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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.



EUR/CHF: Floored Again Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 24 14 15:06 GMT
The North American trading session activity has been rather light so far as the lack of US data releases and the end to a busy week is keeping a lot of the usual liquidity at bay. The one nugget of information that was released wasn't all that encouraging for the US housing market though as New Home Sales failed to live up to expectations of 470k with a 467k print. "That's not that bad" is what you may be thinking to yourself on the tiny 3k miss, but the bad news came in the form of the previous data which was revised from 504k down to 466k. Strangely enough, the negative reaction has been tepid perhaps due to the fact that it not "dumpster fire bad" like this figure was back in July and August when 406k and 412k were reported respectively.
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EUR/USD: Move Towards 1.20 May Accelerate Next Week Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 24 14 12:11 GMT
It would have been unimaginable just a few months ago to be talking about the possibility of the euro falling to 1.20 against the dollar. After all, the last time it was that low was when we were at the height of the Eurozone debt crisis. But this is exactly what could happen over the coming weeks and months. Granted, the situation is a lot better now across the single currency bloc, but that's not to say a revisit of 1.20 is out of the question, for the monetary policy stances of the ECB (very dovish) and the Fed (becoming less dovish) are in favour of further EUR/USD weakness.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Oct 24 14 09:09 GMT
The prolonged consolidation above 1.2612 signals, that a larger corrective phase is underway and I favor a reversal above 1.2612 low to initiate a rise towards 1.2743 resistance area. Initial intraday resistance lies at 1.2680.
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Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by ICN.com | Oct 24 14 08:48 GMT
The pair attempted to rise yesterday but remained limited below 1.2700, and closed yesterday's trading session below the resistance 1.2660. Stability below the referred to level could extend bearishness towards 1.2580 in an attempt to break it, as RSI is moving below line 50 and MACD signal lines are trading sideways below line zero.
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Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by ICN.com | Oct 24 14 08:48 GMT
The pair touched the first main awaited target at 173.65 and is showing a slight bearish bias affected by the negativity of RSI, while we wait for further positivity in the coming period supported by Linear Regression Indicators, while a break above 173.65 pushes the pair towards 175.00. Breaking 172.00 halts the bullish expectations and pushes the pair back to the downside.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Oct 24 14 08:29 GMT
The Euro consolidates fresh weakness which found temporary footstep above psychological 1.26 support and low 10 Oct. Near-term price action is in directionless mode, confirmed by yesterday’s Doji candle. Daily 20SMA at 1.2686, offers initial resistance, ahead of and former range lows at 1.2700/30, also broken bull-trendline off 1.2499 low, where extended rallies should be ideally capped. Underlying bear-trend keeps downside in focus, however, weekly indicators in oversold territory, require caution. Close above 1.2730/50 zone is required to neutralize near-term bears and re-focus former range tops at 1.2840. Conversely, violation of 1.26 handle, to open key 1.2499, 03 Oct low.
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USDJPY Elliott Wave Analysis: Uptrend Continuation Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Oct 24 14 08:15 GMT
USDJPY found support at 105.19 and is now reversing quite sharply to the upside, and made an important overlap yesterday with 108.00 figure which confirms the fact that a decline from the high was a three wave move. Ideally that was wave 4) so market can be back in play for rally back to 110 yearly highs.
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EUR/USD Makes A Pit Stop At 1.26 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 24 14 07:22 GMT
EUR/USD has found some support at 1.26, and the pair is currently consolidating, meaning there is unlikely to be continuation of the decline today. But in the coming weeks there is expected to be a re-test of the key demand area around 1.25, a breach of which should pave the way towards the 2012 low at 1.2040. In the meantime, the supply between 1.29 and 1.2850 will act as a ceiling and prevent any rally from extending.
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GBP/USD Is About To Close The Week In Red Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 24 14 07:21 GMT
A failure of the Cable to close above 1.62 this week resulted in the near-term technical indicators becoming even more bearish—six out of eight studies on the weekly time-frame are now pointing downwards. GBP/USD is now moving in the direction of the 1.590/1.585 area, and the nearest supports, such as the weekly PP and monthly S1 at 1.6030 and 1.5960 respectively, are not seen as a serious threat to the present bearish momentum.
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USD/JPY Surprises To The Upside Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 24 14 07:20 GMT
USD/JPY overshot our expectations by a wide margin by effortlessly piercing through the resistance at 108. And while the weekly technical studies are mostly giving ‘buy' signals, the pair must confirm the new support to confirm its longer-term bullish intentions. Alternatively, if the monthly pivot point and 23.6% Fibo are unable to stop the sell-off, the price may slide back to the 55-day SMA, which is currently residing at 107.
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USD/CHF Halted By An Up-Trend Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 24 14 07:19 GMT
The US Dollar came under the selling pressure ahead of the resistance at 0.9571, which is likely to act as a temporary ceiling. But USD/CHF should preserve the upward tendency, as eventually the pair is expected to pay 0.97 a visit and then update this year's peak. But it is worth noticing that the monthly indicators are mostly bearish, suggesting it may take some time before the rate overcomes the resistances.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Oct 24 14 05:32 GMT
Yesterday the Dow Jones Index of shares climbed 1.3 percent and the Standard & Poor's Index rose 1.2 percent. On Thursday reports showed that retail sales in U.K. dropped more in the past month than the market had estimated and added concern that economy is loosing momentum.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Oct 24 14 04:35 GMT
THE EURO closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it extends this summer's decline, monthly support crossing is the next downside target.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Oct 24 14 04:28 GMT
The EURUSD was indecisive yesterday but overall still able to maintain its bearish intraday bias after broke below the bullish channel as you can see on my hourly chart below. The bias remains bearish in nearest term testing 1.2580 – 1.2500. Immediate resistance is seen around 1.2700. A clear break above that area could lead price to neutral zone in nearest term and activate my wait and see mode as direction would become unclear.
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Australia 200 – Moves To Four Week High Above Key 5400 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Oct 24 14 02:48 GMT
Throughout most of September the Australia 200 Index declined strongly from its multi-year high after running into resistance around 5650 back to enter its previously established trading range between 5400 and 5500, before falling further below 5200 and to an eight month low around 5120 a couple of weeks ago. It has however enjoyed a solid resurgence over the last couple of weeks after getting much needed support from the 5200 level and has now returned to its previous range above 5400. Earlier last week it received solid support from the 5100 level which saw it rally well in the last few days to close out last week. Several weeks ago the 5400 level was called upon to offer support as the index desperately tried to stay in touch with its range, however it fell through there before rallying strongly back up to 5400. Up until recently, the 5400 level had done well and propped up price to keep it within the range.
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AUD/USD – Continues To Tread Water Below Resistance At 0.88 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Oct 24 14 02:46 GMT
During the last few weeks the Australian dollar has done well to stop the bleeding and trade within a wide range roughly between 0.8650 and 0.88. Prior to that it had experienced a sharp decline throughout September which saw it move from close to 0.94 down to below 0.8650 and an eight month low in the process. Despite the current resistance at 0.88, it was able to move through to a two week high above 0.8900 a couple of weeks ago before recently falling sharply below 0.87 again. The resistance level at 0.88 remains a factor and is continuing to place downwards pressure on price, however more recently all eyes have turned on to the support level at 0.8650 to see if the Australian dollar can remain above it. Several weeks ago the Australian dollar found some much needed support at 0.8950 and rallied back up to just shy of the key 0.90 level before resuming its decline. The long term key level at 0.90 was called upon to desperately provide some much needed support to the Australian dollar, which it did a little a few weeks ago, however it has more recently provided resistance.
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GBPJPY - Strengthens, Eyes Further Upside Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Oct 24 14 02:17 GMT
GBPJPY – With GBPJPY taking back some of its intraday losses on Wednesday and strengthening during Thursday trading today, further upside pressure is expected. On the upside, resistance lies at the 173.50 level followed by the 174.00 level where a break will aim at the 175.00 level. A cut through here will aim at the 175.50 level. On the downside, support comes in at the 171.00 level where a violation will aim at the 170.00 level. A break below here will target the 169.50 level followed by the 169.00 level. Further down, support lies at the 168.50 level. All in all, the cross remains biased to the upside on recovery.
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AUDJPY – Has It Got The Legs? Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 24 14 02:10 GMT
AUDJPY is in the process of retracing some of the ground it lost in September and early October. The demise of the pair came from pressure from both sides of the equation. The yen became the currency of choice as investors began to question the USD strength story and global growth fears were brought to the forefront of market sentiment. In Australia, the notion of prolonged below –trend growth due to subdued investment in non-resource parts of the economy is hanging over the aussie.
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USD/JPY: The Gartley Has It Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 24 14 02:08 GMT
The start to the North American trading session has been a Chamber of Commerce type of day for the US economy with virtually all of the US data releases either beating expectations or showing overall strength even if it didn’t live up to expectations. The day was kicked off with beats on Chicago Fed National Activity Index and Continuing Jobless Claims and strove on with Housing Price Index and the Conference Board’s Leading Indicator. Misses came in the form of Initial Jobless Claims and Markit Flash Manufacturing PMI, but both of those figures showed positive elements.
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GBP/USD Threatening to Break key 1.60 Handle as UK Data Disappoints Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 23 14 11:59 GMT
It has been a bad day for the UK retail sector. First it was Tesco which confirmed that its first half profit had been overstated and said chairman Sir Richard Broadbent would step down. The news weighed heavily on the stock, while some of the other UK retailers lost ground in Tesco's slipstream. Then we had the latest retail sales data for the month of September, which disappointed expectations as the mild weather hit sales of winter clothes. The 0.3% month-over-month dropped was worse than a fall of 0.1% expected, although this was offset to a degree by a revision in the August reading to +0.3 from +0.2 per cent previously.
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