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Jun 29 19:51 GMT

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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.



US$ Index, Long Held Target above 100.50 Remains... Print E-mail
Daily Forex Technicals | Written by Foreign Exchange Analytics | Jun 29 16 13:23 GMT
In the Jun 21st email, affirmed the bigger picture view of a bottoming (and potentially major bottoming, see longer term below) from that May 3rd spike low at 91.90. The market has indeed rallied since, breaking above the May 30th high at 95.95 and currently chopping near recent highs at 96.70/85 (also the ceiling of the bullish channel from that May 3rd low). Still a bigger picture bull with the recent break above the ceiling of the bearish channel from Dec adding to that view. On a short term basis however, there is scope for another few days/week of correcting before resuming the larger upmove (see in red on daily chart below).
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FTSE Not Out of the Woods Yet Print E-mail
Daily Forex Technicals | Written by Forex.com | Jun 29 16 11:45 GMT
The bigger the drop, the bigger the rebound. That is what has happened with the FTSE 100 index in the aftermath of the UK's vote to leave the EU. In fact, the rebound has been so profound that the index has nearly made good all the losses suffered since the Brexit vote. Clearly, some investors who were lucky enough to come through the Brexit-stimulated drop relatively unscathed may now use this opportunity to either cut or reduce their stocks holdings or at least hedge their exposure by shorting the FTSE. This could especially be the case since we are approaching month-end; it would not look good on money managers who hold stocks in sectors that dropped massively post the Brexit vote. Added to this, bearish speculators who missed the original plunge may be tempted to step in and ride the next potential drop. So the FTSE could easily turn back lower.
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EURJPY - Sees Recovery On Correction Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jun 29 16 10:01 GMT
EURJPY - The pair remains biased to the upside on correction though retaining its broader medium term downtrend. Support comes in at the 113.00 level where a break will aim at the 112.50 level. A turn below here will target the 112.00 level with a breach turning focus to the 111.50 level. Conversely, resistance lies at the 114.00 level. Further out, resistance comes in at the 114.50 level where a break if seen will threaten further upside towards the 115.00. Further out, resistance resides at the 115.50 level. All in all, EURJPY eyes further bearishness medium term but faces nearer term recovery.
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Aussie Dollar Is Gaining Bullish Momentum On Return Into Daily Ichimoku Cloud Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jun 29 16 09:52 GMT
Aussie returned into daily cloud and broke above next barrier at 0.7395 (daily Kijun-sen), on today's fresh attempt higher, after yesterday's crack of daily cloud base proved to be false break. However, positive sentiment has established, following yesterday's bullish close on rally that retraced the largest part of Monday's fall.
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USDJPY - Recovery Attempts So Far Hold Below Daily Tenkan-Sen At 102.88 Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jun 29 16 09:51 GMT
The pair is supported in the near-term action, following bullish close of past two days, but shows hesitation on approach to strong 102.88 barrier (daily Tenkan-sen line / 50% retracement of 106.78/98.98 fall) which so far limits upside attempts. Hourly studies show slight improvement, however, firm bears on 4-hour chart so far offset bullish influence.
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Cable - Fresh Upside Attempts Probe Above 1.3400, Strong Resistance At 1.3480/1.3500 Coming In Focus Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jun 29 16 09:49 GMT
Cable holds in the upper area of near-term 1.3272/1.3416 range, following bullish close yesterday, which triggered fresh upside attempts today. Structure of near-term studies is neutral / bearish, however, overextended daily technicals with RSI emerging above oversold zone barrier, would signal fresh upside attempts.
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EURUSD - 200SMA Continues To Cap Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jun 29 16 09:48 GMT
Near-term price action stalled again on renewed attack at strong 1.1080/1.1100 resistance zone, which was cracked on yesterday’s brief probe above. Sideways-moving 200SMA marks solid barrier, which is expected to ideally cap recovery attempts, before larger bears resume. Yesterday’s daily candle is positive but with long upper shadow that signals hesitation at strong 1.1100 barrier (200SMA / Fibo 38.2% of 1.1425/1.0909 fall) and supports the notion of limited upside action before fresh push lower.
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S&P500 Possibly Changing Its Course, Bulls Getting Stronger Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jun 29 16 09:22 GMT
S&P500 has been trading sharply lower since last week, down into wave C that represents final wave of a big corrective set-back from April of this year. We see a flat correction, it's a 3-3-5 contra-trend move that can be finished now following recent bounce from 1981 that has impulsive qualities on lower time frames so we think that price may go much higher now, especially after a pullback down into a red wave 2) that may be very interesting to join the bullish ride.
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EUR/USD Fluctuates Around 1.1065 On Wednesday Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jun 29 16 09:14 GMT
The European currency surged from 1.1023 to 1.1062 on Tuesday against the US Dollar, as the Euro is slowly recovering after the huge drop it experienced on the results of the UK referendum on EU membership. At the moment, the currency exchange rate is fluctuating around the level of 1.1065, and it has already experienced volatility between the ranged of 1.1050 to 1.1080 today. The rate is most likely to struggle with the 200-day SMA at 1.1096.
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GBP/USD Attempts To Surge Again Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jun 29 16 09:13 GMT
As was anticipated, the Sterling managed to rebound on Tuesday, unable to fall below the post-Brexit's low of 1.3230. Technically, the Pound is likely to continue edging higher today, as the 1.3230 mark is also reinforced by the lower Bollinger band. The Cable could keep appreciating until the 1.40 major level is reached, as there are no substantial resistances on the way to that area. Meanwhile, technical indicators retain mixed signals, unable to confirm the scenario. As a result, risks of the GBP/USD slumping back to 1.3320 or even lower persist.
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USD/JPY Struggles To Post More Gains Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jun 29 16 09:11 GMT
The Greenback's bullish development against the Japanese Yen on Tuesday caused the broadening falling wedge pattern to be preserved. Even though the bearish momentum could prevail today, there is a number of supports located below the 102.00 major level, which are likely to prevent the Buck from sustaining sharper losses. One of those supports is a five-month trend-line, which should ideally be the lowest border to contain the volatility. Technical indicators also suggest the USD/JPY pair is to weaken today, but strong fundamentals could be sufficient to trigger a buying-spree, leading the exchange rate above the 103.00 psychological level.
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Gold Surges On Wednesday Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jun 29 16 09:10 GMT
Although, the market recovered on Tuesday from the Brexit induced shock last week, markets have returned to risk off sentiment on Wednesday, as, in the meantime, the yellow metal met the weekly pivot point at 1,307.95 and began to increase. The bullion started Wednesday's session at 1,310.24, and it has moved to 1,319.42 by 5:30 GMT. If the metal continues its northwards movement, it is bound to meet the monthly R2 at 1,343.10. In addition, daily aggregate technical indicators forecast a surge for the metal today.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Jun 29 16 07:43 GMT
EUR/USD The intraday bias is still positive, for a rise towards 1.1190 resistance area. Initial intraday support lies at 1.1025.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Jun 29 16 06:35 GMT
In recent trading, the EUR broke above the H4 mid-way resistance line at 1.1050 and, as you can see, continued to advance up to the 1.11 handle – more specifically, the H4 38.2% Fib resistance at 1.1109. For those who read our previous report (see link below) you may recall that we labeled this small zone as a potential reversal area. Well done to any of our readers who managed to skim some pips out of the rebound as price dropped over sixty pips from this small zone.
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Forex Market Sees 'Dead Cat' Bounce Initiate Wave-C zigzag Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jun 29 16 06:30 GMT
The EUR/USD bearish momentum is most likely a wave 1-2 (green). A break above the 100% level of wave 2vs1 invalidates this wave structure. A break below the support (green) could see price fall towards the Fibonacci targets of wave 5 vs 1+3 and horizontal bottoms (green).
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jun 29 16 03:36 GMT
Dollar Index (96.136) dipped from interim resistance near 96.40 yesterday and while that holds, some consolidation is possible in the 96.40-95.50 region. After the sharp upmove from 93.46, some sideways phase can be expected in the longer term. Euro (1.105) is trying to recover from levels below 1.10. If it succeeds in moving above 1.1150, it could re-enter the channel uptrend else it could be vulnerable to a further fall towards 1.08. Pound (1.3318) is in a consolidation phase and doesn’t look very likely to become bullish just now. A movement in the 1.35-1.31 could continue in the coming sessions.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Jun 29 16 02:53 GMT
Safe havens eased, giving high yielding currencies a breath this Tuesday, as postBrexit panic paused. Nevertheless, the issue is hanging like a Damocles' sword upon the financial world. Asian shares closed mixed, but European ones opened sharply higher and held on to sharp gains all day long. In the macroeconomic front, Germany released import and export prices indexes, with the first falling by by 5.5% in May compared to a year before, better than the 5.8% expected. Compared to April, the index advanced 0.9% also above expectations. Export prices decreased by 1.6% in their annual comparison, and advanced by 0.2% from the previous month. In the US, the final revision of Q1 GDP showed that the annual rate of growth was of 1.1%, below2015 Q4 of 1.4%, but better than initially estimated. US consumer confidence, surged to 98.0 against expectations of an advance up to 93.3. The market, however, is all about sentiment and little about data. The EU Prime Ministers have met in Brussels, but by the end of the US session, there was no official statement on the matter, and news only focused in the verbal battle between Junker, and Nigel Farage, the leader of the United Kingdom Independence Party who backed the Brexit. Technically, the EUR/USD pair maintains a negative bias, as the intraday recovery stalled right around the 38.2% retracement of its daily advance. Also, and in the 4 hours chart, a sharply bearish 20 SMA, capped intraday advances, and now stands around 1.1080, providing an immediate short term resistance, in the case of further gains. The Momentum indicator in the same time frame, has reentered negative territory after correcting overbought readings, whilst the RSI indicator consolidates around 42, all of which maintains the risk towards the downside, particularly on a break below 1.1020, the 23.6% retracement of the mentioned decline, and the immediate support, with scope then to test the 1.0910/30 region.
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USDCHF - Risk Continues To Build Up On The Upside Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jun 29 16 02:10 GMT
USDCHF - With continued upside pressure seen, more strength is envisaged. On the downside, support lies at the 0.9750 level. A turn below here will open the door for more weakness towards the 0.9700 level and then the 0.9650 level. Its daily RSI is bullish and pointing higher suggesting further gains. On the upside, resistance resides at the 0.9850 level where a break will clear the way for more strength to occur towards the 0.9900 level. Further out, resistance comes in at the 0.9950 level. All in all, USDCHF remains biased to the upside on more strength.
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USDJPY - Halts Weakness, Recovers With Caution Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jun 29 16 02:09 GMT
USDJPY - The pair halted its weakness on Monday leaving risk higher in the days head. On the downside, support comes in at the 103.50 level where a break if seen will aim at the 103.00 level. A cut through here will turn focus to the 102.50 level and possibly lower towards he 102.00 level. On the upside, resistance resides at the 105.00 level. Further out, we envisage a possible move towards the 105.50 level. Further out, resistance resides at the 106.00 level with a turn above here aiming at the 106.50 level. On the whole, USDJPY looks to recover higher in the new week
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EUR/GBP Maintains Strength As Sterling Softness Endures Print E-mail
Daily Forex Technicals | Written by Forex.com | Jun 29 16 02:07 GMT
Although the euro and pound both suffered massive hits as a result of last week’s Brexit decision, the euro has fared substantially better than sterling in the aftermath of Thursday’s EU referendum. While both currencies were expected to plunge on a Brexit outcome, it was also projected that the British pound would endure a significantly more severe blow. This was indeed to be the case, as the EUR/GBP chart displays an exceptionally sharp surge from the pre-Brexit 0.7600 low, representing a swift and sudden appreciation of the euro against the pound after the UK voted to leave the EU.
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