Daily Technical Analysis from ACFX

acfx · August 8, 2013

Quick Technical Analysis from ACFX 08/09/2013

EURUSD

Pivots

R3 1.34830
R2 1.34414
R1 1.34104
Pivot Point 1.33658
S1 1.33378
S2 1.32962
S3 1.32652

Comments

Trend: Upwards
RSI: Above 50 and over brought
Bollinger Band: Positive

GBPUSD

Pivots

R3 1.56692
R2 1.56214
R1 1.55793
Pivot Point 1.55315
S1 1.54894
S2 1.54416
S3 1.53995

Comments

Trend: Upwards
RSI: Above 50 and over brought
Bollinger Band: Positive

USDJPY

Pivots

R3 98.280
R2 97.603
R1 97.155
Pivot Point 96.478
S1 96.030
S2 95.253
S3 94.908

Comments

Trend: Down
RSI: Below 50 and oversold
Bollinger Band: Negative

USDCHF

Pivots

R3 0.92837
R2 0.92263
R1 0.92287
Pivot Point 0.92013
S1 0.91737
S2 0.91463
S3 0.91187

Comments

Trend: Down
RSI: Below 50 and oversold
Bollinger Band: Negative

acfx · August 11, 2013

Quick Technical Analysis from ACFX 08/12/2013

EURUSD

Pivots

R3 1.34329
R2 1.34114
R1 1.33751
Pivot Point 1.33536
S1 1.33173
S2 1.32958
S3 1.32595

Comments

Trend: Upwards
RSI: Above 50 and over brought
Bollinger Band: Positive

GBPUSD

Pivots

R3 1.56042
R2 1.55810
R1 1.55423
Pivot Point 1.55191
S1 1.54804
S2 1.54572
S3 1.54185

CommentsTrend: Upwards
RSI: Above 50 and over brought
Bollinger Band: Positive

USDJPY

Pivots

R3 97.598

R2 97.281
R1 96.753
Pivot Point 96.436
S1 95.908
S2 95.591
S3 95.063

CommentsTrend: Down
RSI: Below 50 and oversold
Bollinger Band: Negative

USDCHF

Pivots

R3 0.92755
R2 0.92523
R1 0.92368
Pivot Point 0.92136
S1 0.91981
S2 0.91749
S3 0.91594

Comments

Trend: Down
RSI: Below 50 and oversold
Bollinger Band: Negative

acfx · August 13, 2013

Daily Technical Analysis from ACFX 08/13/2013

Daily Technical Analysis for EURUSD as at 13th August 2013

DAILY OVERVIEW

Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

EURUSD is this morning trading higher from the open after yesterdays down day.
Following the break of trend line resistance EURUSD traded lower off its highs and this move has continued back to the downward sloping trend line and the 8 period moving averages where support and buyers could potentially enter the market. However as the swing bias is still bearish we are monitoring the possibility of a move to the 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 swing bias is negative.
2. The price action is trading around the area of trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.

Alternative counter trend bullish factors:
1. The price action has retraced into the 8 period moving averages which could offer a buying opportunity.
2. The price action has broken and retraced to trend line resistance.
3. The 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 price action is trading above the 8 period moving averages approaches back to this average could offer support and a buying area.

Daily Technical Analysis for GBPUSD as at 13th August 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.

Following the breach of the prior swing high, the trend has turned positive. However further upward momentum is finding resistance on its approach to Fibonacci resistance. We are monitoring a potential move to the 8 period moving averages.

In terms of the bigger the swing bias is positive.

The following factors are confirming or reinforcing this market bias:

1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.

Alternative counter trend bearish factors:

1. The price action is extended from the averages.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.

Scenario 2
Alternatively the price action extended from the averages could offer short term shorting opportunities.

Daily Technical Analysis for USDCHF as at 12th August 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

USDCHF has found support at the 0.9200 area and trend line support. This moving the positivity has continued with a move that has breached 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 swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.

Alternative counter trend bullish factors:

1. USDCHF has bounced off the 0.9200 level.
2. USDCHF has bounced of trend line support.

Scenario 1
As the dominant daily trend is down the 8 period moving averages may possibly offer shorting opportunities.

Scenario 2
Alternatively the current bounce off support could potentially move to the area of the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 13th August 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.

USDJPY has experienced a strong bounce after a somewhat extended move down. The price action has this morning corrected to the 8 period moving averages. We are monitoring the potential for a negative rotation and return to the down trend at 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 swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.

Alternative counter trend bullish factors:

1. The weekly time remains with a positive bias.
2. 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 there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.

Daily Technical Analysis for Gold as at 13th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

Gold is this morning trading higher from the open after yesterdays up day.

Gold is trading above the positively layered averages as this metal attempts to print a higher low swing. However the price action continues to trade within the Fibonacci resistance area and would require a swing high breach to confirm a reversal to an upside bias.

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

The following factors are confirming or reinforcing this market bias:

1. The swing bias is negative.
2. The price action is trading above the averages which could be viewed as an overbought opportunity.
3. The weekly time frame continues to point down.
4. The price action is trading within the Fibonacci resistance zone.
5. The RSI is diverging negatively.

Alternative counter trend bullish factors:

1. The price action is attempting to print a higher low.
2. The moving averages are layered positively.
3. The price action is trading above the averages.
4. The price action is trading above the 1322 support level.

Scenario 1
As the dominant daily trend is down as Fibonacci resistance may offer a shorting opportunity.

Scenario 2
Alternatively retracements to the averages may potentially offer buying opportunities.

Daily Technical Analysis for Oil (WTI) as at 13th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

Oil is this morning trading higher from the open after yesterdays up day.
Following Oils 8th August down spike that breached the prior swing low the price action has since bounced off the 34 and is now trading above the 8 period moving averages. Although the down spike has effectively turned the swing bias to negative the subsequent bullish reversal could indicate that break down was nothing more than a fake out. A breach of the prior swing high or swing low will confirm the bullish or bearish bias.

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 negative.

Alternative counter trend bullish factors:

1. The prior down spike has been reversed.
2. The price action is trading above the averages.
3. The averages are layered positively.
4. The price action is forming a possible corrective zigzag consolidation pattern.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI diverging positively.

Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.

Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.

acfx · August 13, 2013

Daily Technical Analysis from ACFX 08/14/2013

Daily Technical Analysis for EURUSD as at 14th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

EURUSD is this morning trading unchanged from the open after yesterdays down day.
Yesterday EURUSD traded and closed under the downward sloping trend line and the 8 period moving averages. We are monitoring the price action to see if the 8 period moving average will now act as resistance that will eventually lead EURUSD lower and into the direction of the 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 swing bias is negative.
2. The price action has retraced and broken beneath the 8 period moving averages.
3. The price action is trading around the area of trend line resistance.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.

Alternative counter trend bullish factors:
1. The 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 price action is trading above the 8 period moving averages approaches back to this average could offer support and a buying area.

Daily Technical Analysis for GBPUSD as at 14th August 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

GBPUSD is this morning trading unchanged from the open after yesterdays down day.

Following the breach of the prior swing high, the trend has turned positive. However further upward momentum is finding resistance on its approach to Fibonacci resistance. We are monitoring a potential move to the 8 period moving averages which could possibly offer support to a further up swing.

In terms of the bigger the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.

Alternative counter trend bearish factors:
1. The moving averages are somewhat extended.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.

Scenario 2
Alternatively the price action extended from the averages could offer short term shorting opportunities.

Daily Technical Analysis for USDCHF as at 14th August 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

The bounce off the 0.9200 area and trend line support has continued as USDCHF approaches the 34 period moving averages. We are monitoring the price action at these levels for any sign of negative rotation and resumption to 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 swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.

Alternative counter trend bullish factors:
1. USDCHF has bounced off the 0.9200 level.
2. USDCHF has bounced of trend line support.

Scenario 1
As the dominant daily trend is down the 8 period moving averages may possibly offer shorting opportunities.

Scenario 2
Alternatively the current bounce off support could potentially move to the area of the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 14th August 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.

USDJPY has experienced a strong bounce after a somewhat extended move down. Yesterday USDJPY closed above the 8 period moving averages and this positivity has continued into the European open. We are monitoring the potential for a negative rotation and return to the down trend in and around the area of the 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 swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.

Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The price action is trading above the 8 period moving 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 trading above the 8 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.

Daily Technical Analysis for Gold as at 14th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Gold is this morning trading unchanged from the open after yesterdays down day.

Gold is trading above the positively layered averages as this metal attempts to print a higher low swing. However the price action continues to trade within the Fibonacci resistance area and would require a swing high breach to confirm a reversal to an upside bias.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading above the averages which could be viewed as an overbought opportunity.
3. The weekly time frame continues to point down.
4. The price action is trading within the Fibonacci resistance zone.
5. The RSI is diverging negatively.

Alternative counter trend bullish factors:
1. The price action is attempting to print a higher low.
2. The moving averages are layered positively.
3. The price action is trading above the averages.
4. The price action is trading above the 1322 support level.

Scenario 1
As the dominant daily trend is down as Fibonacci resistance may offer a shorting opportunity.

Scenario 2
Alternatively retracements to the averages may potentially offer buying opportunities.

Daily Technical Analysis for Oil (WTI) as at 14th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

Oil is this morning trading unchanged from the open after yesterdays up day.
Following Oils 8th August down spike that breached the prior swing low the price action has since bounced off the 34 and is now trading above the 8 period moving averages. Although the down spike has effectively turned the swing bias to negative the subsequent bullish reversal could indicate that break down was nothing more than a fake out. A breach of the prior swing high or swing low will confirm the bullish or bearish bias.

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 negative.

Alternative counter trend bullish factors:
1. The prior down spike has been reversed.
2. The price action is trading above the averages.
3. The averages are layered positively.
4. The price action is forming a possible corrective zigzag consolidation pattern.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI diverging positively.

Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.

Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.

acfx · August 16, 2013

Daily Technical Analysis from ACFX 08/16/2013

Daily Technical Analysis for EURUSD as at 16th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
EURUSD is this morning trading lower from the open after yesterdays up day.
Yesterday EURUSD experienced a positive day printing a bullish piercing line candle and in the process traded and closed above the downward sloping trend line and the 8 period moving averages. It would appear that EURUSD is attempting to print a higher swing low.

We are monitoring the price action to see if the 8 period moving average will now act as support that will eventually lead EURUSD higher and into the direction of the last isolated high of the 8th August.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading around the area of trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.

Alternative counter trend bullish factors:
1. The averages have crossed positively.
2. The price action has broken above the 8 period moving 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 trading above the 8 period moving averages approaches back to this average could offer support and a buying area.

Daily Technical Analysis for GBPUSD as at 16th August 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

GBPUSD is this morning trading lower from the open after yesterdays up day.

Yesterday GBPUSD experienced a strong up day and in the process printed a higher high and establishing a potential a potential higher low swing pivot. This price activity of course reinforces the prior change of trend to positive.

Following the 8 period moving averages acting as a buying area we continue to monitor further pullbacks to this area as possible support point.

In terms of the bigger the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.

Alternative counter trend bearish factors:
1. The moving averages are somewhat extended.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.

Scenario 2
Alternatively the price action extended from the averages could offer short term shorting opportunities.

Daily Technical Analysis for USDCHF as at 16th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

USDCHF is this morning trading higher from the open after yesterdays down day

Yesterday USDCHF found resistance at the 34 period moving averages. This area was highlighted in previous posts as an area of potential resistance.

We are monitoring the price action at these levels to see if the negativity continues. However there is a potential support hurdles to be overcome at the 0.9200 and the upward sloping trend line. A breach of the 8th August low will need to happen so as to reinforce the negative bias.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.

Alternative counter trend bullish factors:
1. USDCHF has bounced off the 0.9200 level.
2. USDCHF has bounced of trend line support.

Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.

Scenario 2
Alternatively support may potentially be found at the 8 period moving averages. This support could precede an extended move to the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 16th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

USDJPY is this morning trading higher from the open after down up day.

USDJPY yesterday traded up to the 34 period moving averages and as posted previously that it found strong resistance in this area was not a surprise.

We are monitoring the potential for further negative rotation and return to 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 swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.

Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The price action is trading above the 8 period moving 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 trading above the 8 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.

Daily Technical Analysis for Gold as at 16th August 2013

DAILY OVERVIEW
Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Gold is this morning trading unchanged from the open after yesterdays up day.

Yesterday Gold breached the previous swing high and effectively changes the trend to positive by printing a bullish higher low and higher high sequence.

In terms of the bigger picture the swing bias has reversed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.

Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
2. The price action is trading within the Fibonacci resistance zone.
3. The price action is extended from the averages.

Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.

Scenario 2
Alternatively the price action is extended from the averages which could offer shorting opportunities.

Daily Technical Analysis for Oil (WTI) as at 16th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Oil is this morning trading higher from the open after yesterdays up day.
Following Oils 8th August down spike that breached the prior swing low the price action has since bounced off the 34 and is now trading above the 8 period moving averages. Although the down spike has effectively turned the swing bias to negative the subsequent bullish reversal could indicate that break down was nothing more than a fake out. A breach of the prior swing high or swing low will confirm the bullish or bearish bias.

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 negative.

Alternative counter trend bullish factors:
1. The prior down spike has been reversed.
2. The price action is trading above the averages.
3. The averages are layered positively.
4. The price action is forming a possible corrective zigzag consolidation pattern.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI diverging positively.

Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.

Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.

acfx · August 18, 2013

Daily Technical Analysis from ACFX 08/19/2013

Daily Technical Analysis for EURUSD as at 19th August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

EURUSD is this morning trading lower from the open after Fridays down day.
EURUSD has thus far been unable to breach the 8th August high. A breach of this swing point would effectively change the trend to long. However the price action continues to trade above both the 8 period moving averages and the downward sloping trend line which could offer a base of support for a further upswing.

We are monitoring the price action to see if the 8 period moving average will now act as support that will eventually lead EURUSD higher and into the direction of the last isolated high of the 8th August.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias is negative.
2. The price action is trading around the area of trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.

Alternative counter trend bullish factors:
1. The averages have crossed positively.
2. The price action has broken above the 8 period moving 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 trading above the 8 period moving averages approaches back to this average could offer support and a buying area.

Daily Technical Analysis for GBPUSD as at 19th August 2013

DAILY OVERVIEW

Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

GBPUSD is this morning trading unchanged from the open after Fridays down day.

After Thursdays strong up day the subsequent trading sessions have been quiet with very narrow ranges.

We are monitoring pullbacks to the 8 period moving averages acting as a potential buying area.

In terms of the bigger the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.

Alternative counter trend bearish factors:
1. The moving averages are somewhat extended.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.

Scenario 2
Alternatively the price action extended from the averages could offer short term shorting opportunities.

Daily Technical Analysis for USDCHF as at 19th August 2013

DAILY OVERVIEW

Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

USDCHF is this morning trading higher from the open after Fridays up day

After trading down off the 34 period moving averages USDCHF has bounced off the 8 period moving averages. A failure to trade beneath the 8 period averages could potentially indicate that a move back to the 34 period moving average is possible.

We are monitoring the price action at these levels to see if the negativity continues. However there is a potential support hurdles to be overcome at the 0.9200 and the upward sloping trend line. A breach of the 8th August low will need to happen so as to reinforce the negative bias.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.

Alternative counter trend bullish factors:
1. USDCHF has bounced off the 0.9200 level.
2. USDCHF has bounced of trend line support.

Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.

Scenario 2
Alternatively support may potentially be found at the 8 period moving averages. This support could precede an extended move to the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 19th August 2013

DAILY OVERVIEW

Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

USDJPY is this morning trading higher from the open after Fridays up day.

After trading down USDJPY has found support at the 8 period moving averages. A failure to break this average could propel USDJPY back up to the Fibonacci resistance area.

We are monitoring the potential for further negative rotation and return to 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 swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.

Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The price action is trading above the 8 period moving 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 trading above the 8 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.

Daily Technical Analysis for Gold as at 19th August 2013

DAILY OVERVIEW

Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

Gold is this morning trading lower from the open after Fridays up day.

Gold continues to trade above the previous swing high and effectively changes the trend to positive by printing a bullish higher low and higher high sequence. However the price action is now becoming extended from the averages.

In terms of the bigger picture the swing bias has reversed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.

Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
2. The price action is trading within the Fibonacci resistance zone.
3. The price action is extended from the averages.

Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.

Scenario 2
Alternatively the price action is extended from the averages which could offer shorting opportunities.

Daily Technical Analysis for Oil (WTI) as at 19th August 2013

DAILY OVERVIEW

Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

Oil is this morning trading lower from the open after Fridays up day.
Following Oils 8th August down spike that breached the prior swing low the price action has since bounced off the 34 and is now trading above the 8 period moving averages. Although the down spike has effectively turned the swing bias to negative the subsequent bullish reversal could indicate that break down was nothing more than a fake out. A breach of the prior swing high or swing low will confirm the bullish or bearish bias.

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 negative.

Alternative counter trend bullish factors:
1. The prior down spike has been reversed.
2. The price action is trading above the averages.
3. The averages are layered positively.
4. The price action is forming a possible corrective zigzag consolidation pattern.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI diverging positively.

Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.

Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.

acfx · August 20, 2013

Daily Technical Analysis from ACFX 08/21/2013

Daily Technical Analysis for EURUSD as at 21st August 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.
Following the bounce off the downward sloping trend line EURUSD found further support at the 8 period moving averages. This possibility was discussed in previous posts. The move off the averages yesterday was aggressive and had enough upward momentum to breach the prior swing high. This breach effectively changes the trend from short to long.

We continue to monitor the price action to see if the 8 period moving average will act as support.

In terms of the bigger picture the swing bias has changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has breached trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.
5. The averages have crossed positively.
6. The price action has broken above the 8 period moving averages.

Alternative counter trend bullish factors:
1. The averages are becoming extended which could lead to corrective down to sideways price action.

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

Scenario 2
Alternatively as the price action is trading above the 8 period moving averages there is potential for scalping and counter trend opportunities taken off intraday charts with the target being the 8 period moving averages.

Daily Technical Analysis for GBPUSD as at 21st August 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.

Further to the subdued price action GBPUSD is trading within a very narrow 2 day range.

We are monitoring pullbacks to the 8 period moving averages acting as a potential buying area.

In terms of the bigger the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.

Alternative counter trend bearish factors:
1. The moving averages are somewhat extended.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.

Scenario 2
Alternatively the price action extended from the averages could offer short term shorting opportunities.

Daily Technical Analysis for USDCHF as at 21st August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

USDCHF is this morning trading higher from the open after yesterdays down day

Further to the breach of the 8 period moving averages and the downward momentum has continued with further breaches of the 0.9200 support area and upward sloping trend line. This move has in the process also breached the prior swing low and has therefore reinforced the negative bias.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.
5. The price action is trading beneath the averages.

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

Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.

Scenario 2
Alternatively as the price action is trading below the 8 period moving averages there is potential for scalping and counter trend opportunities taken off intraday charts with the target being the 8 period moving averages.

Daily Technical Analysis for USDJPY as at 21st August 2013

DAILY OVERVIEW
Trend : Short
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

USDJPY is this morning trading higher from the open after yesterdays down day.

This morning USDJPY is trading within 6 day range as it consolidates around the 8 period moving averages. A failure to break significantly below this average could propel USDJPY back up to the Fibonacci resistance area.

We are monitoring the potential for further negative rotation and return to 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 swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.
Alternative counter trend bullish factors:
1. The weekly time remains with a positive bias.
2. The price action is trading above the 8 period moving 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 trading above the 8 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.

Daily Technical Analysis for Gold as at 21st August 2013

DAILY OVERVIEW

Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

Gold is this morning trading lower from the open after yesterdays up day.

Gold continues to trade above the previous swing high and effectively changes the trend to positive by printing a bullish higher low and higher high sequence. However the price action is now becoming extended from the averages.

In terms of the bigger picture the swing bias has reversed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.

Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
2. The price action is trading within the Fibonacci resistance zone.
3. The price action is extended from the averages.

Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.

Scenario 2
Alternatively the price action is extended from the averages which could offer shorting opportunities.

Daily Technical Analysis for Oil (WTI) as at 21st August 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.
Following the down spike and lower low of the 8th August WTI has failed to print a higher high. In fact the current price action with Oil breaching and trading beneath the 34 period moving averages might indicate a lower high could be printed. A move beneath the prior swing low would confirm the bearish bias however a broader analysis of the price pattern being currently formed is that price action is potentially printing a bullish consolidation flag.

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 negative.

Alternative counter trend bullish factors:
1. The prior down spike has been reversed.
2. The price action is trading above the averages.
3. The averages are layered positively.
4. The price action is forming a possible corrective zigzag consolidation pattern.
5. The price action is trading above the large monthly converging triangle.
6. The weekly RSI diverging positively.

Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.

Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.

acfx · August 22, 2013

Daily Technical Analysis from ACFX 08/22/2013

Daily Technical Analysis for EURUSD as at 22nd August 2013

DAILY OVERVIEW

Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

EURUSD is this morning trading lower from the open after yesterdays down day.
The breach of the prior swing high continues to give EURUSD a positive bias however yesterdays price action failed to make further highs. Later into the session the price action traded down into the direction of the 8 period moving averages and this negativity has continued this morning which has seen the completion of the move to this average.

We continue to monitor the price action to see if the 8 period moving average will act as support.

In terms of the bigger picture the swing bias has changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has breached trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.
5. The averages have crossed positively.
6. The price action has broken above the 8 period moving averages.

Alternative counter trend bullish factors:
1. The averages are becoming extended which could lead to corrective down to sideways price action.

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

Scenario 2
Alternatively as the price action is trading above the 8 period moving averages there is potential for scalping and counter trend opportunities taken off intraday charts with the target being the 8 period moving averages.

Daily Technical Analysis for GBPUSD as at 22nd August 2013

DAILY OVERVIEW

Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

GBPUSD is this morning trading unchanged from the open after yesterdays down day.

There has been a fairly active open to this morningâ€™s session with GBPUSD trading down to the 8 period moving averages.

We are monitoring pullbacks to the 8 period moving averages acting as a potential buying area.

In terms of the bigger the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.

Alternative counter trend bearish factors:
1. The moving averages are somewhat extended.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.

Scenario 2
Alternatively a sustain break of the 8 period moving averages could potentially see GBPUSD trade into the direction of the 34 period moving averages.

Daily Technical Analysis for USDCHF as at 22nd August 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

Following the breach of both trend line support and the 0.9200 area we have witnessed yesterday a strong bounce off these levels. We are monitoring the price action for any signs of increased upward momentum which could see USDCHF trade up to and breach the 8 period moving averages. The 8 period moving averages is also our initial area of interest where shorting opportunities may arise.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.
5. The price action is trading beneath the averages.

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

Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.

Scenario 2
Alternatively as the price action is trading below the 8 period moving averages there is potential for scalping and counter trend opportunities taken off intraday charts with the target being the 8 period moving averages.

Daily Technical Analysis for USDJPY as at 22nd August 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.

Although USDJPY continues to trade within a tight range we are this morning seeing a sustain push higher off the 8 period moving averages. We are monitoring a move up to the Fibonacci resistance area and 34 period moving averages where we will reassess the situation and look for potential reversal patterns and resumption of the down trend. However a sustain move higher could see a higher low printed on the weekly chart an more focus being given to the long side.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.

Alternative counter trend bullish factors:
1. The price action is trading above the 8 period moving 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 trading above the 8 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.

Daily Technical Analysis for Gold as at 22nd August 2013

DAILY OVERVIEW

Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments
Gold is this morning trading lower from the open after yesterdays down day.

Following the printing of a higher high and breach the previous swing high Gold is now effectively trending positively.

Subsequently Gold has corrected down to the 8 period moving averages which is not our initial area of interest where possible positive rotation and resumption of the uptrend could happen. However a sustain breach of this average could potential see Gold trade down to the 34 period moving averages.

In terms of the bigger picture the swing bias has reversed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has printed a higher low.
3. The moving averages are layered positively.
4. The price action is trading above the averages.
5. The price action is trading above the 1322 support level.
6. The RSI is in gear with the move.

Alternative counter trend bearish factors:
1. The weekly time frame continues to point down.
2. The price action is trading within the Fibonacci resistance zone.

Scenario 1
As the dominant daily trend is up corrective sideways to down movements could potentially be viewed as buying opportunities.

Scenario 2
Alternatively a sustain breach of the 8 period moving averages could see Gold trade down to the 34 period moving averages.

Daily Technical Analysis for Oil (WTI) as at 22nd August 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.
Following the down spike and lower low of the 8th August WTI has failed to print a higher high. Furthermore the breach of the 34 period moving averages has been followed by a lower high being printed. A move beneath the prior swing low would confirm the bearish bias however a broader analysis of the price pattern being currently formed is that price action is potentially printing a bullish flag consolidation. A failure of the flag could potentially see Oil move to the Fibonacci support area.

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 negative.
2. Oil is trading beneath the averages.

Alternative counter trend bullish factors:
1. The prior down spike has been reversed.
2. The averages are layered positively.
3. The price action is forming a possible corrective zigzag consolidation pattern.
4. The price action is trading above the large monthly converging triangle.
5. The weekly RSI diverging positively.

Scenario 1
As the dominant daily trend is down retracements to resistance areas could possibly be viewed as selling opportunities.

Scenario 2
Alternatively following the bounce off the 8th August down spike we are monitoring the possibility of a move to the 2nd August high.

acfx · August 22, 2013

Daily Technical Analysis from ACFX 08/23/2013

Daily Technical Analysis for EURUSD as at 23rd August 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.
The breach of the prior swing high continues to give EURUSD a positive bias and this was confirmed yesterday by the bullish hammer that was printed whilst it traded around 8 periods moving averages support area.

We continue to monitor the price action to see if the 8 period moving average will act as support.

In terms of the bigger picture the swing bias has changed to positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias is positive.
2. The price action has breached trend line resistance.
3. The RSI is confirming the move.
4. The weekly time frame is in gear with the daily time frame.
5. The averages have crossed positively.
6. The price action has broken above the 8 period moving averages.
Alternative counter trend bullish factors:
1. The averages are becoming extended which could lead to corrective down to sideways price action.

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

Scenario 2
Alternatively if EURUSD can breach the 8 period moving averages the next target is the 34 period moving averages.

Daily Technical Analysis for GBPUSD as at 22nd August 2013

DAILY OVERVIEW

Trend : Long
Ambush Zone : -
Target 1 : -
Target 2 : -
Stop : -

Comments

GBPUSD is this morning trading unchanged from the open after yesterdays down day.

Yesterday GBPUSD traded down to the area of the 8 period moving averages

As the swing bias remains positive we are monitoring pullbacks to the 8 period moving averages acting as a potential buying area.

In terms of the bigger the swing bias is positive.

The following factors are confirming or reinforcing this market bias:
1. The swing bias has turned positive.
2. The price action is retracing to the positively layered averages which could offer a buying opportunity.
3. The averages have crossed positively.
4. The RSI is confirming the move.
5. The weekly time frame is in gear with the daily time frame.
6. The price action traded through the 1.5250 resistance level.

Alternative counter trend bearish factors:
1. The moving averages are somewhat extended.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities with the initial area of interest being the 8 period moving averages.

Scenario 2
Alternatively a sustain break of the 8 period moving averages could potentially see GBPUSD trade into the direction of the 34 period moving averages.

Daily Technical Analysis for USDCHF as at 23rd August 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

Following the breach of both trend line support and the 0.9200 area we have witnessed a good bounce off these levels. We are monitoring the price action to see if USDCHF can make a sustained push above the 8 period moving averages. The 8 period moving averages is also our initial area of interest where shorting opportunities may arise.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The weekly time frame continues to have a negative bias.
3. The RSI is in gear with the move.
4. The averages are negatively layered.
5. The price action is trading beneath the averages.

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

Scenario 1
As the dominant daily trend is down corrective pullback could possibly offer shorting opportunities.

Scenario 2
Alternatively if the price action can breach the 8 period moving averages then the next target is the 34 period moving averages.

Daily Technical Analysis for USDJPY as at 23rd August 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.

Yesterday USDJPY pushed higher as traded through the 34 period moving averages and in Fibonacci resistance.
We are monitoring this move up to the Fibonacci resistance area and 34 period moving averages where we will reassess the situation and look for potential reversal patterns and resumption of the down trend. However a sustained move higher could see a higher low printed on the weekly chart an more focus being given to the long side.

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

The following factors are confirming or reinforcing this market bias:
1. The swing bias remains negative.
2. The moving averages have crossed negatively.
3. The price action has broken below the significant 100 level.
4. The RSI is confirming the move.
5. The price action has managed to break below the upward sloping trend line.
6. Fibonacci resistance is offering down side pressure.

Alternative counter trend bullish factors:
1. The price action is trading above moving 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 trading above the 8 period moving averages there is the possibility of a corrective up move back to Fibonacci resistance and the 34 period moving averages.

Daily Technical Analysis for Gold as at 23rd August 2013