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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.



Crude Oil On Shaky Footing Print E-mail
Daily Forex Technicals | Written by Forex.com | Jul 03 15 09:52 GMT
Crude prices fell dramatically on Wednesday with WTI taking the brunt of the sell-off as it plunged more than 4% following the publication of the latest Energy Information Administration's (EIA) oil inventories data which showed a surprise build of 2.4 million barrels. This was the first build in stockpiles since the end of April, ending a run of 8 weekly declines. Yesterday morning, oil prices were initially higher as traders took advantage of quieter market conditions to book some profit on their short positions that had been opened earlier this week. This must have been the reason for there was no other clear catalyst to have supported prices, apart from a slightly weaker dollar in response to the disappointing US jobs report. Indeed, as it turned out the rebound was short-lived as prices started to head south once more as the session wore on. Preventing WTI prices from an even sharper decline is the fact that the EIA's report also showed that crude processing was quite high as gasoline stocks fell by 1.8 million barrels. Clearly demand for gasoline is higher thanks to the weaker prices and as we are in the midst of the US driving season. Gasoline demand will likely increase even further this week due to the Independence Day long holiday weekend. Meanwhile, preventing Brent from tumbling even more profoundly has been the delay in the deadline in Iranian nuclear talks. An agreement is still likely to be reached in the coming weeks that will probably allow Iran to produce more oil. In other words, the supply of OPEC oil is still likely to increase even further, which may ultimately weigh on prices for the foreseeable future.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 03 15 07:58 GMT
The Euro trades in a tight range, entrenched within daily 100SMA and daily cloud that marks initial range. The lower boundary was cracked but no clear break seen so far, to confirm downside resumption and open next support at 1.0992, daily cloud base. However, near-term structure remains negative and sees further weakness favored. Bearish resumption through initial 100SMA and cloud base, to face week’s low at 1.0952, with short-term support at 1.0818, low of 27 May, expected to come in focus on further acceleration lower. Conversely, daily close above Ichimoku cloud top, would ease immediate downside risk, while return above falling daily 10SMA at 1.1167, would provide relief and focus daily 20SMA breakpoint at 1.1232. Lower volumes are expected due to US holiday, with uncertainty ahead of Sunday’s Greek referendum, requiring caution.
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AUDUSD Could Fall Towards 0.7000 Before Turning Higher Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jul 03 15 07:55 GMT
On AUDUSD weekly chart we can count big five waves up from 2008 low followed by a very deep but overlapping decline from above 1.1000 that we see it as a corrective move. We are looking at at double zigzag that can already be in final stages with current subwave C of Y). Ideally we will see pair turning higher from around 0.7000, but real trend-change would be confirmed only if market rise back above the upper channel resistance line. We expect this scenario to come true in 2016.
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EUR/USD Is Fuelled By 100-Day SMA Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 03 15 07:49 GMT
EUR/USD was somewhat upbeat after the NFP numbers yesterday, as the currency pair seems to have started eroding a loss of 190 pips that occurred Tuesday-Wednesday. Moreover, the Euro is presently underpinned by the 100-day SMA and weekly S1 at 1.1050. The short-term outlook is neutral to positive, while the pair is able to rally towards the 55-day SMA at 1.1141. However, the medium-term expectations remain pessimistic and bears are still setting eyes on Jun 29 low at 1.0954.
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GBP/USD Likely To Rebound From 1.56 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 03 15 07:48 GMT
The GBP/USD remained relatively unchanged on Thursday, as the support cluster at 1.5595 prevented the pair from falling and, thus, caused a slight rebound. As a result, we expect the Cable to advance again today and attempt to climb back up beyond the 1.5650 area, as the Sterling is unlikely to breach the given support. However, the closest resistance is located at the 1.57 psychological level, namely the 20-day SMA. Meanwhile, technical indicators retain bullish signals, bolstering the possibility of the pair rallying.
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USD/JPY Trades In Limbo, Risks Edging Lower Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 03 15 07:46 GMT
Although the US Dollar attempted to appreciate against the Yen yesterday, it still suffered losses and declined towards the weekly PP near the 123.00 major level. Due to lack of movers, the USD/JPY is likely to remain flat today and remain within the borders of the weekly PP and 20-day SMA. Nevertheless, risks of edging lower exist and the pair could reach as low as 122.40 by the end of the day, as technical studies are showing bearish signals in the daily timeframe.
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XAU/USD Holds Above Weekly S1 After Testing 1,157 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 03 15 07:45 GMT
This week's behaviour of XAU/USD cross is very similar to the one it showed last week. From Monday the cross was declining for four days in a row and today it attempts to rebound. Yesterday, however, gold reached the new June low at 1,157 after US NFP, but bounced back afterwards and closed the trading session at 1,166. Supported by the weekly S1 at 1,162, the bullion will be expected to advance in the short term. The immediate resistance is in turn located around 1,180 (monthly and weekly PP, 2013 low, 20-day SMA).
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Jul 03 15 06:05 GMT
U.S. markets will be closed on Friday in observance of Independence Day. On Wall Street on Thursday, major stock indexes logged losses, after employment data was not as robust as many had expected. Employers hired 223,000 workers last month, fewer than the 230,000 increase forecast by economists. The government also downgraded its reading on April and May job growth. Investors had been hoping that solid improvement in the labor market would reinforce expectations that the U.S. Federal Reserve will raise interest rates as early as September. The dollar was buying 123.06 yen, flat on the day and holding well above a five-week low of 121.93 hit on Tuesday. The euro was also steady on the day at 136.42 yen, and $1.1086 EUR. In commodities trading, U.S. crude fell about 0.6 percent to $56.60, after data from Baker Hughes showed the number of rigs drilling for oil rose by 12 this week, the first rise since December. Greece was headed to a referendum on Sunday that could decide its future in the euro zone. The effect on financial markets was viewed as mixed, with some analysts saying it will have little influence, though they acknowledge it is ultimately unknown. Days after Greece defaulted on part of its IMF debt, the Fund said Greece needs an extra 50 billion euros over the next three years, including 36 billion from its European partners, to stay afloat. It also needs significant debt relief. The Dow Jones industrial average fell 27.8 points, or 0.16 percent, to 17,730.11, the S&P 500 lost 0.64 points, or 0.03 percent, to 2,076.78 and the Nasdaq Composite dropped 3.91 points, or 0.08 percent, to 5,009.21.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Jul 03 15 03:48 GMT
THE EURO closed slightly higher on Thursday. The midrange close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the decilne off June's high, May's low crossing is the next downside target. Closes above the 20day moving average 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 | Jul 03 15 03:39 GMT
The EURUSD was indecisive yesterday. The bias is neutral in nearest term. Potential daily range to be closely watched is seen between 1.1150 – 1.1030. A clear break above 1.1150 could trigger further bullish pressure testing 1.1200/50. On the other hand, a clear break below 1.1030 could trigger further bearish pressure testing the trend line support and 1.0950 area. My major technical outlook remains neutral.
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U.S Banks Will Be Closed In Observance Of Independence Day Print E-mail
Daily Forex Technicals | Written by IC Markets | Jul 03 15 03:37 GMT
Overall, the EUR/USD saw very little movement yesterday. The mid-level number 1.1050 held going into the NFP report which came in lower than expected at 223k jobs. This saw a conservative wave of bids hit the line, pushing prices back up to the round number 1.1100 which held going into the NY close.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 03 15 03:37 GMT
The only two notable movements have been in Dollar-Yen and Aussue. Dollar-Yen (123.03) rose past 123.50 to a high near 123.72, but was unable to sustain the rise and fell back. It may trade quiet between 122-124 for some more days but is in an overall uptrend while above 122.00.
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AUD/USD – Continues To Rely Upon Support Level At 0.76 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Jul 03 15 02:31 GMT
In the last 24 hours the AUD/USD has again tested the key support level at 0.76 and enjoyed some solid support. In the last few days the Australia dollar is starting to feel some selling pressure from the 0.77 level as its eyes remain firmly focused on the long term support level at 0.76. To close out last week the AUD/USD fell sharply lower below 0.77 however it found solid support from the long term support level at 0.76. This level has provided solid support throughout most of this year and has now been called upon again in the last week again. Throughout last week the AUD/USD eased lower and was enjoying support from the key 0.77 level before giving way. A couple of weeks ago it surged higher from below 0.77 up to a three week high, however it ran straight into resistance at the key 0.7850 level, which has performed this role several times this year. A couple of weeks ago it also spent most of its time trading quite steady around the 0.7750 level whilst receiving solid support from 0.77.
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Australia 200 – Trying to Stay Above 5500 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Jul 03 15 02:28 GMT
In the last few days the ASX200 index has been able to find some much needed support around 5400 and rally strongly to back above 5600 before easing back a little. In the few days prior there was a strong reversal and sharp fall as the ASX200 index had resumed its medium term down trend and reached a five month low below 5400 in the process. Leading up to the sharp fall the ASX200 index has slowly but surely crept higher and reached a two week high above 5650 whilst enjoying solid support from 5500, however to finish last week it reversed strongly and resumed the medium term down trend. Throughout the last few weeks it has fallen sharply a number of times yet enjoyed solid support from 5500, however this level has now given way. In the second half of May the medium term down trend in the ASX 200 had reversed however just as quickly it has taken out the lows around 5550 and moved lower to its lowest levels in five months.
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AUDUSD - Weakens, Targets The 0.7550 Level Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jul 03 15 02:14 GMT
AUDUSD - With the pair continuing to weaken, it looks to target the 0.7550 level. AUDUSD is on a second day of decline following its loss of upside momentum on Wednesday. On the downside, support lies at the 0.7550 level. A cut through here will turn attention to the 0.7500 level and then the 0.7450 level where a violation will set the stage for a retarget of the 0.7400 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.7650 level where a breach will aim at the 0.7700 level. Below that level if seen will set the stage for a run at the 0.7750 level with a cut through here targeting further downside towards the 0.7800 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
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Gold: Moment Of Truth Print E-mail
Daily Forex Technicals | Written by Forex.com | Jul 03 15 01:57 GMT
We have repeatedly commented that gold's near term outlook does not look bright because of the apparent lack of interest from investors worried about the crisis in Greece. Whereas the European stock markets have fallen quite dramatically in response to the deteriorating Greek situation, the precious metal has barely shown much reaction. Admittedly, this has been in part because of the strength of the US dollars, which has been climbing steadily higher this week in anticipation of today's US jobs report. As it turned out, the headline June NFP print of 223,000 missed the expectations slightly and revisions took away 60,000 jobs from the previous couple of months' readings. On top of this, the average hourly earnings were unchanged compared to May. And although the unemployment rate did fall noticeably to 5.3%, this was primarily due to a sharp drop in the labor force participation rate to its lowest level since 1977. So, it was not as good a jobs report as had been expected. This caused the greenback to drop back somewhat, lifting the dollar-denominated gold off the lows.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 02 15 09:26 GMT
The Euro remains at the back foot and eventually closed below daily Ichimoku cloud top that served as good support for over one week. Yesterday's fresh acceleration lower, boosted by stronger dollar, penetrated into cloud and approached next support at 1.1045, daily 100SMA, which was cracked on today's extension to 1.1030 low. Recovery attempts were limited for now and remain below cloud top at 1.1103, now acting as pivotal resistance. Bearish setup of daily studies favors further downside, following yesterday's repeated strong bearish close. Renewed attempts below 100SMA open psychological 1.10 support and more daily Ichimoku cloud base, which was dented on Monday's extension to fresh weekly low at 1.0952, after week's gap lower opening. All eyes are now on today's US NFP data, with another solid release, expected to keep Euro pressured. Alternative scenario requires sustained return above cloud top to sideline immediate downside risk.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Jul 02 15 09:23 GMT
EUR/USD Current rebound above 1.1030 should be considered corrective, preceding another leg downwards, to 1.0950. Initial intraday resistance lies at 1.1110, followed by the crucial high at 1.1168.
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AUDUSD Could Retest 0.7850 Before Market Turns Lower Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jul 02 15 09:16 GMT
USDJPY find probable lows in the wave 4 since we have almost completed impulse move up. We expect to see a closing of the current gap and completion of the wave 1 and corrective pullback. NFP for sure depend on the number will give boost to USD based pairs. Anyhow we expect at least 3 wave move since we have almost completed impulse up.
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EUR/USD Reaches Target At 1.1060 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 02 15 08:22 GMT
As expected, EUR/USD's bears managed to send the pair to the near-term target around 1.1060, where 100-day SMA and weekly S1 are currently placed. At the moment the Euro is projected to rebound moderately from the mentioned support lines, but the overall sentiment is still negatively biased towards the common currency. In spite of any possible advance in the short-term, bears will aim to push the Euro in the direction of Jun 29 low at 1.0954.
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