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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.



GBPUSD: Final Wave C) In Play, Ideally Towards 1.4700 Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Apr 29 16 08:50 GMT
GBPUSD moved higher recently, above 1.4511 level which means that recovery since late February is a complex pattern; a double zigzag. However, it's a corrective black wave IV visible on higher time frames, which in fact may complete a contra-trend move earlier than we thought, but at higher levels. We are tracking a second zigzag now with red sub-wave C) in progress that could make a top then around 1.4700 area. We however will have to wait on impulsive bearish reversal before any "top in place" can be confirmed.
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EUR/USD At Weekly Highs, Nearing 1.14 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 29 16 08:36 GMT
Five days of gains for the Euro, including Friday, is a direct result of US Dollar's inability to consolidate momentum, while weak fundamentals are only fuelling the rally. Yesterday EUR/USD breached the weekly R1 at 1.1341, meaning at the moment the pair is a position to advance up to the last week's peak at 1.1398. The most substantial resistance, however, is placed higher at 1.1490 where the bulls are going to encounter the February-April uptrend line and the October 2015 high. In the meantime, bullish outlook is boosted by the fact that the 100-day SMA has just crossed the less-volatile 200-day SMA to the upside.
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GBP/USD Sets Eye On 1.47 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 29 16 08:35 GMT
Disappointment in yesterday's US GDP figures caused the Cable to negate Wednesday's losses, but the immediate resistance in face of the monthly PP and the weekly R2 remained intact. The Sterling is expected to retain its strength, thus, edge higher against the US currency again. Gains are likely to be limited around the 1.4660 mark, with resistance there represented by the weekly R2 and the Bollinger band. In case supply fails to keep the GBP/USD pair from appreciating, price should stabilise near the 1.47 major level, only 200 pips away from the final resistance line. Medium-term technical indicators are now giving mixed signals, suggesting that the down-trend could be reached next month.
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USD/JPY Retains Post BoJ Weakness Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 29 16 08:34 GMT
The American Dollar suffered a heavy loss on Thursday, triggered both by the BoJ's decision and a poor reading of the US GDP. Even though the USD/JPY currency pair managed to close trade above the 108.00 major level, the 18-month low is still under the risk of being violated. Unless demand at this low is insufficient to trigger a rebound, the next target will be the support cluster around 106.65, represented by the Bollinger band, the monthly S3 and the weekly S2. Meanwhile, technical indicators are unable to confirm the bearish scenario completely, but no impetus today is expected to cause the bullish momentum to return after yesterday's slump.
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Gold To Target March High At 1,284.53 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 29 16 08:33 GMT
The bullion booked a tremendous rally on Thursday, as a very decisive bullish action managed to close the daily trading above the most important resistance of 1,258/63 represented by the weekly R1 and February high. Boosted by weaker US Dollar, gold is now fluctuating at peak levels since mid-March. We give a quite uplifted likelihood to a testing of the March high at 1,284.53, which is backed by the weekly R2 at 1,286. While technical indicators on daily/weekly time frames are strongly positive, we would not rule out a mid-term spike towards the channel's trend-line and 2015 high at 1,307.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Apr 29 16 06:33 GMT
n recent sessions the single currency pushed to new highs of 1.1367, and has since settled around the 1.1338 mark – a resistance-turned support. On the assumption that this line holds steady today, there’s little H4 structure seen overhead stopping the EUR from reaching H4 supply chalked up at 1.1400-1.1383. While this may be true, given the recent rejection from the high 1.1367 and aggressive stab down to lows of 1.1310 yesterday, we have no interest in buying this market. In addition to this, if one scans across to the higher-timeframe charts you’ll be able to see that both the weekly and daily timeframes are currently trading within supplies at the moment (weekly: 1.1533-1.1278, daily: 1.1385-1.1332), which does not exactly place one in an ideal environment to buy!
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US Dollar Weakness Continues To Rock The Forex Boat Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Apr 29 16 06:29 GMT
The EUR/USD broke above resistance (dotted orange), which expands the larger WXY (purple) development towards resistance (red). As long as price stays in the bullish channel, then a continuation of the uptrend is likely as part of the Y waves.
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EURGBP Accelerates To The Downside Print E-mail
Daily Forex Technicals | Written by ThinkForex | Apr 29 16 03:50 GMT
The previous analysis highlighted the tendency for EURGBP to trade above the 61.8% retracement before rolling over on the longer term charts. Needless to say, this did not occur on this occasion as it rolled over almost perfectly at this level. After two consecutive bearish weeks and now trading below the 200 weekly eMA, EURGBP has now lost around 50% of the gains achieved since confirming the inverted H&S bottom.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Apr 29 16 03:43 GMT
Federal Reserve, the Bank of Japan decided to stay path, with Kuroda saying they need more time to assess the effects of negative rates. The EUR/USD pair, despite reaching a fresh weekly high of 1.1367, was unable to benefit much, as data coming from both shores of the Atlantic, resulted mixed. In Germany, unemployment fell by 16,000 and wages grew during April, but harmonized inflation fell into negative territory, down 0.3% monthly basis, and by 0.1% compared to a year before.US data was also mixed as the advanced GDP for Q1 showed the economy grew at an annualized rate of 0.5% against the 0.7% expected, the slowest pace in two years, underlying the slowdown suffered by the US economy since the last quarter of 2015. Core CPE on the other hand, jumped to 2.1% during the quarter, which could heighten expectations that the Fed could act sooner than expected, particularly if the economy gives some signs of further recovery.Having advanced for a fourth consecutive day, the EUR/USD pair has broken above the 1.1315 Fibonacci level early Asia, and retracements towards the level during the next sessions attracted buying interest. Nevertheless, the 4 hours chart presents a neutraltobullish stance, as the technical indicators head nowhere within positive territory, but the price is above its moving averages, with the 20 SMA heading north around 1.1310. The pair has still to beat the strong resistance in the 1.1380/90 region to be able to advance further, eyeing then a retest of the 1.1460 price zone, a major long term resistance level.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Apr 29 16 03:40 GMT
Currencies are all mixed. Dollar-Yen is trading near support levels. Euro and Pound may test resistance levels in the next couple of sessions while Aussie and Rupee looks ranged for some time.
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AUDUSD - Threatens Further Downside Pressure Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Apr 29 16 02:03 GMT
AUDUSD - The pair tumbled lower on sell on Wednesday and remains weak leaving risk of more weakness on the cards. On the downside, support resides at the 0.7550 level where a breach will aim at the 0.7500 level. Below that level will set the stage for a run at the 0.7450 level with a cut through here targeting further downside pressure towards the 0.7400 level. On the upside, resistance lies at the 0.7650 level. A cut through here will turn attention to the 0.7700 level and then the 0.7750 level where a violation will set the stage for a retarget of the 0.7800 level. On the whole, AUDUSD remains biased to the downside.
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GBPUSD - Threatening Further Upside Short Term Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Apr 29 16 02:03 GMT
GBPUSD - Having GBPUSD taken back its losses to close higher on Tuesday, further bullishness is envisaged. On the downside, support lies at the 1.4550 level where a break will turn attention to the 1.4500 level. Further down, support lies at the 1.4450 level. Below here will set the stage for more weakness towards the 1.4400 level. Conversely, resistance stands at the 1.4650 levels with a turn above here allowing more strength to build up towards the 1.4700 level. Further out, resistance resides at the 1.4750 level followed by the 1.4800 level. On the whole, GBPUSD remains biased to the upside but with caution.
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Dollar Resumes Slide On Weak Data, Cautious Fed Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 29 16 01:54 GMT
After the Federal Reserve kept US interest rates unchanged as expected on Wednesday and reiterated its consistently cautious stance with regard to future rate increases, annualized Advance GDP data for Q1 came out on Thursday morning that disappointed already-low prior estimates. In the first quarter of the year, the US economy was estimated to have grown by only an annualized 0.5% against prior expectations of 0.7% growth.
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Gold Finally Set For Bullish Breakout? Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 29 16 01:53 GMT
After a sharp BOJ-inspired drop this morning, Western equity markets were able to turn slightly higher in the afternoon. Sentiment was partly boosted by the still-rallying oil prices as well as robust earnings from Facebook which helped to lift the social network to a fresh all-time high. Other commodities also rallied as the dollar sold off on the back of a weaker-than-expected first quarter US GDP estimate. This helped to push expectation about the next Federal Reserve rate increase further out, boosting the appeal of non-interest-bearing precious metals in particular, some of which had already been in high demand. Gold, silver and platinum ignored the rebound in stock markets and rallied across the board, with the latter breaking out to a new high above last week’s peak of $1042, thus triggering further momentum buying interest. Silver was approaching $17.70, a key level which we highlighted in one of our reports on Wednesday
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EUR/JPY Plunges to Approach Major Support Lows after BoJ Inaction Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 28 16 15:35 GMT
Despite last week's reports that the Bank of Japan (BoJ) was considering potentially more aggressive easing actions in the form of additional stimulus measures, which had led to an immediate drop in the yen and a significant boost for both USD/JPY and EUR/JPY, Japan's central bank issued its decision on Thursday that it would hold off on any monetary easing. Interest rates remained unchanged and the BoJ was seen as taking the unexpected path of non-action, with nothing in the way of guidance or indication of any future action. This prompted an exceptional surge for the Japanese yen and corresponding plunges for both USD/JPY and EUR/JPY.
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USD/JPY: What Next for the Beleaguered Pair? Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 28 16 12:50 GMT
This week's key central bank meetings have come to pass. The US Federal Reserve, the Reserve Bank of New Zealand and the Bank of Japan all decided to leave their monetary policy stances unchanged, so you would have thought that the markets would not have reacted much. Well, in the case of the Fed and the dollar, you would have probably been correct since virtually no one was expecting a rate rise at this week's meeting. The RBNZ's decision to leave policy unchanged surprised a few people and the New Zealand dollar rallied sharply. But it was just a drop in the ocean compared to how much the yen rallied in the aftermath of the BOJ's meeting. The latter was expected to ease its policy, especially after fresh data showed the Japanese economy fell into deflation. Not only did it refuse to do that but there wasn't even the slightest signal of further easing. The markets have punished the BOJ by aggressively bidding up the yen.
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AUDJPY Tanking Down After BOJ Decision Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Apr 28 16 10:55 GMT
Yen crosses fell heavily after BOJ decided no to go with more stimulus for now. The drops were direct and that means - VERY strong, without any retracement. Nikkei was slaughtered too. BOJ appeared quite hawkish last night even more than FED(!). The market was surprised by The Bank of Japan holding off on expanding monetary stimulus, investors were expecting more Abenomics which Kuroda failed to deliver.
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GOLD In A Triangle, Wave D) Can Be Limited Around 78.6% Fibonacci Resistance Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Apr 28 16 10:34 GMT
GOLD is higher but upside can be limited near 78.6% Fibonacci resistance level as we see move up from 1227 still as wave D) within ongoing triangle. The wave count suggests that another three wave retracement down to around 1240 may follow for wave E), final leg of the pattern that may send price up next week.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Apr 28 16 10:31 GMT
The Euro is stable above 1.1300 handle, above which it closed yesterday, on the third consecutive daily bullish close. Fresh bullish acceleration on softer US dollar, broke above sideways-moving daily 20 SMA at 1.1333 and opens turns focus towards strong resistance at 1.1400 zone (former triple upside rejection). Technical studies are bullish on all timeframes and support extension towards 1.1400, break of which will open key short-term barrier at 1.1463 (12 Apr peak). Broken 20SMA now marks initial support, followed by strong 1.1300 zone (reinforced by parallel-running daily Tenkan-sen & Kijun-sen, rising daily 10SMA and hourly Ichimoku cloud top). Only return below 1.1283/70 (hourly cloud base / yesterday's low), would soften near-term tone.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Apr 28 16 08:33 GMT
USD/JPY The massive sell-off after the second failure below 112.00 resistance signals a completion of the whole corrective rebound above 107.60 low. The bias is bearish, for a break through 108.50, towards 107.60, en route to 105.40 later on.
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