.
GBPUSD
Summary
Thursday GBPUSD continued to trade around the 1.6795 level and 8 period moving averages.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. The recent price activity has as expected, broken the converging triangle to the upside. Following a corrective move back into the averages the price action appears to have resumed its upward trend.
Focus on today
This morning GBPUSD has opened quietly as the price trades within Thursday’s candle ranges.
I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.
USDJPY
Summary
Thursday USDJPY traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.
Focus on today
This morning USDJPY has opened quietly as the price action trades within Thursday’s candle range.
Today I am monitoring USDJPY for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.
USDCHF
Summary
Thursday USDCHF traded lower as the price action attempted but failed to close beneath Wednesday’s candle range.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within Thursday’s candle range.
Today I am monitoring the price action to see if USDCHF can move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Alternatively a failure to sustain lower prices could possible retest of the upward sloping trend line.
Daily Technical Analysis
25th April 2014
Gold
Summary
Thursday Gold traded strongly higher as the price action rejected the 1270.00 support level and closed back at the 8 period moving averages.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.
However yesterday’s strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.
Focus on today
This morning Gold has opened quietly as the price action trades at the highs Thursday’s candle range.
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.
AUDUSD
Summary
Thursday AUDUSD continued to trade lower as the price action moved into the direction of the 34 period daily moving averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a weekly down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened quietly as the price trades at the lows of Thursday’s candle range.
I am this morning monitoring the price action for a potential continuation of the downside momentum and move into the direction of the 34 period daily moving averages.
Alternatively if AUDUSD fails to sustain lower prices there is a possibility that AUDUSD trades back above the 0.9390 level.
Oil
Summary
Thursday Oil experienced a quiet day as the price action hovered above the 34 period daily moving averages.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
However the recent price action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.
Focus on today
This morning Oil has opened quietly as the price action trades within Thursday’s candle range.
Today I am monitoring the price action for a test 34 period daily moving averages.
Alternatively a failure to sustain lower prices could see Oil trade back up to the 103.00 level.
Daily Technical Analysis
30th April 2014
EURUSD
Summary
Tuesday EURUSD broke down from the previous days high as the price action traded down to its averages.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.
Focus on today
This morning EURUSD has opened quietly as the price action trades at the lows of Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of this week high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the averages.
GBPUSD
Summary
Tuesday GBPUSD traded within Monday’s candle range.
Market overview
GBPUSD has traded above the 1.6668 being the prior isolated pivot high. This price activity has effectively changed the daily trend to up and puts it in line with the bullish weekly outlook. The recent price activity has as expected, broken the converging triangle to the upside with GBPUSD now trading at the 8 period moving averages.
Focus on today
This morning GBPUSD has opened quietly as the price trades within Tuesday’s candle ranges.
I am today monitoring the price action for a close above the 1.6822 level being the 17th February pivot high prior to a continuation of the move to the 1.6895 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6700 support level.
USDJPY
Summary
Tuesday USDJPY traded higher as the price action closed above the averages.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend.
Focus on today
This morning USDJPY has opened bearishly as the price action trades beneath the low of Tuesday’s candle range.
Today I am monitoring USDJPY for a test of the 103.00 resistance level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 101.70 support level.
USDCHF
Summary
Tuesday USDCHF traded higher as the price action tested the downward sloping trend line.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within Tuesday’s candle range.
Today I am monitoring the price action to see if USDCHF can test the upward sloping trend line.
Alternatively a failure to sustain higher prices could see USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Daily Technical Analysis
30th April 2014
AUDUSD
Summary
Tuesday AUDUSD tested the 34 period daily moving averages. However by the end of business AUDUSD have paired its losses and closed higher.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area.
Focus on today
This morning AUDUSD has opened positively as the price trades at the above Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of the 8 period daily moving averages.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back to the 34 period daily moving averages.
GOLD
Summary
Tuesday Gold spiked beneath the 8 period daily moving averages however ultimatley closed at its open.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.
However the recent strong rejection of the 1270.00 support level could indicate that the recent change of trend to down is a bear trap which could potentially be followed by an appreciation in the value of Gold.
Focus on today
This morning Gold has opened quietly as the price action trades at the lows Tuesday’s candle range.
Today I am monitoring the price action for Gold to test the 1310.00 resistance level.
Alternatively a failure to sustain higher prices could see Gold reject the 8 period daily moving averages and lead to a retest of the 1270.00 support level.
OIL
Summary
Tuesday Oil spiked higher and tested the 8 period moving averages. However the price action was not able to sustain higher and ultimatley closed the day lower.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a move back down to the 34 period daily moving averages which could be viewed as a possible value area to add longs.
Focus on today
This morning Oil has opened negatively as the price action trades beneath Tuesday’s candle range.
Today I am monitoring the price action for a test of the 100 level.
Alternatively a failure to sustain lower prices could see Oil trade back up to the averages.
Daily Technical Analysis
5th May 2014
EURUSD
Summary
Friday EURUSD spent most of the London session trading in a tight range as the market awaited the Non Farm Payroll data. The better than expected numbers intially had the impact of EURUSD breaking lower as the price action penetrate under its expected lower range boundary and testedm the 34 period daily moving averages. However at these level buyers came into the market as EURUSD paired all the losses for the day and eventually closed marginally higher.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend.
With Friday’s price action closed slightly above trend line resistance I will be monitoring EURUSD for further upside momentum.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the highss of Thurday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.3900 resistance level.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the prior broken down trend line.
GBPUSD
Summary
Friday GBPUSD initially spiked lowed as the price action penetrated the 8 period daily moving averages and tested the 1.6795 support level. However by the closed of business GBPUSD had paired the majority of its lossess and closed slightly down on the day.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price trades within Friday’s candle ranges.
I am today monitoring the price action for a test of last week’s candle range high.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6795 support level.
USDJPY
Summary
Friday USDJPY spiked higher off the Non Farm Payroll data. However the 103.00 level offered good resistance as the price action was undable to sustain a move above this level. This ultimatley led to a collapse as sellers came into the market. By the close of business USDJPY closed down on the day and under its averages.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades under last week’s candle range.
Today I am monitoring USDJPY for a test of the 101.70 support level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 13.00 resistance level.
USDCHF
Summary
Tuesday USDCHF spiked higher off the Non Farm Payroll data as the price action tested the downward sloping trendline. However this trendline once again proved to be good resistance as USDCHF was unable to maintain a move above this level. This ultimatley led to a collapse as sellers came into the market. By the close of business USDCHF closed down on the day and under its averages.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened negatively as it trades under Friday’s candle ranges.
Today I am monitoring the price action to see if USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Alternatively a failure to sustain lower prices could see USDCHF can test the upward sloping trend line.
Daily Technical Analysis
5th May 2014
Gold
Summary
Friday Gold experience a strong up day as the price action rejected the 1270.00 support level. The price action continued to trade higher and was only held at the 1310.00 resistance level and the 34 period daily moving averages.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.
A breach of the 1270.00 support level would confirm the daily down trend.
Focus on today
This morning Gold has opened positively as the price action trades above the highs of Friday’s candle range.
Today I am monitoring the price action for Gold to test the 1310 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back to the 8 period daily moving averages.
AUDUSD
Summary
Friday AUDUSD spiked lower off the Non Farm Payroll data as the price action tested the upward sloping trendline. However this trendline proved to be good resistance as AUDUSD was unable to maintain a move below this level. This ultimatley led to a rally as buyers came into the market. By the close of business AUDUSD closed marginally up on the day.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.
Focus on today
This morning AUDUSD has opened quietly as the price trades within Friday’s candle range.
I am this morning monitoring the price action for a potential bounce off the upward sloping trend line.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the upward sloping trend line.
Oil
Summary
Friday Oil traded higher as the price action tested the 100.00 level.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction towards the 98.00 support level.
Focus on today
This morning Oil has opened positively as the price action trades within Friday’s candle range.
Today I am monitoring the price action for a test of the 100.00 level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.
Daily Technical Analysis
6th May 2014
EURUSD
Summary
Monday EURUSD in a tight range during the UK bank holiday.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Monday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.3900 resistance level.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the prior broken down trend line.
GBPUSD
Summary
Monday GBPUSD in a tight range during the UK bank holiday.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened positively as the price trades above Monday’s candle ranges.
I am today monitoring the price action for a test of last week’s candle range high.
Alternatively if GBPUSD cannot sustain higher prices could see the price action retest the 1.6795 support level.
USDJPY
Summary
Monday USDJPY had an indifferent trading day with the price action closing marginally beneath its open.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades within yesterday’s candle range.
Today I am monitoring USDJPY for a test of the 101.70 support level.
Alternatively a failure to sustain higher prices could see USDJPY retest the 13.00 resistance level.
USDCHF
Summary
Tuesday USDCHF gapped down but by the close of business ended the days trading closing higher.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. A breach of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.
Today I am monitoring the price action to see if USDCHF possibly move in the direction of the 0.8743 level being the last isolated low of the 11th April to confirm that the down trend is intact.
Alternatively a failure to sustain lower prices could see USDCHF can test the upward sloping trend line.
Daily Technical Analysis
6th May 2014
Gold
Summary
Monday Gold traded higher as the price action tested the 1310.00 resistance level.
Market overview
The breach of the 1277 level being the 1st April low has technically changed the daily trend to down. This puts the daily trend in gear with the weekly down trend.
A breach of the 1270.00 support level would confirm the daily down trend.
Focus on today
This morning Gold has opened quietly as the price action trades at the highs of Monday’s candle range.
Today I am monitoring the price action for Gold to test the 1310 resistance level.
Alternatively a failure to sustain higher prices could see Gold trade back to the daily moving averages.
AUDUSD
Summary
Monday AUDUSD traded within a tight range around the averages.
Market overview
AUDUSD has been trading in a daily uptrend following the breach of the 0.9080 level being the swing high of the 18th February. However the weekly chart continues to trade in a down trend with the price action now correcting lower following a rejection of the Fibonacci resistance area. I am now monitoring the price action as it trades at trend line support for an indication of the next phase of the market action.
Focus on today
This morning AUDUSD has opened quietly as the price trades within Monday’s candle range.
I am this morning monitoring the price action for a potential bounce off the upward sloping trend line.
Alternatively if AUDUSD fails to sustain higher prices there is a possibility that AUDUSD trades back down to the upward sloping trend line.
Oil
Summary
Monday Oil traded lower as the price action failed to closed above the 100.00 level.
Market overview
Oil continues to trade in a daily uptrend following the breach of the 100.72 level being the swing high of the 24th December. The daily and weekly times both have a positive bias.
The recent price action has seen a strong downward correction towards the 98.00 support level.
Focus on today
This morning Oil has opened positively as the price action trades within Monday’s candle range.
Today I am monitoring the price action for a test of the 100.00 level.
Alternatively a failure to sustain higher prices could see Oil trade back down to the 98.00 price levels.
Daily Technical Analysis
7th May 2014
EURUSD
Summary
Tuesday EURUSD broke higher as the price action traded and closed above the 1.3905 level being the 11th April high.
Market overview
EURUSD continues to trade in a daily uptrend following the breach of the 1.3741 level being the 24th January swing high. The daily trend is now in gear with the strong weekly up trend. I will be monitoring EURUSD for further upside momentum.
Focus on today
This morning EURUSD has opened quietely as the price action trades at the within Tuesday’s candle range.
I am this morning monitoring the price action for a potential test of the 1.3966 level being the 13th March high.
Alternatively if EURUSD fails to sustain higher prices there is a possibility we see a move back to the 8 period daily moving averages.
GBPUSD
Summary
Tuesday GBPUSD broke higher from its averages as the price action tested the 1.6985 resistance level.
Market overview
GBPUSD continues to trade in a daily and weekly uptrend with the price action having recently broken a large converging triangle. The 8 period daily moving averages appear to be offering strong support to the current up move.
Focus on today
This morning GBPUSD has opened quietly as the price trades at the highs of Tuesday’s candle ranges.
I am today monitoring the price action for a test of the 1.6985 resistance level.
Alternatively if GBPUSD cannot sustain higher prices could see the price action trade back down to the averages.
USDJPY
Summary
Tuesday USDJPY experienced a strong down day as the price acion tested the 101.70 support level.
Market overview
The breach of the 102.83 level being the swing high of the 21st February has effectively changed the daily trend to up and therefore putting this time frame into gear with the bullish weekly time frame. Following the corrective pull back it would appear that USDJPY has resumed its upward trend. However a sustain move beneath the 101.32 level being the 11th April swing low would put a big question mark against the health of this uptrend.
Focus on today
This morning USDJPY has opened negatively as the price action trades beneath yesterday’s candle range.
Today I am monitoring USDJPY for a test of the 101.32 level being the 11th April swing low.
Alternatively a failure to sustain higher prices could see USDJPY trade back to the averages.
USDCHF
Summary
Tuesday USDCHF continued to trade lower as the price action tested and closed under the 0.8743 being the swing low of the 11th April.
Market overview
USDCHF continues to trade in a negative daily and weekly swing bias but the recent price action is beginning to take on a bullish feel to it. That recent price activity has seen USDCHF back up to the downward slopping trend line. However it appears that higher prices have been rejected and there has been a resumption of the down trend. The breach and close under the 0.8743 level being the last isolated low of the 11th April has confirmed that the down trend is intact.
Focus on today
This morning USDCHF has opened quietly as it trades within yesterday’s candle ranges.
Today I am monitoring the price action to see if USDCHF can test the 0.8698 level being the 2014 low.
Alternatively a failure to sustain lower prices could see USDCHF trade back to the 8 period daily moving averages.