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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.

USD/CHF Hits Best Level Since Aug 2010 Print E-mail
Daily Forex Technicals | Written by | Nov 27 15 13:02 GMT
The stellar US October jobs report and continued hawkish talk from the US Federal Reserve, combined with dovish central banks elsewhere has seen the dollar rise strongly this month. The Dollar Index has now climbed back to the 100 level and the EUR/USD is hovering just above the lows hit earlier this year. But it is not just the euro that the greenback has crushed. The GBP/USD is now just shy of the 1.50 handle and the USD/CHF has hit a fresh multi-year high today. Odds of a Federal Reserve rate increase in December are holding about 70% at the moment.
Pound Could Continue Lower After Pullback Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Nov 27 15 10:26 GMT
GBPUSD has turned sharply lower in the last few days from the neckline resistance and 61.8% Fibonacci retracement level. A turning point down is very sharp that also took out the lower support line of a corrective channel that puts bears in play. That said, traders must be aware of a continuation down to 1.5000 after current black wave 2 is completed, ideally that will be around 1.5200.
EUR/USD To End The Week In Tranquil Trading Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 27 15 09:11 GMT
EUR/USD continued to trade in a tight range on Thursday, owing to lack of major fundamental and technical drivers throughout the day. Closest support, namely the weekly S1 at 1.0586, is not considered as a very strong one. However, it may succeed in containing losses on Friday amid quiet end of the working week. Yesterday the total trading volume halved and reached the lowest level since May-end, which justifies current low turbulence in the FX market.
GBP/USD Gravitates Towards Weekly S1 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 27 15 09:08 GMT
The Sterling made its way closer to the Nov low yesterday, by falling towards the major level of 1.51 against the US Dollar. The Cable appears to be glued to the weekly S1 level and refuses to drop below 1.5075 this week, suggesting that the exchange rate could edge approximately 25 pips higher today. Although technical studies are bolstering this outcome with their bullish signals, the downslide might be extended with the weekly S2 and the Nov low acting as the nearest support around 1.5035.
USD/JPY Stuck Around 122.50 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 27 15 09:06 GMT
On Thursday the US Dollar edged lower against the Japanese Yen, somewhat breaching the up-trend. As a result, price opened further away from the up-trend and risks falling even deeper down, as the 20-day SMA at 122.57 is currently weighing on the pair. The nearest target to limit the dips is around 122.05, represented by the weekly S1 and monthly R1, but technical indicators keep giving bullish signals. The nearest resistance in face of the weekly PP remained unconquered through all of the week and is expected to prevent the USD/JPY from recovering.
Gold Sees No Value Change During Thanksgiving Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 27 15 09:04 GMT
The bullion was literally unchanged in price on Thursday, which is explained by US Bank Holiday and low volatility in both commodity and FX markets. Price opened and closed just above July low at 1,070. On Friday morning we see some downward activity taking place, but we expect the overall daily trading range to stay quite narrow. In any case, gold is required to trade below July low for two consecutive days, in order to confirm this support. Trading volume crashed 2.5 times since last week's peak and will support light trading in the near term.
USDJPY Could Be Headed Lower Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Nov 27 15 08:28 GMT
Although the pair managed to hold and bounce off an important support near 122.25-20 area, but is now reversing from a short-term descending trend-line resistance. The descending trend-line resistance in conjunction with the 122.25-20 horizontal support seems to constitute towards formation of a descending triangle. Moreover, on 4-hourly chart the pair has formed a bearish Double-Top chart-pattern and has also weakened below a short-term ascending trend-channel. The combination of bearish chart-pattern formations point to the upcoming near-term corrective move for the pair. Hence, a decisive break below 122.25-20 strong support seems to drag the pair immediately towards testing its next major support near 121.50-45 region.
EUR/USD And GBP/USD Building Corrective Waves Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Nov 27 15 07:54 GMT
The EUR/USD remains ingrained in a downtrend channel which is indicated by the orange and blue trend lines. Price is near the year low (green) of 1.0460 which could act as a strong support level.
Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Nov 27 15 07:26 GMT
The dollar, euro and yen found themselves in familiar territory early on Friday, having shuffled sideways in thin trade with U.S. markets shut for the Thanksgiving Day holiday. The euro managed to hold above $1.0600 and last stood at $1.0606. It remained within reach of a 7-1/2 month trough of $1.0565 set earlier in the week. Against the yen, the common currency was flirting with 130.00 EURJPY, not far off a 7-month low of 129.77. The prospect of more easing from the European Central Bank at next week's policy review has been keeping the euro under pressure. Traders suspect this trend will probably continue in another subdued session with an early close for U.S. markets on Friday. The Reserve Bank of Australia and Bank of Canada also hold their respective policy meetings in the week ahead. In contrast to the ECB, the Federal Reserve seems likely to hike U.S. interest rates in December. Against the yen, the greenback fetched 122.65, remaining pretty much in consolidation mode after reaching a three-month high of 123.77 last week. Commodity currencies were resilient this week, thanks in part to higher oil prices and as investors turned less bearish on some base metals. Oil prices fell on Thursday after six days of gains, as concerns that escalating tension in the Middle East could disrupt supply faded, and the focus returned to a persistent market glut. The downing of a Russian jet by Turkey on Monday helped push up oil prices this week on the risk that rising geopolitical tension could hit Middle East supplies.
Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Nov 27 15 05:59 GMT
Pushing forward, however, this pair still appears very weak at present, as over the past few weeks, price has seen very little buying interest from within the weekly range demand at 1.0519-1.0798. Meanwhile, down on the daily timeframe, market action also recently closed below support at 1.0616, and as a result, is now within touching distance of connecting with demand once again at 1.0519-1.0583. Alongside this, H4 price shows that although demand at 1.0569-1.0596 held, stops were likely taken out from below this area due to Wednesday’s spike seen at 1.0564, thus potentially weakening this zone.
GOLD - Eyes More Bear Pressure, Targets 1064.23 Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Nov 27 15 05:21 GMT
GOLD - Having remained weak and vulnerable, GOLD eyes more bear pressure. It looks to move lower towards its key support located at the 1064.23 level. Price hesitation or a recovery may occur ahead or at that level if it remains unbroken. On the upside, resistance resides at the 1081.00 level where a break will aim at the 1090.00 level. A turn above there will expose the 1100.00 level. Further out, resistance stands at the 1110.00 level. On the downside, support comes in at the 1060.00 level where a break will turn attention to the 1050.00 level. Further down, a cut through here will open the door for a move lower towards the 1040.00 level. Below here if seen could trigger further downside pressure targeting the 1030.00 level. Its daily RSI is bearish and pointing lower suggesting further downside pressure. All in all, GOLD eyes more bear pressure but with caution ahead of its key support.
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Nov 27 15 04:08 GMT
The options markets are signaling a 70% chance of Euro (1.0611) hitting the levels of 1.046 by the year end. The expectations from the ECB chairman are high and a lot of easing or rate cut is hoped for in the 3rd December meeting.
Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Nov 27 15 04:07 GMT
THE EURO was slightly down today. Sentiment on the euro has remained fraile since European Central Bank President Mario Draghi said last Friday that the bank is ready to act quickly to boost inflation in the euro zone and can also change the level of its deposit rate to boost the impact of quantitative easing. The U.S. Commerce Department reported on Wednesday that new home sales rose by 10.7% to 495,000 units last month, compared to expectations for a gain of 6.0% to 500,000.
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Nov 27 15 03:37 GMT
The EURUSD didn't make significant movement yesterday. The bias remains neutral in nearest term. Immediate resistance remains around 1.0640. A clear break above that area could trigger further bullish pressure testing the trend line resistance and 1.0700 region which remains a good place to sell targeting 1.0500 with a tight stop loss above the trend line resistance as you can see on my H1 chart below. On the upside, a clear break and daily/weekly close above the trend line resistance and 1.0700 could trigger further bullish correction testing 1.0800 key resistance next week. Overall I remain bearish.
EURUSD - Consolidates With Corrective Risk Building Up Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Nov 27 15 02:31 GMT
EURUSD - consolidates with corrective risk building up following a halt in its broader weakness on Wednesday. This is coming on the back of its long-tailed candle formation at the end of Wednesday trading session. This development suggests a temporary bottom may be in place. If this occurs expect more recovery higher with eyes the 1.0699. A cut through here will open the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. All in all, having halted its broader downside pressure, EURUSD consolidates with corrective risk building up.
GBP/JPY: Coiling For Breakout? Print E-mail
Daily Forex Technicals | Written by | Nov 27 15 02:29 GMT
Understandably, it has been a very slow day in FX markets due to the Thanksgiving holiday in the US and the lack of any major economic data elsewhere. That being said, there have been sharp moves in some selected markets such as the Turkish Lira, which extended its decline for the fourth consecutive day after Russia imposed restrictions on food imports from Turkey in retaliation over downing of its fighter jet. Elsewhere, commodities have had a mixed day while the stock markets have had a solid one due to growing speculation that the ECB will announce a more beefed-up version of its bond-buying programme on Thursday of next week.
DAX Surges on Speculation ECB Will Surprise Next Week Print E-mail
Daily Forex Technicals | Written by | Nov 26 15 12:22 GMT
It might be a data-void session and investors in the US are away for Thanksgiving holiday, but European stocks are again in a rally mode, following on from yesterday's strong gains. Evidently, traders are speculating that a beefed-up version of ECB QE is forthcoming in a week's time, so they are buying benchmark government bonds, causing yields to fall further into the negative. The resulting lower yields and weaker euro is boosting the appeal of European stocks, especially of exporting companies. This is why, for example, shares in German carmakers are rallying today despite the recent emissions scandal from Volkswagen and the resulting huge fines and recalls for the company's diesel vehicles. Indeed, South Korea has become the latest country to fine VW, slapping it with approximately $12.3 million in penalty and ordered a recall of more than 125,000 diesel cars
Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Nov 26 15 10:27 GMT
The Euro fell sharply yesterday, after recovery rally was capped at 1.0690, initial resistance zone, daily 10SMA / 4-hour Ichimoku cloud base and subsequent weakness dipped to fresh 7-month low at 1.0564. Bears dominate on all timeframes, favoring final push towards initial 1.0519 support, low of 13 Apr and key target at 1.0461, 2015low, posted on 13 Mar. The pair closed in red yesterday, but above psychological 1.06 handle, along with long-legged daily candle, signaling extended consolidation, despite yesterday’s spike lower. Hourly cloud’s base offers solid resistance at 1.0633, ahead of falling daily 10SMA at 1.0661, which is expected to limit extended rallies. Only lift above falling daily 20SMA and lower top at 1.0755/61, would sideline immediate bears.
Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Nov 26 15 09:57 GMT
EUR/USD Current rebound after the new low at 1.0564 should be considered corrective, preceding another dip towards 1.0520. Crucial resistance lies at 1.0690.
S&P500: Uptrend Continuation In View Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Nov 26 15 09:02 GMT
S&P500 has recovered very sharply following a bounce from 1997 at the start of last week where we labeled end of a three wave decline. It was a corrective move in wave 4) that sent price up into wave 5) which will be targeting new highs. Notice that upper trendline of a downward channel is broken so more gains should follow in days ahead. High of 2112 can be taken out soon which will lead to more gains; up to 2150-2170.
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