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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.

GBPUSD - On The Offensive, Closes In On The 1.6819/22 Levels Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Apr 16 14 11:48 GMT
GBPUSD - With GBP recovering higher and threatening the 1.3819/22 levels, further strength is envisaged. The pair needs to decisively break and hold above here to trigger further bullish offensive towards the 1.6877 level. Further out, resistance resides at the 1.6900 level where a break will aim at the 16950 level and then its big psycho level at the 1.7000 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6719 level where a breach will aim at the 1.6683 level with a cut through here allowing further downside towards the 1.6600 level. Further down, support stands at the 1.6550 level and then the 1.6500 level. On the whole, GBP continues to retain its upside bias.
GOLD And USDCAD Intraday: Elliott Wave Analysis Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Apr 16 14 09:58 GMT
USDCAD moved to a new swing high yesterday but bullish price was not there for long. Price moved slightly down in the last two sessions, also through the support line from 1.0855 so we think that market is still heading a little bit lower within corrective retracement. Wave b) could re-test 1.0910/40 area before uptrend resumes.
Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Apr 16 14 09:47 GMT
The recent low at 1.3788 was practically a test of the key support around 1.3780 and the outlook is already bullish, for a rise towards 1.3904, en route to 1.3960. Initial minor resistance lies at 1.3835.
Dollar/Yen Up On Japan Pensions Fund Action Print E-mail
Daily Forex Technicals | Written by | Apr 16 14 09:42 GMT
On Tuesday Dollar/Yen traded within 50 pip range. The currency couple depreciated from 102.00 to 101.49 yesterday, matching the negative money flow sentiment at under -11%, closing the day at 101.89. This morning the Dollar lifted against the Yen, reaching up to 102.36.
Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Apr 16 14 09:38 GMT
The Euro trades in a corrective mode off fresh low at 1.3789, where strong support, 50% retracement of 1.3671/1.3904 / broken bear-trendline off 1.3965 peak, contained reversal off 1.3965 for now. Consolidative action broke above initial 1.3832, yesterday's recovery rally peak and Fibonacci 38.2% retracement of 1.3904/1.3789 pullback, to retrace 50% so far, on extension to 1.3850. Improving hourly studies support further advance towards pivotal 1.3860, weekly highs and Fibonacci 61.8% retracement of 1.3904/1.3789, above which to confirm higher low formation and look for retest of key 1.3904 peak, after filling Monday's gap. Bullish daily studies support scenario. Session low at 1.3805, also higher low of ascend from 1.3789, should keep the downside protected. Alternative scenario requires loss of 1.3805 and more significant 1.3789 support to bring bears back in play for extension of the downmove from 1.3904, 11 Apr peak.
Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by | Apr 16 14 09:31 GMT
The European trading session started today with stability above the minor support 1.3800 after approaching yesterday the key support level represented in 38.2% correction, as stabilizing above the referred to level supports the possibility of gaining a bullish momentum after moving to the downside yesterday.
Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by | Apr 16 14 09:31 GMT
The pair is trading to the upside breaching 170.65, supporting the upside move within the ascending channel on graph. The upside targets start at 173.05 and extend toward 174.80. The MA 50 & 100 offer good support floor for our positive expectations that remain valid with stability above 169.90.
NZD/USD Technicals – Overall Bullish Bias Intact Despite 0.86 Broken, Weaker Inflation Print E-mail
Daily Forex Technicals | Written by MarketPulse | Apr 16 14 08:41 GMT
The downtrend that started since last Thursday received a boost today thanks to weaker than expected NZ Consumer Price Index which came in at a surprising 1.5% versus the expected 1.7% and previous 1.6%. This unexpected slowdown in inflation growth reduce the urgency for central bank RBNZ to hike rates, pushing NZD/USD sharply lower.
Cable Slightly Shaken By Producer Price Index Print E-mail
Daily Forex Technicals | Written by | Apr 16 14 08:33 GMT
On Tuesday Pound/Dollar traded within 70 pip range. The Cable appreciated from 1.6681 to 1.6750 yesterday, in line with the positive money flow sentiment at over +9%, closing the day at 1.6726. Today the British Pound is trading quietly, with movements within yesterday's range for the time being.
AUDUSD: Below 0.940 Targets 0.9308 Print E-mail
Daily Forex Technicals | Written by ThinkForex | Apr 16 14 07:22 GMT
At time of writing we are oscillating around the 50 period eMA on the 4hr chart and on track to close marginally above the consolidation range. There is the possibility we have seen an 'A-B-C' correction and for the uptrend to resume, but my bias for a deeper bearish pullback are as follows.
Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Apr 16 14 07:14 GMT
The biggest market related news overnight was the release of Chinese GDP figures. The National Bureau of Statistics in Beijing reported that the economy grew 7.4 percent in the first quarter of this year reported on a yearly basis. This figure was slightly above economists estimates which averaged at 7.3 percent and, perhaps more importantly, managed to avoid fears that growth may slip into 6 percent region. While the reported figure was a 0.3 percent decline from the previous quarter, it helped the Australian dollar to cap falls against the U.S. dollar. The South Pacific nation's economy is highly dependent on China and its currency is often seen as a guage of how economic data in China is interpreted. The currency traded about 0.1 percent lower but it had dropped as much as 0.3 percent. The dollar currently trades at around 93.60 U.S. cents after tumbling 0.7 percent yesterday.
USD/CHF Halted By 0.8813/12 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 16 14 06:50 GMT
As suspected, the resistance at 0.8813/12, consisting of the weekly and monthly pivot points, managed to negate the bullish momentum of USD/CHF. Now the currency pair is likely to move in accordance with the weekly and monthly indicators that are mostly pointing south. There it should encounter the support at 0.8744/28 and eventually approach the 2011 lows at 0.86, where it will also meet the falling trend-line.
USD/JPY Challenges 102.34/03 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 16 14 06:48 GMT
Although initially USD/JPY appeared hesitant in the face of the down-trend resistance line, it has nevertheless launched an attack on 102.34/03. If this attempt succeeds, we will be looking at 102.94/72 (monthly PP and 100-day SMA) as the next target. And while the near-term technical indicators are not in favour of such a course of events, most of the monthly signals suggest to acquire the U.S. Dollar against the Yen.
GBP/USD Stands Still Above 1.67 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 16 14 06:47 GMT
Similarly to EUR/USD, the Cable is also standing motionless above its weekly PP. According to the daily and monthly technical indicators, however, the Sterling should be headed north, towards the February peak at 1.6822. This level is needed to be broken in order for the medium-term outlook to become bullish. Meanwhile, the price may cede ground and retreat back to the upward-sloping trend-line, which merges with the 100-day SMA at 1.66.
EUR/USD Set To Decline To 1.37 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 16 14 06:45 GMT
At the moment EUR/USD is testing the support at 1.3816/15 represented by the monthly and weekly pivot points. If this level is breached, the next significant concentration of demand is expected to be at 1.3787—20 and 55-day SMAs. However, there is still a high chance of further depreciation of the Euro. The sell-off is likely to persist as long as the currency pair is above the up-trend support line at 1.37, which in turn is reinforced by the 100-day SMA.
Euro Steadies On China Economy Growth Print E-mail
Daily Forex Technicals | Written by | Apr 16 14 04:51 GMT
On Tuesday Euro/Dollar traded within narrow 45 pip range. The European currency appreciated from 1.3788 to 1.3834 yesterday, not matching the negative money flow sentiment at around -7%, closing the day at 1.3812. This morning the Euro is trading quietly, with movements at the lower end of yesterday's range for now.
Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Apr 16 14 04:28 GMT
THE EURO closed lower due to profit taking on Tuesday as it consolidated some of last week's rally. The midrange close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signalling that a shortterm top might be in or is near. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted. If it renews last week's rally, March's high crossing is the next upside target.
The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Apr 16 14 04:14 GMT
The wave 4 (green) has slightly gone through the wave 1 top but the wave count will remain the same as the break was small. Now there is a chance for price to potentially break (green arrows) above the resistance (magenta).
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Apr 16 14 04:09 GMT
The EURUSD was indecisive yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term probably with a little bearish bias testing 1.3750 or lower. Overall I still prefer a bullish scenario at this phase but need a clear break above 1.3850 – 1.3900 to keep the bullish scenario remains strong testing 1.4000. Key/Major support is seen around 1.3600.
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Apr 16 14 03:37 GMT
The Euro (1.3817) faced rejection from our resistance of 1.3885-1.3900 but the short term strength may return from 1.3790-60 to take it to 1.40. From the broader perspective, for major gain it has to break above 1.40 and simultaneously Dollar Index must break below 79.
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