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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 Stocks May Have Snapped Six-Week Build Streak Print E-mail
Daily Forex Technicals | Written by Forex.com | Feb 23 17 13:19 GMT
Oil prices have bounced back after Wednesday's decline and are thus back higher on the week after Monday's rally. As before, I think oil prices are heading higher. The lack of a clear trend over the past several weeks has coincided with rising US crude oil inventories to new record levels. But after a six-week streak of rises, US oil stocks are likely to have fallen last week. The official Energy Information Administration data will be published later this afternoon.
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Crude OIL Intraday View Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Feb 23 17 11:03 GMT
Crude oil has been down strongly yesterday but current leg up from 53.36 looks like a new impulse so resumption of a bullish trend has to be considered. That said, we labeled end of a regular flat formation in wave 2 which means that bulls may continue now above 55.00 area.
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AUDUSD – Near-Term Outlook Is Positive But Firm Break Above 0.7700/30 Pivots Needed To Confirm Bullish Continuation Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Feb 23 17 10:04 GMT
Yesterday's fresh attempt above 0.7700 barrier was positive signal, as price continues to hold at the upper side of 0.7600/0.7700 congestion. Overnight's dip on weaker than expected Australian data was so far contained, with 0.7700 pivot being attacked again on bounce. Bullishly aligned near-term studies are supportive, along with daily MA's in firm bullish setup. Rising daily 10SMA offers immediate support at 0.7678, followed by 20SMA that underpins the action and currently lies at 0.7645.
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USDJPY – No Clear N/T Direction While The Price Holds Within 112.60/113.75 Range Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Feb 23 17 10:02 GMT
Repeated upside rejection (112.75) of recovery leg from 112.60 (17 Feb trough) and subsequent easing that reversed the largest part of strong 112.60/113.75 recovery, weakened near-term structure. Daily studies are in neutral / bearish mode and require break out of 112.60/113.75 range for stronger direction signal. Firm break below 113.00 support would confirm bearish near-term stance, with loss of 112.60 pivot to complete daily Failure Swing pattern for fresh extension of pullback from 114.94, as 15 Feb bearish candle with long upper shadow continues to weigh. Conversely, close above daily Tenkan-sen (113.75) would signal further retracement of 114.94/112.60 downleg.
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GBPUSD – Probes Above Triangle Resistance Give Initial Direction Signals Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Feb 23 17 09:59 GMT
Cable remains within near-term triangle following yesterday's unsuccessful probe above upper pivot (10SMA / triangle resistance line at 1.2465). Near-term studies remain neutral, while dailies are mixed and show no direction signals for now. However, yesterday's spike higher that was capped by next pivotal barrier at 1.2506 (descending 20SMA) could be seen as initial signal of fresh strength.
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EURUSD Is Consolidating After First Probe Below Daily Cloud, Bears Remain In Play While 55SMA Caps Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Feb 23 17 09:57 GMT
The Euro holding around daily cloud base (currently at 1.0557), after yesterday’s break lower that extended below psychological 1.0500 support, but failed to close below daily cloud. Daily close below pivotal supports at 1.0557/1.0525 (cloud base/Fibo 61.8% of 1.0339/1.0827) is needed to signal bearish continuation towards next target at 1.0454 (Fibo 76.4% /11 Jan spike low) that would expose key support at 1.0339 (03 Jan low, the lowest since 2003).
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USDJPY Could Experience Some Strength In The Next Few Days Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Feb 23 17 09:43 GMT
On the updated chart of USDJPY, we can see a nice and strong bullish turn taking place from around the 111.60 level, where we labeled end of a complex correction. As such, recent recovery gives us an indication for a completed double zig-zag correction and a suggestion that higher levels will now follow while market stays above 111.60. At the moment we see price trading up from black wave 2, that seems to have found a base at the 61.8 Fibonacci ratio. That said more strength could already be in progress within black wave 3, that may target area above the 115.60 region.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Feb 23 17 09:39 GMT
EUR/USD The downtrend has been reversed at 1.0493 low and the intraday outlook is positive, for a rebound towards 1.0602, en route to 1.0630 resistance area. Initial minor support lies at 1.0530.
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EUR/USD Back Above 1.0550 Level Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 23 17 09:15 GMT
The common European currency surged against the US Dollar on Thursday morning, as the currency exchange rate continued the late Wednesday's surge. The surge was initiated by the dovish FOMC meeting minutes, which caused the Greenback to fall all across the board. However, this occurred almost perfectly in the borders of a descending medium term channel, and the previous forecast of a decline of the currency pair is still in force. In fact, it is most likely that the pair will retreat once more to the weekly S1 at 1.0529 by the end of the day.
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GBP/USD In Limbo Above The Weekly PP Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 23 17 09:14 GMT
The British Pound remained rather muted against the US Dollar during the last three days, with the tough support area circa 1.24 keeping the pair afloat. Even though there is some room for another leg down, same as yesterday, assuming the weekly pivot point at 1.2449 manages to hold the Cable—a positive development would not be a surprise. However, the main target, namely the resistance around 1.25, is unlikely to be breached due to lack of potential market movers. Meanwhile, technical indicators also keep giving bullish signals in the daily timeframe, unable to confirm the possibility of the positive outcome.
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USD/JPY Continues To Consolidate Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 23 17 09:13 GMT
The FOMC Minutes barely affected the markets yesterday, as no clear clue concerning a future interest rate hike was provided. As a result, the US Dollar closed with a 33-pip loss against the Japanese Yen, retaining its position above 113.00. Technical indicators keep giving mixed signals in the daily timeframe, but the weekly ones now are giving distinctly bullish, implying the USD/JPY pair could soon break out from its consolidation trend. However, in order to fully achieve this goal the Greenback is required to stabilise above the 115.00 major level, meaning the tough resistance, formed by the weekly R1, the monthly PP, the Bollinger band and the 55-day SMA, needs to be overcome.
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Gold Still Near 1,235 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 23 17 09:10 GMT
The yellow metal remains near the 1,235 mark, and near that level the bullion has been fluctuating for the past six consecutive trading sessions. However, the flat trading is consistent with the forecasts, as the bullion continued to be squeezed in a medium term triangle pattern. A breakout to the upside is expected in the upcoming trading sessions, and it is most likely to occur at the start of next week. In such case it is highly likely that the metal's price would reach the 1,250 mark.
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EUR/USD Bullish Target After Failure To Break 1.05 Support Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Feb 23 17 07:34 GMT
The EUR/USD indeed made a bullish bounce yesterday at the support Fibonacci levels of wave X (blue). Price could now be building a complex WXY correction within a larger wave 2 (purple) unless price breaks below the 138.2% Fib level (invalidation). The Fibonacci levels of wave 2 (purple) could also act as reversal spot and remains valid unless price breaks above the 100% level of wave 2 vs 1 (purple).
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Feb 23 17 07:25 GMT
The EURUSD attempted to push lower yesterday bottomed at 1.0493 but closed higher at 1.0557. The bias is neutral in nearest term probably with a little bullish bias testing 1.0600/20 area. Immediate support is seen around 1.0520/00 which remains a good place to buy with a tight stop loss as a clear break and daily close below that area would expose 1.0400 – 1.0350 region. On the upside, a clear break and daily close above 1.0600 would expose 1.0680 – 1.0700 area. Overall I remain neutral.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Feb 23 17 04:59 GMT
For those who read Wednesday's report you may recall that our desk highlighted the 1.05/1.0520 region (yellow H4 box) as an area worthy of attention. It comprises of the following structures: The 2017 yearly opening level at 1.0515, a daily support at 1.0520, the 1.05 handle and the top edge of a weekly support area at 1.0502. There was, as you can see, a very tasty H4 buying tail that formed within the walls of this region, but the candle unfortunately closed below 1.0515. As such, there was a chance that this level could've acted as a resistance, so we passed on the setup. Well done to any of our readers who managed to pin down a position here!
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Feb 23 17 03:50 GMT
The EUR/USD pair plunged to 1.0493 following London's opening, with the dollar gaining some traction as stocks jumped higher, and the common currency undermined by political woes. Data coming from Germany surprised to the upside, as the IFO survey showed that business sentiment improved in February, rising up to 111.00 from previous 109.8, with the assessment of the current situation up to 118.4 and expectations also on the rise, up to 104. Euro area annual inflation matched initial estimates, as the CPI was 1.8% in January 2017, up from 1.1% in December 2016, while it fell monthly basis by 0.8%, as expected.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Feb 23 17 03:32 GMT
Although the FOMC Minutes yesterday talked about a rate hike "fairly soon", US Yields (10Yr 2.41%) have dipped a little and the US Dollar Index (101.37) has also paused for a while just below 101.50. The overall Dollar strength still dominates while above 100.50, but a rise past immediate crucial Moving Average Resistances near current levels need to be broken in order to propel the Dollar Index higher towards 102+.
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EURUSD - Weakens, Extends Bear Pressure Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Feb 23 17 02:58 GMT
EURUSD - With the pair continuing to weaken further on Wednesday, more decline is likely in the days ahead. On the upside, resistance comes in at 1.0550 level with a cut through here opening the door for more upside towards the 1.0600 level. Further up, resistance lies at the 1.0650 level where a break will expose the 1.0600 level. Conversely, support lies at the 1.0450 level where a violation will aim at the 1.0400 level. A break of here will aim at the 1.0350 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, EURUSD faces further downside pressure on declines
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Playing The Same EUR/GBP Support/Resistance Level Print E-mail
Daily Forex Technicals | Written by Vantage FX | Feb 23 17 02:35 GMT
If that EUR/GBP level looks familiar, that's because it is. Yes, we've used this EUR/GBP support level a few times now. Click that link and follow the path back in time through our EUR/GBP posts to see how each time price came back to this level, it was respected.
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AUD/USD Ranging But Slightly Bullish Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Feb 22 17 10:51 GMT
The AUD/USD has been ranging with a very low ATR (58), indicating low momentum in the market. At this point we can spot 2 possible zones for either a trend (POC) or counter trend move (POC CT). Slightly bullish bias has been prevailing in the market and POC for long trading opportunities comes within 0.7660-70 (trend line, 78.6, L3, ATR pivot). Target is 0.7725. However if the pair gets to POC CT (historical sellers, ATR projection high) 0.7720-35 it could provide a counter trend opportunity towards 0.7660. Drop below 0.7645 would put the pair in a high range scenario.
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