Daily Technical Analysis by ACFX.com

acfx · June 4, 2013

Daily Technical Analysis for EURUSD as at 4th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1.3015 â€“ 1.3145
Target 1 : 1.2795
Target 2 : 1.2745
Stop : 1.3245

Comments
EURUSD is this morning trading lower from the open after yesterdays up day with that candle printing a piercing line. Todayâ€™s opening range is 24 pips which equates to 24% of the daily average true range.
In terms of the bigger picture the swing bias remains negative and the averages are confirming the market direction. Furthermore we have the RSI is diverging positively negatively.
However the price action is trading and closed above both averages which could be viewed as the market being overbought when the market is in a down trend or the market bias attempting to change its position from negative to positive.
If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low but confirmation is required for a change of trend to be established. Back to a daily time frame a prior swing high breach would confirm a possible change of trend.
That the price action is trading at overhead resistance in terms of the downward sloping trend line and Fibonacci resistance may put a brake on further upward momentum. However one hurdle in terms closing above the long average has been overcome.
Scenario 1
As the dominant daily trend is down the retracement into Fibonacci resistance combined with overhead trend line resistance might offer shorting opportunities. However we have yet to notice any loss of momentum that could be identified by an oscillator divergence or candle stick pattern. The initial target for any down break would be the 17th May prior swing low.

Scenario 2
Alternatively EURUSD could continue its retracement so as to eventually breach the downward sloping trend line.

Daily Technical Analysis for GBPUSD as at 4th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1.5260 â€“ 1.5470
Target 1 : 1.5000
Target 2 : 1.4865
Stop : 1.5600

Comments
GBPUSD is this morning unchanged from the open after yesterdays strong up day with that candle printing a piercing line. Todayâ€™s opening range is 32 pips which equates to a 27% of the daily average true range.

In terms of the bigger picture he swing bias remains negative and the averages are confirming the market direction. However he price action has retraced and is currently trading above both short and long averages.

If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low but confirmation is required for a change of trend to be established.
Back to a daily time frame a prior swing high breach would confirm a possible change of trend. Overhead resistance however in terms the downward sloping trend line and Fibonacci resistance might limit further upward momentum.
Scenario 1
As the dominant daily trend is down the retracement into overhead resistance being the averages might, Fibonacci resistance and the downward sloping trend line might offer shorting opportunities. However we have yet to notice any loss of momentum that could be identified by an oscillator divergence or candle stick pattern. The initial target for any down break would be the upward sloping trend line that may offer some support followed by the 12th March prior swing low.

Scenario 2
Alternatively GBPUSD could continue its upward momentum towards the downward sloping trend line.

Daily Technical Analysis for USDJPY as at 4th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 100.50 â€“ 98.40
Target 1 : 104.00
Target 2 : 110.00
Stop : 97.00

Comments
USDJPY is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 99 pips which equates to 72% of the daily average true range.

In terms of the bigger picture the swing bias remains positive and the averages are confirming the market direction. However he price action has retraced and is currently trading under both the long averages and within Fibonacci support. Furthermore a large RSI is positive divergence is forming and trend line support is now very close.

Scenario 1
As the dominant daily trend is up this deep retracement into the averages and Fibonacci support may offer buying opportunities. This would also be in line with the RSI positive divergence.

We have identified the following levels as possible long targets.
1. A retouch of 104.00 being the 161.80 Fibonacci Expansion target.
2. The 105.00 level being the 200 percent Fibonacci Expansion target.
3. Around 108.00 being long term trend line resistance.
4. 110.00 being a prior Swing High Pivot.
Scenario 2
Alternatively USDJPY could continue its retracement potentially to trend line support and then the prior pivot swing low.

Daily Technical Analysis for USDCHF as at 4th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 0.9550 â€“ 0.9370
Target 1 : 0.9840
Target 2 : 0.9970
Stop : 0.9245

Comments
USDCHF is this morning trading higher from the open lower after yesterdays up day. Todayâ€™s opening range is 30 pips which equates to 24% of the daily average true range.

In terms of the bigger picture the swing bias remains positive and the averages are confirming the market direction. Furthermore there have been some significant trend line breaks to the upside which although have since retraced still puts a positive feel to USDCHF. This has been reinforced by the RSI is diverging positively.

From the negative aspect the price action has retraced and is currently trading under both short and long averages and to the bottom end of the Fibonacci support range.

Scenario 1
As the dominant daily trend is up the deep retracement into the averages and possible further move into Fibonacci support could be interpreted as oversold and might offer buying opportunities. Now that a loss of momentum has been identified in that the weekly RSI is diverging positively does give the long side some extra weight. The initial target for any down break would be the 22nd May prior swing high.

Scenario 2
Alternatively the price action could possibly continue its correction down into Fibonacci support and then the upward sloping trend line.

Daily Technical Analysis for Gold as at 4th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading lower from the open after yesterdays up day with that candle printing a piercing line. Todayâ€™s opening range is 870 pips which equates to 27% of the daily average true range

In terms of the bigger picture the swing bias remains negative and the averages are confirming the market direction. The RSI is diverging negatively and as the price action has retraced and is currently trading between both short and long averages. This could imply that resumption in downward momentum may possibly be imminent.

From a bullish perspective it would appear that Gold is in the process of forming a higher low but confirmation is required for a change of trend to be established. A prior swing high breach would confirm a possible change of trend. Overhead resistance however in terms of the long average and Fibonacci resistance may put a brake on further upward momentum.

Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as Gold has closed above the 8 period moving averages the potential for a move to Fibonacci resistance comes into play.

Daily Technical Analysis for Oil (WTI) as at 4th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after yesterdays strong up day with that candle printing a piercing line. Todayâ€™s opening range is 46 pips which equates to 25% of the daily average true range.

In terms of the bigger price action continues to trade near the top of a large monthly converging triangle. However following the breach of the prior pivot low the swing bias has changed from positive to negative. This has coincided with breach of a prior broken upward sloping trend line. The averages have just crossed and our now confirming the market direction.

From a bullish perspective the price action has retraced and is trading just above Fibonacci support.

Scenario 1
As the dominant daily trend has changed to negative we are monitoring the possibility of continued move down with corrective pullbacks offering possible selling opportunities.

Scenario 2
Alternatively as the price action is trading around Fibonacci support we are monitoring the possibility of a bounce and even a resumption of the prior up trend with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

acfx · June 5, 2013

Daily Technical Analysis for EURUSD as at 5th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1.3015 â€“ 1.3145
Target 1 : 1.2795
Target 2 : 1.2745
Stop : 1.3245

Comments
EURUSD is this morning trading higher from the open after yesterdays up day which closed above the downward sloping trend line. Todayâ€™s opening range is 31 pips which equates to 31% of the daily average true range.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading above both negatively layered averages which can be viewed as over bought.
3. RSI continues to diverge negatively.
4. The price action has retraced deep into Fibonacci resistance.
5. The price action has managed to break above the downward sloping trend line which could be viewed as over bought.
Alternative counter trend bullish factors:
1. The price action has broken and closed above both averages.
2. The moving averages are attempting to cross positively.
3. The price action has broken above the downward sloping trend line which could be viewed as a warning of pending trend reversal to the upside.
4. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low but confirmation is required for a change of trend to be established.
Scenario 1
As the dominant daily trend is down the retracement into Fibonacci resistance combined with trend line resistance might offer shorting opportunities. The initial target for any down break would be the 17th May prior swing low.

Scenario 2
Alternatively as EURUSD has now breached and closed above trend line resistance the long side may come into focus. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

Daily Technical Analysis for GBPUSD as at 5th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1.5260 â€“ 1.5470
Target 1 : 1.5000
Target 2 : 1.4865
Stop : 1.5600

Comments
GBPUSD is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 43 pips which equates to a 38% of the daily average true range.

In terms of the bigger picture he swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading above both negatively layered averages which can be viewed as over bought.
3. The price action has retraced into Fibonacci resistance.
4. Overhead resistance however in terms the downward sloping trend line might limit further upward momentum.
Alternative counter trend bullish factors:
1. The price action has broken above and closed above both averages.
2. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low but confirmation is required for a change of trend to be established.
3. No sign yet of a negative divergence in the weekly RSI.
Scenario 1
As the dominant daily trend is down the retracement into overhead resistance being the averages might, Fibonacci resistance and the downward sloping trend line might offer shorting opportunities. However we have yet to notice any loss of momentum that could be identified by an oscillator divergence or candle stick pattern. The initial target for any down break would be the upward sloping trend line that may offer some support followed by the 12th March prior swing low.

Scenario 2
Alternatively GBPUSD could continue its upward momentum towards the downward sloping trend line. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

Daily Technical Analysis for USDJPY as at 5th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 100.50 â€“ 98.40
Target 1 : 104.00
Target 2 : 110.00
Stop : 97.00

Comments
USDJPY is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 108 pips which equates to 77% of the daily average true range.

In terms of the bigger picture the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading below both positively layered averages which can be viewed as over sold.
3. RSI continues to diverge positively.
4. The price action has retraced deep into Fibonacci support.
5. The price action is trading just upward sloping trend line support.
Alternative counter trend bearish factors:
1. The price action has broken beneath and closed above both averages.
2. The moving averages are attempting to cross negatively.
Scenario 1
As the dominant daily trend is up this deep retracement into the averages and Fibonacci support may offer buying opportunities. This would also be in line with the RSI positive divergence.

We have identified the following levels as possible long targets.
1. A retouch of 104.00 being the 161.80 Fibonacci Expansion target.
2. The 105.00 level being the 200 percent Fibonacci Expansion target.
3. Around 108.00 being long term trend line resistance.
4. 110.00 being a prior Swing High Pivot.
Scenario 2
Alternatively USDJPY could continue its retracement potentially to trend line support and then the prior pivot swing low. . However from a technical stand point a prior swing low breach would be required to confirm a change of trend.

Daily Technical Analysis for USDCHF as at 5th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 0.9550 â€“ 0.9370
Target 1 : 0.9840
Target 2 : 0.9970
Stop : 0.9245

Comments
USDCHF is this morning trading higher from the open lower after yesterdays marginal down day. Todayâ€™s opening range is 38 pips which equates to 31% of the daily average true range.

In terms of the bigger picture the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading beneath both positively layered averages which can be viewed as over sold.
3. RSI continues to diverge positively.
4. The price action has retraced deep into Fibonacci support.
5. The price action has managed to break below the downward sloping trend line which could be viewed as over sold.
Alternative counter trend bullish factors:
1. The price action has broken and closed below both averages.
2. The moving averages are attempting to cross negatively.
3. The price action has broken beneath the downward sloping trend line which could be viewed as a warning of pending trend reversal to the downside.
Scenario 1
As the dominant daily trend is up the deep retracement into the averages and possible further move into Fibonacci support could be interpreted as oversold and might offer buying opportunities. Now that a loss of momentum has been identified in that the weekly RSI is diverging positively does give the long side some extra weight. The initial target for any down break would be the 22nd May prior swing high.

Scenario 2
Alternatively the price action could possibly continue its correction down into Fibonacci support and then the downward sloping trend line. . However from a technical stand point a prior swing low breach would be required to confirm a change of trend.

Daily Technical Analysis for Gold as at 5th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 108 pips which equates to 34% of the daily average true range

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading between both negatively layered averages which can be viewed as a possible shorting area.
3. RSI continues to diverge negatively.
4. The price action is approaching Fibonacci resistance.
Alternative counter trend bullish factors:
1. The moving averages are both rising and converging and converging which could be a sign of a potential positive cross over.
2. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
3. There is still some distance between the current price and Fibonacci resistance which gives the price action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as Gold has closed above the 8 period moving averages the potential for a move to Fibonacci resistance comes into play. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

Daily Technical Analysis for Oil (WTI) as at 5th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after yesterdays strong up day that closed above a prior broken upward sloping trend line. Todayâ€™s opening range is 47 pips which equates to 25% of the daily average true range.

The price action continues to trade near the top of a large monthly converging triangle. However following the breach of the prior pivot low the swing bias has changed from positive to negative.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading within negatively layered averages which can be viewed as possible shorting area.
Alternative counter trend bullish factors:
1. The price action has broken and closed above both averages which could be viewed as over bought.
2. The price action has broken above the upward sloping trend line which could be viewed as a warning of pending trend reversion to the upside.
3. From a bullish perspective the price action has retraced and is trading just above Fibonacci support.
4. No sign yet of a negative divergence in the weekly RSI.
Scenario 1
As the dominant daily trend has changed to negative we are monitoring the possibility of continued move down with corrective pullbacks offering possible selling opportunities.

Scenario 2
Alternatively as the price action is trading around Fibonacci support we are monitoring the possibility of a bounce and even a resumption of the prior up trend with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

acfx · June 6, 2013

Daily Technical Analysis for Gold as at 6th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading lower from the open after yesterdays marginal up day with the price action over the last few sessions forming a small converging triangle. Todayâ€™s opening range is 64 pips which equates to 21% of the daily average true range

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading between both negatively layered averages which can be viewed as a possible shorting area.
3. RSI continues to diverge negatively.
4. The price action is approaching Fibonacci resistance.
Alternative counter trend bullish factors:
1. The moving averages are both rising and converging and converging which could be a sign of a potential positive cross over.
2. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
3. There is still some distance between the current price and Fibonacci resistance which gives the price
action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as Gold has closed above the 8 period moving averages the potential for a move to Fibonacci resistance comes into play. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

Daily Technical Analysis for Oil (WTI) as at 6th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 66 pips which equates to 37% of the daily average true range.

The price action continues to trade near the top of a large monthly converging triangle. However following the breach of the prior pivot low the swing bias has changed from positive to negative.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading within negatively layered averages which can be viewed as possible shorting area.
Alternative counter trend bullish factors:
1. The price action has broken above the upward sloping trend line which could be viewed as a warning of pending trend reversion to the upside.
2. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
3. No sign yet of a negative divergence in the weekly RSI.
Scenario 1
As the dominant daily trend has changed to negative we are monitoring the possibility of continued move down with corrective pullbacks offering possible selling opportunities.

Scenario 2
Alternatively as the price action has bounced off Fibonacci support we are monitoring the possibility of a resumption of the prior up trend with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

acfx · June 6, 2013

Daily Technical Analysis for EURUSD as at 6th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1.3015 â€“ 1.3145
Target 1 : 1.2795
Target 2 : 1.2745
Stop : 1.3245

Comments
EURUSD is this morning trading higher from the open after yesterdays up day which saw the averages cross positively. Todayâ€™s opening range is 35 pips which equates to 35% of the daily average true range.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages which could be viewed as over bought.
2. RSI continues to diverge negatively.
3. The price action has retraced deep into Fibonacci resistance.
4. The price action has managed to break above the downward sloping trend line which could be viewed as over bought.
Alternative counter trend bullish factors:
1. The price action has broken and closed above both averages.
2. The moving averages have crossed positively.
3. The price action has broken above the downward sloping trend line which could be viewed as a warning of pending trend reversal to the upside.
4. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low but confirmation is required for a change of trend to be established.
Scenario 1
As the dominant daily trend is down the retracement into Fibonacci resistance combined with trend line resistance might offer shorting opportunities. The initial target for any down break would be the 17th May prior swing low.

Scenario 2
Alternatively as EURUSD has now breached and closed above trend line resistance and with the averages also crossing positively the long side may come into focus. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

Daily Technical Analysis for GBPUSD as at 6th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1.5260 â€“ 1.5470
Target 1 : 1.5000
Target 2 : 1.4865
Stop : 1.5600

Comments
GBPUSD is this morning trading marginally higher from the open after yesterdays strong up day. Todayâ€™s opening range is 34 pips which equates to a 30% of the daily average true range.

In terms of the bigger picture he swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading above both negatively layered averages which can be viewed as over bought.
3. The price action has retraced into Fibonacci resistance.
4. Overhead resistance however in terms the downward sloping trend line has been reached and might limit further upward momentum.
Alternative counter trend bullish factors:
1. The price action has broken and closed above both averages.
2. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low but confirmation is required for a change of trend to be established.
3. No sign yet of a negative divergence in the weekly RSI.
Scenario 1
As the dominant daily trend is down the retracement into overhead resistance being the averages might, Fibonacci resistance and the downward sloping trend line might offer shorting opportunities. However we have yet to notice any loss of momentum that could be identified by an oscillator divergence or candle stick pattern. The initial target for any down break would be the upward sloping trend line that may offer some support followed by the 12th March prior swing low.

Scenario 2
Alternatively GBPUSD could continue its upward momentum and breach the downward sloping trend line. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

Daily Technical Analysis for USDJPY as at 6th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 100.50 â€“ 98.40
Target 1 : 104.00
Target 2 : 110.00
Stop : 97.00

Comments
USDJPY is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 61 pips which equates to 44% of the daily average true range.

In terms of the bigger picture the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both averages which can be viewed as over sold.
2. RSI continues to diverge positively.
3. The price action has retraced deep into Fibonacci support.
4. The price action is trading just upward sloping trend line support.
Alternative counter trend bearish factors:
1. The price action has broken beneath and closed above both averages.
2. The moving averages are attempting to cross negatively.
Scenario 1
As the dominant daily trend is up this deep retracement into the averages and Fibonacci support may offer buying opportunities. This would also be in line with the RSI positive divergence.
1. We have identified the following levels as possible long targets.
2. A retouch of 104.00 being the 161.80 Fibonacci Expansion target.
3. The 105.00 level being the 200 percent Fibonacci Expansion target.
4. Around 108.00 being long term trend line resistance.
5. 110.00 being a prior Swing High Pivot.
Scenario 2
Alternatively USDJPY could continue its retracement potentially to trend line support and then the prior pivot swing low. . However from a technical stand point a prior swing low breach would be required to confirm a change of trend.

Daily Technical Analysis for USDCHF as at 6th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : 0.9550 â€“ 0.9370
Target 1 : 0.9840
Target 2 : 0.9970
Stop : 0.9245

Comments
USDCHF is this morning trading unchanged from the open lower after yesterdays down day. Todayâ€™s opening range is 38 pips which equates to 31% of the daily average true range.

In terms of the bigger picture the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading beneath both positively layered averages which can be viewed as oversold.
3. RSI continues to diverge positively.
4. The price action has retraced deep into Fibonacci support.
5. The price action has managed to break below the downward sloping trend line which could be viewed as over sold.
Alternative counter trend bullish factors:
1. The price action has broken and closed below both averages.
2. The moving averages are attempting to cross negatively.
3. The price action has broken beneath the downward sloping trend line which could be viewed as a warning of pending trend reversal to the downside.
Scenario 1
As the dominant daily trend is up the deep retracement into the averages and possible further move into Fibonacci support could be interpreted as oversold and might offer buying opportunities. Now that a loss of momentum has been identified in that the weekly RSI is diverging positively does give the long side some extra weight. The initial target for any down break would be the 22nd May prior swing high.

Scenario 2
Alternatively the price action could possibly continue its correction down further into Fibonacci support and then the downward sloping trend line.However from a technical stand point a prior swing low breach would be required to confirm a change of trend.

Daily Technical Analysis for Gold as at 6th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading lower from the open after yesterdays marginal up day with the price action over the last few sessions forming a small converging triangle. Todayâ€™s opening range is 64 pips which equates to 21% of the daily average true range

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading between both negatively layered averages which can be viewed as a possible shorting area.
3. RSI continues to diverge negatively.
4. The price action is approaching Fibonacci resistance.
Alternative counter trend bullish factors:
1. The moving averages are both rising and converging and converging which could be a sign of a potential positive cross over.
2. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
3. There is still some distance between the current price and Fibonacci resistance which gives the price
action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as Gold has closed above the 8 period moving averages the potential for a move to Fibonacci resistance comes into play. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

acfx · June 7, 2013

Daily Technical Analysis for EURUSD as at 7th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading unchanged from the open after yesterdays strong up day which saw a breach of a prior pivot high. Todayâ€™s opening range is 33 pips which equates to 30% of the daily average true range.

In terms of the bigger picture the swing bias has turned positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has cleared resistance of 1.3250.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. The price action if it continues on its upward path will intersect with a prior broken upward sloping trend line.
3. The price action is moving into broad Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as EURUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for GBPUSD as at 7th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading marginally higher from the open after yesterdays strong up day which saw a breach of a prior pivot high and a positive moving average cross over. Todayâ€™s opening range is 37 pips which equates to a 29% of the daily average true range.

In terms of the bigger picture he swing bias has turned positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break above the downward sloping trend line.
3. The price action has breached and closed above a prior broken upward sloping trend line.
4. The RSI is in gear with the move up.
5. The price action has cleared resistance of 1.5600
6. Both the daily and weekly time frames as positive and in gear.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. The price action is moving into broad Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as GBPUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDJPY as at 7th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading lower from the open after yesterdays strong down day which saw a breach of a prior pivot low and the averages cross negatively. Todayâ€™s opening range is 196 pips which equates to 118% of the daily average true range.

In terms of the bigger picture the swing bias has turned negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to break below the upward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has cleared support of 95.80.
Alternative counter trend bullish factors:
1. The price action is extended from the averages and therefore has space to correct.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDCHF as at 7th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading unchanged from the open lower after yesterdays strong down day which saw a breach of a prior pivot low and the averages cross negatively. Todayâ€™s opening range is 52 pips which equates to 39% of the daily average true range.

In terms of the bigger picture the swing bias has turned negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to breach but not closed beneath the prior broken downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached but not closed beneath support of 0.9250
Alternative counter trend bullish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. That price action was repelled by the prior broken downward sloping trend line could be a sign of resistance to the down side direction.
3. That price action was repelled by the 0.9250 support could be a sign of resistance to the down side direction.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDCHF is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for Gold as at 7th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading unchanged from the open after yesterdays marginal up day with the price action over the last few sessions form a larger converging triangle. Todayâ€™s opening range is 680 pips which equates to 24% of the daily average true range

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading between both negatively layered averages which can be viewed as a possible shorting area.
3. RSI continues to diverge negatively.
4. The price action is approaching Fibonacci resistance.
Alternative counter trend bullish factors:
1. The moving averages are both rising and converging and converging which could be a sign of a potential positive cross over.
2. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
3. There is still some distance between the current price and Fibonacci resistance which gives the price
action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as Gold has closed above the 8 period moving averages the potential for a move to Fibonacci resistance comes into play. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

Daily Technical Analysis for Oil (WTI) as at 7th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading unchanged from the open after yesterdays strong up day. Todayâ€™s opening range is 33 pips which equates to 19% of the daily average true range.

The price action continues to trade near the top of a large monthly converging triangle. However following the breach of the prior pivot low the swing bias has changed from positive to negative.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action is trading above negatively layered averages which could be viewed as over bought possible shorting area.
Alternative counter trend bullish factors:
1. The price action has broken above the upward sloping trend line which could be viewed as a warning of pending trend reversion to the upside.
2. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
3. No sign yet of a negative divergence in the weekly RSI.
Scenario 1
As the dominant daily trend has changed to negative we are monitoring the possibility of continued move down with corrective pullbacks offering possible selling opportunities.

Scenario 2
Alternatively as the price action has bounced off Fibonacci support we are monitoring the possibility of a resumption of the prior up trend with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

acfx · June 11, 2013

Daily Technical Analysis for EURUSD as at 12th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 20 pips which equates to 20% of the daily average true range.

Yesterday EURUSD traded higher and breached the 1.3300 level following Mondayâ€™s bullish piercing line candle. We are monitoring a move to the 1.3400 level being the next resistance level to the upside. However as the current pricing is extended from the averages there is a possibility of a corrective retracement to the 8 period moving averages.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached (but not currently trading above) the 1.3300 level.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. The price action if it continues on its upward path will intersect with a prior broken upward sloping trend line.
3. The price action is trading within Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as EURUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for GBPUSD as at 12th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading slightly lower from the open after yesterdays up day. Todayâ€™s opening range is 18 pips which equates to a 15% of the daily average true range.

Yesterday GBPUSD traded higher and breached and closed above the rising to the upward trend line. A continuation of the up move to the high of 6th of June is a possibility however a potential correction to the 8 period moving averages cannot be discounted. That the RSI has shown signs of negative divergence does highlight downside risk.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break and close above the downward sloping trend line.
3. The price action has cleared resistance of 1.5600
4. Both the daily and weekly time frames as positive and in gear.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. The up move has not cleared Fibonacci resistance.
3. The up move has not cleared trend line resistance.
4. The RSI is diverging negatively.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as GBPUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDJPY as at 12th June 201310
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading higher from the open after yesterdays strong down day. Todayâ€™s opening range is 98 pips which equates to 54% of the daily average true range.

Yesterday USDJPY continued to trade lower following a bounce off the 8 period moving averages and trend line resistance. A breach of the 7th June low which was part of a bullish hammer candle will reinforce the downward momentum. However we continue to monitor pullbacks to the 8 period moving averages as selling opportunities.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to break below the upward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has tested (but not closed beneath) support of 95.80.
Alternative counter trend bullish factors:
1. Fridays hammer candle could potentially stall any further downside momentum.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDCHF as at 12th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading higher from the open after yesterdays strong down day. Todayâ€™s opening range is 25 pips which equates to 20% of the daily average true range.

Yesterday USDCHF continued to trade lower following a bounce off the 8 period moving averages. We are monitoring a potential test of the 0.9200 level. However the price action is extended from the averages and there continues to be a possibility of pullbacks to the 8 period moving averages.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to breach but not closed beneath the prior broken downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached but not closed beneath support of 0.9250
Alternative counter trend bullish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. That price action has not cleared the prior broken downward sloping trend line could be a sign of resistance to the down side direction.
3. That price action has not breached the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDCHF is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for Gold as at 12th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 136 pips which equates to 59% of the daily average true range

Yesterdayâ€™s price action printed a bullish candle. Breaches beneath the low of this candle will reinforce the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The averages are confirming the market direction.
2. The price action has broken down from both negatively layered averages.
Alternative counter trend bullish factors:
1. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
2. There is still some distance between the current price and Fibonacci resistance which gives the price
action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as long Gold can trade above the 20th May high there is a possibility of a higher low swing being printed. However from a technical stand point a prior swing high breach would be required to confirm a change of trend.

Daily Technical Analysis for Oil (WTI) as at 12th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 51 pips which equates to 29% of the daily average true range.

The price action continues trade at the top of a large monthly converging triangle. Oil for the past 3 sessions is contained by the bullish candle of the 7th June and the averages are attempting to cross positively. A break above or below this candle will possibly give a good indication of the medium term momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The large monthly converging triangle continues to offer Oil strong upside resistance.
Alternative counter trend bullish factors:
1. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
2. No sign yet of a negative divergence in the weekly RSI.
3. An inverse Head and Shoulders pattern is forming on the weekly and daily time frames.
Scenario 1
As the dominant daily trend has changed to negative we are monitoring the possibility of continued move down with corrective pullbacks offering possible selling opportunities.

Scenario 2
Alternatively as the price action has bounced off Fibonacci support we are monitoring the possibility of a resumption of the prior up trend with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

acfx · June 12, 2013

Daily Technical Analysis for EURUSD as at 13th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 40 pips which equates to 39% of the daily average true range.

The move above the 1.3300 level has continued following Mondayâ€™s bullish piercing line candle. We continue to monitor a possible move to the 1.3400 level being the next resistance level to the upside. However as the current pricing is extended from the averages there is a possibility of a corrective retracement to the 8 period moving averages.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached and closed above the 1.3300 level.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. The price action if it continues on its upward path will intersect with a prior broken upward sloping trend line.
3. The price action is trading within Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as EURUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for GBPUSD as at 13th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 32 pips which equates to a 27% of the daily average true range.

Yesterday GBPUSD continued to trade higher following the breach and close above the rising the upward trend line with the resulting move taking out the high of 6th of June. The next resistance level is at 1.5850.

As the price action is extended from the averages the possibility however for a potential correction to the 8 period moving averages cannot be discounted. However the negative divergence that was setting up in the RSI has now been discounted with this oscillator now in gear with the move.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break and close above the upward sloping trend line.
3. The price action has cleared resistance of 1.5600
4. Both the daily and weekly time frames are positive and in gear.
5. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. The up move has not cleared Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as GBPUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDJPY as at 13th June 201310
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading lower from the open after yesterdays slight down day. Todayâ€™s opening range is 178 pips which equates to 96% of the daily average true range.

Yesterday USDJPY closed slightly lower on what was an indifferent trading session only for this morning to open aggressively negative and trade most of its expected daily range prior to the London open. This morningâ€™s move has in the process breached the 7th June low which was part of a bullish hammer candle.

Although the market is very bearish that the price action is extended from the averages is extended from the averages leaves open the possibility for corrective up moves.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to break below the upward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading beneath the 95.80 support level.
Alternative counter trend bullish factors:
1. USDJPY is at an extreme and may need to pull back to its average prior to resuming its downward course.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDCHF as at 13th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 45 pips which equates to 36% of the daily average true range.

Yesterday USDCHF continued to trade lower following a bounce off the 8 period moving averages and this move has continued this morning with a result that the 0.9200 has been tested and breached level.

However the price action is extended from the averages and there continues to be a possibility of pullbacks to the 8 period moving averages.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The RSI is in gear with the move.
3. The price action has breached support of 0.9250
Alternative counter trend bullish factors:
1. The price action is extended from the averages and therefore has space to correct.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDCHF is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for Gold as at 13th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 104 pips which equates to 44% of the daily average true range

The bullish hammer candle has had the effect of pushing Gold back into the averages and in the process these averages have turned positive. A breach of the 11th June low will reinforce the down trend where as a breach of the 6th June high will reverse the trend to positive.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue offer resistance to Gold.
2. The RSI is in gear with the price action.
Alternative counter trend bullish factors:
1. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
2. There is still some distance between the current price and Fibonacci resistance which gives the price action some space to pull back further.
3. The averages have turned positive.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as long Gold can trade above the 20th May high there is a possibility of a higher swing being printed.

Daily Technical Analysis for Oil (WTI) as at 13th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 60 pips which equates to 33% of the daily average true range.

The price action continues trade at the top of a large monthly converging triangle. Oil for the past 4 sessions is contained by the bullish candle of the 7th June and the averages are cross positively. A break above or below this candle will possibly give a good indication of the medium term momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The large monthly converging triangle continues to offer Oil strong upside resistance.
Alternative counter trend bullish factors:
1. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
2. No sign yet of a negative divergence in the weekly RSI.
3. An inverse Head and Shoulders pattern is forming on the weekly and daily time frames.
4. The price action is trading just above the large monthly converging triangle.
5. The averages are positively crossed.
Scenario 1
As the dominant daily trend has changed to negative we are monitoring the possibility of continued move down with corrective pullbacks offering possible selling opportunities.

Scenario 2
Alternatively as the price action has bounced off Fibonacci support we are monitoring the possibility of a resumption of the prior up trend with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

acfx · June 16, 2013

Daily Technical Analysis for EURUSD as at 17th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading lower from the open after Fridays down day. Todayâ€™s opening range is 39 pips which equates to 37% of the daily average true range.

The up move came close to reaching the 1.3400 target but has since shown signs that it is beginning to run out of momentum. This can be seen in Fridayâ€™s candle printed which a lower close.

We are currently monitoring a corrective move initially down to the 8 period moving averages.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached and closed above the 1.3300 level.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. The price action if it continues on its upward path will intersect with a prior broken upward sloping trend line.
3. The price action is trading within Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as EURUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for GBPUSD as at 17th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading lower from the open after Fridays down day. Todayâ€™s opening range is 40 pips which equates to a 33% of the daily average true range.

Yesterday GBPUSD continued to trade higher following the breach and close above the rising the upward trend line with the resulting move taking out the high of 6th of June. The next resistance level is at 1.5850.

Fridayâ€™s candle initially traded aggressively lower as it broke through the upward sloping trend line however buying did come into the market at the area of the 8 period moving averages. This had the effect of pairing much of that dayâ€™s loss.

Following the bounce off support we are monitoring the possibility of continued upward momentum.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break and close above the upward sloping trend line.
3. The price action has cleared resistance of 1.5600
4. Both the daily and weekly time frames are positive and in gear.
5. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. The up move has not cleared Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as GBPUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDJPY as at 17th June 201310
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading higher from the open after Fridays down day. Todayâ€™s opening range is 81 pips which equates to 31% of the daily average true range.

USDJPY is this morning trading within a 3 day range. This could be a sign that the market is consolidating prior to a continuation of the down move or the price action basing before moving up to the averages.

The next support area is 92.50 being the 2nd April swing low.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to break below the upward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading beneath the 95.80 support level.
Alternative counter trend bullish factors:
1. USDJPY is at an extreme and may need to pull back to its average prior to resuming its downward course.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDCHF as at 17th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading higher from the open after Fridays down day. Todayâ€™s opening range is 31 pips which equates to 25% of the daily average true range.

Fridayâ€™s price action initially traded higher following Thursdayâ€™s bullish candle. This upward momentum traded towards the 8 period moving averages where It found resistance which pushed USDCHF lower. This led to a negative close.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The RSI is in gear with the move.
3. The price action has breached support of 0.9250
Alternative counter trend bullish factors:
1. The price action is extended from the averages and therefore has space to correct.
2. USDCHF is this morning trading above the 0.9250 support level.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDCHF is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for Gold as at 17th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading lower from the open after Fridays up day. Todayâ€™s opening range is 56 pips which equates to 24% of the daily average true range

The price action continues to edge towards the averages. A breach of the 11th June low will reinforce the down trend where as a breach of the 6th June high will reverse the trend to positive.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue offer resistance to Gold.
2. The RSI is in gear with the price action.
Alternative counter trend bullish factors:
1. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
2. There is still some distance between the current price and Fibonacci resistance which gives the price action some space to pull back further.
3. The averages have turned positive.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as long Gold can trade above the 20th May high there is a possibility of a higher swing being printed.

Daily Technical Analysis for Oil (WTI) as at 17th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after Fridays strong up day. Todayâ€™s opening range is 47 pips which equates to 25% of the daily average true range.

Oil has broken above the top of a large monthly converging triangle and in the process printed a Higher High candle that has reversed the short lived negative swing trend indication. Furthermore the inverse Head and Shoulders pattern identified in prior posts has broken to the upside.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
2. No sign yet of a negative divergence in the weekly RSI.
3. An inverse Head and Shoulders pattern is breaking to the upside.
4. The price action is trading just above the large monthly converging triangle.
5. The averages are positively crossed.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively as the price extended from the averages the price action may need to trade down to sideways before the up move continues.

acfx · June 17, 2013

Daily Technical Analysis for EURUSD as at 18th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 20 pips which equates to 20% of the daily average true range.

EURUSD is consolidating at the highs as it approaches the 8 period moving averages.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached and closed above the 1.3300 level.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action if it continues on its upward path will intersect with a prior broken upward sloping trend line.
2. The price action is trading within Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as EURUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for GBPUSD as at 18th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading lower from the open after yesterdayâ€™s unchanged day. Todayâ€™s opening range is 29 pips which equates to a 25% of the daily average true range.

The price action continues to trade above the 8 period moving averages and the upward sloping trend line. The next resistance level is at 1.5850.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break and close above the upward sloping trend line.
3. The price action has cleared resistance of 1.5600
4. Both the daily and weekly time frames are positive and in gear.
5. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The averages themselves have become extended which could be an indication that the price action may need to correct.
2. The up move has not cleared Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as GBPUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDJPY as at 18th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 52 pips which equates to 28% of the daily average true range.

USDJPY is this morning trading within a 3 day range. This could be a sign that the market is consolidating prior to a continuation of the down move or the price action basing before moving up to the averages.

The next support area is 92.50 being the 2nd April swing low.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to break below the upward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading beneath the 95.80 resistance level.
Alternative counter trend bullish factors:
1. USDJPY is at an extreme and may need to pull back to its average prior to resuming its downward course.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDCHF as at 18th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 17 pips which equates to 15% of the daily average true range.

The price action has rejected the 8 period moving averages but the strength of the bounce was negligible with the price action stubbornly staying close to this average.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The RSI is in gear with the move.
3. The price action had breached support of 0.9250
Alternative counter trend bullish factors:
1. USDCHF is this morning trading above the 0.9250 support level.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively if USDCHF could break above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.

Daily Technical Analysis for Gold as at 18th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading lower from the open after Yesterdays down day. Todayâ€™s opening range is 670 pips which equates to 29% of the daily average true range

Gold this morning is breaking down from the averages. A breach of the 11th June low will reinforce the down trend where as a breach of the 6th June high will reverse the trend to positive.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue offer resistance to Gold.
2. The RSI is in gear with the price action.
3. The averages are layered negatively.
4. The price action has rejected the small average.
Alternative counter trend bullish factors:
1. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
2. There is still some distance between the current price and Fibonacci resistance which gives the price action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as long Gold can trade above the 20th May high there is a possibility of a higher swing being printed.

Daily Technical Analysis for Oil (WTI) as at 18th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after yesterdayâ€™s unchanged day. Todayâ€™s opening range is 31 pips which equates to 18% of the daily average true range.

Yesterdayâ€™s price action ended unchanged after printing a wide range day that traded close to the 100% Fibonacci extension level. We are focused on the inverse Head and Shoulders pattern that has broken to the upside and a possible breach of the 100 level. However there is a fairly large weekly negative RSI divergence that has been noted as a potential drag against continued upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading just above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
2. A large negative RSI divergence is forming.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively as the price extended from the averages the price action may need to trade down to sideways before the up move continues.

acfx · June 18, 2013

Daily Technical Analysis for EURUSD as at 19th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 17 pips which equates to 18% of the daily average true range.

Yesterday EURUSD bounced off the 8 period moving averages.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached and closed above the 1.3300 level.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action if it continues on its upward path will intersect with a prior broken upward sloping trend line.
2. The price action is trading within Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as EURUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for GBPUSD as at 19th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 26 pips which equates to a 22% of the daily average true range.

Yesterday GBPUSD broke under the 8 period moving averages only for buyers to come to the market which had the effect of pairing some of the losses and in the process yesterdayâ€™s candle printed a bullish hammer. The next resistance level is at 1.5850.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading around both positively layered averages.
2. The price action had managed to break and close above the upward sloping trend line. We are monitoring the possibility GBPUSD retests the resistance.
3. The price action has cleared resistance of 1.5600
4. Both the daily and weekly time frames are positive and in gear.
5. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The averages themselves have become extended which could be an indication that the price action may need to correct.
2. The up move has not cleared Fibonacci resistance.
3. The price action is now trading under the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as GBPUSD has now experienced a good rally a correction to the 34period moving averages is a possibility.

Daily Technical Analysis for USDJPY as at 19th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 48 pips which equates to 26% of the daily average true range.

USDJPY yesterday broke the 3 day range to the upside and is now trading at the 8 period moving averages. Approaches to resistance areas such as the averages could be an area where shorting opportunities are offered.

The next support area is 92.50 being the 2nd April swing low.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to break below the upward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading beneath the 95.80 resistance level.
Alternative counter trend bullish factors:
1. USDJPY is at an extreme and may need to pull back to its average prior to resuming its downward course.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDCHF as at 19th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading unchanged from the open after yesterdays down day. Todayâ€™s opening range is 12 pips which equates to 11% of the daily average true range.

The price action has rejected the 8 period moving averages but is finding some support at the 0.9200 level.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is this morning holding at the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively if USDCHF could break above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.

Daily Technical Analysis for Gold as at 19th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading unchanged from the open after Yesterdays down day. Todayâ€™s opening range is 560 pips which equates to 25% of the daily average true range

Gold this morning is experiencing a quiet open following yesterdays break down from the averages. A breach of the 11th June low will reinforce the down trend where as a breach of the 6th June high will reverse the trend to positive.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue offer resistance to Gold.
2. The RSI is in gear with the price action.
3. The averages are layered negatively.
4. The price action has rejected the small average.
Alternative counter trend bullish factors:
1. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
2. There is still some distance between the current price and Fibonacci resistance which gives the price action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as long Gold can trade above the 20th May high there is a possibility of a higher swing being printed.

Daily Technical Analysis for Oil (WTI) as at 19th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading higher from the open after yesterdayâ€™s strong up day. Todayâ€™s opening range is 42 pips which equates to 25% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated following yesterdays strong up day and continued upward momentum this morning. We are monitoring a possible breach of the 100% Fibonacci expansion level. However there is a fairly large weekly negative RSI divergence that has been noted as a potential drag against continued upside.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading well above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
2. A large negative RSI divergence is forming.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively as the price extended from the averages the price action may need to trade down to sideways before the up move continues.

acfx · June 18, 2013

Daily Technical Analysis for EURUSD as at 19th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 17 pips which equates to 18% of the daily average true range.

Yesterday EURUSD bounced off the 8 period moving averages.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading above both positively layered averages.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached and closed above the 1.3300 level.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action if it continues on its upward path will intersect with a prior broken upward sloping trend line.
2. The price action is trading within Fibonacci resistance.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as EURUSD is now extended from the averages a corrective move down to the 8 period moving averages is a possibility.

Daily Technical Analysis for GBPUSD as at 19th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 26 pips which equates to a 22% of the daily average true range.

Yesterday GBPUSD broke under the 8 period moving averages only for buyers to come to the market which had the effect of pairing some of the losses and in the process yesterdayâ€™s candle printed a bullish hammer. The next resistance level is at 1.5850.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading around both positively layered averages.
2. The price action had managed to break and close above the upward sloping trend line. We are monitoring the possibility GBPUSD retests the resistance.
3. The price action has cleared resistance of 1.5600
4. Both the daily and weekly time frames are positive and in gear.
5. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The averages themselves have become extended which could be an indication that the price action may need to correct.
2. The up move has not cleared Fibonacci resistance.
3. The price action is now trading under the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as GBPUSD has now experienced a good rally a correction to the 34period moving averages is a possibility.

Daily Technical Analysis for USDJPY as at 19th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 48 pips which equates to 26% of the daily average true range.

USDJPY yesterday broke the 3 day range to the upside and is now trading at the 8 period moving averages. Approaches to resistance areas such as the averages could be an area where shorting opportunities are offered.

The next support area is 92.50 being the 2nd April swing low.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The price action has managed to break below the upward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading beneath the 95.80 resistance level.
Alternative counter trend bullish factors:
1. USDJPY is at an extreme and may need to pull back to its average prior to resuming its downward course.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY is extended form the averages a retracement to the 8 period moving averages is a possibility.

Daily Technical Analysis for USDCHF as at 19th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading unchanged from the open after yesterdays down day. Todayâ€™s opening range is 12 pips which equates to 11% of the daily average true range.

The price action has rejected the 8 period moving averages but is finding some support at the 0.9200 level.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading below both negatively layered averages.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is this morning holding at the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively if USDCHF could break above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.

Daily Technical Analysis for Gold as at 19th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading unchanged from the open after Yesterdays down day. Todayâ€™s opening range is 560 pips which equates to 25% of the daily average true range

Gold this morning is experiencing a quiet open following yesterdays break down from the averages. A breach of the 11th June low will reinforce the down trend where as a breach of the 6th June high will reverse the trend to positive.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue offer resistance to Gold.
2. The RSI is in gear with the price action.
3. The averages are layered negatively.
4. The price action has rejected the small average.
Alternative counter trend bullish factors:
1. If one was to move to the higher time frame Weekly chart it is easier to see that the price action is in the process of forming a higher low.
2. There is still some distance between the current price and Fibonacci resistance which gives the price action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance. The initial target for any down break would be the 20th May prior low.

Scenario 2
Alternatively as long Gold can trade above the 20th May high there is a possibility of a higher swing being printed.

Daily Technical Analysis for Oil (WTI) as at 19th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading higher from the open after yesterdayâ€™s strong up day. Todayâ€™s opening range is 42 pips which equates to 25% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated following yesterdays strong up day and continued upward momentum this morning. We are monitoring a possible breach of the 100% Fibonacci expansion level. However there is a fairly large weekly negative RSI divergence that has been noted as a potential drag against continued upside.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading well above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
2. A large negative RSI divergence is forming.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively as the price extended from the averages the price action may need to trade down to sideways before the up move continues.

acfx · June 19, 2013

Daily Technical Analysis for EURUSD as at 19th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading down from the open after yesterdays strong down day. Todayâ€™s opening range is 53 pips which equates to 52% of the daily average true range.

Yesterday EURUSD corrected to and broke through the 8 period moving averages. We are monitoring the price actions reaction as it approaches the 1.3250 to 1.3175 support range

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached the prior Swing High level 1.3250.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 20th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD is this morning trading lower from the open after yesterdays strong down day. Todayâ€™s opening range is 68 pips which equates to a 53% of the daily average true range.

Yesterday GBPUSD continue itâ€™s down move as it approaches the 34 period mobbing averages and Fibonacci support.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has breached the prior Swing High level 1.5600.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for USDJPY as at 20th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 113 pips which equates to 57% of the daily average true range.

USDJPY yesterday traded opened above the 8 period moving averages. We are monitoring approaches to the resistance at the Fibonacci level and 34 period moving averages.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The RSI is in gear with the move up.
3. The moving averages are layered negatively.
4. Fibonacci resistance may offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.

Daily Technical Analysis for USDCHF as at 20th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 66 pips which equates to 58% of the daily average true range.

USDCHF traded off the 0.9200 support level and has today opened above the 8 period moving averages.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is this morning holding at the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to the 34 period moving averages and Fibonacci resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could break above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.

Daily Technical Analysis for Gold as at 20th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments
Gold is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 295 pips which equates to 126% of the daily average true range

Gold this morning has broken down to the area just above of the low of 16th April. We are monitoring the possibility of further negativity.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The prior swing low has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. There is still some distance between the current price and Fibonacci resistance which gives the price action some space to pull back further.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively there is a possibility that this current level holds to form a double bottom.

Daily Technical Analysis for Oil (WTI) as at 20th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading lower from the open after yesterdayâ€™s strong down day. Todayâ€™s opening range is 159 pips which equates to 93% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated but yesterdays strong down day and the continued and accelerated bearishness this morning has pushed Oil beneath the 8 period moving averages. We are monitoring the price action to see if support can hold at this level. However there is a fairly large weekly negative RSI divergence that has been noted as a potential drag against continued upside and see the price action slide down to Fibonacci support

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced and bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading well above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
2. A large negative RSI divergence is forming.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively as the price extended from the averages the price action may need to trade down to sideways before the up move continues.

acfx · June 21, 2013

Daily Technical Analysis for EURUSD as at 21th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

EURUSD TESTS AND HOLDS THE 1.3250 / 1.3175 SUPPORT AREAR.

EURUSD is this morning trading higher from the open after yesterdays strong down day. Todayâ€™s opening range is 55 pips which equates to 55% of the daily average true range.

Yesterday EURUSD corrected and traded through the 1.3250 levelonly to eventually pair some of its losses. We continue to monitor the price actions reaction at the 1.3250 to 1.3175 support range

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed to break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action has breached the prior Swing High level 1.3250.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.

Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 21th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

BULLISH HAMMER CANDLE PRINTED.

GBPUSD is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 41 pips which equates to a 37% of the daily average true range.

Yesterday GBPUSD found support at the 1.5400 level and eventually printed a bullish hammer. We are monitoring the price for further signs of a base being formed that would support a continued up move. The next support levels are the 34 period mobbing averages and Fibonacci support.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.

Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for USDJPY as at 21th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

USDJPY APPROACHES CLOSE TO FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 103 pips which equates to 52% of the daily average true range.

USDJPY continues to trade above the 8 period moving averages. We are monitoring approaches to the resistance at the Fibonacci level and 34 period moving averages.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The RSI is in gear with the move up.
3. The moving averages are layered negatively.
4. Fibonacci resistance may offer down side pressure.

Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.

Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.

Daily Technical Analysis for USDCHF as at 21th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

BEARISH SHOOTING STAR CANDLE PRINTED.

USDCHF is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 38 pips which equates to 36% of the daily average true range.

USDCHF traded off the 0.9200 support level and moved higher only for aggressive selling to come and close the session with a down candle. We are monitoring the support at the 8 period moving averages and then at the 0.9200 level.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. A bearish shooting star candle has been printed.

Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.

Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.

Daily Technical Analysis for Oil (WTI) as at 21th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

OIL BREAKS DOWN TO FIBONACCI SUPPORT.

Oil is this morning trading higher from the open after yesterdayâ€™s strong down day. Todayâ€™s opening range is 109 pips which equates to 59% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated but the continued and accelerated bearishness of the past two days has pushed Oil down to Fibonacci support. We are monitoring the price action to see if support can hold at this level. However there is a fairly large weekly negative RSI divergence seems to be putting a drag to the upside and therefore probably needs to use up its energy.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced into Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.

Alternative counter trend bearish factors:
1. The price action is extended from the averages.
2. A large negative RSI divergence has formed.

Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

Daily Technical Analysis for Gold as at 21th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : 1452.60 â€“ 1525.85
Target 1 : 1321.75
Target 2 : 1308.08
Stop : 1590.20

Comments

GOLD BREAKS MAJOR SUPPORT LEVEL.

Gold is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 329 pips which equates to 126% of the daily average true range

Gold yesterday major support. The price action is fairly extended from the averages and we are monitoring a potential move to the 1322 resistance level

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The trend swing low has been breached.
4. The weekly bias has turned negative.

Alternative counter trend bullish factors:
1. The price action is extended from its averages.

Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively there is a possibility that this current level holds to form a double bottom.

acfx · June 24, 2013

Daily Technical Analysis for EURUSD as at 25th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD TESTS FIBONACCI SUPPORT AREAR.

EURUSD is this morning trading slightly lower from the open after yesterdays up day. Todayâ€™s opening range is 26 pips which equates to 24% of the daily average true range.

Yesterday EURUSD corrected and traded down to Fibonacci support where the move down was halted and reversed. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action has bounced off Fibonacci support.
6. The price action has bounced off the 34 period moving averages.
7. Both the daily and weekly time frames as positive and in gear.
8. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 25th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD TESTS FIBONACCI SUPPORT AREAR.

GBPUSD is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 33 pips which equates to a 26% of the daily average true range.

Yesterday GBPUSD corrected and traded down to Fibonacci support where it found some support. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
5. The price action has bounced off the 34 period moving averages.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDJPY as at 25th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY FIBONACCI RESISTANCE.

USDJPY is this morning trading down from the open after yesterdays down day. Todayâ€™s opening range is 79 pips which equates to 40% of the daily average true range.

Yesterday USDJPY bounced off Fibonacci resistance. We are monitoring the price action for possible continued downward momentum.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The RSI is in gear with the move up.
3. The moving averages are layered negatively.
4. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.

Daily Technical Analysis for USDCHF as at 25th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF LOSSES UPSIDE MOMENTUM.

USDCHF is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 27 pips which equates to 25% of the daily average true range.

Yesterday USDCHF traded lower and this downward momentum has continued as the price action approaches the 8 period moving averages support.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.

Daily Technical Analysis for Gold as at 25th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD IS HOLDING ABOVE FRIDAYâ€™S BULLISH HAMMER.

Gold is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 151 pips which equates to 56% of the daily average true range

Gold yesterday traded lower but failed in its initial attempt to negate the bullish hammer support. As the price action is fairly extended from the averages and we are monitoring a potential move to the 1322 resistance level

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively there is a possibility that the price action trades back to the averages.

Daily Technical Analysis for Oil (WTI) as at 25th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL BOUNCES OFF FIBONACCI SUPPORT AND THE UPWARD SLOPING TREND LINE.

Oil is this morning trading higher from the open after yesterdayâ€™s strong up day. Todayâ€™s opening range is 82 pips which equates to 43% of the daily average true range.

Yesterday Oil bounced off Fibonacci support and the upward sloping trend line. The inverse Head and Shoulders pattern continues to be validated. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence seems to be putting a drag to the upside and therefore probably needs to use up its energy.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced into Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

acfx · June 25, 2013

Daily Technical Analysis for EURUSD as at 26th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD CONTINUES TO TEST FIBONACCI SUPPORT AREAR.

EURUSD is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 30 pips which equates to 31% of the daily average true range.

Yesterday EURUSD continued to correct downward through Fibonacci. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action is trading within Fibonacci support.
6. Both the daily and weekly time frames as positive and in gear.
7. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 26th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD TRADES ABOVE FIBONACCI SUPPORT AREAR.

GBPUSD is this morning trading unchanged from the open after yesterdays down day. Todayâ€™s opening range is 25 pips which equates to a 23% of the daily average true range.

Yesterday GBPUSD continues just above the Fibonacci support. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
5. The price action has bounced off the 34 period moving averages.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDJPY as at 26th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TRADES AWAY FROM FIBONACCI RESISTANCE.

USDJPY is this morning trading down from the open after yesterdays up day. Todayâ€™s opening range is 84 pips which equates to 46% of the daily average true range.

Yesterday USDJPY traded slightly up on the open after the bounce off Fibonacci resistance. However this morning the negativity has reentered the market as USDJPY trades away from Fibonacci resistance. We are monitoring the price action for possible continued downward momentum.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The RSI is in gear with the move up.
3. The moving averages are layered negatively.
4. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively USDJPY the Fibonacci resistance area could act as potential magnet for further upside.

Daily Technical Analysis for USDCHF as at 26th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF TRADES HIGHER.

USDCHF is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 23 pips which equates to 23% of the daily average true range.

Yesterday USDCHF traded higher however this morning the open has been muted.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.

Daily Technical Analysis for Gold as at 26th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD CONTUNES TO TRADE LOWER THIS MORNING.

Gold is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 345 which equates to 127% of the daily average true range

Gold yesterday traded slightly lower and the downward momentum accelerated today as the move took out the low of the bullish hammer.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively there is a possibility that the price action trades back to the averages.

Daily Technical Analysis for Oil (WTI) as at 26th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL OPENS LOWER IN FIBONACCI SUPPORT AREA.

Oil is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 91 pips which equates to 47% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated as oil trades within Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence seems to be putting a drag to the upside and therefore probably needs to use up its energy.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has retraced into Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

acfx · June 26, 2013

Daily Technical Analysis for EURUSD as at 27th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD APPROACHES UPWARD SLOPING TREND LINE SUPPORT.

EURUSD is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 31 pips which equates to 32% of the daily average true range.

Yesterday EURUSD continued to correct downward through Fibonacci and is now approaching the upward sloping trend line. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action is trading within Fibonacci support.
6. Both the daily and weekly time frames as positive and in gear.
7. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 27th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD TRADES INTO FIBONACCI SUPPORT AND APPROACHES THE DOWNWARD SLOPING TREND LINE.

GBPUSD is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 45 pips which equates to a 40% of the daily average true range.

Yesterday GBPUSD traded lower as it breached Fibonacci support. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDJPY as at 27th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TRADES WITHIN A TIGHT RANGE JUST BENEATH FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdayâ€™s unchanged day. Todayâ€™s opening range is 30 pips which equates to 18% of the daily average true range.

Yesterday USDJPY traded unchanged as the price action consolidated within a tight range. Although we continue to monitor the possibility of further downward momentum, the weekly chart remains swing positive and when combined with the large RSI positive divergence could slow down or halt further negative price action.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive a break above the consolidation area could see the price action trade deep into Fibonacci resistance.

Daily Technical Analysis for USDCHF as at 27th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF APPROACHES FIBONACCI RESISTANCE.

USDCHF is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 7 pips which equates to 7% of the daily average true range.

Yesterday USDCHF traded higher however this morning the open has been muted.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction of the 34 period moving averages.

Daily Technical Analysis for Gold as at 27th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD THIS MORNING TRADES HIGHER AS LARGE POSITIVE WEEKLY RSI DIVERGENCE FORMS.

Gold is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 203 ATRâ€™s which equates to 74% of the daily average true range

Gold yesterday broke lower however this morning the selling has come off as the price action trades higher.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively due the price extension there is a possibility that the price action trades back to the averages.

Daily Technical Analysis for Oil (WTI) as at 27th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL TRADES HIGHER OFF FIBONACCI SUPPORT.

Oil is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 77 pips which equates to 41% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

acfx · June 27, 2013

Daily Technical Analysis for EURUSD as at 28th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD BOUNCES OFF FIBONACCI SUPPORT.

EURUSD is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 46 pips which equates to 48% of the daily average true range.

Yesterday EURUSD bounced within Fibonacci support .We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action is trading within Fibonacci support.
6. Both the daily and weekly time frames as positive and in gear.
7. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 28th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD BOUNCES IN FIBONACCI SUPPORT.
GBPUSD CLOSED YESTERDAY WITH A BULLISH HAMMER.

GBPUSD is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 38 pips which equates to a 33% of the daily average true range.

Yesterday GBPUSD traded lower only to find buyers coming in as it breached Fibonacci support. The resulting candle that formed yesterday was a bullish hammer. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDJPY as at 28th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TRADES UPTO FIBONACCI RESISTANCE.
USDJPY CLOSED WITH A BULLISH PIERCING LINE.

USDJPY is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 66 pips which equates to 40% of the daily average true range.

Yesterday USDJPY traded higher as the price action broke the prior tight range. Although we continue to monitor the possibility of further downward momentum, the weekly chart remains swing positive and when combined with the large RSI positive divergence could slow down or halt further negative price action.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. The 34 period moving averages could offer overhead resistance.
4. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive a break above the consolidation area could see the price action trade deep into Fibonacci resistance.

Daily Technical Analysis for USDCHF as at 28th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF BOUNCES OFF FIBONACCI RESISTANCE.
USDCHF COULD POSSIBLE FIND RESISTANCE AT THE 34 PERIIOD MOVING AVERAGES.

USDCHF is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 29 pips which equates to 7% of the daily average true range.

Yesterday USDCHF traded higher however the upward momentum stalled and reversed at Fibonacci resistance. We are monitoring the possibility of a reversion to the down side.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.

Daily Technical Analysis for Oil (WTI) as at 28th June 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL CONTINUES TO TRADE HIGHER OFF FIBONACCI SUPPORT.

Oil is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 98 pips which equates to 50% of the daily average true range.

The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

Daily Technical Analysis for Gold as at 28th June 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD THIS MORNING TRADES HIGHER AS LARGE POSITIVE WEEKLY RSI DIVERGENCE FORMS.

Gold is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 31.7 ATRâ€™s which equates to 103% of the daily average true range

Gold yesterday broke lower however this morning the selling has come off as the price action trades higher.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively due the price extension there is a possibility that the price action trades back to the averages.

acfx · June 30, 2013

Daily Technical Analysis for EURUSD as at 1st July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD CONTINUES TO TRADE WITHIN FIBONACCI SUPPORT.

EURUSD is this morning trading higher from the open after Fridays down day. Todayâ€™s opening range is 28 pips which equates to 29% of the daily average true range.

On Friday EURUSD attempted break out of the Fibonacci support range only for the price action to eventually close lower .We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered positively.
2. The price action has managed break above the downward sloping trend line.
3. The RSI is in gear with the move up.
4. The price action is trading with a broad prior congestion area.
5. The price action is trading within Fibonacci support.
6. Both the daily and weekly time frames as positive and in gear.
7. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 1st July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD TRADES WITHIN FIBONACCI SUPPORT.

GBPUSD is this morning trading higher from the open after Fridays down day. Todayâ€™s opening range is 27 pips which equates to a 23% of the daily average true range.

On Friday GBPUSD continue to trade lower for the third straight day. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. The moving averages continue to be positively layered.
2. Both the daily and weekly time frames are positive and in gear.
3. The RSI is in gear with the move.
4. The price action has bounced off Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDCHF as at 1st July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF BOUNCES OFF FIBONACCI RESISTANCE.

USDCHF is this morning trading lower from the open after Fridays down day. Todayâ€™s opening range is 18 pips which equates to 20% of the daily average true range.

On Friday USDCHF failed to trade higher as it this pair found resistance at the 34 period moving averages and Fibonacci resistance. We are monitoring the possibility of a reversion to the down side.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 1st July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 36 pips which equates to 25% of the daily average true range.

On Friday USDJPY traded higher and eventually closed within Fibonacci resistance and above the 34 period moving averages. The up move corresponded with a large RSI positive divergence that was identified in prior posts. We continue to monitor the possibility of further downward momentum however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.

Daily Technical Analysis for Gold as at 1st July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD ON FRIDAY PRINTED A BULLISH PIERCING LINE CANDLE.

Gold is this morning trading higher from the open after Fridays up day. Todayâ€™s opening range is 22.08 ATRâ€™s which equates to 70% of the daily average true range

Gold on Friday printed a piercing line bullish candle and this positivity has continued this morning as the price action retraces up to the 8 period moving averages.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The RSI is in gear with the price action.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively due the price extension there is a possibility that the price action trades back to the averages.

Daily Technical Analysis for Oil (WTI) as at 1st July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL ON FRIDAY PRINTS A BEARISH SHOOTING STAR CANDLE.

Oil is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 79 pips which equates to 41% of the daily average true range.

On Friday Oil printed a bearish shooting star candle which could be signs that sellers are attempting to push the price action back into the large triangle pattern. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level. However there is a fairly large weekly negative RSI divergence has been noted.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively if Oil can break through Fibonacci and trend line support there is a possibility of a move to the area of the last swing low.

acfx · July 1, 2013

Daily Technical Analysis for EURUSD as at 2nd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.
EURUSD MOVING AVERAGES HAVE CROSSED NEGATIVELY.

EURUSD is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 21 pips which equates to 22% of the daily average true range.

Yesterday EURUSD printed a piercing line bullish candle whilst trading within the Fibonacci support range. However the moving averages have crossed negatively that could be indications that the trend is about to change to negative or that this retracement is over sold. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed break above the downward sloping trend line.
2. The RSI is in gear with the move up.
3. The price action is trading above a broad prior congestion area.
4. The price action is trading within Fibonacci support.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
3. The moving averages have crossed negatively.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 2nd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD OPENS WITHIN A TWO DAY RANGE.
GBPUSD MOVING AVERAGES HAVE CROSSED NEGATIVELY.

GBPUSD is this morning trading lower from the open after Fridays down day. Todayâ€™s opening range is 27 pips which equates to a 23% of the daily average true range.

Yesterday GBPUSD traded within the previous dayâ€™s range and this theme has continued with this morningâ€™s open. The moving averages have crossed negatively that could be indications that the trend is about to change to negative or that this retracement is over sold. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. Both the daily and weekly time frames are positive and in gear.
2. The RSI is in gear with the move.
3. The price action is trading within Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
4. The moving averages have crossed negatively.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDCHF as at 2nd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF YESTERDAY PRINTS A BEARISH SHOOTING STAR CANDLE.

USDCHF is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 22 pips which equates to 20% of the daily average true range.

Yesterday USDCHF did trade higher only for the price action to close lower and in the process printed a bearish shooting star candle. As it this pair found resistance at the 34 period moving averages and Fibonacci resistance we are monitoring the possibility of a reversion to the down side.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 2nd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 36 pips which equates to 25% of the daily average true range.

Yesterday USDJPY continues to trade higher within Fibonacci resistance and above the 34 period moving averages. The up move corresponded with a large RSI positive divergence that was identified in prior posts. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.

Daily Technical Analysis for Gold as at 2nd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
YESTERDAY GOLD TRADED UPTO THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 10.10 ATRâ€™s which equates to 31% of the daily average true range

Yesterday Gold traded up to the 8 period moving averages where resistance maybe offered.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The price action is extended from its averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively due the price extension there is a possibility that the price action trades back to the averages.

Daily Technical Analysis for Oil (WTI) as at 2nd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

Oil is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 37 pips which equates to 19% of the daily average true range.

Yesterday Oil experienced a strong up day and in the process printed a bullish piercing line candle. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action to see if support can hold and possibly push higher from the current level.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend has changed to positive corrective pullbacks to the averages could offer buying opportunities with potential targets the 100 % and 138.2% Fibonacci Expansion level in the areas of 99.00 and 103.00 respectively. However the psychological 100.00 level will need to be broken for any further upside to continue.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

acfx · July 2, 2013

Daily Technical Analysis for EURUSD as at 3rd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD YESTERDAY BREACHES AND CLOSES BENEATH TREND LINE SUPPORT.

EURUSD is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 21 pips which equates to 22% of the daily average true range.

Yesterday EURUSD closed beneath trend line support however the price action continues to be contained within the Fibonacci support range. We are monitoring the price action to see if a base can be established that will allow for a resumption of the uptrend.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed break above the downward sloping trend line.
2. The RSI is in gear with the move up.
3. The price action is trading above a broad prior congestion area.
4. The price action is trading within Fibonacci support.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
3. The moving averages have crossed negatively.
4. EURUSD is has breached and closed beneath the upward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 2nd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD YESTERDAY BREACHED THE TWO DAY RANGE WITH A DOWN SIDE BREAK.
GBPUSD YESTERDAY BREACHED THE LOWER LEVEL OF THE FIBONACCI SUPPORT RANGE.

GBPUSD is this morning trading unchanged from the open after yesterdays down day. Todayâ€™s opening range is 20 pips which equates to a 17% of the daily average true range.

Yesterday GBPUSD broke down from the two day range and breached the lower level of the Fibonacci support range.
We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. Both the daily and weekly time frames are positive and in gear.
2. The RSI is in gear with the move.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
4. The moving averages have crossed negatively.
5. The price action has breached the lower the Fibonacci support range.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDCHF as at 3rd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.
USDCHF YESTERDAY CLOSES IN THE FIBONACCI RESISTANCE RANGE.

USDCHF is this morning trading higher from the open after yesterdays UP day. Todayâ€™s opening range is 21 pips which equates to 26% of the daily average true range.

Yesterday USDCHF did trade higher and closed within the Fibonacci resistance range. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are negatively layered.
2. The RSI is in gear with the move.
3. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 3rd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.

USDJPY is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 40 pips which equates to 31% of the daily average true range.

Yesterday USDJPY continues to trade higher within Fibonacci resistance and above the 34 period moving averages. The up move corresponded with a large RSI positive divergence that was identified in prior posts. We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. The moving averages are layered negatively.
3. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.

Daily Technical Analysis for Gold as at 3rd July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD YESTERDAY FOUND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 7.4 ATRâ€™s which equates to 22% of the daily average true range

Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.

Daily Technical Analysis for Oil (WTI) as at 3rd July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL THIS MORNING BREACHES AND CLOSES ABOVE THE 100 LEVEL.

Oil is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 260 pips which equates to 125% of the daily average true range.

Yesterday Oil experienced a strong up day and this bullishness has continued this morning with a strong break through the 100 level. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

acfx · July 3, 2013

Daily Technical Analysis for EURUSD as at 4th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD YESTERDAY PRINTS A BULLISHE HAMMER CANDLE.

EURUSD is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 35 pips which equates to 36% of the daily average true range.

Yesterday EURUSD printed a bullish hammer as it bounced off trend line and Fibonacci support. We are monitoring the price action to see if a base can be established that will allow for a resumption of the uptrend.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed break above the downward sloping trend line.
2. The RSI is in gear with the move up.
3. The price action is trading above a broad prior congestion area.
4. The price action is trading within Fibonacci support.
5. Both the daily and weekly time frames as positive and in gear.
6. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 and 34 period moving averages.
3. The moving averages have crossed negatively.
4. EURUSD is has breached and closed beneath the upward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 4th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

GBPUSD is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 45 pips which equates to a 37% of the daily average true range.

Yesterday GBPUSD printed a bullish piercing line as this pair traded higher within the Fibonacci support range. We are monitoring the price action at these levels to see if a base of support can be established.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. Both the daily and weekly time frames are positive and in gear.
2. The RSI is in gear with the move.
3. GBPUSD is holding in Fibonacci support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
4. The moving averages have crossed negatively.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDCHF as at 4TH July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF THIS MORNING OPENS WITHIN A THREE DAY RANGE.
USDCHF MOVING AVERAGES CROSS POSITIVELY.

USDCHF is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 28 pips which equates to 34% of the daily average true range.

Yesterday USDCHF fail to trade higher. This morning the price action has opened within a three day range however the moving averages have caught up with the up move by crossing positively. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9200 level.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively if USDCHF could hold above the 8 period moving averages there is a possibility of a broader correction in the direction and breech of the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 4th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY TRADES LOWER WITHIN FIBONACCI RESISTANCE.
USDJPY FAILS TO HOLD ABOVE THE 100 LEVEL.
USDJPY MOVING AVERAGES CROSS POSITIVELY.

USDJPY is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 57 pips which equates to 44% of the daily average true range.

Yesterday USDJPY has pulled back in the Fibonacci resistance area as it failed to hold above the 100 level range however the moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.

Daily Technical Analysis for Gold as at 4th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD YESTERDAY CONTINUED TO FIND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 700 pips which equates to 21% of the daily average true range

Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.

Daily Technical Analysis for Oil (WTI) as at 4th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL TRADES DOWN BUT CONTINUES TO HOLD ABOVE THE 100 LEVEL.

Oil is this morning trading unchanged from the open after yesterdays up day. Todayâ€™s opening range is 50 pips which equates to 25% of the daily average true range.

Yesterday Oil experienced a strong up day however some selling came in at the highs so as to slightly pair those gains. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

acfx · July 4, 2013

Daily Technical Analysis for EURUSD as at 5th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD YESTERDAY BREAKS DOWN AND APPROACHES THE LEVEL OF PRIOR SWING LOW SUPPORT.

EURUSD is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 29 pips which equates to 28% of the daily average true range.

Yesterday EURUSD broke down and in the process negated the bullish hammer that was printed on the previous day. In the process the down move also broke and closed beneath the upward sloping trend line. Although the market appears to be turning bearish the swing bias will remain positive as long as the price action can stay above the prior swing low.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The price action could find support in the area of the downward sloping trend line.
2. The RSI is in gear with the move up.
3. The price action is moving into an area of a prior congestion area.
4. Both the daily and weekly time frames are positive and in gear.
5. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action has traded through Fibonacci support.
3. The price action is trading beneath the 8 and 34 period moving averages.
4. The moving averages have crossed negatively.
5. EURUSD is has breached and closed beneath the upward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 5th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD APPROACHES THE 1.5000 SUPPORT LEVEL.

GBPUSD is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 51 pips which equates to a 38% of the daily average true range.

Yesterday GBPUSD experienced a strong down day which broke through Fibonacci support area. The price action is now approaching the 1.5000 support area. Although the market appears to be turning bearish the swing bias will remain positive as long as the price action can stay above the prior swing low.

In terms of the bigger the swing bias remains positive.

The following factors are confirming or reinforcing this market bias:
1. Both the daily and weekly time frames are positive and in gear.
2. The RSI is in gear with the move.
3. The price action is moving into an area of a prior congestion area.
4. The price action could possibly find support at the 1.5000 level.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action is trading beneath the 8 period moving averages.
3. The price action is trading beneath the 34 period moving averages.
4. The moving averages have crossed negatively.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages.

Daily Technical Analysis for USDCHF as at 5TH July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF TRADES HIGHER WITHIN THE FIBONACCI RESISTANCE AREA.
USDCHF YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

USDCHF is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 24 pips which equates to 27% of the daily average true range.

Yesterday USDCHF traded higher within the Fibonacci resistance area and broke above the prior two day range however the moving averages have caught up with the up move by crossing positively. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9500 level.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.

Daily Technical Analysis for USDJPY as at 5th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY IS TRADING ABOVE THE 100 LEVEL.
USDJPY is this morning trading up from the open after yesterdays up day. Todayâ€™s opening range is 44 pips which equates to 36% of the daily average true range.

Yesterday USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.

Daily Technical Analysis for Gold as at 5th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD YESTERDAY CONTINUED TO FIND RESISTANCE AT THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading lower from the open after yesterdays down day. Todayâ€™s opening range is 1160 pips which equates to 34% of the daily average true range

Yesterday Gold found resistance at the 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.

Daily Technical Analysis for Oil (WTI) as at 5th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL opens up within a two day range.

Oil is this morning trading unchanged from the open after yesterdays down day. Todayâ€™s opening range is 69pips which equates to 35% of the daily average true range.

Yesterday Oil experienced a slightly down to unchanged day and this theme has continued today. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

acfx · July 7, 2013

Daily Technical Analysis for EURUSD as at 8th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD CONTINUES TO TRADE DOWN TO PRIOR SWING LOW SUPPORT.

EURUSD is this morning trading unchanged from the open after Fridays down day. Todayâ€™s opening range is 21 pips which equates to 21% of the daily average true range.

On Friday EURUSD continued to trade lower as it approached the prior swing low. A breach of this swing low will effectively change the trend to negative.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move up.
2. The price action has moved into an area of a prior congestion area.
3. Both the daily and weekly time frames are positive and in gear.
4. A Head and Shoulders pattern failure on the Weekly time frame.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action has traded through Fibonacci support.
3. The price action is trading beneath the 8 and 34 period moving averages.
4. The moving averages have crossed negatively.
5. EURUSD is has breached and closed beneath the upward sloping trend line.
6. The price action has breached the downward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 5th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD BREACHES THE 1.5000 SUPPORT LEVEL.
GBPUSD BREACHES THE PRIOR SWING.
GBPUSD SWING BIAS TURNS TO NEGATIVE.
GBPUSD HAS BREACHED TREND LINE SUPPORT.

GBPUSD is this morning trading unchanged from the open after Fridays down day. Todayâ€™s opening range is 25 pips which equates to 18% of the daily average true range.

On Friday GBPUSD breached both the prior swing low and trend line support. The move through the area of the prior swing low has effectively changed the trend bias to negative. After such an aggressive move down the price action is now extended from the averages therefore a corrective pullback is a possibility.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading beneath the 8 period moving averages.
2. The price action is trading beneath the 34 period moving averages.
3. The moving averages have crossed negatively.
4. Both the daily and weekly time frames have turned negative.
5. The RSI is in gear with the move.
6. The price action has traded through an area of a prior congestion.
7. The price action traded through the 1.5000 level.
Alternative counter trend bullish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is down retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as the price action is extended from the averages a corrective pullback is a possibility.

Daily Technical Analysis for USDCHF as at 8TH July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF CONTINUES TO TRADE HIGHER WITHIN THE FIBONACCI RESISTANCE AREA.

USDCHF is this morning trading unchanged from the open after Fridays up day. Todayâ€™s opening range is 21 pips which equates to 24% of the daily average true range.

On Friday USDCHF traded higher within the Fibonacci resistance. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9500 level.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.

Daily Technical Analysis for USDJPY as at 8th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.
USDJPY is this morning trading down from the open after Friday up day. Todayâ€™s opening range is 59 pips which equates to 48% of the daily average true range.

On Friday USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.

Daily Technical Analysis for Gold as at 8th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD ON FRIDAY TRADED DOWN FROM THE MOVING AVERAGES.

Gold is this morning trading lower from the open after Fridays down day. Todayâ€™s opening range is 1450 pips which equates to 41% of the daily average true range

On Friday Gold found resistance and broke down from 8 period moving averages. We are monitoring the possibility of a resumption of the down trend.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The RSI is in gear with the price action.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.

Daily Technical Analysis for Oil (WTI) as at 8th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL ON FRIDAY PRINTS A BULLISH PIERCING LINE CANDLE.

Oil is this morning trading lower from the open after Fridays down day. Todayâ€™s opening range is 85 pips which equates to 41% of the daily average true range.

On Friday printed a bullish piercing line candle however the price action is now becoming extended from the averages and maybe due a corrective pullback. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

acfx · July 8, 2013

Daily Technical Analysis for EURUSD as at 9th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD BOUNCES NEAR PRIOR SWING LOW SUPPORT.

EURUSD is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 43 pips which equates to 43% of the daily average true range.

Yesterday EURUSD bounced near prior swing low. A breach of this swing low will effectively change the trend to negative.

In terms of the bigger picture the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move up.
2. The price action has moved into an area of a prior congestion area.
3. Both the daily and weekly time frames are positive and in gear.
4. A Head and Shoulders pattern failure on the Weekly time frame.
5. The 1.2795 prior swing low area has held support.
Alternative counter trend bearish factors:
1. The price action has rejected the Fibonacci resistance area.
2. The price action has traded through Fibonacci support.
3. The price action is trading beneath the 8 and 34 period moving averages.
4. The moving averages have crossed negatively.
5. EURUSD is has breached and closed beneath the upward sloping trend line.
6. The price action has breached the downward sloping trend line.
Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively one could possibly sell retracements at the 8 period moving averages with a view of trading down to Fibonacci support.

Daily Technical Analysis for GBPUSD as at 9th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD HAS BOUNCED OFF TREND LINE SUPPORT.

GBPUSD is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 44 pips which equates to 34% of the daily average true range.

Yesterday GBPUSD made little further downside movement and has since bounced off trend line support.
After such an aggressive move down the price action is now extended from the averages therefore a corrective pullback is a possibility.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading beneath the 8 period moving averages.
2. The price action is trading beneath the 34 period moving averages.
3. The moving averages have crossed negatively.
4. Both the daily and weekly time frames have turned negative.
5. The RSI is in gear with the move.
6. The price action has traded through an area of a prior congestion.
7. The price action traded through the 1.5000 level.
Alternative counter trend bullish factors:
1. The price action is extended from the averages.
2. GBPUSD has bounced off trend line support.
Scenario 1
As the dominant daily trend is down retracements into support could be viewed as buying opportunities

Scenario 2
Alternatively as the price action is extended from the averages a corrective pullback is a possibility.

Daily Technical Analysis for USDCHF as at 9th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF THIS MORNING TRADES WITHIN THE PREVIOUS DAYS RANGE. AWAITING BREAKOUT/DOWN AS A POSSIBLE INDICATION OF TODAYS DIRECTION.

USDCHF is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 22 pips which equates to 28% of the daily average true range.

USDCHF is trading within the range of the previous days candle in what has been so far two days of quiet trading. We are monitoring the price action for the possibility for a resumption of the down trend.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. Fibonacci resistance could be a catalyst for downside pressure.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. USDCHF is holding above the 0.9500 level.
3. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.

Daily Technical Analysis for USDJPY as at 8th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY CONTINUES TO TRADE WITHIN FIBONACCI RESISTANCE.
USDJPY APPROACHES THE PRIOR BROKEN UPWARD SLOPING TREND LINE.

USDJPY is this morning trading up from the open after yesterdays down day. Todayâ€™s opening range is 53 pips which equates to 47% of the daily average true range.

USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.

Daily Technical Analysis for Oil (WTI) as at 9th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL UPWARD MOMENT STALLS BENEATH 104.
OIL THIS MORNING IS TRADING WITH THE PREVIOUS DAYS RANGE. AWAITING BREAKOUT/DOWN AS A POSSIBLE INDICATION OF TODAYS DIRECTION.
Oil is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 68 pips which equates to 33% of the daily average true range.

Yesterday traded higher only to reverse beneath the 104 level and eventual close lower. The price action this morning is trading within yesterdays candle range. A break out or break down will possibly indicates todayâ€™s market direction. The inverse Head and Shoulders pattern continues to be validated as oil traded higher off Fibonacci support. We are monitoring the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. From a bullish perspective the price action has bounced off Fibonacci support.
2. An inverse Head and Shoulders pattern has broken to the upside.
3. The price action is trading above the large monthly converging triangle.
4. The averages are positively crossed.
Alternative counter trend bearish factors:
1. A large negative RSI divergence has formed.
2. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

Daily Technical Analysis for Gold as at 9th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD IS THIS MORNING ATTEMPTING TO PUT IT A HIGHER LOW.

Gold is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 2660 pips which equates to 74% of the daily average true range

Gold yesterday failed to make a new low and this positivity has carried through to todayâ€™s sessions with the price action attempting to put is a higher low. A breach of the previous lower high level at 1267.19 will indicate a change of trend to up.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The moving averages are layered negatively.
2. The price action has traded up to 8 period moving average resistance.
3. The 1322 support level has been breached.
4. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
2. Gold is attempting to put in a higher low.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.

acfx · July 9, 2013

Daily Technical Analysis for EURUSD as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD BREACHES PRIOR HIGHER LOW SWING.

EURUSD is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 27 pips which equates to 28% of the daily average true range.

Yesterday EURUSD breached the prior swing low. This breach of this swing low has effectively changed the trend to down.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading beneath the averages.
2. The averages have crossed negatively.
3. The price action has broken key trend line support.
4. The swing bias has turned negative.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. A Head and Shoulders pattern is forming and awaiting validation by breaking down.
Alternative counter trend bearish factors:
1. The price action is extended from the averages and may experience a corrective pull back.
2. The price action has entered into a Fibonacci support zone.
Scenario 1
As the dominant daily trend is down retracements into resistance include up to the 8 period moving averages could be viewed as selling opportunities

Scenario 2
Alternatively as the price action is extended from the averages one could possibly buy these extensions with the initial target being the 8 period moving averages.

Daily Technical Analysis for GBPUSD as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GBPUSD RE-BREAKES TREND LINE SUPPORT.

GBPUSD is this morning trading higher from the open after yesterdays down day. Todayâ€™s opening range is 64 pips which equates to 47% of the daily average true range.

Yesterday GBPUSD failed in its attempt to bounce of trend line support and in the process made new lows The focus is now firmly on the down side however after such an aggressive move down the price action is now extended from the averages therefore a corrective pullback is a possibility.

In terms of the bigger the swing bias has changed to negative.

The following factors are confirming or reinforcing this market bias:
1. The price action is trading beneath the averages.
2. The averages have crossed negatively.
3. The price action has broken key trend line support.
4. The swing bias has turned negative.
5. The RSI is confirming the move.
6. The weekly time frame is in gear with the daily time frame.
7. The price action has traded through an area of a prior congestion.
8. The price action traded through 1.5250 and 1.5000 support levels.
Alternative counter trend bullish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the price action is extended from the averages a corrective pullback is a possibility.

Daily Technical Analysis for USDCHF as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDCHF BOUNCES OFF TREND LINE RESISTANCE.

USDCHF is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 39 pips which equates to 48% of the daily average true range.

USDCHF yesterday broke up from its range only for the move to find resistance at the downward sloping trend line. We are monitoring the price action for the possibility for a resumption of the down trend however a break above 0.9839 will breach the prior swing high and effectively change the trend to long.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The RSI is in gear with the move.
2. The swing bias remains negative.
3. The weekly time frame continues to have a negative bias.
4. The price action could find downside pressure coming in off trend line resistance.
Alternative counter trend bullish factors:
1. USDCHF is trading above the 8 period moving averages.
2. The moving averages have crossed positively.
3. USDCHF has broken above the 0.9600 resistance level.
4. The price action has traded through Fibonacci resistance.
Scenario 1
As the dominant daily trend is down retracements to resistance could possibly offer selling opportunities.

Scenario 2
Alternatively retracements to the 8 period moving averages could offer support and buying opportunities.

Daily Technical Analysis for USDJPY as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
USDJPY PULLS BACK TO THE 8 PERIOD MOVING AVERAGES.

USDJPY is this morning trading down from the open after yesterdays up day. Todayâ€™s opening range is 92 pips which equates to 88% of the daily average true range.

USDJPY continues to trade within the Fibonacci resistance area and is holding above the 100 level. The moving averages have caught up with the up move by crossing positively.We continue to monitor the possibility of a resumption of the prior downtrend however as the Weekly time frame has yet to turn negative a further downside movement could be limited.

In terms of the bigger picture the swing bias is negative.

The following factors are confirming or reinforcing this market bias:
1. The price action has managed to break below the upward sloping trend line.
2. Fibonacci resistance could offer down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The 8 period moving averages could offer support to further upside to the next resistance levels.
3. USDJPY is trading above the 34 period moving averages.
4. The RSI is diverging positively.
5. The moving averages have crossed positively.
Scenario 1
As the dominant daily trend is down retracements into resistance could be viewed as selling opportunities

Scenario 2
Alternatively as the weekly outlook remains positive USDJPY could possible make further headway into Fibonacci resistance.

Daily Technical Analysis for Gold as at 10th July 2013
DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
GOLD IS HOLDS ABOVE THE 8 PERIOD MOVING AVERAGES.

Gold is this morning trading higher from the open after yesterdays up day. Todayâ€™s opening range is 1190 pips which equates to 38% of the daily average true range

Gold yesterday failed to make a new low and this positivity has carried through to todayâ€™s sessions with the price action attempting to put is a higher low. A breach of the previous lower high level at 1267.19 will indicate a change of trend to up.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The moving averages are layered negatively.
3. The price action has traded up to 8 period moving average resistance.
4. The 1322 support level has been breached.
5. The weekly bias has turned negative.
Alternative counter trend bullish factors:
1. The RSI is diverging positively.
2. Gold is attempting to put in a higher low.
3. Gold is finding support at the 8 period moving averages.
Scenario 1
As the dominant daily trend is down the retracement into the averages might possibly offer shorting opportunities at resistance.

Scenario 2
Alternatively if Gold can break above the 8 period moving averages a move to Fibonacci resistance could be a possibility.

Daily Technical Analysis for Oil (WTI) as at 10th July 2013
DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
OIL YESTERDAY PRINTS A BULLISH PIERCING LINE CANDLE.

Oil is this morning trading lower from the open after yesterdays up day. Todayâ€™s opening range is 53 pips which equates to 27% of the daily average true range.

Yesterday oil broke higher from its opening range. The price action is becoming extended from the averages and therefore a corrective down to sideways move is a possibility. We however continue to monitor the price action for further upside momentum.

In terms of the bigger picture the swing bias remains negative.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. Oil is trading above the averages.
3. The averages are layered positively.
4. From a bullish perspective the price action has bounced off Fibonacci support.
5. An inverse Head and Shoulders pattern has broken to the upside.
6. The price action is trading above the large monthly converging triangle.
7. The weekly RSI divergence is invalidate by this oscillator breaking its down trend and printing a higher high.
Alternative counter trend bearish factors:
1. The price action is extended from the averages.
Scenario 1
As the dominant daily trend is up retracements to support areas could possibly be viewed as buying opportunities.

Scenario 2
Alternatively as Oil is becoming extended from the averages a corrective pullback is a possibility.

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