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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.



Nikkei Surges as BoJ Unexpectedly Expands QE Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 31 14 13:00 GMT
One central bank ends QE, another increases it. This is not a trick but a treat for the markets. The global equity markets have surged higher after the Bank of Japan surprised the markets overnight by expanding its monetary easing programme to about 80 trillion yen a year, up from Y60tn-Y70tn previously. The BoJ will achieve this mainly by increasing its purchases of longer-term Japanese government bonds. The central bank is clearly worried about the impact of the April sales tax hike, the recent fall back in inflation and lower global oil prices. Indeed, the BoJ governor Haruhiko Kuroda himself thinks that the economy is at "a critical moment," pointing out "there was a risk that despite having made steady progress, we could face a delay in eradicating the public's deflation mindset." That's why they increased QE.
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The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Oct 31 14 10:39 GMT
The confirmation of the EURUSD starting its 5th wave (orange) is when price breaks below the bottom (green line).One of the most likely alternative wave counts (usually there are multiple options) could be that current wave 1 (purple) is a wave C of a bigger correction, which is still part of wave 4 (orange)
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Oct 31 14 10:33 GMT
The pattern above 1.2540 is corrective in nature, thus preceding a break through 1.2500 low, en route to 1.2380. Initial intraday resistance lies at 1.2600, followed by the 1.2632 high.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Oct 31 14 09:54 GMT
The Euro remains under pressure, with fresh weakness off 1.2630, yesterday’s recovery peak, hitting fresh 3 ½ week low, on a probe below yesterday’s 1.2545 low. Yesterday’s close below 1.2660, Nov 2012 low, is seen as initial signal for further descend, with overall bearish technicals supporting the notion. However, yesterday’s hammer candle close, signals reduced selling pressure, which may trigger further consolidation, ahead of fresh weakness. Watch the weekly close, which is required to occur bellow 1.2660 and also below 1.2600, former base, to confirm bearish resumption. Otherwise, prolonged sideways trade could be expected in the near-term, while rallies above 1.2630 would delay bears. Pivotal resistance lies at 1.2690, daily sideways moving Tenkan-sen and Kijun-sen lines.
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Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by ICN.com | Oct 31 14 09:40 GMT
The pair dropped again after touching around the resistance 1.2625 and is trading again below 1.2580. Trading below the referred to level 1.2580 extends the downside move today, while breaking 1.2485 triggers a stronger bearish wave.
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Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by ICN.com | Oct 31 14 09:40 GMT
The pair rallied to the upside after confirming the Inverted Head and Shoulders Pattern showing above, and is attempting to breach the second target at 176.35 easing the way to extend the bullish bias in the upcoming period targeting now 178.00 Therefore, we favor extending the upside move later as long as the pair is stable above 175.00 and 174.60.
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Elliott Wave Morning Review For GOLD & USDJPY Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Oct 31 14 09:29 GMT
USDJPY move to a new high of the year, now moving within wave (iii) that can reach levels around 112 where we see 261.8% Fibonacci extension target. Any downward pullbacks in the middle of this bullish trend will be just temporary corrections with limited downside.
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EUR/USD Falls Below 1.26 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 31 14 09:10 GMT
It seems that the Euro/Dollar cross resumed its long-term downward trend, since it declined further yesterday and surpassed the major level at 1.26. Moreover, the weekly S1 at 1.2579 appeared to be a rather weak support line and the pair closed below it. The next considerable demand area is located at 1.25 (2014 low) and bulls will use this opportunity to reverse the pair, as they did it on October 6. Daily technical indicators, however, still give mixed outlook for the Euro and weekly ones point to the south.
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GBP/USD Approaches Monthly S1 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 31 14 09:09 GMT
Bearish trend continued to prevail on the market for GBP/USD currency pair on Thursday, as it went further to the downside and neared a significant support line at 1.5962, represented by monthly S1 and strengthened by the Bollinger band. At the same time, if the pair decides to fall even lower, it will face both 2013 Q4 and 2014 lows, which are located less than 100 pips away from current price. If the monthly support holds bearish pressure, then we can expect the Pound to advance at least up to 20-day SMA at 1.6062.
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USD/JPY Advances Through 2008 High Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 31 14 09:08 GMT
The Japanese currency unexpectedly lost very noticeable value during last 24 hours, as it dropped more than 220 pips to reach the monthly resistance line at 111.63 on news from the Bank of Japan. The pair climbed through a number of strong supply areas, including 2014 and 2008 highs. If the pair surpasses the next resistance, it may jump up to monthly R2 at 113.61. Otherwise, the Dollar is set to make a step back and trade below the six-year high.
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USD/CHF Stops Growing Ahead Of Up-Trend Around 0.96 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 31 14 09:07 GMT
The Swiss currency continued to weaken versus the US Dollar, but the currency cross stopped rising in value after reaching the Bollinger band at 0.9613. This level is placed just below the up-trend, which is reinforced by weekly R2 at 0.9652. The USD/CHF pair is likely to have some issues with crossing these levels; however, if the testing is successful, it may grow up to October high and monthly resistance around 0.97. In case of failure, the Dollar will be at risk of the decline down to the weekly pivot point below 0.95.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Oct 31 14 06:30 GMT
As the U.S. economy expanded more than forecasted in the thirs quarter to confirm the Federal Reserve`s decision to end its bond-buying program, the dollar touched a three-week high against its major counterparts. The dollar index climbed as far as 86.491 - a high last seen on Oct. 6 - after U.S. gross domestic product grew at an annual pace of 3.5 percent in the third quarter, beating forecasts for 3.0 percent. The index has since eased back to 86.174, but was still up 0.5 percent so far this week. Against the yen, the greenback bought 109.32, near a four-week high of 109.47 reached overnight.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Oct 31 14 05:36 GMT
The EURUSD attempted to push lower yesterday, bottomed at 1.2545 but closed higher at 1.2611. The bias remains bearish in nearest term testing 1.2500. Immediate resistance is seen around 1.2630/50. A clear break above that area could lead price to neutral zone in nearest term but as long as stays inside the bearish channel I still prefer a bearish scenario at this phase.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Oct 31 14 04:21 GMT
THE EURO closed lower 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 bearish signalling that sideways to lower prices are possible nearterm. If it extends this summer's decline, monthly support crossing is the next downside target. Closes above the 10day moving average crossing are needed to confirm that a low has been posted.
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The Daily Forecaster: GBPUSD Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Oct 31 14 04:14 GMT
As with the Continentals the downtrend extended more directly than I had expected to reach 1.5950. The 1.6038 highshould now hold for losses to extend down to (around) the 1.5950 low and after a correction to 1.5910-15 minimum. From this point take care. There are valid projections at 1.5910-15 and also 1.5874. We will need to observe the development and judge through hourly momentum (maybe 4-hour also - but this isn't clear at this stage) to provide a signal that momentum is getting stretched on the downside - and possibly a bullish reversal pattern.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Oct 31 14 03:33 GMT
The Euro (1.2598) hasn't really added to its loss till now but the target of 1.25 remains unchanged. The bearish momentum remains strong below our old resistance of 1.2780. The Pound (1.5989) suffered from a false breakout this week, suggesting the importance of 1.6200-30 as the major resistance now and a strong possibility of retesting 1.5875 and then 1.58.
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Gold, Important Bottoming ? Print E-mail
Daily Forex Technicals | Written by Foreign Exchange Analytics | Oct 31 14 02:13 GMT
In the Oct 21st email, said that risk was rising for at least a week of downside, and the market has indeed tumbled since that day's high at $1255. In the big picture, again approaching that longer term, key support in the $1175/90 area (base of the huge triangle since June 2013) and 'prefer' the view of a larger bottoming (see longer term below). Note that the seasonal chart is higher from here into Dec (see 3rd chart below), both silver and the gold mining equity index (GDX) have indeed pushed to new lows (said in Oct 21st email new lows were needed and was a short term bearish factor for gold), and the upmove from the Oct 6th low at $1183 occurred in 5 waves/upside not 'complete'
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NZDJPY: One For Your Watchlists Print E-mail
Daily Forex Technicals | Written by ThinkForex | Oct 31 14 01:38 GMT
The weekly Head and Shoulders reversal is still in play (although the neckline has already been challenged this week) but price is currently just below this key level.  I am open to the distinct possibility that the H&S may become invalidated as price grinds higher, but due to the elongated Bearish Engulfing candle 5 weeks ago I will still be seeking areas of resistance to fade into over the coming weeks. 
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AUD/USD – Determined To Stay Above Key 0.88 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Oct 31 14 01:36 GMT
In the last 24 hours or so the Australian dollar has rallied again back up through the resistance level at 0.88 after only recently falling sharply back down through that level in the day prior. It had only just reached a two week high just above 0.89 before the sharp fall. During the last month 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. 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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Australia 200 – Threatening To Return To Above 5500 Again Print E-mail
Daily Forex Technicals | Written by MarketPulse | Oct 31 14 01:34 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 few weeks after getting much needed support from the 5200 level and has now returned to its previous range above 5400 where it is presently consolidating and remaining within. It has more recently started to look towards the other key level of 5500 and may return back above there soon. A couple of weeks ago it received solid support from the 5100 level which saw it rally well to close out a couple of weeks ago. 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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