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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.

What Can USDCHF Tell Us About the EURUSD Breakdown? Print E-mail
Daily Forex Technicals | Written by | Jul 24 14 14:16 GMT
The market has been enamored with this week's price action in EURUSD, which unexpectedly peeked down to a new 2014 low under the key 1.3475-1.3500 support zone on Tuesday. However, as we roll into today's North American session, the pair is fighting its way back toward 1.3500 on the back of decent PMI readings from the Eurozone.
US Indices - Technical Update Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jul 24 14 12:08 GMT
Continuing with its strong momentum the index recovered from day's low on Wednesday and on Thursday the index future is quoting above 2014 closing high of 17114. On daily chart, however, the index seems to form a bearish chart pattern, Rising Wedge, with the upper trend-line resistance near 17200 levels. Hence, from current levels the index could possibly continue moving higher towards 17200 levels. Only a decisive move above 17200 mark would possibly negate the bearish chart pattern formation. On the downside, 17050-17000 area seems to provide immediate support for the index. This is closely followed by a very important support near 16950 region, marking the lower trend-line support of the possible rising wedge formation on daily chart. Should the pair decisively break below this important support, it seems to extend the downfall towards 16700 horizontal support area.
FTSE Boosted by Strong PMIs, Looks Set to Test 6865/80 for Umpteenth Time Print E-mail
Daily Forex Technicals | Written by | Jul 24 14 12:06 GMT
Following a sluggish start, the FTSE has turned higher along with the other European markets. Sentiment has been boosted, above all, by the surprisingly good economic data from China and Europe and as corporate earnings from the US continues to surprise to the upside with Facebook posting strong quarterly numbers overnight. Compared to some of the other European indices, the FTSE's gains have been somewhat mild however. Not only is this because of the direct impact of better eurozone data on European shares, but also due to the fact we had a disappointing retail sales number out of the UK. Nevertheless, it is a bullish day for stocks and it could get even better if data and company earnings from the US also top expectations.
EURJPY - Triggers Recovery, Eyes More Strength Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jul 24 14 10:44 GMT
EURJPY - With a temporary bottom formed and recovery higher triggered, further strength is now envisaged. On the upside, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 1.38.00. Further out, resistance resides at the 139.27 level where a break will aim at the 140.00. We may see a breather here but if that fails, further gains could follow towards the 140.50 level. Support comes in at the 136.50 level where a breach will target the 136.00 level. A turn below here will aim at the 135.50 level where a violation if seen will aim at the 135.00 level. All in all, the cross remains biased to the upside in the nearer term.
Dollar/Yen Supported By Short Term Yields Print E-mail
Daily Forex Technicals | Written by | Jul 24 14 10:29 GMT
On Wednesday Dollar/Yen traded within small 25 pip range. The currency couple appreciated from 101.30 to 101.57 yesterday, matching the positive money flow sentiment at nearly +7%, closing the day at 101.44. This morning the Dollar ascended slightly further against the Yen, reaching 101.60.
Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Jul 24 14 10:24 GMT
Current rebound at 1.3437 signals, that the slide from 1.3550 is over and the pair has entered a consolidation mode, preceding next sell-off towards 1.3280. Key resistance on the upside is the already breached 1.3502 area.
Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by | Jul 24 14 10:17 GMT
The pair rebounded to the upside after testing 172.50 yesterday, while the pair is still limited between confirmation levels represented in the support 172.50 and resistance 174.25 waiting to breach one of them to determine the next targets. Of note, breaking the mentioned support pushes the pair towards 170.00 levels, while breaching the resistance triggers a new bullish wave targeting 178.00 in the near term.
Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by | Jul 24 14 10:17 GMT
Despite the pair's weakness, the downside move is still ongoing and is currently moving towards the next technical target 1.3375 represented in 50% correction. The bearish possibility is valid supported by Linear Regression Indicators.
Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 24 14 08:31 GMT
The Euro establishes below 1.35 handle and continues to move lower after closing below pivotal support and brief consolidation, which occurred before fresh push lower. Overall bearish structure keeps the downside focused, with immediate target at psychological 1.34 level and 1.3294, 07 November 2013 higher low, seen in extension. Corrective rallies on oversold conditions are expected to pause descend. Consolidative range high at 1.3472, offers immediate resistance, ahead of 1.35, previous base and broken bull-trendline at 1.3530, while lower top at 1.3547, is expected to cap rallies.
USDCAD May Hit 1.0800 Level In The Next Couple Of Days Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jul 24 14 08:29 GMT
USDCAD moved sharply up from 1.0628 two weeks back which can be wave (iii) of a new bullish impulsive cycle. The reason for bullish view is also current slow price action around 1.0730 that has characteristics of a corrective move within uptrend. ideally it's wave (iv) as part of wave 1 that may reach level around 1.0800 in the next view days.
EUR/USD Set To Decline Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 24 14 07:44 GMT
The sell-off might not have been as strong as expected after a breach of the support at 1.35, but the risks are still considered to be heavily skewed to the downside. And even though a half of the monthly studies are pointing upwards, the path of least resistance currently leads South, towards the monthly S2 and S3 levels at 1.3436 and 1.3369 respectively. Meanwhile, the long-term target is 1.28—2013 lows.
GBP/USD Erodes 1.7042/19 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 24 14 07:43 GMT
Apparently, GBP/USD is not willing to use the opportunity to rebound from the 2009 high. If the price falls beneath 1.7042/19, the dip will most likely extend down to 1.6973/50 (monthly PP and 55-day SMA). There will also be a high probability of a test of the up-trend and 100-day SMA at 1.6890/32, despite five monthly indicators being bullish. In case both these demand areas are penetrated, the 200-day SMA at 1.67 will be exposed.
USD/JPY About To Hit 101.83/73 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 24 14 07:42 GMT
Slowly but surely the U.S. Dollar is outperforming the Yen, as it has received a bullish impetus after a test of 101. However, taking into account the number and toughness of resistances that USD/JPY has yet to breach, there are serious doubts whether the scenario implied by the monthly technical studies is going to be realised. But if the currency pair advances 100 pips North, the long-term bullish intentions will be confirmed.
USD/CHF Looks Towards 2014 High Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 24 14 07:40 GMT
Since USD/CHF closed above 0.90, it is already unlikely that the price is going to re-test the 2014 lows at 0.87. There are also other bullish signs, such as the 55-day SMA being above the 200-period moving average, and the 100-day SMA will also probably get above its longer-term counterpart soon as well. On the other hand, the exchange rate is currently fluctuating far away from this year's high and the monthly indicators remain bearish.
Cable Slides On BoE, Retail Sales Ahead Print E-mail
Daily Forex Technicals | Written by | Jul 24 14 07:34 GMT
On Wednesday Pound/Dollar decreased with 40 pips. The Cable depreciated from 1.7099 to 1.7023 yesterday, in line with the negative money flow sentiment at under -17%, closing the day at 1.7036. Today the British Pound is trading quietly, with movements at the lower end of yesterday's range for the time being.
The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jul 24 14 06:14 GMT
The break of the 1.35 support level is the first time price has moved outside of the 1.35-1.37 zone since the end of May. The 1.3450 level is an important Fibonacci level.
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Jul 24 14 04:51 GMT
The EURUSD was indecisive yesterday but overall still able to maintain its bearish bias so far. The bias remains bearish in nearest term testing 1.3400. Immediate resistance is seen around 1.3500. A clear break above that area could lead price to neutral zone in nearest term but any upside pullback is normal and as long as stays inside the bearish channel I still prefer a bearish scenario at this phase.
Euro Low As EU Tangles Tougher Russia Sanctions Print E-mail
Daily Forex Technicals | Written by | Jul 24 14 04:41 GMT
On Wednesday Euro/Dollar traded within narrow 20 pip range. The European currency depreciated from 1.3474 to 1.3451 yesterday, matching the negative money flow sentiment at around -10%, closing the day at 1.3459. This morning the Euro is trading quietly, with movements at the lower half of yesterday's range for now.
Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Jul 24 14 04:22 GMT
THE EURO closed lower on Wednesday as it extends the decline off this month's high. The midrange close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month's decline, the 50% retracement level of the 20132014rally crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a low has been posted.
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 24 14 03:28 GMT
Euro (1.3459) is sleeping after breaking down below 1.3475 as it trades at an 8 month low. Right now, it is tottering at the monthly trendline support at 1.3450, below which the door to 1.33 and 1.31 opens up. Expect all bounces to face selling pressure from the area of 1.3475-3500.
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