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MARKET BRIEFING – LONDON OPEN 06.05.2015
EURUSD
The intraday technical outlook
Tuesday EURUSD bounce higher off its channel bottom.
This morning I am monitoring the price action for a test of the 1.1285 /1.1300 resistance area.
Alternatively a failure to sustain a move higher prices could see EURUSD retest the 1.1200 level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.1050 level.
GBPUSD
The intraday technical outlook
Tuesday GBPUSD bounced higher off its 1.5100 support level.
This morning I am monitoring the price action for a re-test of the 1.5250 level.
Alternatively a failure to trade higher could see GBPUSD test the 1.5150 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5100 level.
USDJPY
The intraday technical outlook
Tuesday USDJPY tested, bounced off the 119.75 level.
This morning I am monitoring the price action for a test of the 119.40 level.
Alternatively a failure to trade lower could see USDJPY trade back up to the 119.75 support level.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.50 level.
USDCHF
The intraday technical outlook
Tuesday USDCHF continued to trade lower.
This morning I am monitoring the price action for a test of the 0.9200 level.
Alternatively a failure to trade lower could see USDCHF trade back up to the 0.9270 level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9385 level.
AUDUSD
The intraday technical outlook
Tuesday AUDUSD continued to trade higher.
This morning I am monitoring the price action for a re-test of the broken up channel.
Alternatively a failure to trade higher could see AUDUSD could trade back down into the direction of the 0.7840 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7785 level.
GOLD
The intraday technical outlook
Tuesday continued to trade higher but eventually found strong resistance at the 1198.05 level.
This morning I am monitoring the price action for a re-test of the 1198.05 level.
Alternatively a failure to trade higher could see Gold re-test the 1192.00 level.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1185.45 level.
OIL
The intraday technical outlook
Tuesday Oil broke above its recent range as it put in a very strong rally.
I am this morning monitoring the price action to consolidate or correction off the overnight highs.
Alternatively a failure to trade lower could see Oil test the 60.00 support level.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 58.50 level.
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MARKET BRIEFING – LONDON OPEN 06.05.2015
EURUSD
The intraday technical outlook
Tuesday EURUSD bounce higher off its channel bottom.
This morning I am monitoring the price action for a test of the 1.1285 /1.1300 resistance area.
Alternatively a failure to sustain a move higher prices could see EURUSD retest the 1.1200 level.
From a technical perspective EURUSD is trading in an intraday 1 hour up trend with the line of control at the 1.1050 level.
GBPUSD
The intraday technical outlook
Tuesday GBPUSD bounced higher off its 1.5100 support level.
This morning I am monitoring the price action for a re-test of the 1.5250 level.
Alternatively a failure to trade higher could see GBPUSD test the 1.5150 level.
From a technical perspective GBPUSD is trading in an intraday 1 hour up trend with the line of control at the 1.5100 level.
USDJPY
The intraday technical outlook
Tuesday USDJPY tested, bounced off the 119.75 level.
This morning I am monitoring the price action for a test of the 119.40 level.
Alternatively a failure to trade lower could see USDJPY trade back up to the 119.75 support level.
From a technical perspective USDJPY is trading in an intraday 1 hour down trend with the line of control at the 120.50 level.
USDCHF
The intraday technical outlook
Tuesday USDCHF continued to trade lower.
This morning I am monitoring the price action for a test of the 0.9200 level.
Alternatively a failure to trade lower could see USDCHF trade back up to the 0.9270 level.
From a technical perspective USDCHF is trading in an intraday 1 hour down trend with the line of control at the 0.9385 level.
AUDUSD
The intraday technical outlook
Tuesday AUDUSD continued to trade higher.
This morning I am monitoring the price action for a re-test of the broken up channel.
Alternatively a failure to trade higher could see AUDUSD could trade back down into the direction of the 0.7840 level.
From a technical perspective AUDUSD is trading in an intraday 1 hour up trend with the line of control at the 0.7785 level.
GOLD
The intraday technical outlook
Tuesday continued to trade higher but eventually found strong resistance at the 1198.05 level.
This morning I am monitoring the price action for a re-test of the 1198.05 level.
Alternatively a failure to trade higher could see Gold re-test the 1192.00 level.
From a technical perspective Gold is trading in an intraday 1 hour up trend with the line of control at the 1185.45 level.
OIL
The intraday technical outlook
Tuesday Oil broke above its recent range as it put in a very strong rally.
I am this morning monitoring the price action to consolidate or correction off the overnight highs.
Alternatively a failure to trade lower could see Oil test the 60.00 support level.
From a technical perspective Oil is trading in an intraday 1 hour up trend with the line of control at the 58.50 level.
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