OIL – Keep a close eye on the 4hr chart. The MP at $43.45 is key support and look for a break here for a move south. This is key!!!

GOLD – WP and DP now broken and GOLD is sitting directly on the 4hr 20ma. Look for pullback and play trigger for a further move south.

February 02nd 2009 Posted to Commodities, GOLD, OIL | Comments (0) |  Email This Post

AUDUSD – The AUD can’t break the daily 20ma and 50ma and after testing twice has fallen back to its WP at 0.6590. The 21 CCI on the 60min chart is a little oversold now and would like to see a small pullback before a push lower to the MS1 at 0.6500. Use the triggers and watch the break of the DS1 at 0.6580 level.

USDCAD – With CABLE pulling back down again after a strong push higher with the FTSE, the USDCAD should remain supported around the 1.2000 level. Be patient with this and wait to see the direction of the USD this morning, as any further pullbacks in GBPUSD will see the USD rise back to the 4hr 20ma at 1.2275 level.

EURGBP – Tight box between the 4hr 20ma and the daily 20ma. Look for a break of 0.9320 and MP on the downside at 0.9195. Yes it might be worth playing inside the box with stops wither side of the support and resistance. Watch CABLE for direction in GBP as if this falls below the MS1 we should see EURGBP pop above the 0.9320 level.

EURUSD – Double top and now boxed between the 4hr 20ma and 50ma. It looks like the neckline has been broken and a move south could be back on. Is the squeeze over? A break below the 4hr 50ma at 1.3065 level would see a push towards the WP at 1.3014 level. This is the last line of defence and we need to see a break of the psychological 1.3000 for a real push to the lows again at 1.2750.

CABLE – Ok so no double top like EUR but trying to hold support at 4hr 20ma and 50ma. A break below the WP at 1.4000 would certainly see the downward trend back on again and test the lows at 1.3500. Expect support above 1.4000…Patient here and wait for entry with triggers. Lets see a move through the 4hr 20ma for a test to the WP.

GOLD – Boxed between the 4hr 20ma and WP at $874.00. It is grinding slowly lower and broken 15min support. Would prefer to be short closer to the 60min 20ma with a protected stop. If you brave keep a tight stop on this but it looks likely to test the DS1 at $878.00 to begin with. I will remain patient and wait for trigger.

OIL - 4hr chart is the one to watch. The MP holds again and clear support of last 3 lows. Any break of MP at $43.40 level would surely see a push to the lows at $37.00. Some of you might be in already on a long play with a stop below the MP. Heavy resistance at the MR1 at $50.20. I will be waiting for the break.

Enjoy and see you just after 7.00am.

Dan

January 29th 2009 Posted to AUD, Commodities, EUR, FTSE, GBP, GOLD, Indices, OIL, Reports, USD, forex | Comments (1) |  Email This Post