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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.



NZDUSD: All Eyes on .8000 Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 21 14 14:39 GMT
As my colleague Chris Tedder noted earlier today, the big news in today's Asian session was undoubtedly China's quarterly data dump. The marquee GDP report came out 0.1% better than expected at 7.3% y/y, but this reading still represents a 5-year low for growth in the world's second-largest economy. However, Industrial Production came out surprisingly strong at 8.0% y/y vs. 7.5% eyed and 6.9% last quarter, suggesting that demand for exports from the Middle Kingdom remains strong.
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EUR/USD Drops on ECB Bond Buying Report, Downward Trend May Have Resumed Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 21 14 11:48 GMT
The EUR/USD has dropped sharply in the past hour or so and is in danger of resuming its long-term downward trend. Not only has it come under pressure from technical selling, but there's also some fundamental news behind this latest move. According to a Reuters report, which cites "several sources familiar with the situation", the European Central Bank is considering buying corporate bonds on the secondary market.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Oct 21 14 10:29 GMT
Yesterday's slide broke through 106.70 support, reaching local low at 106.23. My outlook here is bullish, for a rise through 106.70, en route to 107.50 and 108.40.
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Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by ICN.com | Oct 21 14 09:39 GMT
The pair retested the significant support of intraday trading 172.00, whereas stabilizing above it is the main catalyst to extending the expected upside move for the coming period targeting 173.65 and 175.00. Generally, we will still favor the upside move unless the pair breaks 172.00 then 171.25 and stabilizes below it.
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Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by ICN.com | Oct 21 14 09:38 GMT
The pair managed to move to the upside above 1.2780 and stabilized above it, as trading above it is positive and could extend the upside move towards 1.3070 later, but the positive outlook should be confirmed by breaching 1.2850.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Oct 21 14 08:59 GMT
The Euro probes above 1.28 barrier, on a fresh strength, off yesterday's low at 1.2730. Near-term price action continues to trade in choppy consolidation, entrenched within 1.2700/1.2840 range. Positively aligned near-term studies and yesterday's positive close keep fresh upside attempts towards the range tops in play, as price action is supported by rising 100SMA and daily Kijun-sen line. However, overall picture remains negative and unless the price extends above range ceiling and 1.29 barrier, seen as initial barriers and trigger for attempts towards 1.30 breakpoint, expect prolonged consolidation, with downside at risk, in the near-term.
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USDCAD Elliott Wave Analysis: Correction Within Uptrend!? Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Oct 21 14 08:57 GMT
USDCAD is reversing from the highs but it can be just another deep corrective retracement. Ideally price turned down into wave ii) that may find the low at 1.1180-1.1200 zone. Keep in mind that as long we have higher highs and higher lows formation from mid September, the trend is up. In our case the latest higher swing low is at 1.1078 so as long this price is in place we will continue to look for higher prices.
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GBPUSD Builds Support Above 1.588 Print E-mail
Daily Forex Technicals | Written by ThinkForex | Oct 21 14 07:30 GMT
COTS positioning shows that we have seen a slight reduction in USD long positions whilst GBP Cots positioning meanders around the zero mark. When you consider that GBPUSD has lost 7.8% since the July high yet Traders have only just dipped to Net short then there is an argument for a relief rally for GBPUSD.
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EUR/USD To Challenge 23.6% Fibo Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 21 14 07:26 GMT
EUR/USD respected an accelerated up-trend that connects the lows seen on Oct 6 and 15, and the pair is now moving higher. The support at 1.2750 was also reinforced by the weekly PP and 2013 low. However, the upside potential of the Euro should be limited by the resistance between 1.2890 and 1.2850, which is created by the weekly R1, 55-day SMA and 23.6% Fibonacci retracement of the May-Oct down-move.
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GBP/USD Open A Door To 1.63 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 21 14 07:23 GMT
Although the four-month down-trend at 1.61 was supposed to keep the downward momentum intact, yesterday it was breached to the upside. The next closest resistance is at 1.6185 represented by the weekly R1, but the possibility of a rally higher, up to 1.63, is high. Here the bullish run should come to an end, being that the supply is implied by the monthly PP, weekly R2 and 55-day SMA. Moreover, the weekly technical indicators are mostly bearish.
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USD/JPY Closes The Bullish Gap Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 21 14 07:22 GMT
Despite the absence of any notable levels USD/JPY came under strong selling pressure and as a result, retreated back to a cluster of supports at 106.80/60. If the demand here is not enough to stop the decline, the area between 106 and 105.50 (weekly and monthly S1, 50% Fibo) will be expected to prevent further depreciation of the US Dollar, just like it did last week. Meanwhile, even lower, at 104.50, there is a cluster created by the 100-day SMA and 61.8% Fibo.
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USD/CHF Falls Under 0.9450 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 21 14 07:21 GMT
USD/CHF failed to gain a foothold above 0.9450β€”it has already nullified the progress made during the last two days of the previous week. The currency pair is likely to find support at 0.9370 (weekly S1 and 55-day SMA), but we cannot rule out a deeper dive, down to the 38.2% Fibo of the May-Oct advancement. Nevertheless, a sell-off from this year's high is still considered to be a correction rather than a reversal of the broad USD strengthening.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Oct 21 14 06:17 GMT
Last Friday the Dow Jones Index of shares climbed 0.1 percent and the Standard & Poor's Index rose 0.9 percent. Investors pushed out expectations for the Federal Reserve to raise interest rates amid signs of slowing global growth. Dallas Fed President Ricahrdc Fisher said he continued to be hawkish on rates but wanted to be sensible. The USD dropped against higher-yielding counterparts and was little changed at 106.95 JPY. The EUR/USD climbed 0.3 percent to 1.2800 and the EUR/JPY strengthened 0.4 percent to 136.89. The AUD/USD gained 0.5 percent to 0.8788 and the NZD fetched 0.6 percent to 0.7967 USD. Yesterday Bank of Japan Governor Haruhiko Kuroda said that policy makers would maintain monetary easing until the inflation rate stabilizes at 2 percent. Each month Japan central bank buys about 7 trillion yen ($65.3 billion) in bonds each month.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Oct 21 14 05:37 GMT
THE EURO closed higher on Monday. The highrange close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing are needed to confirm that a low has been posted. If it extends this summer's decline, monthly support crossing is the next downside target.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Oct 21 14 05:26 GMT
The EURUSD had a bullish momentum yesterday topped at 1.2815. The bias is bullish in nearest term testing 1.2900 before testing 1.3000 psychological level. Immediate support is seen around 1.2770. A clear break below that area could lead price to neutral zone in nearest term testing 1.2700 but as long as stays inside the bullish channel I still prefer a bullish scenario at this phase.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Oct 21 14 03:39 GMT
Euro (1.2804) is rangebound within 1.27-1.29 for the last few sessions but the lack of downward momentum even after the failure to break above 1.29 gives birth to the possibility of extending this corrective bounce to 1.2950-1.30 levels, while the long term trend remains bearish.
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USDJPY - Hesitates Ahead Of The 107.52 Level Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Oct 21 14 02:40 GMT
USDJPY - Trouble is now looming ahead of the 107.52 level as USDJPY is now facing bear threat. If it closes lower on a negative candle, it would have ended its recovery and turned risk lower. On the downside, support comes in at the 106.00 level where a break if seen will aim at the 105.50.00 level. A break if it occurs will aim at the 106.00 followed by the 105.00. Conversely, resistance resides at the 107.50 level where a break will target the 108.00 level. Further out, resistance comes in at the 108.50 level where a violation will aim at the 109.00 level. On the whole, USDJPY remains exposed to the downside short term.
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AUDUSD Levels To Watch Ahead Of The RBA And China GDP Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 21 14 02:39 GMT
It's going to be a big day for the Australian dollar as investors digest the RBA's latest meeting minutes and Chinese GDP numbers. The former is expected to show that the RBA remains firmly in wait-and-see mode, while the latter is expected to show that the economy expanded around 7.2% y/y last quarter. Both of these events have the potential to move the Australian dollar for better or worse – keep an eye on possible knee-jerk reactions which could be exaggerated by algos.
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Gold Chipping Away At Key Resistance As Safe Haven Demand Grows Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 21 14 02:33 GMT
Gold has now risen for two straight weeks after bouncing off the technically-important $1180/85 area at the start of the month. For a time last week, the metal was up a good $65 from that low ($1183), representing a gain of 5.5 per cent. Although gold's rally faltered somewhat at the end of last week – undoubtedly due to the stronger dollar and the kick-back rally we saw in the stock markets, which reduced the demand for safety – the metal nevertheless remained near the highs and is up once again today. Gold's resilience here not only points to more gains, it also suggests that the stock market recovery could be short-lived otherwise the need for the safe have asset would have surely been less. The rising price of gold has been matched with increased bullish speculation. According to the CFTC, net long positions in the week to 14 October climbed by 12,333 contracts. At 42,196, net longs were at their highest level in 5 weeks. Meanwhile ETF inflows have likewise risen in response to the plunging equity markets.
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AUD/JPY: Prepping for Fireworks Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 20 14 15:12 GMT
The week has started off a little slow in worldwide markets as there hasn't really been any news to get the blood pumping yet, but that all could change in a hurry as we transition to the Asian trading session this evening. Not only is Australia releasing the minutes from their most recent Reserve Bank of Australia meeting, but China will be releasing their all-important GDP report as well as a host of other data points including Industrial Production and Retail Sales, among others.
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