Daily Technical Analysis by ACFX.com

[acfx]

Daily Technical Analysis from ACFX 09/25/2013

Daily Technical Analysis for EURUSD as at 25th September 2013

DAILY OVERVIEW

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



Comments

This morning EURUSD has finally traded down to our first value area which is the 8 period moving averages. We are therefore monitoring the price action for signs of support coming in at these levels prior to a resumption of the uptrend.

Further positivity for EURUSD will be in line with the change of the daily trend to up, the bullish weekly time frame the moving averages crossing positively and the break of the multiyear downward sloping trend line.

As posted previously we are currently monitoring the possibility of a move to 1.3710 being a previous weekly pivot high. However as the price action is extended from the averages there is potential for EURUSD to experience a corrective down to sideways movement. As the weekly RSI has yet to show signs of confirming this move the possibility of some kind of correction should not be ruled out.

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

Scenario 2
Alternatively a breach of the 8 period moving averages could see EURUSD trading down to the 34 period moving averages.



Daily Technical Analysis for GBPUSD as at 25th September 2013

DAILY OVERVIEW

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



Comments

Yesterday GBPUSD traded down to the 8 period moving averages where support was found. In the process a bullish hammer candle was printed.

The touching of the 8 period moving averages has now pushed GBPUSD to the first value area. We are monitoring the price action at these levels for a possible up move to the previous swing high.

A continued up move should put in focus the possibility of GBPUSD threatening to breach a multiyear down trend line and the 1.6400 area which coincides with a prior weekly pivot high. With the RSI and the moving averages confirming the up move and weekly time frame being in gear with the daily time frame shorting such a strong up trend can be dangerous.

However with GBPUSD has yet to experience a good retracement and there is a possibility of further corrective down to sideways price action.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities. These retracements would be ideally taken off an obvious corrective pull back to the 8 period moving averages, trend line support or previous pivot high. However there is a possibility that pull backs are limited and GBPUSD continues to break higher. In this case pullbacks and break outs could potentially be identified off lower time frames.

Scenario 2
Alternatively a breach of the 8 period moving averages could see GBPUSD trade down to trend line support.



Daily Technical Analysis for USDCHF as at 25th September 2013

DAILY OVERVIEW

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



Comments

Yesterday USDCHF continues to bounce off the lows. We are monitoring a potential move to the 8 period moving averages.

To recap on the bigger picture the price action breached trend line support, horizontal support and more importantly the prior swing low which effectively changes the trend to down. The RSI is in gear with this downtrend and this is further confirmed by the averages and weekly time frame. The next support level we are monitoring is the 0.9020 area.

Scenario 1
As the dominant daily trend is down corrective pullbacks could possibly offer selling opportunities with retracements back to the averages, the prior pivot low and broken support being value areas where shorts could potentially be added. However there is a possibility of USDCHF continuing to break lower following relatively minor corrective pullbacks which can be identified off intraday charts.

Scenario 2
Alternatively one could potentially take scalp longs up to the previously mentioned value areas.


Daily Technical Analysis for USDJPY as at 25th September 2013

DAILY OVERVIEW

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



Comments

USDJPY continues to experience a downside correction following the bounce off the point of intersection of the converging triangle trend lines. This move lower however has yet to breach trend line support.

As USDJPY is trading above the broken converging triangle and with the RSI confirming the move and the averages and weekly time frame pointing positive, we are monitoring the strength of this bounce. If the price action can hold above the triangle and trade through last Monday’s opening downside gap there is potential that USDJPY will retest the 100 level.

If USDJPY however can trade beneath the converging triangle pattern a move and breach of the prior swing low comes into focus. A breach of the prior swing low will effectively change the swing trend to negative. This scenario is currently being highlighted by downside pressure being exerted by Fibonacci resistance.

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

Scenario 2
Alternatively a move beneath the converging triangle opens up a possibility of shorting USDJPY down to the prior swing low.




Daily Technical Analysis for Gold as at 25th September 2013

DAILY OVERVIEW

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



Comments

Yesterday Gold traded down to trend line support where buying came into the market and in the process the price action printed a bullish hammer. We are monitoring a possible move up to the 34 period moving averages.
The bounce off Fibonacci and the 1320 support area has thus far failed to follow through with the price action trading back down deep into the Fibonacci area. The move down however has not retested the 1320 level.

In terms of the bigger picture the daily trend is positive and the up move is in line with the hidden weekly divergence in the RSI. However the weekly time frame does continue to have a bearish outlook and the daily averages are layered negatively.

We are currently monitoring a potential move to the prior swing pivot high. However a failure to follow through could see Gold breach the prior swing low and effectively changing the trend to negative.

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 breach of the 1320 support area could see Gold trade down to the prior pivot low.




Daily Technical Analysis for Oil (WTI) as at 25th September 2013

DAILY OVERVIEW

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



Comments

Yesterday Oil traded down to trend line support where buying came into the market and in the process the price action printed a bullish hammer. We are monitoring a possible move up to the 8 period moving averages.

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

Scenario 2
Alternatively one could possibly take scalp longs up to the averages.

[acfx]

Daily Technical Analysis from ACFX 09/27/2013


Daily Technical Analysis for EURUSD as at 27th September 2013

DAILY OVERVIEW

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



Comments

EURUSD continues to trade around our first value area which is the 8 period moving averages. We are therefore monitoring the price action for signs of support coming in at these levels prior to a resumption of the uptrend.

Further positivity for EURUSD will be in line with the change of the daily trend to up, the bullish weekly time frame the moving averages crossing positively and the break of the multiyear downward sloping trend line.

As posted previously we are currently monitoring the possibility of a move to 1.3710 being a previous weekly pivot high. However as the price action is extended from the averages there is potential for EURUSD to experience a corrective down to sideways movement. As the weekly RSI has yet to show signs of confirming this move the possibility of some kind of correction should not be ruled out.

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

Scenario 2
Alternatively a breach of the 8 period moving averages could see EURUSD trading down to the 34 period moving averages.



Daily Technical Analysis for GBPUSD as at 27th September 2013

DAILY OVERVIEW

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



Comments

GBPUSD continues to find support at the 8 period moving averages which is our first value area. We are monitoring the price action at these levels for a possible up move to the previous swing high.

A continued up move should put in focus the possibility of GBPUSD threatening to breach a multiyear down trend line and the 1.6400 area which coincides with a prior weekly pivot high. With the RSI and the moving averages confirming the up move and weekly time frame being in gear with the daily time frame shorting such a strong up trend can be dangerous.

However with GBPUSD has yet to experience a good retracement and there is a possibility of further corrective down to sideways price action.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities. These retracements would be ideally taken off an obvious corrective pull back to the 8 period moving averages, trend line support or previous pivot high. However there is a possibility that pull backs are limited and GBPUSD continues to break higher. In this case pullbacks and break outs could potentially be identified off lower time frames.

Scenario 2
Alternatively a breach of the 8 period moving averages could see GBPUSD trade down to trend line support.



Daily Technical Analysis for USDCHF as at 27th September 2013

DAILY OVERVIEW

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



Comments

USDCHF has traded up to our first value area being the 8 period moving averages which is a potential shorting zone.

To recap on the bigger picture the price action breached trend line support, horizontal support and more importantly the prior swing low which effectively changes the trend to down. The RSI is in gear with this downtrend and this is further confirmed by the averages and weekly time frame. The next support level we are monitoring is the 0.9020 area.

Scenario 1
As the dominant daily trend is down corrective pullbacks could possibly offer selling opportunities with retracements back to the averages, the prior pivot low and broken support being value areas where shorts could potentially be added. However there is a possibility of USDCHF continuing to break lower following relatively minor corrective pullbacks which can be identified off intraday charts.

Scenario 2
Alternatively one could potentially take scalp longs up to the previously mentioned value areas.



Daily Technical Analysis for USDJPY as at 27th September 2013

DAILY OVERVIEW

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



Comments

USDJPY continues to above the intersection of the converging triangle trend lines.

As USDJPY is trading above the broken converging triangle and with the RSI confirming the move and the averages and weekly time frame pointing positive, we are monitoring the strength of this bounce. If the price action can hold above the triangle and trade through last Monday’s opening downside gap there is potential that USDJPY will retest the 100 level.

If USDJPY however can trade beneath the converging triangle pattern a move and breach of the prior swing low comes into focus. A breach of the prior swing low will effectively change the swing trend to negative. This scenario is currently being highlighted by downside pressure being exerted by Fibonacci resistance.

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

Scenario 2
Alternatively a move beneath the converging triangle opens up a possibility of shorting USDJPY down to the prior swing low.



Daily Technical Analysis for Gold as at 27th September 2013

DAILY OVERVIEW

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



Comments

Gold continues to trade in the Fibonacci support area. We are monitoring a possible move up to the 34 period moving averages.
The bounce off Fibonacci and the 1320 support area has thus far failed to follow through with the price action trading back down deep into the Fibonacci area. The move down however has not retested the 1320 level.

In terms of the bigger picture the daily trend is positive and the up move is in line with the hidden weekly divergence in the RSI. However the weekly time frame does continue to have a bearish outlook and the daily averages are layered negatively.

We are currently monitoring a potential move to the prior swing pivot high. However a failure to follow through could see Gold breach the prior swing low and effectively changing the trend to negative.

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 breach of the 1320 support area could see Gold trade down to the prior pivot low.




Daily Technical Analysis for Oil (WTI) as at 25th September 2013

DAILY OVERVIEW

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



Comments

Oil continues to around trend line support which is a potential area for a bounce to take place. We are monitoring a possible move up to the 8 period moving averages.

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

Scenario 2
Alternatively one could possibly take scalp longs up to the averages.

[acfx]

Daily Technical Analysis from ACFX 09/30/2013


Daily Technical Analysis for EURUSD as at 30th September 2013

DAILY OVERVIEW

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



Comments

Following the move that formed the higher high on the 19th September EURUSD has traded within a 110 pip range. As the price action has a positive swing bias we are monitoring if the move down to the 8 period moving averages value area will act as a trigger zone for longs to add positions prior to a move to the previous swing high. However for this to happen we would like to see EURUSD close and trade above this morning’s downside opening gap.

As posted previously further positivity for EURUSD will be in line with the change of the daily trend to up, the bullish weekly time frame the moving averages crossing positively and the break of the multiyear downward sloping trend line. We are currently monitoring the possibility of a move to 1.3710 being a previous weekly pivot high. However as the weekly RSI has yet to show signs of confirming this move the possibility of some kind of correction should not be ruled out.

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

Scenario 2
Alternatively a breach of the 8 period moving averages could see EURUSD trading down to the 34 period moving averages.



Daily Technical Analysis for GBPUSD as at 30th September 2013

DAILY OVERVIEW

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



Comments

GBPUSD as predicted the 8 period moving averages gave support. This morning GBPUSD has traded above the 18th September high.

A continued up move should put in focus the possibility of GBPUSD threatening to breach a multiyear down trend line and the 1.6400 area which coincides with a prior weekly pivot high. With the RSI and the moving averages confirming the up move and weekly time frame being in gear with the daily time frame shorting such a strong up trend can be dangerous.

However with GBPUSD has yet to experience a good retracement and there is a possibility of further corrective down to sideways price action.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities. These retracements would be ideally taken off an obvious corrective pull back to the 8 period moving averages, trend line support or previous pivot high. However there is a possibility that pull backs are limited and GBPUSD continues to break higher. In this case pullbacks and break outs could potentially be identified off lower time frames.

Scenario 2
Alternatively a breach of the 8 period moving averages could see GBPUSD trade down to trend line support.



Daily Technical Analysis for USDCHF as at 30th September 2013

DAILY OVERVIEW

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



Comments

On Friday morning it was identified that USDCHF had traded up to our first value area being the 8 period moving averages which was a potential shorting zone. This scenario played out at USDCHF traded down to the 0.9020 support area where buyers came into the market.

To recap on the bigger picture the price action breached trend line support, horizontal support and more importantly the prior swing low which effectively changes the trend to down. The RSI is in gear with this downtrend and this is further confirmed by the averages and weekly time frame. The next support level we are monitoring is the 0.9020 area.

Scenario 1
As the dominant daily trend is down corrective pullbacks could possibly offer selling opportunities with retracements back to the averages, the prior pivot low and broken support being value areas where shorts could potentially be added. However there is a possibility of USDCHF continuing to break lower following relatively minor corrective pullbacks which can be identified off intraday charts.

Scenario 2
Alternatively one could potentially take scalp longs up to the previously mentioned value areas.



Daily Technical Analysis for USDJPY as at 30th September 2013

DAILY OVERVIEW

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



Comments

This morning USDJPY opens with a downside gap and is trading at an intersection of the broken converging triangle. Although the swing bias remains positive this morning’s gap and the Fibonacci resistance area could potentially be a catalyst for downside pressure. However a possible daily trend change to down maybe limited due to the strength of the uptrend’s that can be found in both Monthly and Weekly time frames. A breach of the prior swing high will confirm the uptrend where as a breach of the prior swing low will change the daily trend to negative.

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

Scenario 2
Alternatively a move beneath the converging triangle opens up a possibility of shorting USDJPY down to the prior swing low.




Daily Technical Analysis for Gold as at 30th September 2013

DAILY OVERVIEW

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



Comments

Gold continues to trade in the Fibonacci support area. We are monitoring a possible move up to the 34 period moving averages.
The bounce off Fibonacci and the 1320 support area has thus far failed to follow through with the price action trading back down deep into the Fibonacci area. The move down however has not retested the 1320 level.

In terms of the bigger picture the daily trend is positive and the up move is in line with the hidden weekly divergence in the RSI. However the weekly time frame does continue to have a bearish outlook and the daily averages are layered negatively.

We are currently monitoring a potential move to the prior swing pivot high. However a failure to follow through could see Gold breach the prior swing low and effectively changing the trend to negative.

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 breach of the 1320 support area could see Gold trade down to the prior pivot low.



Daily Technical Analysis for Oil (WTI) as at 30th September 2013

DAILY OVERVIEW

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



Comments

This morning Oil opened with a downside gap and a breach of trend line support. This move happen following a rejection of the 8 period moving averages.

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

Scenario 2
Alternatively one could possibly take scalp longs up to the averages.

[acfx]

Daily Technical Analysis from ACFX 10/02/2013


Daily Technical Analysis for EURUSD as at 2nd October 2013

DAILY OVERVIEW

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



Comments

Yesterday EURUSD traded substantially higher only for it to pair its gains and close near its open and just above the 8 period moving averages. This morning this average continues to offer some support and a potential value area for longs to be taken.

The pattern being formed is a rising wedge. A break down from this pattern could see EURUSD trade down to the 34 period moving averages. A break down would be in line with the weekly RSI which has yet to confirm the up move.

However with the swing bias continuing to point up on both daily and weekly time frames and the moving averages layered positively we are monitoring a possible move to 1.3710 being a previous weekly pivot high.

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

Scenario 2
Alternatively a breach of the 8 period moving averages could see EURUSD trading down to the 34 period moving averages.



Daily Technical Analysis for GBPUSD as at 2nd October 2013

DAILY OVERVIEW

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



Comments

GBPUSD continue its upward movement following the bounce off the 8 period moving averages. GBPUSD is now threatening to breach a multiyear down trend line and the 1.6400 area which coincides with a prior weekly pivot high. With the RSI and the moving averages confirming the up move and weekly time frame being in gear with the daily time frame shorting such a strong up trend can be dangerous.

However with GBPUSD now extended from the averages and trading into overhead resistance there is a possibility of a rejection of these level and a potential move back down to the averages.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities. These retracements would be ideally taken off an obvious corrective pull back to the 8 period moving averages, trend line support or previous pivot high. However there is a possibility that pull backs are limited and GBPUSD continues to break higher. In this case pullbacks and break outs could potentially be identified off lower time frames.

Scenario 2
Alternatively a rejection of resistance could see GBPUSD trade back down to the 8 period moving averages.



Daily Technical Analysis for USDCHF as at October 2013

DAILY OVERVIEW

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



Comments

Yesterday USDCHF breached the 0.9020 area only for support to come into the market for this currency pair and in the process the price action printed a bullish hammer. This morning USDCHF continues to hold above the 0.9020 and is now touching the 8 period moving averages which is a potential value area where shorts could potentially be added.

Scenario 1
As the dominant daily trend is down corrective pullbacks could possibly offer selling opportunities with retracements back to the averages, the prior pivot low and broken support being value areas where shorts could potentially be added. However there is a possibility of USDCHF continuing to break lower following relatively minor corrective pullbacks which can be identified off intraday charts.

Scenario 2
Alternatively one could potentially take scalp longs up to the previously mentioned value areas.



Daily Technical Analysis for USDJPY as at 2nd October 2013

DAILY OVERVIEW

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



Comments
Yesterday USDJPY traded up to the 8 period moving averages only for this pair to reject this level. This morning the negativity has increased as USDJPY trades down from both the averages and Fibonacci resistance.

All eyes are now on the 96.80 level which coincides with a prior swing low. A breach of this pivot will effectively change the trend to short on a swing basis.

However a possible daily trend change to down maybe limited due to the strength of the uptrend’s that can be found in both Monthly and Weekly time frames with a breach of the prior swing high will confirm the uptrend.

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

Scenario 2
Alternatively a move beneath the converging triangle opens up a possibility of shorting USDJPY down to the prior swing low.



Daily Technical Analysis for Gold as at 2nd October 2013

DAILY OVERVIEW

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



Comments

Yesterday Gold breached the low of the 18th September pivot and in the process changed the trend on a swing basis to down. The move yesterday was large and exceeded the daily average range. For this reason and due to the price action being extended from the averages and the weekly RSI continuing to diverge positively we are monitoring Gold for signs of a corrective upward retracement.
However as the trend is now down and with the formation of a bearish head and shoulders pattern now forming the main focus for the time being would be for possible short set ups.

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

Scenario 2
Alternatively as the price action is extended from the averages there is potential for scalp longs back up to these averages.



Daily Technical Analysis for Oil (WTI) as at 2nd October 2013

DAILY OVERVIEW

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



Comments

Monday’s down move eventually formed a bullish hammer. With yesterdays price action trading within Monday’s range and today’s open being quiet and within this range we are monitoring the 101 area to if support can hold Oil around this level.

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

Scenario 2
Alternatively one could possibly take scalp longs up to the averages.

[acfx]

Daily Technical Analysis from ACFX 10/03/2013

Daily Technical Analysis for EURUSD as at 3rd October 2013

DAILY OVERVIEW

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



Comments

Yesterday EURUSD bounced off the 8 period moving averages and traded substantially higher. This morning EURUSD has opened positively.

In terms of the daily trend the swing bias continues to be positive and this direction is being confirmed on the weekly time frame. Furthermore the averages layered positively and the RSI is in gear with the trend. We are monitoring a possible move to 1.3710 being a previous weekly pivot high.

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 extended from the averages there is a possibility that EURUSD may experience a downward or sideways correction.



Daily Technical Analysis for GBPUSD as at 3rd October 2013

DAILY OVERVIEW

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



Comments

GBPUSD continue its upward movement following the bounce off the 8 period moving averages. GBPUSD is now threatening to breach a multiyear down trend line and the 1.6400 area which coincides with a prior weekly pivot high. With the RSI and the moving averages confirming the up move and weekly time frame being in gear with the daily time frame shorting such a strong up trend can be dangerous.

However with GBPUSD now extended from the averages and trading into overhead resistance there is a possibility of a rejection of these level and a potential move back down to the averages.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities. These retracements would be ideally taken off an obvious corrective pull back to the 8 period moving averages, trend line support or previous pivot high. However there is a possibility that pull backs are limited and GBPUSD continues to break higher. In this case pullbacks and break outs could potentially be identified off lower time frames.

Scenario 2
Alternatively a rejection of resistance could see GBPUSD trade back down to the 8 period moving averages.



Daily Technical Analysis for USDCHF as at 3rd October 2013

DAILY OVERVIEW

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



Comments

Yesterday USDCHF breached the 0.9020 area only for support to come into the market for this currency pair and in the process the price action printed a bullish hammer. This morning USDCHF continues to hold above the 0.9020 and is now touching the 8 period moving averages which is a potential value area where shorts could potentially be added.

Scenario 1
As the dominant daily trend is down corrective pullbacks could possibly offer selling opportunities with retracements back to the averages, the prior pivot low and broken support being value areas where shorts could potentially be added. However there is a possibility of USDCHF continuing to break lower following relatively minor corrective pullbacks which can be identified off intraday charts.

Scenario 2
Alternatively one could potentially take scalp longs up to the previously mentioned value areas.




Daily Technical Analysis for USDJPY as at 3rd October 2013

DAILY OVERVIEW

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



Comments

USDJPY traded up to the 8 period moving averages only for this pair to reject this level. Yesterday the move down gained momentum however this morning USDJPY has experienced a bounce which would be in line with a correction due to the price action being extended from the averages.

All eyes are now on the 96.80 level which coincides with a prior swing low. A breach of this pivot will effectively change the trend to short on a swing basis.

However a possible daily trend change to down maybe limited due to the strength of the uptrend’s that can be found in both Monthly and Weekly time frames.

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

Scenario 2
Alternatively a move beneath the converging triangle opens up a possibility of shorting USDJPY down to the prior swing low.




Daily Technical Analysis for Gold as at 3rd October 2013

DAILY OVERVIEW

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



Comments

Having breached the low of the 18th September pivot the daily trend in Gold has turned negative on a swing bases. The move down was large and exceeded the daily average range. That yesterday Gold experience a large bounce is in line with a corrective move that is in line with the weekly RSI positive divergence and the price action being extended from the averages.
The correction however may have been completed as Gold has now traded up to the 8 period moving averages which is a potential value area for shorts to be added. Furthermore the formation of a bearish head and shoulders pattern that is now forming continues the focus for the time on possible short set ups.

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

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



Daily Technical Analysis for Oil (WTI) as at 2nd October 2013

DAILY OVERVIEW

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



Comments

Monday’s down move eventually formed a bullish hammer. With yesterdays price action trading within Monday’s range and today’s open being quiet and within this range we are monitoring the 101 area to if support can hold Oil around this level.

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

Scenario 2
Alternatively one could possibly take scalp longs up to the averages.

[acfx]

Daily Technical Analysis from ACFX 10/04/2013


Daily Technical Analysis for EURUSD as at 4th October 2013

DAILY OVERVIEW

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



Comments
Yesterday EURUSD continued to trade higher following it’s bounced off the 8 period moving averages. This morning EURUSD has opened quietly. We are awaiting the London open for an indication of short term directional momentum.

In terms of the daily trend the swing bias continues to be positive and this direction is being confirmed on the weekly time frame. Furthermore the averages layered positively and the RSI is in gear with the trend. We are monitoring a possible move to 1.3710 being a previous weekly pivot high.

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 extended from the averages there is a possibility that EURUSD may experience a downward or sideways correction.



Daily Technical Analysis for GBPUSD as at 4th October 2013

DAILY OVERVIEW

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



Comments

Yesterday GBPUSD traded down off multiyear trend line resistance. This moved has followed through into this morning with GBPUSD approaching close to the 8 period moving averages which is our initial support and value area for potential long entries. If GBPUSD can hold this level there is potential for a retest of resistance and the 1.6400 area which coincides with a prior weekly pivot high.

With the RSI and the moving averages confirming the up move and weekly time frame being in gear with the daily time frame shorting such a strong up trend can be dangerous. However with GBPUSD now trading into overhead resistance there is a possibility of a rejection of this level and a potential move back down to the 34 period moving averages and trend line support.

Scenario 1
As the dominant daily trend is up retracements into support could be viewed as buying opportunities. These retracements would be ideally taken off an obvious corrective pull back to the 8 period moving averages, trend line support or previous pivot high. However there is a possibility that pull backs are limited and GBPUSD continues to break higher. In this case pullbacks and break outs could potentially be identified off lower time frames.

Scenario 2
Alternatively a breach of the 8 period moving averages could see GBPUSD trade down the 34 period moving averages and trend line support.



Daily Technical Analysis for USDCHF as at 4th October 2013

DAILY OVERVIEW

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



Comments

Yesterday once again USDCHF breached the 0.9020 area but on this occasion managed to close beneath this level. This morning this negative momentum is continuing. The next potential support level is 0.8930 which corresponds to a weekly pivot swing low.

Scenario 1
As the dominant daily trend is down corrective pullbacks could possibly offer selling opportunities with retracements back to the averages, the prior pivot low and broken support being value areas where shorts could potentially be added. However there is a possibility of USDCHF continuing to break lower following relatively minor corrective pullbacks which can be identified off intraday charts.

Scenario 2
Alternatively one could potentially take scalp longs up to the previously mentioned value areas.



Daily Technical Analysis for USDJPY as at 4th October 2013

DAILY OVERVIEW

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



Comments

Yesterday USDJPY continues its move down following the rejection of the 8 period moving averages. This morning USDJPY has opened quietly. We are awaiting the London open for an indication of possible short term directional momentum.

All eyes are now on the 96.80 level which coincides with a prior swing low. A breach of this pivot will effectively change the trend to short on a swing basis.

However a possible daily trend change to down maybe limited due to the strength of the uptrend’s that can be found in both Monthly and Weekly time frames.

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

Scenario 2
Alternatively a move beneath the converging triangle opens up a possibility of shorting USDJPY down to the prior swing low.




Daily Technical Analysis for Gold as at 4th October 2013

DAILY OVERVIEW

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



Comments

Having breached the low of the 18th September pivot the daily trend in Gold has turned negative on a swing bases. The move down was large and exceeded the daily average range. That Gold experience a large bounce is in line with a corrective move that is in line with the weekly RSI positive divergence and the price action being extended from the averages.
The correction however may have been completed as Gold has now traded up to the 8 period moving averages which is a potential value area for shorts to be added. Furthermore the formation of a bearish head and shoulders pattern that is now forming continues the focus for the time on possible short set ups.

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

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




Daily Technical Analysis for Oil (WTI) as at 4th October 2013

DAILY OVERVIEW

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



Comments

Monday’s down move eventually formed a bullish hammer. With the 101 level holding Oil was propelled higher and is now trading above the 8 period moving averages.

As the trend on a swing bias is short we are monitoring the price action for potential shorting opportunities. However as the weekly time frame remains positive there is a possibility that this move down is just a correction.

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

Scenario 2
Alternatively one could possibly take scalp longs up to the averages.