Technical Analysis 12-10 -2016

With the floodgates open bears have made a b-line for 1.1000, obliterating any bullish attempts for respite. Currently the pair has found some support on the daily trend line with 1.1030 holding up for the time being as bulls look for a way to penetrate through 1.1050 as they look to move their defenses higher. Support is at 1.1030, 1.1000 and 1.0975 while resistance is at 1.1050, 1.1075 and 1.1100.

Bears attempted to trigger stops to the downside as they leveraged the daily 100 EMA to start the drive, resulting in a drop to 103.16 before bulls could find their footing and challenge the drive. Currently the pair is back above the 103.50 level as bulls continue to defend higher as the new boundaries of 103.50 and 104.00 form the battle ground for direction. A capture of 104.00 will open the way for 104.50, 105.00 and 105.50. While a capture of 103.50 will open the way for 103.00, 102.50 and 102.00.

The AUDUSD continued lower yesterday but stopped short of the 0.7525 target as bulls mustered up the support to put in a bid. The pair has since gained over 60 pips as we see it enter heavy resistance in the form of the 50% fibo and the H4 100 and 200 EMA`s. Should bears manage to hold on to 0.7575, we would see further downside with targets at 0.7550, 0.7525 and 0.7500. While a capture of 0.7600 by the bulls will imply that there is room for more upside with targets at 0.7625, 0.7650 and 0.7675.

Gold continues to fluctuate between 1250 and 1255 as direction is sought. With the precious metal trading below the daily 200 EMA, bears will be looking to maintain the edge as they defend 1255 with hopes of capturing 1250 and targeting 1245, 1240 and 1235 while bulls will be looking to capture 1255 as they embark on a journey to closing above 1265 with interim targets at 1260


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