Daily Technical Analysis from ACFX 11/25/2013
Daily Technical Analysis for EURUSD as at 25th November 2013
Yesterday’s summary
Friday initially EURUSD traded lower during the Tokyo session. However this negativity was short lived as EURUSD reversed off its lows and broke higher into the London session. This move continued into the New York session and saw EURUSD close on a daily and weekly basis near to its highs.
Market open focus
This morning’s Toyo session has seen EURUSD correct some 25 pip lower from the session highs. We are monitoring the price action for signs of as continuation of this down move into the London session.
The key intraday levels to watch are 1.3398, 1.3442, 1.3460, 1.3475, 1.3536 and 1.3560.
The possible projected maximum daily ranges based upon current price action are 1.3460 to 1.3630.
Today’s scenarios
1. EURUSD is trading within a 25 pip early morning range. I am monitoring potential shorts below 1.3536 with a target of 1.3460.
2. Alternatively a potential break above 1.3560 has an upside intraday target of 1.3630.
Macro trade Ideas
1. The breach of the 16th October prior isolated low has changed the daily trend on a swing basis from up to down. The move back up to the averages and previously broken trend line has proved a good value area where shorts could be added. I am monitoring a continuation of the move down to the 7th November low at 1.3300 levels a prior daily swing low.
2. Alternatively the weekly time frame continues to be swing positive. Therefore there is a possibility that the down trend on the daily chart is nothing more than a corrective sell off that brings the price action into potential value areas where long term swing position buy trades could be executed. It should also be noted that EURUSD has traded into a large Fibonacci support area where price action stalled and bounced. With this in mind there is potential for a substantial upside move that could bring the daily trend back into line with the weekly trend. This scenario is valid as long as EURUSD can trade above the 1st September swing long which comes in around the 1.3100 area.
The Macro Technical Targets
The upside targets are 1.3470, 1.3530, 1.3650, and 1.3830. The downside targets are 1.3300, 1.3200, 1.3100 and 1.2750.
Daily Technical Analysis for GBPUSD as at 25th November 2013
Yesterday’s summary
Friday GBPUSD traded in a tight range during Tokyo trading before trading marginally higher during the London and New York sessions.
Market open focus
This morning has seen GBPUSD correct some 33 points lower off its opening Tokyo session morning high. I am monitoring the 1.6202 level as a possible area of support or if broken an indication that the downside correction will be extended into the London session.
The key intraday levels to watch are 1.6071, 1.6107, 1.6175, 1.6202 and1.6240.
The possible projected maximum daily ranges based upon current price action are 1.6140 to 1.6300.
Today’s scenarios
1. GBPUSD is trading within a 30 pip early morning range. I am monitoring potential shorts below 1.6202 with a target of 1.6140.
2. Alternatively a potential break above 1.6240 has an upside intraday target of 1.6300.
Macro trade ideas
1. The breach of the 16th October swing low has changed the trend on a daily swing basis from up to down. However both the breach of the 6th November minor swing high and the averages crossing positively does put a question mark on the strength of this trend. Despite this and with GBPUSD now trading up to multi month trend line resistance may offer a potential opportunity for the price action to once again reverse to the down side.
2. Alternatively the weekly time frame continues to have a positive swing bias which could indicate that the daily chart negativity could be little more than a downside correction. A break above the 23rd October high would confirm this scenario.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 25th November 2013
Yesterday’s summary
Friday USDCHF initial traded lower during Tokyo session prior to breaking down. This down move continued and accelerated during the London and New York sessions.
Market open focus
USDCHF has bounced off the downward sloping trend line during this morning’s Tokyo session. I am monitoring the possibility for this bounce to continue during London trading
The key intraday levels to watch are 0.9060, 0.9089, 0.9150, 0.9159 and 0.9192.
The possible projected maximum daily ranges based upon current price action are 0.9020 to 0.9130.
Today’s scenarios
1. USDCHF is trading within a 30 pip early morning range. I am monitoring potential longs above 0.9089 with a target of 0.9130.
2. Alternatively a potential break below 0.9060 has a downside intraday target of 0.9020.
Macro trade ideas
1. On a basis swing bases the trend is now positive following the breach of the prior isolated high. However the price action has been struggling to extend a move away from the downside sloping trend line. Notwithstanding this as long USDCHF can trade above 0.8889 being the current isolated low then the potential for a substantial upside breakout is possibility.
2. However the weekly time frame continues to point down. Therefore a sustained breach of the 34 period moving averages puts into play a move to the 0.8889 isolated low areas.
Macro technical levels
The macro technical levels are 0.9020 0.8930, 0.8570 and 0.9200.
Daily Technical Analysis for USDJPY as at 25th November 2013
Yesterday’s summary
Friday USDJPY traded within a range of some 40 pips throughout the Tokyo, London and New York session.
Market open focus
In comparison to Friday’s small range USDJPY has broken higher and already traded an 80 pip range during this morning’s Tokyo session. This morning’s move has in the process taken out the 101.52 level being a prior swing high. I am monitoring the possibility that this positive market action continues into the London session.
The key intraday levels to watch are 99.54, 100.26, 100.95, 101.60, and 101.93.
The possible projected maximum daily ranges based upon current price action are 101.15 to 101.92.
Today’s scenarios
1. USDJPY has traded an 80 pip early morning break out. I am monitoring potential longs above 101.93. However as this morning’s move already equates to one daily average range further upside maybe limited.
2. Alternatively a potential break beneath 101.60 has a downside intraday target of 101.15.
Macro trade ideas
1. With USDJPY having breached the prior swing high of the 17th October has changed the trend on a swing bias to up. The change of the daily trend now puts the swing bias in line with the weekly trend. The breach of both the downward sloping trend line and significant 100 levels now puts in play potential moves 103.73 swing level which is also a major multi year high. The previous 101.52 target having been breached this morning.
2. Alternatively failure to sustain a move above the 101.52 level could possibly see USDJPY trade back to the prior broken converging triangle.
Daily Technical Analysis for EURUSD as at 25th November 2013
Yesterday’s summary
Friday initially EURUSD traded lower during the Tokyo session. However this negativity was short lived as EURUSD reversed off its lows and broke higher into the London session. This move continued into the New York session and saw EURUSD close on a daily and weekly basis near to its highs.
Market open focus
This morning’s Toyo session has seen EURUSD correct some 25 pip lower from the session highs. We are monitoring the price action for signs of as continuation of this down move into the London session.
The key intraday levels to watch are 1.3398, 1.3442, 1.3460, 1.3475, 1.3536 and 1.3560.
The possible projected maximum daily ranges based upon current price action are 1.3460 to 1.3630.
Today’s scenarios
1. EURUSD is trading within a 25 pip early morning range. I am monitoring potential shorts below 1.3536 with a target of 1.3460.
2. Alternatively a potential break above 1.3560 has an upside intraday target of 1.3630.
Macro trade Ideas
1. The breach of the 16th October prior isolated low has changed the daily trend on a swing basis from up to down. The move back up to the averages and previously broken trend line has proved a good value area where shorts could be added. I am monitoring a continuation of the move down to the 7th November low at 1.3300 levels a prior daily swing low.
2. Alternatively the weekly time frame continues to be swing positive. Therefore there is a possibility that the down trend on the daily chart is nothing more than a corrective sell off that brings the price action into potential value areas where long term swing position buy trades could be executed. It should also be noted that EURUSD has traded into a large Fibonacci support area where price action stalled and bounced. With this in mind there is potential for a substantial upside move that could bring the daily trend back into line with the weekly trend. This scenario is valid as long as EURUSD can trade above the 1st September swing long which comes in around the 1.3100 area.
The Macro Technical Targets
The upside targets are 1.3470, 1.3530, 1.3650, and 1.3830. The downside targets are 1.3300, 1.3200, 1.3100 and 1.2750.
Daily Technical Analysis for GBPUSD as at 25th November 2013
Yesterday’s summary
Friday GBPUSD traded in a tight range during Tokyo trading before trading marginally higher during the London and New York sessions.
Market open focus
This morning has seen GBPUSD correct some 33 points lower off its opening Tokyo session morning high. I am monitoring the 1.6202 level as a possible area of support or if broken an indication that the downside correction will be extended into the London session.
The key intraday levels to watch are 1.6071, 1.6107, 1.6175, 1.6202 and1.6240.
The possible projected maximum daily ranges based upon current price action are 1.6140 to 1.6300.
Today’s scenarios
1. GBPUSD is trading within a 30 pip early morning range. I am monitoring potential shorts below 1.6202 with a target of 1.6140.
2. Alternatively a potential break above 1.6240 has an upside intraday target of 1.6300.
Macro trade ideas
1. The breach of the 16th October swing low has changed the trend on a daily swing basis from up to down. However both the breach of the 6th November minor swing high and the averages crossing positively does put a question mark on the strength of this trend. Despite this and with GBPUSD now trading up to multi month trend line resistance may offer a potential opportunity for the price action to once again reverse to the down side.
2. Alternatively the weekly time frame continues to have a positive swing bias which could indicate that the daily chart negativity could be little more than a downside correction. A break above the 23rd October high would confirm this scenario.
Marco Technical Targets
1.6260, 1.6170, 1.5890, 1.5715, 1.5570, 1.5720
Daily Technical Analysis for USDCHF as at 25th November 2013
Yesterday’s summary
Friday USDCHF initial traded lower during Tokyo session prior to breaking down. This down move continued and accelerated during the London and New York sessions.
Market open focus
USDCHF has bounced off the downward sloping trend line during this morning’s Tokyo session. I am monitoring the possibility for this bounce to continue during London trading
The key intraday levels to watch are 0.9060, 0.9089, 0.9150, 0.9159 and 0.9192.
The possible projected maximum daily ranges based upon current price action are 0.9020 to 0.9130.
Today’s scenarios
1. USDCHF is trading within a 30 pip early morning range. I am monitoring potential longs above 0.9089 with a target of 0.9130.
2. Alternatively a potential break below 0.9060 has a downside intraday target of 0.9020.
Macro trade ideas
1. On a basis swing bases the trend is now positive following the breach of the prior isolated high. However the price action has been struggling to extend a move away from the downside sloping trend line. Notwithstanding this as long USDCHF can trade above 0.8889 being the current isolated low then the potential for a substantial upside breakout is possibility.
2. However the weekly time frame continues to point down. Therefore a sustained breach of the 34 period moving averages puts into play a move to the 0.8889 isolated low areas.
Macro technical levels
The macro technical levels are 0.9020 0.8930, 0.8570 and 0.9200.
Daily Technical Analysis for USDJPY as at 25th November 2013
Yesterday’s summary
Friday USDJPY traded within a range of some 40 pips throughout the Tokyo, London and New York session.
Market open focus
In comparison to Friday’s small range USDJPY has broken higher and already traded an 80 pip range during this morning’s Tokyo session. This morning’s move has in the process taken out the 101.52 level being a prior swing high. I am monitoring the possibility that this positive market action continues into the London session.
The key intraday levels to watch are 99.54, 100.26, 100.95, 101.60, and 101.93.
The possible projected maximum daily ranges based upon current price action are 101.15 to 101.92.
Today’s scenarios
1. USDJPY has traded an 80 pip early morning break out. I am monitoring potential longs above 101.93. However as this morning’s move already equates to one daily average range further upside maybe limited.
2. Alternatively a potential break beneath 101.60 has a downside intraday target of 101.15.
Macro trade ideas
1. With USDJPY having breached the prior swing high of the 17th October has changed the trend on a swing bias to up. The change of the daily trend now puts the swing bias in line with the weekly trend. The breach of both the downward sloping trend line and significant 100 levels now puts in play potential moves 103.73 swing level which is also a major multi year high. The previous 101.52 target having been breached this morning.
2. Alternatively failure to sustain a move above the 101.52 level could possibly see USDJPY trade back to the prior broken converging triangle.