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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.



AUD/NZD Testing Key Support Print E-mail
Daily Forex Technicals | Written by Forex.com | Dec 20 14 03:01 GMT
The AUD/NZD pair is pressing against a major support area after a 7-week sell-off. As can be seen on the weekly chart, below, this currency pair is hovering dangerously around the 1.05 handle - the low it had reached back in January. Slightly below this key level is the 2005 low at 1.0425. This makes the 1.0425-1.0500 range a key support area. Therefore a potential break below here may lead to follow-up technical selling which could send rates sharply lower as the year-end approaches.
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Technical Outlook: Important CHF Crosses Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Dec 19 14 14:06 GMT
Even after the Thursday's news, CHFJPY continued trading near the 23.6% Fibonacci Retracement of its October - December up-move. The 120.50 and the 120.20 levels are likely immediate supports for the pair, breaking them can cause the pair to extend decline towards 119.50, 38.2% Fibo. and the 50-day SMA near the psychological support level of 119. On the successful break of 119, the 118 - 117.80, encompassing 50% Fibo., can become important support-region for the pair to determine near-term CHFJPY move. Alternatively, the support turned resistance ascending trend-line can provide immediate resistance to the pair near 122.20 level, breaking which 123.40 and the 124.50 are likely consecutive resistance for the pair before it rallies to 126 levels signified by the 61.8% FE of the said up-move.
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Technical Overview - GBPAUD, AUDJPY and AUDCAD Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Dec 19 14 14:04 GMT
Following a test of 1.9300 mark resistance, comprising of 100% Fib. expansion level and 38.2% Fib. retracement level of Oct. 2008 to March 2013 big downfall, the pair has started witnessing some profit taking. From current levels the pair seems vulnerable to continue dropping initially towards 1.8950 immediate support, marked by 23.6% Fib. retracement level of Nov.-Dec. 2014 up-swing, and further towards an ascending trend-line resistance break-out point, now turned support, near 1.8900 region. Further, a decisive break below 1.8900 opens room for continuation of the pull-back towards its next major support near 1.8760-50 area. On the upside, 1.9200 mark remains an important resistance to be conquered and should the pair manage to decisive strengthen and close above this strong resistance zone, it is likely to trigger some accelerated up-move, even beyond 1.9300 resistance area, towards 1.9600 resistance zone.
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DJIA: Santa Rally Well and Truly Underway Print E-mail
Daily Forex Technicals | Written by Forex.com | Dec 19 14 13:01 GMT
US stock index futures are pointing to a slightly higher open on Wall Street today. On Wednesday, we reported that stocks could bounce back as the Fed prepared to deliver its last policy statement of the year. Not only were we expecting a slightly less hawkish tone from the Fed than was expected, but we were also wary of a technical bounce. Sure enough, the Fed did sound a little dovish as it maintained the “considerable time” pledge and said it would be “patient in beginning to normalize the stance of monetary policy.” This helped to soothe investor nerves, leading to a sharp bounce in the stock markets.
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EUR/USD Consolidates Below 1.23 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Dec 19 14 10:33 GMT
EUR/USD pair continued to trade under the bearish pressure, as they pushed the cross below 1.23. At the moment the only support before the 2014 low is represented by a Bollinger band at 1.2255, which is not supposed to create major problems for pair's bears. Even though daily technical studies are still neutral, weekly ones are pointing to the downside, meaning that the next week we are likely to see a testing of this year's low.
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GBP/USD Bounces Towards Weekly PP Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Dec 19 14 10:32 GMT
Since the last time of writing the pair has managed to reverse the sharp drop that took place late on Wednesday and currently it is hovering around the weekly PP at 1.5672. In case the pair wants to prolong its appreciation then it will have to surpass the monthly PP at 1.5755 that does not seem very likely. To our mind the bias remains negative, with the target at 1.5542.
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USD/JPY Continues To Challenge 119.38 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Dec 19 14 10:31 GMT
The USD/JPY cross has not changed much since yesterday, as it continues to challenge the weekly PP at 119.38. Most likely the pair will have the strength to test the major level at 120; however if not, then there is a risk of the pair falling towards the weekly S1 and monthly PP at 116.91/75 once again. At the mean time, the weekly technicals point upwards.
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Gold Little Changed Around Monthly R1 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Dec 19 14 10:30 GMT
On Thursday, Gold increased in price and was able to jump above the monthly R1, reaching the daily high around $1,214. At the same time, the price managed to stabilize and returned back just above the weekly S1 towards the end of the trading session. Taking into account mixed daily technical indicators and rather strong resistances and supports around the current trading level, we would suggest it to hover sideways in the foreseeable future.
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The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Dec 19 14 10:18 GMT
The EURUSD's strong fall yesterday could indicate the reemergence of the downtrend but at the moment the most likely wave count is still a wave X (blue) as an expansion of the bigger wave 4 (green) correction.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Dec 19 14 10:02 GMT
The Euro continues to move lower and establishes below 1.23 handle, following yesterday’s repeated close in red and below 1.2300. Month’s low at 1.2244 is in near-term focus, with break here to clear way for extension towards short-term target at 1.2042, low of July 2012. Larger picture’s bears are fully in play, with near-term price action trading in narrow consolidation above fresh low at 1.2264, capped under 1.23 barrier. Oversold studies of lower timeframes suggest that corrective bounce cannot be ruled out, with initial resistance at 1.2350 lower top, yesterday’s high and 1.2400, daily 20SMA. Daily close below here to keep immediate bears intact, while close above would further delay bears for 1.2452, Fibonacci 61.8% of 1.2568/1.2264 downleg and 1.2475, lower tops of 17/18 Dec.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Dec 19 14 09:47 GMT
The pair is targeting a test and braking of the 1.2246 support. Both short and long term chart frames signal a negative mood and confirmation will follow once the 1.2246 level goes down.
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USDCHF Elliott Wave Analysis: Uptrend Continuation Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Dec 19 14 09:05 GMT
USDCHF is already at the highs, now moving up in wave (5) as new count suggests a completed fourth wave at 0.9552. Current upward reaction is very strong so looks like that bullish momentum could lift prices even to 0.9950-1.0000 area in days ahead.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Dec 19 14 07:36 GMT
Fed Chair Janet Yellen said policy makers are likely to hold rates near zero at least through the first quarter even as the U.S. economy strengthens. The clarification of policy plans boosted equities and emerging-market nations' currencies that may lose investment should rates rise n developed countries. U.S. stocks rebounded from losses over seven days that erased $1 trillion from equity prices and coincided with a 15 percent drop in benchmark crude between Dec. 5 and Dec. 16. S&P 500 energy producers tumbled 8 percent over the stretch. The broader gauge closed at 2061.23 yesterday, 0.7 percent below a record. WTI fell to $54.11 a barrel in New York, the lowest settlement since May 2009, while Brent slid 3.1 percent. Should it continue, the recovery would mark the fifth time this year that S&P 500 has come back after falling more than 4 percent from a high. In comparable drops beginning in January, April, July and September, the index needed about a month to erase losses.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Dec 19 14 04:22 GMT
THE EURO closed lower on Thursday. The lowrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it renews this year's decline, monthly support crossing is the next downside target. Closes above Tuesday's high crossing would confirm that a shortterm low has been posted.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Dec 19 14 04:09 GMT
The EURUSD continued its bearish momentum yesterday bottomed at 1.2264. The bias remains bearish in nearest term testing 1.2250 – 1.2200 area. Immediate resistance is seen around 1.2320. A clear break above that area could lead price to neutral zone in nearest term testing 1.2350 – 1.2400 but any upside pullback now is normal and should be seen as a good opportunity to sell.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Dec 19 14 03:35 GMT
SNB's negative official bank rates are the first such move by major central bank. SNB's Euro-peg has been supporting Euro by bidding it. With the bids, gone Euro plummeted. This move also highlights the near certainty of ECB's QE (and sovereign asset purchases) starting soon.
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AUD/USD – Runs Into Resistance At 0.82 Again Print E-mail
Daily Forex Technicals | Written by MarketPulse | Dec 19 14 03:13 GMT
In the last 24 hours the Australian dollar has rallied strongly back up only to run into strong resistance at the 0.82 level, which is presently offering strong supply. The day before saw it fall even further down to another new multi-year low near 0.8100. The Australian dollar has a experienced a bad last month moving from resistance around 0.88 down to the new lows. For a few days earlier this week the Australian dollar was able to halt the strong decline a little allowing it to consolidate and establish a narrow range between 0.8200 and 0.8350. It appears to have its eyes firmly fixed on the 0.80 level. A few weeks ago it enjoyed some temporary support from 0.85, however this eventually gave way to overwhelming supply. To start that week it rallied back above 0.8650 again before falling lower throughout the rest of the week. In the week prior the Australian dollar was able to rally higher and bounce off multi year lows around 0.8550 and in doing so move back within the previously well established trading range between 0.8650 and 0.88 however it all seems some distance away now.
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Australia 200 – Moves Up Strongly Off Support At 5150 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Dec 19 14 03:09 GMT
The last few days has seen the Australia 200 Index rally well off support around 5150 back up to a one week high just shy of 5300. Over the last week or so the Australia 200 Index has fallen steadily lower down towards support around 5150 and two month lows before rallying the last few days. Despite the strong last day, the medium term down trend is still in tact and the index needs to move convincingly through the key 5300 level to turn this around. Over the last few weeks the Australia 200 index has struggled with resistance at 5400 which has forced it lower time and time again. The index will be keeping a close eye on the previous reversal point around 5100 when the index moved up strongly in October. The resistance level at 5400 remains key as the index has since fallen away back below 5200, before reversing and running into the resistance again. A few weeks ago the index was content to consolidate just below the 5400 level. The 5400 level has been a major player all year and the index must get back above this level to encourage more buying and bullish sentiment.
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The Daily Forecaster: GBPUSD Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Dec 19 14 02:50 GMT
The 1.5540-42 lows remained intact and price rallied into the middle of the 1.5640-60 and 1.5698-05 area. Thus, while allowing for 1.5698-05 the major risk does look bearish but we shall have to ensure that the decline is sustained below 1.5600 and back to the 1.5540 low. I note that the 4-hour Price Equilibrium Cloud provided the resistance at 1.5676 and therefore it suggests we have seen the corrective high in the triangle. A break below 1.5540 would see the 1.5490-90 expansion area but I'm not certain this is valid any more. Watch momentum carefully - if both 4-hour & hourly momentum remains bearish then watch for further losses... the minimum target should be 1.5406.
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GBPAUD Peeking Out To A New 5-Year High – Could 1.94 Be Next? Print E-mail
Daily Forex Technicals | Written by Forex.com | Dec 19 14 02:45 GMT
As we wind down another thrilling year, there are no shortage of clear trends in the forex market, but one of our favorites is in GBPAUD. Though economic data has out of the UK has been mixed lately, the Australian dollar has been persistently battered by disappointing news out of Australia itself and China, the country's biggest trading partner (see my colleague Chris Tedder's note, “It has been a busy week for AUD, yet AUDUSD still remains glued to 0.8200” for more).
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