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May 23 07:59 GMT

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Daily Report: Dollar Firm after Bernanke and FOMC Minutes, Commodity Currencies Tumbled
May 23 05:16 GMT, by ActionForex.com
Markets were rocked by speculations on whether Fed would taper the stimulus program early. DOW jumped to record high of 15542 followed Bernanke's testimony, which suggested that Fed is not near to scaling back the open-ended asset purchase. However, stocks reversed and dropped sharply to close down -80 pts. FOMC minutes which noted a number of pol...

Technical Outlook

GBP/USD Daily Outlook
Intraday bias in GBP/USD remains on the downside for the moment. Fall from 1.5606 is still in progress for retest of 1.... - May 23 07:49 GMT
USD/CHF Daily Outlook
USD/CHF jumped to as high as 0.9838 but retreats sharply from there. Though, as long as 0.9578 support holds, further r... - May 23 07:46 GMT
USD/JPY Daily Outlook
USD/JPY reversed from 103.73 and drops sharply today. Intraday bias is turned neutral first for some consolidations. As... - May 23 07:42 GMT
USD/CAD Daily Outlook
USD/CAD's rally resumed after brief consolidation and reaches as high as 1.0392 so far today. The break of 1.0341 resis... - May 23 05:23 GMT

Special Reports

Bernanke's Testimony And FOMC Minutes Intensified Speculations For QE Tapering
May 23 04:12 GMT
Speculations over Fed's tapering of QE heightened after Chairman Bernanke's tes...
Three Out of Nine BOE Members Proposed to Expand the Size of Asset Purchases
May 22 13:29 GMT
The BOE minutes unveiled that all 9 MPC members voted for keeping the Bank rate...
RBA Minutes Signaled Rate Cut Was Needed To Boost Growth
May 21 04:59 GMT
The RBA released minutes for the May monetary policy meeting, explaining the ra...
All Special Reports >>

Markets Snapshot

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Candlesticks Intraday Trade Ideas

Trade Idea: USD/CHF - Turn short at 0.9770
Despite yesterday's anticipated resumption of recent upmove to 0.9839 (exactly as indicated - 61.8% projection of 0.9331-0.9748 m... - May 23 07:32 GMT
Trade Idea: GBP/USD - Sell at 1.5150
The British pound extended recent decline after brief bounce to 1.5158 yesterday, however, loss of momentum suggests downside is ... - May 23 07:25 GMT
Trade Idea: EUR/USD - Sell at 1.2930
Despite yesterday's initial rally to 1.2998, the subsequent reversal from there suggests top has been formed there and the correc... - May 23 07:19 GMT
Trade Idea: USD/JPY - Sell at 102.60
Despite yesterday's resumption of upmove to 103.74, the subsequent sharp retreat together with the break of previous support at 1... - May 23 07:13 GMT
More Candlesticks Trade Ideas >>

Canadlesticks and Ichimoku Weekly Analysis

AUD/JPY Candlesticks and Ichimoku Analysis
The Australian dollar met renewed selling interest at 102.15 in line with ... - May 22 09:49 GMT
AUD/USD Candlesticks and Ichimoku Analysis
Aussie extended recent decline to as low as 0.9711 last week, exceeded our... - May 22 09:30 GMT
GBP/USD Candlesticks and Ichimoku Analysis
Although the British pound extended recent decline from 1.5607 to as low a... - May 21 10:06 GMT
More Ichimoku Weekly Analysis >>

Elliott Wave Daily Trade Ideas

Trade Idea: EUR/GBP - Stand aside
Although intra-day rally to 0.8590 suggests low has possibly been formed at 0.8398 earlier and consolidation with upside bias rem... - May 22 15:07 GMT
Trade Idea: USD/CAD - Hold long entered at 1.0260
Despite intra-day brief retreat to 1.0251 (we recommended to buy at 1.0260 yesterday), as the greenback found renewed buying inte... - May 22 15:02 GMT
Trade Idea: EUR/JPY - Buy at 132.55
Current rally above last week's high of 132.78 confirms recent upmove has finally resumed and further gain to 133.50 and 133.90-0... - May 22 08:38 GMT
Trade Idea: AUD/USD – Sell at 0.9915
Although aussie has retreated again after recovering to 0.9842, break of recent low of 0.9711 (last week's low) is needed to conf... - May 22 08:31 GMT
More Elliott Wave Trade Ideas >>

Elliott Wave Weekly Analysis

AUD/USD Elliott Wave Analysis
Aussie has fallen again after brief recovery, the strength of recent ... - May 22 10:53 GMT
EUR/CHF Elliott Wave Analysis
Current break of previous resistance at 1.2573 confirms our bullish v... - May 22 10:45 GMT
GBP/USD Elliott Wave Analysis
The British pound only recovered to 1.5323 (we recommended to sell at... - May 21 11:01 GMT
More Elliott Wave Weekly Analysis >>

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Currency Heat Map (Daily)

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Last Updated: May 23 08:50 GMT

Action Bias

  Hourly 6 Hours Daily Weekly
EURUSD- NE- NE- NE↓ DN
USDJPY↓ DN- NE↑ UP↑ UP
GBPUSD- NE↓ DN↓ DN↓ DN
USDCHF↓ DN- NE↑ UP↑ UP
USDCAD- NE↑ UP↑ UP↑ UP
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Forex Brokers

Fundamental Analysis Reports

Heavy Sell-Off On Asian Equities
May 23 07:53 GMT, by Swissquote Bank SA
The Asian markets were squeezed by heavy sell-off on the equity markets. Nikkei 225 closed 7.32% down after having rallied to 5 ½ year high; Hang Seng slid 2.35% as HSBC flash manufacturing PMI index...
Markets Eye Euro-Area Manufacturing, Services PMIs
May 23 06:22 GMT, by ICN.com
First-tier economic fundamentals from Europe take center stage on Thursday, as traders look for fresh updates about the state of the euro-area manufacturing and services sectors. Market participants ...
Asian Market Update
May 23 05:37 GMT, by Trade The News
Asian equity markets are down across the board, tracking the major reversal in the US indices after Fed Chairman struck a less dovish tone during his address of congressional committee. Specifically ...
EUR/USD: FOMC Minutes Raised Concern Over Fed Tapering Talks
May 23 05:20 GMT, by GCI Financial
The pair is expected to find support at 1.2782, and a fall through could take it to the next support level of 1.2714. The pair is expected to find its first resistance at 1.2958, and a rise through c...
USD/JPY: Yen Trading Higher In Asian Session
May 23 05:19 GMT, by GCI Financial
The pair is expected to find support at 102.16, and a fall through could take it to the next support level of 101.55. The pair is expected to find its first resistance at 103.57, and a rise through c...
AUD/USD: Aussie Declines As Chinese PMI Disappoints
May 23 05:18 GMT, by GCI Financial
The pair is expected to find support at 0.9559, and a fall through could take it to the next support level of 0.9489. The pair is expected to find its first resistance at 0.9765, and a rise through c...
All Daily Fundamental Reports >>

Technical Analysis Reports

GBP/USD Tumbles Down Towards 1.5
May 23 07:50 GMT, by ZIFX.com
On Wednesday Pound/Dollar continued decreasing significantly with 150 pips. The Cable depreciated from 1.5175 to 1.5026 yesterday, in line with the negative money flow sentiment at almost -26%, closi...
Technical Analysis for Crosses
May 23 06:58 GMT, by ICN.com
Our concerns were right, indeed price failed to maintain the bullish wave, moving sharply lower below the 154.70 horizontal support level, confirming a possible medium term top below 156.75. We look ...
Daily FX Report
May 23 06:19 GMT, by Varengold Bank
'A premature tightening of monetary policy could lead interest rates to rise temporarily but would also carry a substantial risk of slowing or ending the economic recovery and causing inflation to fa...
Daily Technical Analysis
May 23 05:35 GMT, by FX Instructor
The EURUSD attempted to push higher yesterday topped at 1.2997 but whipsawed to the downside and hit 1.2823 earlier today. The bias is bearish in nearest term testing 1.2800 – 1.2740 area. Immediate ...
EUR/USD Shaken By Bernanke Remarks
May 23 05:01 GMT, by ZIFX.com
On Wednesday Euro/Dollar decreased significantly with 165 pips. The European currency depreciated from 1.2998 to 1.2832 yesterday, matching the negative money flow sentiment at bellow -18%, closing t...
Eur/yen, Finally The Top ?
May 23 04:16 GMT, by Foreign Exchange Analytics
In the May 15th email, said that the market was seen in process of an important topping, but with scope for another week or 2 of ranging. The market has indeed chopped since, earlier pushing to a sli...
All Daily Technical Reports >>

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Long Term Forecasts

Is the U.K. Economy (Finally) Turning the Corner?
Apr 29 15:48 GMT, by Wells Fargo Securities
Recently released data show that real GDP in the United Kingdom grew 0.3 percent (1.2 percent at an...
Easy Money: Japan's Policy Gamble
Apr 13 04:00 GMT, by Wells Fargo Securities
This report focuses on Japan and considers the domestic implications of the bold fiscal and monetar...
A Bird's Eye View of the Global Economy
Mar 19 16:25 GMT, by TD Bank Financial Group
The global economy grew by an estimated 2.9% in 2012. The euro zone double dip recession, a softer ...
FX Top Trades 2013: How to Position for the Coming Year
Dec 05 14:55 GMT, by Danske Bank
For the fourth time, we present our year-end FX Top Trades for the coming year. In the years 2010-2...
Implications for UK & Canada from the Appointment of Mark Carney as BoE Governor
Nov 27 11:51 GMT, by TD Bank Financial Group
Chancellor Osborne announced today that Mark Carney, currently the Governor of the Bank of Canada, ...
All Long Term Forecasts >>
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