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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.

USD/JPY Re-Tested Weekly R1 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 27 15 08:58 GMT
As expected, USD/JPY failed to slump yesterday. Moreover, the pair rallied and met the weekly R1, before settling at a two-week high of 119.41. According to the technical studies, the Greenback is likely to experience losses on the four-hour time frame; however, by the end of today's trading session an additional surge is expected. The Buck might encounter resistance around 119.50, unless the US data to be released today are better than expected.
EUR/USD Plummets 160 Pips Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 27 15 08:54 GMT
The Euro depreciated faster than expected, effortlessly piercing through a supposedly tough support at 1.13. EUR/USD is now trading as low as 1.12, a level that can potentially hold the rate for a while, but is likely to be broken eventually. This will pave the way for a decline to 1.11, namely this year's minimum, which is also expected to become the victim of the bears in the end, but may well trigger a rally to 1.13/1.14 before giving in.
GBP/USD Exits Rising Wedge Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 27 15 08:53 GMT
On Thursday, GBP/USD tested a cluster of resistances around 1.5560 and declined earlier than anticipated. The Sterling breached the lower trend-line of the wedge, which was bolstered by the weekly R1, thus leaving the boundaries of the pattern. The pair even went below the monthly R1, before encountering support around 1.5395. The daily technical indicators are mostly pointing north, meaning the Pound is likely to rebound by the end of the day, but will most likely settle in a tight range between 1.5395 and 1.5447 amid the US data releases later on Friday.
EURUSD Could Continue To Downside In Sessions Ahead Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Feb 27 15 08:47 GMT
EURUSD broke through 1.1260 support after strong decline yesterday with a daily close outside of the range, so we assume that corrective blue wave (4) is now finally complete. If that was the case then it was a triangle placed in wave (4) so market should then continue straight down in sessions and days ahead. We anticipate five wave decline to a new low, probably to 1.0800-1.0940 area.
Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Feb 27 15 06:54 GMT
Japan's industrial output increased the most in more than three years while retail sales slid and inflation slowed, underscoring strength in export industries and weak domestic demand. Production jumped 4 percent in January from the previous month, exceeding forecasts with the biggest gain since June 2011, according to trade ministry data. Retail sales fell 1.3 percent, household spending dropped and the central bank's main inflation measure slowed to 0.2 percent, excluding sale-tax effects. A pick up in exports driven by the weaker yen and stronger demand in the U.S. helped fuel manufacturing. The drop in the exchange rate is also increasing costs for households that have seen living expences outpace incomes, highliting the stakes for Prime Minister Shinzo Abe as he tries to get companies to boost pay in this spring's negotiations with labor unions. The yen has declined 8.5 percent against the dollar since Kuroda boosted already-unprecedented easing on Oct. 31.
The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Feb 27 15 05:48 GMT
4 hour EURUSD: yesterday a break occurred below the support level (green dotted line) of the consolidation zone. This indicates that the continuation of wave 5 (purple) has become more likely.
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Feb 27 15 05:07 GMT
The EURUSD had a bearish momentum yesterday, broke below the range area and 1.1270 key support as you can see on my hourly chart below, bottomed at 1.1182. The bias is bearish in nearest term testing 1.1100 area. Immediate resistance is seen around 1.1240. A clear break above that area could lead price to neutral zone in nearest term testing 1.1270 or higher but overall I still prefer a bearish scenario at this phase with sell on rallies strategy.
EURUSD - Declines On Sell Off Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Feb 27 15 03:58 GMT
EURUSD - With EUR triggering a strong sell-off on Thursday, further downside pressure is envisaged. Support is seen at 1.1100 level with a cut through here opening the door for more downside towards the 1.1050 level. Further down, support lies at the 1.1000 level where a break will expose the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1378 level, its psycho level with a turn below that level targeting the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.
Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Feb 27 15 03:56 GMT
THE EURO closed lower on Thursday and the lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends last month's decline, the NovemberFebuary uptrend line crossing is the next downside target. Closes above the 20day moving average crossing would temper the nearterm bearish outlook.
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Feb 27 15 03:35 GMT
A big day for Dollar Index (95.20). Dollar gained across the board on good set of Durable goods orders (+2.8%, exp +1.6%) and Real Wage growth numbers (+1.2%, exp 0.3%). The strong numbers would point at FED's continued bias for rate hikes in middle of this year.
NZDUSD: 76c Could Be A Tough Barrier To Beat Print E-mail
Daily Forex Technicals | Written by ThinkForex | Feb 27 15 02:50 GMT
Currently trading at 0.7540 we remain near this week's open price. A close around here will produce a Rikshaw man Doji pattern below the 0.76 resistance, which denotes hesitancy from the bulls and will see the Kiwi start next week with a bearish undertone. This could well mark a turning point for NZDUSD in the weeks ahead. A break below 0.740 support will likely target 0.7316 and 0.7180.
GBPUSD – Strong Dollar Interest Forces Correction Print E-mail
Daily Forex Technicals | Written by MarketPulse | Feb 27 15 02:43 GMT
Despite its strength over the last month, the pound was no match for the US dollar's powerful rally on Thursday. It was always going to be a difficult ask for the pair to break through 1.5550 at the first time of asking, with it previously being a strong support level and the 100-day SMA providing additional resistance.
AUD/USD – Returns To Familiar Territory Below Resistance At 0.7850 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Feb 27 15 02:40 GMT
After finally springing to life, the Australian dollar has dropped sharply in the last 12 hours back down below 0.7800 again to more familiar territory below the resistance level at 0.7850. In the last few days the Australian dollar moved through the resistance at 0.7850 to reach a new four week high around 0.7900 before falling recently. For the last few weeks the Australian dollar has steadied well and traded in a narrow range between support at 0.77 and 0.78, although to finish out last week it rallied higher to a two week high near 0.7850. To start this new week it has slowly eased back a little from resistance at 0.7850 however it is finally made its way through there. It has enjoyed receiving solid support from the 0.77 level throughout this time. A couple of weeks ago it rallied a little higher again back towards 0.78 however it then eased back to receive more support from 0.77. A few weeks ago the Australian dollar was on a roller-coaster ride dropping sharply to a new multi-year low below 0.7630 before rallying strongly and moving back up above the 0.77 level and more recently 0.78. In the second half of January, the Australian dollar fell very sharply and break lower from the trading range that had been established roughly between 0.8050 and 0.8200.
Australia 200 – Continues To Consolidate Around 5900 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Feb 27 15 02:37 GMT
In the last few days the Australian 200 index has reached a new six year high above 5900 before easing a little and consolidating around 5900, where it presently sits. In the last month or so the Australian 200 index has done very well and surged higher to move back above the key 5400 level. Over the last week or so it has spent some time consolidating around the 5900 level, while the support from 5800 is not that far away. It recently retreated however found solid support at the current key level of 5800 which has propped it up and moved it to the new high. In the couple of weeks leading up to the new high, it spent a week or so battling with resistance at the key 5800 level which repeatedly fended off the index, resulting in it easing back a little. Several weeks ago saw the resistance at 5500 stand tall and fend off all advances, however this now been broken strongly through. The recent move higher from below 5300 to above the key level of 5400 is important as it desperately tries to hang on to this important trading range for the index above 5400. In the week prior, the Australia 200 Index eased back again under the 5400 level after making numerous attempts to clear it over the last month, which saw it drop to a three week low below 5250 before its recent surge higher.
GOLD - Bullish, Extends Corrective Recovery Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Feb 27 15 02:30 GMT
GOLD - With GOLD recovering strongly on Thursday, further strength is envisaged in the days ahead. On further upside, resistance resides at the 1,230.00 level where a break will aim at the 1,250.00 level, its key psycho level. A break of here will turn attention to the 1,280.00 level followed by the 1,300.00 level. A cut through this level will extend gains towards the 1,320.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1,200 level where a break will aim at the 1,180.00 level. Below here if seen could trigger further downside towards the 1,160.00 level where a break will aim at the 1,140.00 level. All in all, GOLD remains biased to the upside on corrective recovery.
EURJPY: Still Trapped In Triangle Print E-mail
Daily Forex Technicals | Written by | Feb 27 15 02:26 GMT
The latter half of the North American trading session was much less thrilling than the first as the USD pwned everything else to start the day only to settle down substantially to end it. As much as the USD gained against everything, it seemed like the EUR lost just as much vs. the majors; the EUR/USD being the prime example. However, the EUR/JPY, which has been trapped in a triangle pattern similar to that of the EUR/USD before today, failed to break out of that geometric pattern and remains trapped as we fade in to the Asian trading session.
GBPUSD: Bulls On The Run After Failing To Hold Break Above Key 1.5480 Level Print E-mail
Daily Forex Technicals | Written by | Feb 27 15 02:25 GMT
Over the last few weeks, there's been plenty of volatility in stock, bond and commodity markets, but for the most part, currencies stubbornly stayed within their recent ranges. That all changed this morning, when just a modest beat on US Core CPI reinvigorated dollar bulls and led to a big breakout in the dollar index (see this morning's report, “Could the Dollar Index Join the Century Club?” for more). This morning's big move in the world's reserve currency seems to have finally shocked forex traders out of their stupor, leading to more volatility across the board.
EURUSD: Beware the Bounce! Print E-mail
Daily Forex Technicals | Written by | Feb 26 15 15:58 GMT
The early portion of the North American trading session has been quite exhilarating thus far with a bevy of inflationary indicators suggesting that our worst fears aren’t a reality in both the US and Canada. Core Consumer Price Indexes in both nations were better than anticipated which gave both the USD and the CAD a boost against all of the other major currencies; none more so than the EUR/USD which FINALLY broke through major support near 1.1260. Along with the encouraging inflation figures for the US were Durable Goods Orders that surged 2.8% and the Housing Price Index that grew 0.8%. However, not all was rainbows and puppy dogs as both of the employment indicators, Initial Jobless Claims and Continuing Jobless Claims, were worse than anticipated.
USD: Could the Dollar Index Join the Century Club? Print E-mail
Daily Forex Technicals | Written by | Feb 26 15 15:56 GMT
It's been a busy morning for US dollar traders, with an onslaught of data releases all hitting at 8:30 ET. In probably the most important report, the Consumer Price Index (CPI) fell by -0.7%, more than the 0.6% that traders and economists had been expecting. However, the Core CPI figure, which filters out volatile energy and food prices, actually came in above expectations at 0.2%. Given the Federal Reserve's repeated comments that the fall in oil prices should only have a temporary impact on inflation, the stronger-than-expected Core CPI figure is more relevant for traders and a marginal positive for the US dollar.
Technical Outlook - Important CAD Pairs Print E-mail
Daily Forex Technicals | Written by | Feb 26 15 13:25 GMT
Irrespective of its recent decline, the EURCAD failed to break the 1.4050 - 1.4350 range. The pair is currently resting near 1.4120, with the 1.4050 being immediate support, breaking which the pair can test 1.3950 and a sustained break of 1.3950 could further weaken it towards testing 1.3800 mark which is likely act as a strong medium-term support. On the upside, 1.4180, 1.4230 and the 1.4300 are likely intermediate resistances before the pair tests the range resistance of 1.4350. On the break of 1.4350, the pair can immediately rally towards 2015 highs near 1.4485-90, breaking which chances of near-term decline could be negated.
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