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Forex Daily Technical Reports

Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technician. The bottom line when utilizing any type of analytical method, technical or otherwise, is to stick to the basics, which are methodologies with a proven track record over a long period. After finding a trading system that works for you, the more esoteric fields of study can then be incorporated into your trading toolbox.

FTSE Could Resume Rally ahead of Supreme Court Ruling on Brexit Print E-mail
Daily Forex Technicals | Written by | Jan 23 17 11:29 GMT
Stock markets reaction to Donald Trump's inauguration on Friday was... well, muted. The New US President delivered a speech which was centred on the idea of protectionism but made no mention of the Mexican wall. I don't understand why everyone was expecting to see fireworks in the markets on Friday. Shocking as it may sound, he was going to become the 45th US President - this wasn't news. Granted he didn't say anything extraordinary controversial this time around, but the markets had already spoken when he won the elections: stocks surged higher after an initial dip. So, nothing has fundamentally changed for the stock markets in my view. With most major central banks still remaining pretty much dovish across the board, and with the US government about to splash the cash, "buying the dips" is still the trade that will most likely work in the stock markets. Indeed, US indices remain near record highs, while in Europe the major stock averages are near multi-year highs. The UK's FTSE 100 - which broke to a new all-time high at the start of last week - remains less than 200 points below its peak. Correct me if I am wrong, but this is not bearish. Not yet anyway.
Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Jan 23 17 10:21 GMT
EUR/USD The bias here remains positive above 1.0715 support zone, for a tight test of 1.0780 hurdle. Crucial on the downside is 1.0625 low.
EURGBP Intraday View Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jan 23 17 10:18 GMT
EURGBP has turned lower with a nice five wave structure last week from 0.8852 high which is seen as a reversal point. We know that when reversal occures, either if its a correction or impulse, we need a three wave move anyhow. As such, we believe that fall to 0.8600 is the first leg of a minimum three wave structure that is expected to continue towards 0.8500, but after current bounce is finished, ideally near 0.8700/50.
EUR/USD Surges To 1.0750 Mark Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 23 17 10:13 GMT
On early Monday morning the common European currency surged against the US Dollar, as the currency exchange rate reached the newly calculated first weekly resistance level at 1.0752. However, the pair was stopped by the resistance, which it is most likely to continue to attempt to break through. It is possible that the weekly R1 will be broken, and in such case the rate is set to jump to the 1.08 mark. Although, in case of a bounce off, the pair would fall as low as 1.0666, where the newly calculated pivot point is located at.
GBP/USD Continues To Edge Higher Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 23 17 10:12 GMT
The Pound managed to end trade in the green zone on Friday, with the upper trend-line of the seven-month descending channel pattern limiting the gains. Today the British currency appears to have retained its post-inauguration strength, attempting to post more gains against the US Dollar. Another rally would imply a breach of the channel's upper border, suggesting that more GBP/USD strength is to follow. The immediate resistance area around 1.2440 is unlikely to hold the Cable from climbing higher, but the second cluster, formed by the 100-day SMA and the weekly R1, has a better chance of succeeding. The base case scenario, however, is a surge not further than 1.25.
USD/JPY Attempts To Remain Above 113.00 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 23 17 10:11 GMT
Surprisingly, but the USD/JPY currency pair barely experienced any volatility on Friday, having retained its position below the 115.00 handle. The Greenback is now supported by a relatively strong demand area, represented by the weekly PP, the 55-day SMA and the monthly S1, however, the three-week bearish trend-line just above today's opening price appears to be much stronger. As a result, the given pair risks falling back to 113.00, where the weekly S1 and the lower Bollinger band are expected to limit the losses. Technical studies are also in favour of the negative outcome.
Gold Surges On Monday Morning Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 23 17 10:10 GMT
In the early hours of Monday's trading session the bullion surged to the 1,215 mark. The reason for that is that the yellow metal continued its Friday's surge. The metal is about to face a resistance cluster made up of the 38.20% Fibonacci retracement level at 1,219.20, monthly R2 at 1,218.96 and the weekly R1 at 1,220.32. Due to the strength of this cluster it is most unlikely that the bullion will manage to break above the 1,220 mark without a push from the fundamental side. In the meantime, the only support the yellow metal has is the weekly PP at 1,208.09.
AUDUSD – Friday's Long-Legged Doji Signals Indecision, But Structure Remains Firmly Bullish, 200SMA Is A Key Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jan 23 17 09:37 GMT
Last Friday's probe above near-term congestion tops was so far short-lived, with long-legged Doji that was formed on Friday, signaling strong indecision. However, the price action continues to move at the upper side of 0.7491/0.7572 congestion, with range floor being reinforced by 200SMA that marks decent support. In addition, 20/200 Golden Cross is forming that additionally boosts strong bullish structure of daily chart studies.
USDJPY – Focus Turns Lower After Recovery Rejection And Fresh Weakness Dropping Into Daily Cloud Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jan 23 17 09:36 GMT
The pair dropped into daily cloud on Monday’s fresh bearish acceleration, after recovery attempts were capped by daily Kijun-sen line at 115.57 last week. Penetration of the top of thickening daily cloud that underpinned broader bulls and contained previous corrective dips, generates strong bearish signal. Focus turns towards correction lows at 112.55, violation of which will complete Failure Swing pattern for further downside.
GBPUSD – Fresh Bullish Extension Moves Into Daily Cloud Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jan 23 17 09:35 GMT
Cable penetrated into daily cloud and took out key near-term barrier at 1.2405/15 (55SMA/last week's strong rally rejection) and extended above falling 100SMA at 1.2436. Bullish acceleration on fresh dollar's weakness, so far met target at 1.2472 (Fibo 61.8% of 1.2772/1.1986 descend and could extend to narrowing daily cloud top (1.2538), on firm break above 1.2472 pivot. Daily close above 1.2415 levels is needed to confirm bullish continuation. The notion is supported by daily MA that turned into bullish setup and strong bullish momentum. However, hesitation at 1.2472 Fibo barrier could be anticipated, as daily Slow Stochastic is overbought. Dips should be ideally contained by broken 55SMA/daily cloud base, to keep structure intact. Otherwise, corrective dips may extend to 1.2313 pivot (daily 30SMA).
EURUSD – Bulls Look For Extension Towards Daily Cloud Top At 1.0831 Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jan 23 17 09:33 GMT
The Euro extends advance on Monday and holding well above 1.0705 pivot, break of which signals bullish continuation. Fresh dollar's weakness, triggered by President Trump's comments, is likely to extend, as EURUSD's technicals firmed.
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Jan 23 17 08:01 GMT
The EURUSD had a bullish momentum last week topped at 1.0719 and hit 1.0746 earlier today in Asian session. The bias is bullish in nearest term testing 1.0800/50 region. Immediate support is seen around 1.0700. A clear break below that area could lead price to neutral zone in nearest term but as long as stay inside the bullish channel price is still in a valid bullish phase.
EUR/USD: Intraday Trade Exposed Move Above 1.0719 Resistance Print E-mail
Daily Forex Technicals | Written by Danske Bank | Jan 23 17 06:37 GMT
Intraday trade exposed move above 1.0719 resistance, setting the broader upmove from 1.0340 low on firmer ground and shifting focus higher to 1.0796 ahead of 1.0851. Only dip below 1.0625 support to turn current strength around. [W.T]
EUR/USD Bullish Zigzag To 78.6% Fibonacci Resistance Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jan 23 17 06:02 GMT
The EUR/USD broke above the resistance trend line (dotted red) and is moving up towards the 78.6% Fibonacci retracement level of wave 2 vs 1. Any price action above the 100% level invalidates the wave 2 (brown).
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jan 23 17 04:01 GMT
The Aussie (0.7575) faces near term Resistance near 0.7600. It may rise further if this Resistance is broken. The Pound (1.2423) faces important medium-term Resistance near current levels which may take time to break. Dollar-Yen (113.60) is testing crucial 21-Moving Average Support on the 3-day chart near the current level. This needs to hold in order to prevent a further decline to 112.60-50.
Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Jan 23 17 03:24 GMT
Trump's inauguration speech sent the greenback lower last Friday, resulting in the EUR/USD pair flirting with the 1.0700 level at the end of the week and settling a few pips below it. The speech prompted concerns about protectionist trade policies, offsetting announcements of large infrastructure investment. There were no comments on fiscal stimulus, disappointing investors, whilst in the political front, his words failed to tend a hand to those that didn't vote him. The US is now a nation riven by a divisive campaign, and unless the new government works hard on it, the dollar will suffer the consequences.
Bad Day for GBP but Could be Worse for CAD as Trump Inauguration Looms Print E-mail
Daily Forex Technicals | Written by | Jan 20 17 14:03 GMT
It is not a good day for the British pound or the Canadian dollar. The former is weighed down by a disappointing retail sales figure and on-going Brexit uncertainty, while the latter continues to get hammered after the Bank of Canada's Stephen Poloz warned of a rate cut amid concerns about Donald Trump's planned US protectionist policies, which may derail the Canadian economy. The Loonie may come under further pressure if Trump presses ahead with his ambitious and controversial plans. We will have a good idea about that at the inauguration speech later this afternoon.
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Jan 20 17 11:00 GMT
The EURUSD attempted to push lower yesterday bottomed at 1.0589 but closed higher at 1.0662. The bias is neutral in nearest term probably with a little bullish bias testing 1.0720 region. Immediate support is seen around the lower line of the bullish channel and 1.0570. A clear break and daily/weekly close below that area would expose 1.0500 – 1.0450 next week. On the upside, a clear break and daily/weekly close above 1.0720 would expose 1.0850 next week. Overall I remain neutral but as long as stay inside the bullish channel, price is still in a valid bullish phase.
EURUSD Looking For A Top And A Reversal Lower Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jan 20 17 10:42 GMT
On the 4h chart of EURUSD we are observing a three wave move developing in wave 4), with price now trading in sub-wave C. As we can see on the updated count, wave C could be an ending diagonal, a powerful reversal pattern that can cause a sharp reversal lower into wave 5). Decline below wave four swing support and then towards 1.0341 level would suggest that pair is underway to new lows with wave 5).
EUR/USD Still Inside Junior Channel Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 20 17 10:36 GMT
EUR/USD opened green on Friday after the pair was denied access to levels below the 55-day SMA of 1.0608 two days before. The motion still should remain on the bearish side due to the ultimate target lying at the channel bottom boundary, even if today closes green, meaning that risk still lies both above and below and the daily theme could reverse. In case the pair attacks the supply area above at 1.0733, there is decent risk that the junior channel will break, due to the recent stickiness of its upper part.
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