Aug 31 06:00 GMT


Forex Expos

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.

Forex Market Presents Corrective Waves During Trading Week Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Aug 31 16 05:20 GMT
The EUR/USD seems to be respecting the 38.2% Fibonacci retracement level of wave D (green) vs B. A bearish break below that Fib level could see price extend the bearish breakout below support (dotted green) towards the 50% or 61.8% Fibonacci levels.
US$ Index, Still Long/Bull For Gains Above 97.55 (And Even 100.50) Print E-mail
Daily Forex Technicals | Written by Foreign Exchange Analytics | Aug 31 16 03:54 GMT
In the Aug 24th email, said that the market was within a potential area to form a more important low and as the view since July (of at least a month of downside/consolidating before resuming the larger upmove) continues to play out. The market has rallied since, with eventual gains above that Jul 27th high at 97.55 (and even above 100.50 see longer term below) still favored. In the big picture, the 5 wave rally from the May 3rd low at 91.90 to that 97.55 high (upside not "complete"), 3 wave decline from that high to the Aug 18th low at 94.10 (a-b-c, a correction) and bullish technicals (see buy mode on the daily macd) all support this continued positive view. A final note on a very short term basis, there are no firm signs of a near term top but the market is overbought after recent gains and suggests a rising risk for a week or so of consolidating within the upmove (also a traditionally very slow week in the market). Nearby resistance is seen at 96.20/35 (62% retracement from the 97.55 high), support is seen at 95.45/60, the broken ceiling of the bearish channel from the highs (currently at 94.95/10) and the bullish trendline from May (currently at 94.25/40). Bottom line : gains above that Jul 27th high at 97.55 still favored ahead.
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Aug 31 16 03:51 GMT
Euro (1.1156) may not go below 1.1150 just now and could start bouncing back towards 1.12. But we need more confirmation. Keep an eye on the German-US 2Yr spread for some cues. (Look at Interest Rates section below). Dollar-Yen (102.953) has almost come up to our expected 103 target. Some rejection should come in either at 103 or near 103.40 from where a dip back towards 101.50-100 could be possible. In case, 103.40 breaks on the upside, it should open doors for 104.
USD/JPY Poised For Potential Breakout On Dollar-Driven Rally Print E-mail
Daily Forex Technicals | Written by | Aug 31 16 02:41 GMT
USD/JPY reached major resistance around the 103.00 level on Tuesday, establishing a new one-month high. This rise was driven both by a continued strengthening of the US dollar on increased expectations of a more-hawkish Fed, along with an extended pullback for the Japanese yen. The relatively hawkish comments from both Federal Reserve Chair Janet Yellen and Fed Vice Chair Stanley Fischer last Friday kept alive the possibility of a September rate hike as well as the probability of at least one hike by the end of the year. This raised market expectations of near-term Fed tightening, boosting the dollar further. As Fischer reiterated once again that rate hike probabilities 'are not things we know until we see the data,' the focus this week has shifted back to key US economic releases in the run-up to the September FOMC meeting three weeks from now.
EURUSD - Threatens Further Weakness On Pullback Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Aug 31 16 02:28 GMT
EURUSD - Having EURUSD weakened on Tuesday, further decline is envisaged. Support lies at the 1.1100 level. Further down, support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1200 level with a cut through here opening the door for more upside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, EURUSD remains biased to the downside.
DAX: Hawkish Fed, Dovish ECB Good News for EU Stocks Print E-mail
Daily Forex Technicals | Written by | Aug 30 16 13:02 GMT
Some of the mainland European stock indices eked out small gains last week despite the falls in US, UK and Japanese stock markets. However, at the start of this new week, global equities have rebounded across the board while the dollar has extended its gains further against a basket of foreign currencies. Sentiment in the stock markets therefore remains positive despite a slightly more hawkish Federal Reserve. This is mainly because of the fact that central banks elsewhere are pretty much dovish, most notably in Japan, the Eurozone and now the UK. Indeed, the Bank of Japan's governor, Haruhiko Kuroda, reiterated at the Jackson Hole Symposium that they wouldn't hesitate to take further stimulus measures in order to meet the 2% inflation target.
AUDUSD - Daily Cloud Top Support Remains Under Pressure After Limited Recovery Attempts Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Aug 30 16 10:28 GMT
Aussie came under pressure on Tuesday after recovery attempts from Monday’s 0.7523 low were capped just under strong resistance at 0.7586 (Fibo 38.2% of 0.7690/0.7523 downleg/daily Kijun-sen line). Bears prevail on near-term studies, while daily technicals are weakening and keeping the downside pressured. Near-term risk remains shifted towards strong support at 0.7523, where the top of thick daily Ichimoku cloud so far contained pullback from 0.7758 peak.
USDJPY - Renewed Strength Eyes Key 102.64 Barrier Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Aug 30 16 10:25 GMT
The pair posted marginally higher high at 102.42, and cracked falling 30 SMA at 102.37, on fresh strength from 101.73, Asian low, posted on corrective pullback from Monday's high. Strong bulls on lower timeframes support final push towards key short-term barrier at 102.64 (08 Aug high), break of which would trigger fresh acceleration towards psychological 103.00 barrier, reinforced by daily Kijun-sen line.
Cable - Near-Term Price Action Consolidated Above 1.3057 Low, Outlook Remains Negative Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Aug 30 16 10:24 GMT
The pair retested Monday's one-week low at 1.3057, after initial recovery attempts were capped by broken daily Kijun-sen line at 1.3116. Near-term technical are negative, while prevailing tone of daily studies is bearish and favors further easing. Initial target lies at 1.3022 (19 Aug trough / Fibo 61.8% of 1.2864/1.3277 upleg), ahead of psychological 1.3000 support.
EURUSD - Break Below Daily Kijun-Sen Could Trigger Acceleration Towards 200SMA Daily Cloud Base Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Aug 30 16 10:22 GMT
Near-term price action attempts again through cracked daily cloud top/daily Kijun-sen line supports at 1.1167/62 which contained Monday's dip. Overall structure is weakening as daily 20 & 30 SMA's turned into bearish mode and momentum is heading south and currently standing at the midline.
Bigger Correction On USD Index Seems Completed, More Upside Could Follow Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Aug 30 16 08:19 GMT
USD index turned up on Friday and took out the upper trendline resistance of a downward channel that can be one of the most important bullish evidences. As such, we are looking at a completed A)-B)-C) decline now with new bullish impulse in progress. If that's correct, then we can expect further gains this week up into wave 3 towards the 96.50 region while market trades above 94.70.
EUR/USD Trades Lower On Tuesday Morning Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 30 16 08:17 GMT
The common European currency is threading lower against the US Dollar, as the rate has retreated below the Monday's opening price of 1.1174. Previously, on Monday the rate bounced between 20 and 100-day SMAs from the upside around 1.1215 and the 55-day SMA from the downside at 1.1151. It seem that the fall of the rate on Tuesday morning is a continuation of the previous limbo. However, as the SMAs have a downwards aimed direction, it is most likely that the rate will fall, as soon as it stops bouncing between the levels.
GBP/USD Struggles To Remain Above 1.31 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 30 16 08:16 GMT
Even though the British currency failed to outperform the American Dollar on Monday, it lost only 13 pips that day, managing to retain its position above the 1.31 mark. The 1.31 level keeps providing psychological support, also bolstered by the 20-day SMA, which could trigger some GBP-buying. Technical indicators are now also in favour of a rally, but the resistance area circa 1.3160, namely the weekly and the monthly PPs, remains strong. In case bulls do prevail, a close at 1.3150 will be the most probable outcome, whereas a bearish development could lead the Cable further down towards 1.3025—where the weekly S1 rests.
USD/JPY In Tight Range Between 101.00 And 102.50 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 30 16 08:14 GMT
On Monday the USD/JPY currency pair remained relatively unchanged, but still edged below the 102.00 major level. Nevertheless, the pair appears to be anchored around the 102.00 mark, with the lower border represented by the cluster around 101.20, represented by the 20-day SMA and the weekly PP. At the same time, a strong resistance area circa 102.75, formed by the weekly R1, the Bollinger band and the 55-day SMA, is likely to limit any possible gains. According to technical indicators no significant movements are expected to occur, therefore, suggesting that the pair is to consolidate between the mentioned borders.
Gold Trading Above 1,320 Mark On Tuesday Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 30 16 08:13 GMT
The yellow metal opened Tuesday's trading session higher than the previous Monday's close, as the metal traded above the 1,320 level on Tuesday morning. It is most likely that the bullion will surge at least to the level of 1,327.75, where the weekly PP is located at. However, gold will probably bounce off the resistance and move lower, as the weekly PP is also supported by the 20 and 55-day SMAs respectively at 1,333.08 and 1,329.49. Due to that, on a daily timeframe the yellow metal's price will remain unchanged.
Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Aug 30 16 07:50 GMT
EUR/USD reached the 1.1155 support but did not manage to break under. If the currency pair manages to break through this level, a test of the 1.1040 seems highly probable.
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Aug 30 16 07:31 GMT
The EURUSD was indecisive yesterday but overall still able to maintain its bearish intraday bias so far. Price is now struggling around 1.1180 support area (daily EMA 200). The bias remains bearish in nearest term testing 1.1100 before targeting 1.1000. Immediate resistance remains around 1.1250. A clear break and daily close back above that area could trigger further bullish pressure retesting 1.1350 region. My major technical outlook remains neutral.
Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Aug 30 16 06:31 GMT
After dropping sharply on Friday on the back of Yellen's comments, the pair attracted fresh buyers around a H4 demand zone drawn from 1.1153-1.1167 (merges with a H4 61.8% Fib level at 1.1168) going into yesterday's US session. The bounce from here was not only backed by a daily support area at 1.1224-1.1072, but also a H4 resistance at 95.83 seen over on the US dollar index. A decisive close above the 1.12 handle would, in our opinion, further confirm upside towards the H4 resistance seen at 1.1237/H4 mid-way resistance 1.1250. Nevertheless, although a close higher would likely prompt further buying, let's not forget that the weekly chart shows that price reversed from the underside of a major resistance area at 1.1533-1.1278 last week.
EUR/USD, GBP/USD Face Bounce And Break Spots In Fragile Triangles Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Aug 30 16 06:23 GMT
The EUR/USD is building a small contracting triangle chart pattern (orange/green). A break below the support line (green) could extend wave A (blue) to a lower spot. A break above the resistance line (orange) could start a wave C (green) correction within wave B (blue) with resistance at the Fibonacci levels of wave B vs A.
EUR/USD: Pressure Stays On The Downside Below The 1.1200 Level Print E-mail
Daily Forex Technicals | Written by Danske Bank | Aug 30 16 05:48 GMT
Pressure stays on the downside below the 1.1200 level and see risk for break of the 1.1158 low to further extend last Fri's decline from 1.1341 high. Lower will target the 200-day MA at 1.1118 then the 1.1100 level. Upside seen limited with the recent lows at 1.1245 and 1.1271 now reverting to resistance. [PL]
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