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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.



Crude Oil in Consolidation Mode ahead of OPEC Meeting Print E-mail
Daily Forex Technicals | Written by Forex.com | May 27 16 12:24 GMT
Having momentarily surpassed the $50 hurdle, Brent and WTI suffered from profit-taking in the second half of Thursday's session before extending their losses slightly on Friday morning. Despite the pullback, both oil contracts still looked set to close higher for the third straight week. Oil prices have been boosted by a number of factors lately, including the unscheduled production outages, continued output decreases in the US and strong demand for gasoline at the start of the driving season. According to the Energy Information Administration, oil production in the US fell by an additional 24,000 to 8.767 million barrels per day in the week to May 20 as total crude inventories decreased by a sharper-than-expected 4.23 million barrels on the week. After falling for 17 out of the past 18 weeks, oil production in the US is now at the lowest level since September 2014.
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USD Index: Bulls Continue To Dominate, More Upside In View After Wave 4) Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | May 27 16 10:18 GMT
USD Index is on the sharp rise and has reached our minimum upward projections at 95.17 resistance last week, but bullish momentum was strong so there is still room for more strength ahead after recent corrective set back, that shows black wave 4, so extended wave 3) can see a continuation towards 96 and 96.50 while market trades above 94.32. Keep in mind that USD index might have started a new big uptrend continuation after 12 months of a downward correction shown on daily and monthly charts, so be aware of stronger buck across the board.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | May 27 16 10:16 GMT
The Euro holds under two-day recovery high at 1.1215, following downside rejection at daily cloud base. Strong barriers at 1.1237/41 (daily Tenkan-sen / 23 May lower top) stay intact for now, with Tenkan-sen line now in sideways mode, suggesting extended consolidation. Overall structure remains bearish and favors fresh attempts lower in the near-term, however, clear break below strong support zone which includes 1.1142 (daily cloud base), 1.1123 (Fibo 61.8% of 1.0820/1.1614) and 1.1100 (200SMA) is required to confirm bearish resumption. The pair is also on track for the fourth consecutive bearish weekly close that supports the notion. Conversely, lift above initial 1.1241 barrier would delay bears, while bullish extension above key near-term barriers at 1.1315/25 (Fibo 38.2% of 1.1614/1.1127 downleg / daily Ichimoku cloud top) is needed to neutralize downside threats and shift near-term focus higher.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | May 27 16 08:44 GMT
EUR/USD The intraday bias is still positive after the recent reversal at 1.1130 and the outlook is rather positive, for a break through 1.1245, en route to 1.1290 resistance area.
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EUR/USD To Face Renewed Bearish Burden Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | May 27 16 08:20 GMT
In spite of growing back above the 100-day SMA on Thursday, the EUR/USD pair will likely fail again on the last trading day of this week. By advancing towards the 1.12 marker, the bulls have pushed the exchange rate close to a steep downtrend resistance where a sell-off should commence, according to the majority of daily technical indicators. The bears should attempt to retake the moving average, currently located at 1.1169. However, in case the longs succeed in rising at least beyond 1.1220, then the base case would assume a spike towards the weekly pivot at 1.1250.
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GBP/USD Still Risks Breaking The Down-Trend Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | May 27 16 08:19 GMT
The Cable underwent the expected correction on Thursday, as supply, represented by the 22-month down-trend and the Bollinger band, was sufficient to prevent the Sterling from appreciating. However, the exchange rate was unable to fall under the nearest support, namely the weekly R1, where demand could attempt to push the price higher again today. Meanwhile, technical studies are giving mixed signals in the daily timeframe, unable to provide a clear sense of direction. The base case scenario remains a decline, with the 1.46 level being the key level to limit the losses. Nonetheless, we should not rule out the possibility of a bullish development, as fundamentals could weaken the Buck today.
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USD/JPY Struggles To Preserve The Wedge Pattern Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | May 27 16 08:17 GMT
Once again the US Dollar weakened against the Yen yesterday, unable to climb over the 110.25 level. The 110.25 mark appears to be providing strong resistance, as the USD/JPY currency pair was unable to climb beyond that area for two weeks now. Furthermore, the rising wedge's support line was put to the test again, which could lead to an ultimate downside breakout today. Trade opened on top of the weekly PP, but in case the bearish momentum prevails, the pair could even fall below the 109.00 mark. However, technical studies imply that a bullish development is due, with the 110.25 area remaining a phantom resistance.
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Gold Prolongs The Slump To Eight Days Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | May 27 16 08:16 GMT
Current eight-day long losing streak of gold prices is the longest one since early November. The bulls have worked hard to revive on Thursday. They managed to send XAU/USD to the 1,234 level, but after facing the weekly S1 there the bullion crashed again the close the daily session as low as 1,219. On Friday morning we are observing more weakness, with the 1,212 marker tested shortly. If the 100-day SMA together with the weekly S2 (1,216.01/47) are out of power to provide sufficient demand on Friday, then we are highly likely to continue seeing gold's drop in the direction of the March low at 1,207.87.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | May 27 16 06:26 GMT
The pound's one-month volatility versus the dollar jumped to its highest level since 2010, as the measure began to reflect trading activity in the days following the results of Britain's June 23 vote on whether to leave the European Union. The gauge of price swings, implied from options, exceeded a similar three-month measure by the most since the 2008 financial crisis. The surge signals heightened investor concern about short-term risks to sterling, and it mirrors action seen before last year's general election and 2014's Scottish referendum. Opinion polls and betting odds on whether the “remain” camp or the “leave” group will prevail in the referendum have dictated moves in the currency in recent months. The pound has wiped out almost all its declines against the dollar this year as recent surveys signaled pro-EU voters pulling ahead. Expected volatility also comes from increased speculation that the Federal Reserve will increase interest rateson June 15. One-month pound-dollar implied volatility rose more than five percentage points to 16.53 percent as of 4:35 p.m. in London, data compiled by Bloomberg show. The level was the highest since May 2010 on a closing basis. The measure exceeded a three-month volatility gauge by about four percentage points. That's the biggest inversion since November 2008 during the credit crunch. Brentcrude rose 1 percent at $50.25 a barrel at 8:35 a.m. in New York and West Texas Intermediate climbed as high as $50.21. Bloomberg's index of commodity returns gained as much as 0.9 percent to the highest since Nov. 6. The yen strengthened 0.1 percent. The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, declined 0.2 percent following a 0.2 percent drop in the last session.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | May 27 16 06:21 GMT
From a higher-timeframe perspective, however, our team is bearish. The weekly chart, as we’ve mentioned several times already, shows that ever since price whipsawed through the upper boundary of a major weekly supply zone at 1.1533-1.1278 the bears have been in control. Furthermore, the next downside target, as we see it, does not come into view until weekly support seen at 1.0796. Along the same vein, we can see daily action now flirting with the underside of a daily supply base drawn from 1.1215-1.1264, which saw a small end-of-day correction yesterday.
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GBPUSD, USDJPY Moving Quickly In Wave C Momentum Print E-mail
Daily Forex Technicals | Written by Admiral Markets | May 27 16 06:12 GMT
The EUR/USD broke the resistance trend line (dotted red) of the downtrend channel. This bullish break is most likely a corrective wave 4 of a lower degree (see 1 hour chart). The 123 (purple) becomes more likely than an ABC if price manages to extend beyond the 161.8% Fibonacci target.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | May 27 16 04:11 GMT
The American dollar's upward momentum continued easing on Thursday, despite US data beat expectations, as commodities prices rose. The EUR/USD pair surged up to 1.1216, but failed to sustain gains above the 1.1200 mark, as in the longer run, the market is still focused on the upcoming US rate hike. Data coming from the US was generally positive, although not enough to convince the FED, as behind the headlines, there were some weak soft subcomponents. The macroeconomic calendar was pretty busy in the US, with the April's Durable goods orders jumping to 3.4% from an upwardly revised 1.9% increase in March. Nondefense capital goods orders excluding aircraft, however, fell 0.8% after an upwardly revised 0.1% drop the prior month. Weekly unemployment claims for the week ending May 21 came in at 268K, a decrease of 10K from previous week's 278K, yet the 4week moving average surged to 278.5K from previous 275.5K. Finally, Pending Home sales for March surged for a second consecutive month, up by 1.4%. Now trading around 1.1180, the EUR/USD pair 4 hours chart shows that the price is barely above a still bearish 20 SMA, whilst the 100 SMA has crossed below the 200 SMA far above the current level. In the same chart, the RSI indicator is retreating from its 50 level after failing to advance beyond it, while the RSI heads north, but below the 100 line, all of which suggests that the upside is still limited. Renewed selling pressure below the 1.1160 should see the pair resuming its decline this Friday, with scope to extend its decline down to 1.1080.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | May 27 16 03:50 GMT
Euro (1.1183) and Pound (1.466) are down slightly. Euro may continue to trade above the channel support seen on the 3-day and weekly charts while Pound may fall towards 1.45 if it does not sustain above 1.47. In that case the roise towards 1.48 may not happen just now. Need to see if it manages to sustain above 1.47
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AUDUSD - Looks To Recover Further Higher Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | May 27 16 02:41 GMT
AUDUSD - With the pair rejecting lower level prices on Thursday, further bullishness is likely. On the downside, support resides at the 0.7200 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. On the upside, resistance lies at the 0.7300 level. A cut through here will turn attention to the 0.7350 level and then the 0.7400 level where a violation will set the stage for a retarget of the 0.7450 level. Its daily RSI has turned higher suggesting more strength. On the whole, AUDUSD remains biased to the upside on price failure.
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AUD/USD Likely Poised For Downtrend Continuation Towards 0.7000 Print E-mail
Daily Forex Technicals | Written by Forex.com | May 27 16 02:32 GMT
AUD/USD has been falling in a sharp downtrend for the past month from its late April high above 0.7800. The initial drop was accelerated after a surprisingly low Australian inflation (CPI) reading was released near the end of April and then was followed up in early May by a Reserve Bank of Australia interest rate cut to a record low 1.75%. Subsequently, the central bank lowered inflation forecasts and hinted at further potential rate cuts.
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US Dollar Maintains Recovery Ahead Of Friday's US GDP Data Print E-mail
Daily Forex Technicals | Written by Forex.com | May 27 16 02:31 GMT
Significantly better-than-expected economic numbers from the US on Thursday have continued the recent string of positive US data that could help convince the Fed to raise interest rates in June or July. This data was followed up by relatively hawkish comments from a key FOMC member.
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CRUDE OIL - Remains On Bullish Offensive With Eyes On 50.90 Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | May 26 16 11:14 GMT
CRUDE OIL - The commodity continues to hold on to its upside pressure leaving risk of more strength on the cards. This development now leaves risk higher its overhead resistance located at the 50.90 level. On the downside, support resides at the 49.00 level where a break will expose the 48.00 level. A cut through here will set the stage for a run at the 47.00 level. Further down, support resides at the 46.00 level. On the upside, resistance resides at the 50.00 level. Further out, resistance comes in at the 51.00 level. A break above here will aim at the 52.00 level and then the 53.00 level followed by the 54.00 level. Its daily RSI is bullish and pointing higher suggesting further bullishness. All in all, CRUDE OIL's medium term bias remains higher
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GBP/USD Is Proceeding Higher With A Strong Momentum Print E-mail
Daily Forex Technicals | Written by Admiral Markets | May 26 16 09:35 GMT
Our previous GBPUSD predictions came true, though after a bigger pullback and the pair has made a strong bounce to the upside. Again, fears of Brexit diminished and the pound has been bought on dips. Today's Second Estimate GDP came as expected and it is important because it measures a change in the inflation-adjusted value of all goods and services produced by the economy. Technically GBPUSD has made a form of ascending scallop pattern. POC (DPP, L3, 61.8, double top breakout) comes within 1.4660-70 zone and pullbacks toward the zone could be used for long trades. The targets are 1.4740 and 1.4770. If the pair breaks 1.4770 with a strong momentum or we see a 4h close above it, next target is 1.4825.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | May 26 16 09:26 GMT
The Euro bounces from fresh lows at 1.1130/27, posted in past two days, signaling hesitation at daily Ichimoku cloud base, following repeated failure to clearly break below the cloud. Daily cloud base and 200SMA mark strong support zone between 1.1142 and 1.1100. The pair may spend some time in extended consolidation, while those supports hold. However, overall picture remains negative and sees scope for bearish resumption in the near-term. Upside attempts so far hold at around 50% retracement of 1.1241/1.1127 downleg, keeping intact the first breakpoint at 1.1241 (23 May lower top / falling daily Tenkan-sen), followed by next trigger at 1.1304 (daily Ichimoku cloud top).
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Pound Reaching For 1.4850/1.4900 Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | May 26 16 09:12 GMT
GBPUSD jumped sharply this week and is now trading back towards 1.4769 swing high that will most-likely be taken out today which would then confirm ongoing prices for red wave C) of Y. So based on recent developments we assume that there are more gains ahead for the pound, up to 1.4850/1.4900 area where upside will be limited, but only if we will be able to count five waves up from red wave B) low.
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