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Forex Daily Technical Reports
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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.
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Daily Forex Technicals |
Written by FXTimes |
Jun 18 13 14:55 GMT
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Expanding Top? GBP/USD has been trading sideways since the middle of last week, pushing to a high of 1.5750, but at the same time making successively lower lows. This makes it difficult to call it a top yet, especially with the 4H RSI holding above 40. Perhaps, a near-term target/support to monitor will be the 1.5488 pivot and the 38.2% retracement at 1.5466. This very short-term scenario, ahead of tomorrow’s FOMC meeting would be more likely if you see a pullback that fails to break above 1.5683. However, after the FOMC meeting, expect these pivots to break without much significance.
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Daily Forex Technicals |
Written by FXTimes |
Jun 18 13 11:43 GMT
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Triangle: In the previous update, I noted the market shifting EUR/USD from a rising channel to a triangle, which was symmetrical (higher lows, lower highs). There was a break above this triangle late US session, but price held under the 1.3389 high. Support however continues to be higher, turning the symmetrical triangle into an ascending one, which has more bullish bias.
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Daily Forex Technicals |
Written by ZIFX.com |
Jun 18 13 10:00 GMT
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On Monday Dollar/Yen increased with 120 pip range. The currency couple appreciated from 94.04 to 95.23 yesterday, not matching the negative money flow sentiment at almost -22%, closing the day at 94.42. This morning the Dollar lifted slightly further against the Yen, reaching 95.31.
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Daily Forex Technicals |
Written by Forex.com |
Jun 18 13 08:58 GMT
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The Aussie has been under pressure this morning after the release of the minutes from the last RBA meeting confirmed the dovish bias at the bank. The key takeaway from the minutes included: 1, there is room for further rate cuts if the economic conditions warrant further action and 2, the RBA still views the level of AUDUSD as too high, even after a 10% drop in the last 3 months.
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Daily Forex Technicals |
Written by HY Markets |
Jun 18 13 08:49 GMT
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The EURO closed higher on Monday and the highrange close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the 75% retracement level of the FebruaryApril decline crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
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Daily Forex Technicals |
Written by DeltaStock Inc. |
Jun 18 13 08:16 GMT
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Current intraday slide after yesterday's unsuccessful test of 1.3390 should be considered a part of the corrective pattern, thus preceding a rise towards 1.3510. Major support on the downside is projected around 1.3260-50, followed by the crucial 1.3174.
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Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
Jun 18 13 08:11 GMT
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Pair is heading towards replicating yesterdays session. Although short term technicals give ideas that weekly PP might send pair testing 1.345 area. However, at the time being this is a major resistance which is likely to fail the pair and send it towards 1.31. That's where expectations of major market participants start consolidating.
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Daily Forex Technicals |
Written by ZIFX.com |
Jun 18 13 08:04 GMT
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On Monday Pound/Dollar traded within 70 pip range. The Cable depreciated from 1.5752 to 1.5679 yesterday, in line with the negative money flow sentiment at around -7%, closing the day at 1.5716. Today the British Pound lost further ground, dropping to 1.5661.
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Daily Forex Technicals |
Written by ICN.com |
Jun 18 13 07:50 GMT
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The pair managed to stabilize above 1.3345 represented in 61.8% shown on graph. Therefore, the possibility of extending the bullish move is valid today and Linear Regression Indicators are positive supporting our expectations.
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Daily Forex Technicals |
Written by ICN.com |
Jun 18 13 07:22 GMT
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The GBPJPY pair attempted to move higher yesterday, after testing the pivotal support area at the ascending trend line for the whole bullish trend, and the horizontal key support near 148.00. However, the pair retreats approaching this support again,where holding above this support is necessary for the bullish rebound scenario to remain possible.
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Daily Forex Technicals |
Written by Varengold Bank |
Jun 18 13 05:36 GMT
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Yesterday the Nikkei 225 Stock Average climbed 2.7 percent and the Standard & Poor's 500 Index rose 0.8 percent. The Dow Jones increased 0.7 percent yesterday after U.S. manufacturing and homebuilder confidence data rose. Today the Federal open Market Committee starts its two-day policy meeting, just a month after Fed Chairman Ben Bernanke commented that they may reduce stimulus efforts if the U.S. employment outlook shows sustainable improvement. In addition British officials said that the Group of Eight leaders see downside risks to the global economy reducing. Investors assumed a reduction in the U.S. asset buying program which led to a decline of 0.2 percent of the JPY versus the USD to 94.70. The USD strengthened versus the majority of its 16 most-traded counterparts.
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Daily Forex Technicals |
Written by ZIFX.com |
Jun 18 13 04:45 GMT
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On Monday Euro/Dollar traded within 65 pip range. The European currency appreciated from 1.3317 to 1.3382 yesterday, matching the positive money flow sentiment at over +14%, closing the day at 1.3362. This morning the Euro is trading quietly, with movements within yesterday's range for now.
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Daily Forex Technicals |
Written by FX Instructor |
Jun 18 13 04:32 GMT
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The EURUSD had another indecisive movement yesterday. A quick look at the hourly chart suggests a sideways condition. There are no changes in my technical outlook. My major technical outlook remains bullish but still need a clear break and daily close above 1.3350 – 1.3400 to continue the bullish scenario. Key intraday support remains at 1.3300 – 1.3250. A clear break and daily close below that area could trigger further bearish pullback testing 1.3180 area.
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Daily Forex Technicals |
Written by FXtechtrade |
Jun 18 13 03:45 GMT
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EUR/USD Today's support: - 1.3320, 1.3286, 1.3264 and 1.3226(main), where correction is possible. Break would give 1.3207, where correction also may be. Then follows 1.3185. Break of the latter would result in 1.3148. If a strong impulse, we would see 1.3118.
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
Jun 18 13 03:39 GMT
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The Euro (1.3355) and Pound (1.5705) remain strong. The Euro targets 1.3425 but the Pound has retreated from a high near 1.3775. So, there could be limits to the Pound's rise in the 1.3775-3800 region. Dollar-Yen (94.75) is consolidating a bit after the sharp fall of the last 4 weeks, but remains vulnerable to a further decline towards 92.30.
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Daily Forex Technicals |
Written by Foreign Exchange Analytics |
Jun 18 13 03:05 GMT
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Broader US$ is consolidating from last week's low at 80.50 and with the market oversold after the tumble from the May 23rd high at 84.50, argues risk is rising for at least a few weeks of correcting higher (and potentially much more, see longer term below). Also, the slowing downside momentum over the last few weeks adds to this view of an approaching bottom. At this point however, there is still no signs of even a shorter term low "pattern-wise" (5 waves up on short term chart for example), leaving open scope for another day or 2 of ranging, and even further (but likely limited) lows, before a bottom is seen. Note too that long term support lies just below the recent 80.50 low at the bullish trendline from Aug 2011 (currently at 80.10/35), and is an "ideal" area to form such a low (see in red on daily chart below). Nearby resistance is seen at 81.00/10 and the ceiling of the multi-week bear channel (currently at 81.50/60).
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Daily Forex Technicals |
Written by FXTimes |
Jun 18 13 02:50 GMT
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After finding resistance at 1.0419, USD/CAD has fell to a low of 1.0136 in June. The 4H chart shows a time-frame where the market has a near-term bearish trend that is within a sideways market. This is shown by the relatively flat 200-SMA. The RSI has also swung from 30 to 70, though not before tagging above 70 or below 30 a few times before the swing goes the other way.
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Daily Forex Technicals |
Written by FXTimes |
Jun 18 13 02:48 GMT
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Gold priced in USD has been in a choppy market particularly since the May low near 1338. The market has found resistance around 1422, but in the 4H chart, we see price holding under the 200SMA. Therefore, we can say that the market is trading choppily in a sideways manner, but has bearish bias in this time-frame.
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Daily Forex Technicals |
Written by Admiral Markets |
Jun 18 13 01:55 GMT
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Presumably, the correctional wave iv of (iii) is close to completion . If this assumption is correct, after its completion we can expect a downward price movement in line with the Impulse or Diagonal Triangle formation v of (iii).
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Daily Forex Technicals |
Written by Autochartist |
Jun 18 13 01:54 GMT
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The pair is expected to continue upward movement toward the target level 1.3792 in the next 23 hours. The breakout of this Key Level continues the strong medium-term uptrend from August of 2012 visible on the daily EUR/CAD charts. The pair recently corrected up from this Key Level and is set to rise further toward 1.3792 in the nearest time - which can also be seen from the Volatility Analysis shown below.
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