Technical Analysis - 10 January 2014, Friday

 10 January 2014, Friday - 2 - New Updates

GBP/USD recovers losses following Non Farm Payrolls crash

GBP/USD has performed a U-Turn today, recovering its earlier losses following the awful Non Farm Payrolls reading.

GBP/USD retraces decline following Non Farm Payrolls

Having declined sharply to post a low at 1.6379, in the aftermath of soft Industrial Production and Manufacturing Production data, GBP/USD has recovered most of its losses following an abysmal Non Farm Payrolls reading which registered at 74k, against expectations of 196k, and 241k (revised) previous. Interestingly however, the US Unemployment rate declined to 6.7% from 7%. Spot is presently trading at 1.6460, close to its daily high at 1.6484.

What are today´s key GBP/USD technicals?

Hourly RSI sits at 53, with ADX at 36. The daily pivot point can be found at 1.6474, with support at 1.6448 (S1) and resistance at 1.6505 (R1). The hourly 200 SMA sits at 1.6463, alongside the daily 20 EMA at 1.6414.

EUR/USD intraday: the upside prevails. Pivot: 1.3575 Our preference: Long positions above 1.3575 with targets @ 1.363 & 1.3655 in extension. Alternative scenario: Below 1.3575 look for further downside with 1.355 & 1.3525 as targets. Comment: the pair is facing a pull back but stands above its support. Next

GBP/USD intraday: under pressure. Pivot: 1.6445 Our preference: Short positions below 1.6445 with targets @ 1.6395 & 1.637 in extension. Alternative scenario: Above 1.6445 look for further upside with 1.647 & 1.6495 as targets. Comment: the pair stands below its new resistance and remains under pressure.  Previous |  Next

USD/CHF intraday: under pressure. Pivot: 0.91 Our preference: Short positions below 0.91 with targets @ 0.9045 & 0.9015 in extension. Alternative scenario: Above 0.91 look for further upside with 0.9125 & 0.9155 as targets. Comment: the pair is posting a rebound but stands below its resistance.  Previous |  Next

USD/JPY intraday: bullish bias above 104.6. Pivot: 104.6 Our preference: Long positions above 104.6 with targets @ 105.1 & 105.4 in extension. Alternative scenario: Below 104.6 look for further downside with 104.2 & 104 as targets. Comment: a support base at 104.6 has formed and has allowed for a temporary stabilisation.  Previous |  Next

AUD/USD intraday: key ST resistance at 0.8915. Pivot: 0.8915 Our preference: Short positions below 0.8915 with targets @ 0.8855 & 0.8835 in extension. Alternative scenario: Above 0.8915 look for further upside with 0.8955 & 0.898 as targets. Comment: the upward potential is likely to be limited by the resistance at 0.8915.  Previous |  Next

Gold spot intraday: bounce. Pivot: 1223.00 Our preference: LONG positions above 1223 with 1238 & 1245 as next targets. Alternative scenario: The downside breakout of 1223 will open the way to 1218 & 1208. Comment: the RSI is supported by a rising trend line.  Previous |  Next

Silver spot intraday: under pressure. Pivot: 19.95 Our preference: SHORT positions below 19.95 with 19.5 & 19.29 in sight. Alternative scenario: The upside penetration of 19.95 will call for a rebound towards 20.1 & 20.34. Comment: as long as 19.95 is resistance, look for choppy price action with a bearish bias.  Previous |  Next

Crude Oil (Feb 14) intraday: the downside prevails. Pivot: 92.95 Our preference: SHORT positions below 92.95 with 91.2 & 90.3 as next targets. Alternative scenario: The upside penetration of 92.95 will call for a rebound towards 93.55 & 94.2. Comment: as long as 92.95 is resistance, look for choppy price action with a bearish bias.  Previous

10 January 2014, Friday - 1

EUR/USD intraday: rebound. Pivot: 1.3575 Our preference: Long positions above 1.3575 with targets @ 1.363 & 1.3655 in extension. Alternative scenario: Below 1.3575 look for further downside with 1.355 & 1.3525 as targets. Comment: the pair is rebounding and is breaking above its resistance as the RSI is well directed. Next

GBP/USD intraday: the upside prevails. Pivot: 1.643 Our preference: Long positions above 1.643 with targets @ 1.6495 & 1.6525 in extension. Alternative scenario: Below 1.643 look for further downside with 1.6395 & 1.637 as targets. Comment: the pair remains on the upside and is approaching its intraday high.  Previous |  Next

USD/CHF intraday: under pressure. Pivot: 0.91 Our preference: Short positions below 0.91 with targets @ 0.9045 & 0.9015 in extension. Alternative scenario: Above 0.91 look for further upside with 0.9125 & 0.9155 as targets. Comment: the pair remains under pressure as the RSI is badly directed.  Previous |  Next

USD/JPY intraday: bullish bias above 104.6. Pivot: 104.6 Our preference: Long positions above 104.6 with targets @ 105.1 & 105.4 in extension. Alternative scenario: Below 104.6 look for further downside with 104.2 & 104 as targets. Comment: a support base at 104.6 has formed and has allowed for a temporary stabilisation.  Previous |  Next

AUD/USD intraday: key ST resistance at 0.8915. Pivot: 0.8915 Our preference: Short positions below 0.8915 with targets @ 0.8855 & 0.8835 in extension. Alternative scenario: Above 0.8915 look for further upside with 0.8955 & 0.898 as targets. Comment: the upward potential is likely to be limited by the resistance at 0.8915.  Previous |  Next

Gold spot intraday: further upside. Pivot: 1226.50 Our preference: LONG positions above 1226.5 with 1245 & 1252 as next targets. Alternative scenario: The downside penetration of 1226.5 will call for a slide towards 1218 & 1208. Comment: the RSI is bullish and calls for further advance.  Previous |  Next

Silver spot intraday: the downside prevails. Pivot: 19.95 Our preference: SHORT positions below 19.95 with targets @ 19.14 & 18.65. Alternative scenario: The upside breakout of 19.95 will open the way to 20.34 & 20.6. Comment: as long as 19.95 is resistance, look for choppy price action with a bearish bias.  Previous |  Next

Crude Oil (Feb 14) intraday: under pressure. Pivot: 92.95 Our preference: SHORT positions below 92.95 with targets @ 91.2 & 90.3. Alternative scenario: The upside breakout of 92.95 will open the way to 93.55 & 94.2. Comment: the upward potential is likely to be limited by the resistance at 92.95.  Previous