Daily Technical Analysis for 16th December 2013 from ACFX
EURUSD
Yesterday’s summary
Yesterday’s trading saw EURUSD end the session 8 pips lower from its open whilst trading a 60 pip range.
The price action continues to have a negative daily swing bias whilst trading within a large expanding triangle.
The price action has corrected down to the 8 period moving averages which could possibly be views as a value area where one could add long positions. The initial target for any such move higher being the 25th October swing high pivot at 1.3832.
However a failure to hold this key support area could see EURUSD move lower to the upward sloping trend line.
Focus on today
This morning’s EURUSD is trading above the previous day’s low within range and within a 25 pip early morning Tokyo session range. . Furthermore currently EURUSD is also trading between the 1.3520/1.3565 to 1.3763/1.3811 congestion areas.
AS EURUSD is trading between the 1.3520/1.3565 to 1.3763/1.3811 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.
Alternatively EURUSD could continue to trade between the 1.3565 to 1.3763 levels for the rest of the session.
Key intraday levels
EURUSD: 1.3520 1.3565, 1.3763, 1.3811
GBPUSD
Yesterday’s summary
Yesterday’s trading saw GBPUSD end the session 51 pips lower from its open whilst trading a 97 pip range.
The price action continues to have a positive daily swing bias and is currently correcting back towards the 34 period moving averages.
Focus on today
This morning’s GBPUSD is trading above the previous day’s low and within a 53 pip early morning Tokyo session range. Furthermore currently GBPUSD is also trading between the 1.6130/1.6175 to 1.6419/1.6466 congestion areas.
AS GBPUSD is trading between the 6130/1.6175 to 1.6419/1.6466 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.
Alternatively there is a possibility that GBPUSD trades in between the 1.6175 to 1.6419 levels for the rest of the day.
Key intraday levels
GBPUSD: 1.6130, 1.6175, 1.6419, 1.6466.
USDJPY
Yesterday’s summary
Yesterday’s trading saw USDJPY close 16 pips lower from its open whilst trading a 95 pip range.
The price action continues to have a positive daily swing bias with the price action hovering above the 8 period moving averages. The 103.70 level is still offering both a target and a strong resistance level to current market activity.
Focus on today
This morning’s USDJPY is trading beneath the previous day’s high and within a 57 pip early morning Tokyo session range. Furthermore currently USDJPY is also trading between the 102.00/102.35 to 103.05/103.40 price congestion areas.
AS USDJPY is trading between the 102.00,/102.35 and 103.43/103.92 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.
Alternatively there is a possibility that USDJPY trades in between the 102.35 to 103.43 levels for the rest of the day.
Key intraday levels
USDJPY: 102.00, 102.35, 103.43, 103.92.
USDCHF
Yesterday’s summary
Yesterday’s trading saw USDCHF closed at its opening price pips whilst trading a 37 pip range.
Following the break of 24th October low at 0.8889 the trend in USDCHF has changed to negative on a swing bases.
Focus on today
This morning’s USDCHF is trading above the previous day’s low and within a 22 pip early morning Tokyo session range. Furthermore currently USDCHF is also trading within the 0.8880 to 0.8840 price congestion zone.
AS USDCHF is trading just above the 0.8880/0.8840 congestion range, I am monitoring the potential for 0.8880 to be breached to the downside.
Key intraday levels
USDCHF: 0.8840, 0.8880, 0.9080, 0.9110.
Alternatively a failure to sustain a break under 0.8880 could see USDCHF trade higher.
EURUSD
Yesterday’s summary
Yesterday’s trading saw EURUSD end the session 8 pips lower from its open whilst trading a 60 pip range.
The price action continues to have a negative daily swing bias whilst trading within a large expanding triangle.
The price action has corrected down to the 8 period moving averages which could possibly be views as a value area where one could add long positions. The initial target for any such move higher being the 25th October swing high pivot at 1.3832.
However a failure to hold this key support area could see EURUSD move lower to the upward sloping trend line.
Focus on today
This morning’s EURUSD is trading above the previous day’s low within range and within a 25 pip early morning Tokyo session range. . Furthermore currently EURUSD is also trading between the 1.3520/1.3565 to 1.3763/1.3811 congestion areas.
AS EURUSD is trading between the 1.3520/1.3565 to 1.3763/1.3811 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.
Alternatively EURUSD could continue to trade between the 1.3565 to 1.3763 levels for the rest of the session.
Key intraday levels
EURUSD: 1.3520 1.3565, 1.3763, 1.3811
GBPUSD
Yesterday’s summary
Yesterday’s trading saw GBPUSD end the session 51 pips lower from its open whilst trading a 97 pip range.
The price action continues to have a positive daily swing bias and is currently correcting back towards the 34 period moving averages.
Focus on today
This morning’s GBPUSD is trading above the previous day’s low and within a 53 pip early morning Tokyo session range. Furthermore currently GBPUSD is also trading between the 1.6130/1.6175 to 1.6419/1.6466 congestion areas.
AS GBPUSD is trading between the 6130/1.6175 to 1.6419/1.6466 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.
Alternatively there is a possibility that GBPUSD trades in between the 1.6175 to 1.6419 levels for the rest of the day.
Key intraday levels
GBPUSD: 1.6130, 1.6175, 1.6419, 1.6466.
USDJPY
Yesterday’s summary
Yesterday’s trading saw USDJPY close 16 pips lower from its open whilst trading a 95 pip range.
The price action continues to have a positive daily swing bias with the price action hovering above the 8 period moving averages. The 103.70 level is still offering both a target and a strong resistance level to current market activity.
Focus on today
This morning’s USDJPY is trading beneath the previous day’s high and within a 57 pip early morning Tokyo session range. Furthermore currently USDJPY is also trading between the 102.00/102.35 to 103.05/103.40 price congestion areas.
AS USDJPY is trading between the 102.00,/102.35 and 103.43/103.92 price congestion areas, I am monitoring the potential for the price action to break up our break down into these areas.
Alternatively there is a possibility that USDJPY trades in between the 102.35 to 103.43 levels for the rest of the day.
Key intraday levels
USDJPY: 102.00, 102.35, 103.43, 103.92.
USDCHF
Yesterday’s summary
Yesterday’s trading saw USDCHF closed at its opening price pips whilst trading a 37 pip range.
Following the break of 24th October low at 0.8889 the trend in USDCHF has changed to negative on a swing bases.
Focus on today
This morning’s USDCHF is trading above the previous day’s low and within a 22 pip early morning Tokyo session range. Furthermore currently USDCHF is also trading within the 0.8880 to 0.8840 price congestion zone.
AS USDCHF is trading just above the 0.8880/0.8840 congestion range, I am monitoring the potential for 0.8880 to be breached to the downside.
Key intraday levels
USDCHF: 0.8840, 0.8880, 0.9080, 0.9110.
Alternatively a failure to sustain a break under 0.8880 could see USDCHF trade higher.