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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.



GBPUSD Up 600 Pips in Two Weeks - Time for a Pause or 1.53+ Next? Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 25 15 03:38 GMT
GBPUSD is putting the finishing touches on a stellar week. After dipping to 1.4860 on Tuesday, the pair has been on an absolute tear, rising a full 300 pips to trade at 1.5155 as of writing. In fact, the pair has traded higher 9 of the last 10 days and is up an incredible 600 pips over that period. As we noted on Wednesday, the latest fundamental catalyst for the bulls was the release of more-hawkish-than-expected minutes from the BOE's April 9th meeting. With signs suggesting that a few members of the Monetary Policy Committee may soon support rate hikes while the prospects for a Federal Reserve rate increase fading more toward Q4 than Q3, it's no surprise that GBPUSD has been on such a tear.
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Crude: How Much Longer Will the Oil Rally Last? Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 24 15 12:00 GMT
Although little-changed today, crude oil looks set to end the week strongly after both contracts were able to recover from their slump at the start of the week. Yesterday's price surge lifted Brent to its highest level since early December while WTI closed in on the 4-month high of its own that it had achieved on Monday. The London-based oil contract is now up for the third straight week while the US contract is up for the sixth. This means that oil is finding at least some support from momentum traders speculating on rising prices after the recent plunge. Some of this group of market participants may have no fundamental reason for doing so, but like most people they may be thinking that there must be a reason for prices to have rallied and so don't want to miss out on the opportunity. Oil is finding additional support from a weaker dollar, which has sold off in part because of the rallying EUR/USD.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Apr 24 15 09:09 GMT
The Euro regained traction and rallied from 1.0660 zone, where higher base was formed. Today's acceleration through strong barriers at 1.0847/51, 17 Apr high / daily Ichimoku cloud base, where initial rally was briefly paused, heads towards next resistances at 1.0912/27, Fibonacci 61.8% of 1.1034/1.0519 / weekly Kijun-sen line. Repeated positive daily close would open way for retest of key short-term barriers at 110.34/50, 06 Apr / 26 Mar peaks. Bullish near-term technicals support further upside, with former barriers at 1.0847/51, now acting of immediate support, ahead of session low at 1.0782, reinforced by daily Kijun-sen line and pivotal daily 20SMA 1.0765, loss of which will be bearish.
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EURUSD May Face Resistance Near By 1.0900 Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Apr 24 15 09:04 GMT
Traders are pushing the EURUSD pair higher today, durign the Eurogroup Meeting on positive expectations regarding the deal with a Greece. However, no one knows when the official statements will be out, so actually gains on the pair can be failure. Technicals on the EURUSD are showing an A-B-C rally from 1.0520 with current wave C in play, but at resistance levels near 1.0900. Second resistance level for the euro is seen at 1.0900 so any bullish waves could stop there. Only sharp rise and close today above 1.1000 would put pair to bullish mode on bigger picture.
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EUR/USD's Bulls Find Momentum At Weekly PP Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 24 15 08:45 GMT
EUR/USD has eroded two important resistance lines on Thursday, by surging considerably above 1.08. As a result, it seems that strong bullish impetus was created by weekly PP at 1.0724, which allowed pair to gain about 100 pips yesterday. However, there are important supply zones ahead of the price. They include last week's high at 1.0848 and 55-day SMA at 1.0945. Only closure above the latter level, however, is likely to change the near-term forecast to bullish.
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GBP/USD Keeps Climbing Up Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 24 15 08:38 GMT
Yesterday, the Cable slightly underperformed, as it was unable to reach the initial resistance level. Moreover, downside volatility stretched out towards 1.4950, rather than 1.50. At the end of the day GBP/USD closed at 1.5051. Today's perspective towards the Sterling is bullish. A surge is likely to occur amid soft fundamental data from the US, which showed worse-than-expected figures in the previous five months. The resistance cluster shifted slightly higher to 1.5105. Meanwhile, technical studies retain their mixed signals.
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USD/JPY Struggles To Stay Around 119.5 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 24 15 08:34 GMT
The USD/JPY currency pair behaved almost in accordance with expectations. The Greenback plunged, but not as far as predicted, although the weekly PP was touched during the trading hours. Ultimately, the Buck stabilised just under the 20-day SMA, which should not have had sufficient strength to do so. Technical indicators are bearish, suggesting a further decline today. The weekly PP now acts as the closest support; however, a fall towards 119.25, namely the 100-day SMA, is the prospect for today.
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XAU/USD Recovers Towards 55-Day SMA Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 24 15 08:33 GMT
On Thursday, the bullion rebounded marginally after a significant slump that took place a day before, on Wednesday. By getting support from weekly S1, bulls decided to act and pushed Gold towards 55/20-day SMAs at 1,195. Nevertheless, the short-term outlook for the yellow metal remains bearish. Moreover, as the gap between 55 and 200-day SMAs is widening, it points on a strengthening pace of a drop. However, for the negative scenario to be confirmed in medium-term, the bullion should retreat below 2013 low at 1,180.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Apr 24 15 07:11 GMT
EUR/USD: The overall bias remains bullish above 1.0780 minor support, for a break trough 1.0850 high, en route to 1.1050.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Apr 24 15 06:52 GMT
The dollar reached the lowest level in almost three weeks versus its major peers as rising U.S. jobless claims and weak housing data cast doubt on the nation’s economic outlook. The U.S. currency weakened after a report showed applications for unemployment benefits rose last week by 1000 to 295000 versus 287000 forecast. The dollar extended losses after Commerce Department data showed new home sales slumped more than expected in March, adding to evidence U.S. economy growth remains uneven. Federal Reserve policy makers want to see signs of growth and inflation on the rise before committing to the first interest rate increase in almost a decade. Now, after several weeks climbing, it seems the dollar rally is on pause as the market awaits more insight from the Fed. The currency also dropped against the euro the most in one week on speculations that Greece and its creditors will reach a deal to receive aid payments before the country runs out of money. The common currency also climbed against most of its major peers. The euro gained 0.7 percent to $1.082 as of 11:20 a.m. in New York, reaching the biggest gain since April 16. It also advanced 0.6 percent to 129.32 yen. The pound weakened 0.6 percent to 71.75 pence against the euro for the first time in four days, after a report showed retail sales unexpectedly fell in March. The Britain’s currency dropped the most in three weeks against the common currency. The pound was little changed versus the dollar after gaining Wednesday as minutes of the Bank of England’s latest policy meeting showed keeping interest rates at a record low was a “finely balanced” decision for a minority of officials. The Canadian dollar gained as crude oil continues climbing from its lows.
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WTI Eyeing Up $60 To Finish The Week Print E-mail
Daily Forex Technicals | Written by ThinkForex | Apr 24 15 06:45 GMT
Yesterday's bullish close confirmed a Morning Star Reversal pattern on D1. The 10-day MAY continues to point up and we trade within the centre of a Bullish Channel. If we see a similar move to yesterday we will test $60 per barrel before the weekend, for the first time since December.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Apr 24 15 03:52 GMT
THE EURO closed higher on Thursday as it extends the trading range of the past fivedays. The lowrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above last Friday's high crossing are needed to confirm that a shortterm low has been posted while opening the door for additional shortterm gains. If it resumes this month's decline, March's low crossing is the next downside target.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Apr 24 15 03:43 GMT
The EURUSD had a bullish momentum yesterday after another failure to break below 1.0670 support area topped at 1.0844. The bias is bullish in nearest term especially if price able to make a clear break above 1.0850 testing 1.0900 – 1.0950 region. Immediate support is seen around 1.0750. A clear break below that area could lead price to neutral zone in nearest term retesting 1.0670 key support area.
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EURUSD - Bearish Below The 1.0848 Level Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Apr 24 15 03:36 GMT
EURUSD - While the 1.0848/86 zone remains as resistance our outlook on EUR remains to the downside. Resistance is seen at 1.0800 level with a cut through here opening the door for more downside towards the 1.0848/86 levels. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level with a turn below that level targeting the 1.0500 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EUR 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 | Apr 24 15 03:34 GMT
Pound, Dollar-Rupee, Dollar-Yen ,Aussie and Euro are up but have near term resistances coming up. Pound (1.5031) is trading within the 1.51-1.50 region. Need to keep an eye for a break above 1.51 which would initiate a fresh upmove. Important resistances are 1.5100 and then 1.5174 which may hold well for now.
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The Daily Forecaster: EURUSD Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Apr 24 15 03:02 GMT
Once again the downside failed. It tends to point to a large triangle but be aware that, as we have seen recently, these can produce the most excruciating complexities. While 1.0800-05 supports there's risk of follow-through to around 1.0850-60. From there we should see a correction - hoiding between 1.0780-00 - for gains to the 1.0939 area - maybe a bit above - for a correction. Take care, this could be as much as 100 points. Once this correction has been seen the next upside target could be 1.0910-15 minimum but I suspect the 1.0960-70 area.
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AUD/USD – Remains Within Well Established Trading Range Print E-mail
Daily Forex Technicals | Written by MarketPulse | Apr 24 15 02:57 GMT
To start this new week the Australian dollar fell sharply but landed on the previous key level at 0.77 which has offered considerable support since that time. A couple of days ago it surged higher to move back above 0.78 for a short period before easing back lower again with eyes on support at 0.77. The Australian dollar enjoyed a solid week last week moving off support around 0.76 to reach a three week high just shy of the resistance level at 0.7850. In doing so, it moved through the key resistance level at 0.77. After placing great pressure on the resistance level at 0.77 a couple of weeks ago, the Australian dollar fell heavily earlier last week before surging higher again to finish out the week. Over the best part of the last few weeks, the Australian dollar has relied heavily on support at the 0.76 level after falling away sharply to down below the key 0.77 level over the course of the week prior, and it is relying on this level again presently. Throughout the last couple of weeks it felt significant resistance from the key 0.77 level which has been severely tested during this period and it will be interesting to see whether this level now acts as some support.
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Australia 200 – Remains Steady Below 5900 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Apr 24 15 02:55 GMT
The Australian 200 index is once again enjoying solid support from the 5800 level which is allowing time and space to rally and return to near the 6000 level. It has throughout this week relied upon support from this level. Throughout last week the Australian 200 index showed some positive signs and moved well towards the resistance at 6000 before finishing the week strongly lower. If the 6000 level is broken, it is reasonable to expect a large shift towards bullish sentiment and potentially the index could really take off – it seems as if everyone is just waiting for it to happen. Several weeks ago the Australia 200 index pushed higher to a multi-year high to just above the key resistance level at 6000, before easing lower throughout the last couple of weeks to below 5900. It is receiving ongoing support at 5800, which is helping its latest push towards 6000. The key 6000 level remains firm and a significant obstacle and the index and markets are firmly fixed on it.
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GBPCAD: Potential Swing High In Place Print E-mail
Daily Forex Technicals | Written by ThinkForex | Apr 24 15 02:52 GMT
After the deeper pullback to the outer Bearish Channel I suspect we have seen the swing high. Now it is a case of entering at a favourable price to get short which will require a sizeable retracement within yesterday's candle.  The session finished with a Dark Cloud cover reversal but the Monthly S1 and within the Bearish Channel. As we closed near the lows after a volatile session it could make the reward / risk ratio unfavourable to enter around current levels, assuming we are trading D1. 
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GOLD - Maintains Bearish Bias, Eyes Key Support Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Apr 24 15 02:46 GMT
GOLD - With GOLD selling off sharply on Wednesday, further bearishness is expected though presently seen hesitating. Support comes in at the 1,178.39.00 level where a break will aim at the 1,165.00 level. A cut through here will open the door for move lower towards the 1,150.00 level. Below here if seen could trigger further downside pressure towards the 1,130.00 level and then the 1,100.00 level. On the upside, resistance resides at the 1,200.00 level where a break will aim at the 1,215.000 followed by the 1,224.00 level. A violation of here will turn attention to the 1,250.00 level followed by the 1,170.00 level. All in all, GOLD maintains bearish bias as it eyes its key support.
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