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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.



EURUSD Could Be Heading Towards New Low Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jul 30 15 08:12 GMT
EURUSD is turning down after a nice pullback to 1.1130 where a three wave rally completed a corrective advance. We know that when rally is done market should continue to it's primary direction which is down for the EURUSD. As such, be aware of more weakness in days ahead. Ideally market will continue sharply down into wave three after breaking the support of wave one.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Jul 30 15 06:36 GMT
Confirmation that the Fed is on course to raise rates later this year was enough to send the dollar higher against most other currencies at a time when the focus for many countries remained on stimulating their respective economies. The dollar index rose to 97.160 , keeping intact its rebound from Monday's two-week low of 96.288. The euro fell 0.2 percent to $1.0964, near its lowest level so far this week. In recent weeks, the euro tends to fall when risk appetite is strong as it is used as a funding currency for investment in risk assets. The dollar also rose about 0.1 percent in early Asian trade to 124.075 yen, hitting its highest level so far this week. The dollar was steady on the day at 123.940 yen, not far from its overnight high of 124.03, while the euro was also nearly flat on the day at $1.0983. The dollar index, which tracks the U.S. unit against a basket of six major rivals, edged up to 97.187, after rising as high as 97.254 on Wednesday.
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Advance U.S. GDP Numbers Released Today At Midday GMT – Volatility Expected In Major Markets Print E-mail
Daily Forex Technicals | Written by IC Markets | Jul 30 15 06:29 GMT
Recent events on the EUR/USD currency pair show that price did indeed fake below 1.1021 into a small 4hr decision- point (DP) demand area at 1.0999-1.1013 (as reported it may do) yesterday, rallying to highs of 1.1078 before cascading south post FOMC. This move took price below the aforementioned 4hr (DP) area reaching as low as 1.0965, which, if you look across to the daily scale, you'll see it also forced price to collide with a daily demand area coming in at 1.0924-1.0978.
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EUR/USD Bearish Targets Of ABC Zigzag Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jul 30 15 06:13 GMT
The EUR/USD was unable to break above resistance (red) and is correcting lower as part of a wave X (lavender) unless price manages to break below the main support level (green).
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Jul 30 15 04:11 GMT
The EURUSD had a bearish momentum yesterday and hit 1.0958 earlier today. The bias is bearish in nearest term testing 1.0900. Immediate resistance is seen around 1.1020. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear. As you can see on my H1 chart below price fell below the EMA 200 after failed to make a clear break above the trend line resistance suggests a bearish outlook. Potential daily range today is seen between 1.0900 – 1.1020. My major technical outlook remains neutral.
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CRUDE OIL - Triggers Correction, Eyes More Strengthen Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jul 30 15 04:04 GMT
CRUDE OIL - With the commodity closing higher on further correction on Wednesday, it faces further upside pressure. On the downside, support lies at the 48.00 level where a break will expose the 47.00 level. A break will aim at the 46.00 level and then the 45.00 level. Below here will open the door for a run at the 44.00 level. On the upside, resistance resides at the 50.00 level where a break will expose the 51.00 level followed by the 52.00 level. A cut through here will aim at the 53.00 level. All in all, Crude Oil remains biased to the downside medium term.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 30 15 03:36 GMT
Aussie (0.7310) is trading just above 0.73 and is stable within the 0.736-0.725 region since the past few sessions. This may continue for some more time before an eventual rise towards 0.74 and above is seen
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Dollar Strengthens Following FOMC Statement Print E-mail
Daily Forex Technicals | Written by ThinkForex | Jul 30 15 02:16 GMT
EURUSD produced an Evening Star Reversal pattern on D1 and I suspect we may have finally seen the end of the rebound from the 1.08192 lows. Now trading back within the bearish channel it points towards an initial 'fakeout', However we need to break beneath 1.9670 (yesterday's lows) before getting too excited.
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AUD/USD – Rolls Over Under 0.73 Again Print E-mail
Daily Forex Technicals | Written by MarketPulse | Jul 30 15 02:11 GMT
The Australian dollar has fallen sharply over the last month which has culminated in a new six year low below 0.7300 to close out last week. It is presently trading right around this key 0.73 level after enjoying some support from around 0.7260. For the best part of the last few weeks the AUD/USD has traded in a narrow range between 0.74 and 0.75 with the former providing reasonable support and the latter providing stiff resistance during this time. It had been relying upon support at 0.74 and testing this level however this has now been broken and the AUD/USD has been consolidating around the 0.74 level for the last week or so. Several weeks ago the Australia dollar was starting to feel some selling pressure from the 0.77 level and it had its eyes firmly focused on the long term support level at 0.76.
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Australia 200 – Eyes On Resistance At 5650 Again Print E-mail
Daily Forex Technicals | Written by MarketPulse | Jul 30 15 02:11 GMT
A few weeks ago the ASX200 enjoyed a solid resurgence back up from support at 5400 to a new three week high above 5650, however over the last week it has met resistance around 5650 and been forced lower. This has resulted in it drifting lower below 5650 however it finished last week enjoying some support from the 5500 level which has held it up well this week allowing it to rally higher again back towards the resistance at 5650. Over the last month the index has been able to find some much needed support around 5400 however with lower peaks over the same period. During this time the 5400 level has been severely tested but it has held up very well. Several weeks ago there was a strong reversal and sharp fall as the ASX200 index had resumed its medium term down trend and reached a five month low below 5400 in the process.
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GBPUSD - Outlook Remains Higher On Corrective Recovery Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jul 30 15 02:06 GMT
GBPUSD - Having continued to hold on to its recovery bias by extending its strength during Wednesday trading session, further move higher is expected. On the upside, resistance resides at the 1.5700 level with a break aiming at the 1.5750 level. A violation will aim at the 1.5800 level and possibly higher towards the 1.5850 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.5600 level where a break if seen will aim at the 1.5550 level. A break of here will turn attention to the 1.5500 level. Further down, support lies at the 1.5450 level. On the whole, GBP looks to retain its recovery bias.
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Can the Fed Disrupt the GBPUSD Rally? Print E-mail
Daily Forex Technicals | Written by Forex.com | Jul 29 15 16:58 GMT
Ahead of this evening's FOMC meeting, the pound is the strongest performer in the G10 FX space. Sterling is still benefitting from the decent GDP figure released on Tuesday, which has triggered a 150 pip rally in two days, not bad for end of July markets. As we lead up to the FOMC meeting, GBPUSD is currently above the most recent peaks on 17th and 23rd July, and is at its highest level of the month so far. The recent advance in cable is also important from a technical perspective, as this pair is now above the top of the daily Ichimoku cloud at 1.5624, which was a key resistance level, is now key support, and signals a technical resumption of the former uptrend in this pair.
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Could the Fed Push USDJPY Above the "Kuroda Line"? Print E-mail
Daily Forex Technicals | Written by Forex.com | Jul 29 15 15:41 GMT
It's been a quiet overnight session for most major currencies as market participants refrained from placing large trades ahead of today's FOMC meeting. As we noted yesterday, the central bank is unlikely to make any outright changes to monetary policy, but the wording of the accompanying statement could tilt the scales in the hotly-contested "September vs. December" (for the first rate hike) debate.
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USDCAD Is Retracing Towards POC Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jul 29 15 11:08 GMT
US FED will release the statement today, without any press conference and we will probably have some range-bound market till FED statement. Expectations towards rate hike are rising and we could see a rate hike in between September and December. US CPI has come in line with expectations, Core Durable Orders also while major news release for CAD will be GDP later in the week (Friday). However any mention of a possible hike is bullish to USD and traders will pay close attention to FED's statement.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 29 15 09:18 GMT
The Euro continues to trade between daily 55SMA, where recent rallies were capped at 1.1128 and strong lower boundary at 1.10 zone, where daily 20SMA, Fibonacci 38.2% of 1.0807/1.1128 upleg and daily cloud base offer strong support. Pullback from 27 July’s fresh recovery peak at 1.1128 was so far contained at 1.1020, however, weakening near-term studies see risk of fresh attack at strong 1.10 support zone. Fresh weakness from overnight’s high at 1.1082, is pointing at initial support a t 1.1033, bull-trendline, drawn off 1.0807 low, ahead of 1.1020 footstep, break of which to signal formation of hourly failure swing and expose pivotal 1.10 support zone. Overall picture remains negatively aligned and keeps the downside focused, ahead of today’s end of two-day Fed’s meeting, with more clear picture about possible rate hike in September expected. Below 1.10 zone, immediate support lies at 1.0980, daily Tenkan-sen and 1.0952, daily 10SMA, loss of which to confirm near-term bears back in play. Session high at 1.1082 offers initial resistance, ahead of 1.1115/28, daily 55 SMA and Monday’s recovery peak, above which to signal recovery resumption.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Jul 29 15 09:11 GMT
EUR/USD The support zone around 1.1020 is still intact, but an eventual break there will extend the corrective pullback towards 1.0925, before renewal of the general upmove to 1.1216.
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USDJPY: Bulls Are Looking Towards 126.00 Level Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jul 29 15 09:05 GMT
USDJPY has turned down from 124.00-124.40 area last week as expected, where we highlighted end of an impulsive wave (a). As such, a downward retracement should be corrective wave (b), maybe already finished after recent bounce from 122.90-123.00 support area. Ideally price will continue up into wave (c) of 5 in days ahead, towards 126.00 projected zone.
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EUR/USD To Move Away From 1.1150 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 29 15 09:00 GMT
Unless the Fed postpones a rate hike beyond September, the Euro is likely to start negating recent gains. The falling trend-line and the monthly PP at 1.1150 continue to act as a ceiling, and any attack on this level should be repelled. The immediate support is the 100-day SMA, and while this can underpin the rate for some time, EUR/USD could re-test July's low already next week. At the same time, a breach of 1.1150 will suggest an extension of a rally towards 1.13.
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GBP/USD Risks Retreating To 1.55 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 29 15 08:58 GMT
The Cable behaved according to the forecast yesterday, as it managed to stabilise above 1.56 major level. However, the weekly R1 was not reached and will doubtfully be taken today, as a correction is expected. The support cluster around 1.5545 could limit the losses, while a drop further below towards the support trend-line is more likely. Furthermore, there is a chance of the trend-line being breached, which would result in the Sterling falling below 1.55. Meanwhile, technical studies retain their mixed signals, unable to confirm the bearish outcome.
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USD/JPY Awaits FOMC Statement, Boost Inbound Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 29 15 08:55 GMT
Although the USD/JPY advanced on Tuesday, the 124.00 was not reached. Apparently, the US Dollar's bullish momentum weakened after piercing the tough resistance area around 124.40, but, nevertheless, the given cluster is now providing substantial support. As a result, the Greenback is expected to maintain its rally and climb above the 124.00 psychological level. Nonetheless, risks of falling back towards 123.00 still persist, as the Fed might provide a more dovish statement today. Meanwhile, technical indicators keep supporting the possibility of the Buck outperforming the Yen.
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