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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.



Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Dec 09 16 05:31 GMT
The EUR, as you can see, stamped in a rather savage-looking selling wick ahead of yesterday's ECB press conference, surpassing both the 1.08 handle and a nearby H4 resistance at 1.0830, with the unit managing to clock highs of 1.0873. Following the ECB's decision to taper the QE amount but extend the program, this sent the single currency screaming lower. Ripping through the 1.07 barrier and its nearby H4 support at 1.0685, the major ended the day shaking hands with the 1.06 handle.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Dec 09 16 04:02 GMT
Euro (1.0597) saw a sharp but very brief spike above the resistance of 1.0850 but the following decline erased most of the gains made in the last 3 weeks. A retest of the long term support of 1.0500-1.0480 can’t be ruled out now but the possibility of sideways movement in the range of 1.05-1.09 for a couple of weeks looks strong.
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GBPUSD - Sees Price Hesitation With Downside Bias Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Dec 09 16 02:45 GMT
GBPUSD - The pair turned lower on Wednesday leaving risk of more weakness on the cards. However, its correction higher is not over yet. On the downside, support lies at the 1.2600 level where a break will turn attention to the 1.2550 level. Further down, support lies at the 1.2500 level. Below here will set the stage for more weakness towards the 1.2450 level. Conversely, resistance stands at the 1.2700 levels with a turn above here allowing more strength to build up towards the 1.2750 level. Further out, resistance resides at the 1.2800 level followed by the 1.2850 level. On the whole, GBPUSD threatens further downside pressure but with caution.
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USD/CAD Drops To Key Support On Crude Oil Surge, Despite USD Rally Print E-mail
Daily Forex Technicals | Written by Forex.com | Dec 09 16 02:43 GMT
USD/CAD fell to a major support level around 1.3200 on Thursday as crude oil prices surged amid speculation over this weekend's meeting between major oil producers that may extend OPEC's recent deal to cut production. While uncertainty still abounds as to whether the deal will be able to garner further non-OPEC participation, as well as the extent to which OPEC participants will actually implement the deal's guidelines, optimism that oil producers were moving in the right direction was running strong. USD/CAD dropped on this optimism as the Canadian dollar strengthened even against a rallying US dollar.
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EUR/USD Whipsaws Then Plunges On Mixed-To-Dovish ECB Message Print E-mail
Daily Forex Technicals | Written by Forex.com | Dec 09 16 02:42 GMT
The European Central Bank (ECB) issued a somewhat surprising but rather mixed message on Thursday that led to a bit of a tailspin for the euro which quickly transformed into a steep dive for EUR/USD. The first surprise was that the central bank's quantitative easing program consisting of extensive bond purchases will be extended for a longer-than-expected nine months – to December of 2017. The second surprise was that a firm date for a “tapering” of those bond purchases from 80 billion euros/month down to 60 billion euros was set for April of 2017.
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Friday Technical Analysis Recap: GBP/USD, EUR/USD, OIL, NZD/USD Print E-mail
Daily Forex Technicals | Written by Vantage FX | Dec 09 16 02:38 GMT
It was then followed by a failure at the first retest of short term previous support turned resistance. This is the sort of confirmation that we look for to confirm that the higher time frame level has in fact held. They also act as a good risk management point, allowing you to keep your stops tight.
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Ending Diagonal On EURAUD Indicates A Reversal To Follow Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Dec 08 16 11:05 GMT
EURAUD is slow, so ideally still headed higher into wave C of a wave B correction that can be looking for a top in the near-future. Ideally price will hit 61.8% Fibonacci retracement level where we may see a strong bearish turn because of an ending diagonal placed in wave c. It's a powerful reversal pattern that suggests a retracement back to the start of that pattern once top is made.
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EUR/USD Still Focused On Senior Channel Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Dec 08 16 10:49 GMT
EUR/USD opened in line with the senior channel expectations, targeting the upper trend-line at 1.0795 with a red candle. Immediate resistance lies at 1.0772 and there are no more obstacles which could potentially prohibit tests of the targeted level. The pair has managed to push through the area already, but a close below would likely mean EUR/USD being in the red zone on Friday, as it gives in to the channel bound. The floor is currently set at 1.0722/0709 over the last couple of days, and could come into play on Friday.
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GBP/USD Attempts To Regain The Bullish Momentum Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Dec 08 16 10:47 GMT
The immediate support cluster, represented by the 23.60% Fibo and the weekly PP, managed to limit the losses on Wednesday, thus, keeping the Cable above the 1.26 mark. This time the mentioned support area is significantly weaker, as it is now formed only by the weekly pivot point. Despite this fact, technical studies are now suggesting the Pound is to outperform the US Dollar today. Consequently, the GBP/USD pair has the chance to erase yesterday's losses completely, but only if the 23.60% Fibo, which is now the nearest resistance, is overcome.
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USD/JPY Stuck Between The Weekly PP And 23.60% Fibo Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Dec 08 16 10:46 GMT
In spite of all bullish signs, the Greenback failed to edge higher against the Japanese Yen yesterday, as the 23.60% Fibo provide to be too strong to pierce. However, the USD/JPY pair did not suffer substantial losses, with the immediate support, namely the weekly PP, remaining intact. Technical indicators insist the Buck is to climb up today, but a bearish development is more probable, since the pair remains close to this week's strong resistance. Due to lack of market movers bears are unlikely to push the US Dollar below the 113.25 level, where the weekly pivot point rests.
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Gold Jumps Out The Monthly Channel Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Dec 08 16 10:45 GMT
After respecting the 1,169.10 area for three consecutive sessions, the Bullion opened green with a takeoff from the month-long channel upper boundary. Upward movements were cut by the 1,178.21 weekly Pivot Point Thursday morning, and in case no significant market movers come into play, XAU/USD might remain squeezed in between the aforementioned levels. A surge above the Pivot Point leaves little to stick on to, as the next level of significance lies just at 1,195.73, while movements below the four-day trading range are likely to be limited by 1158.87.
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AUDUSD Probes Again Above 0.7500 Barrier, Faces Layers Of Barriers Above Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Dec 08 16 10:35 GMT
Aussie regained strength and is testing again strong resistance at 0.7500 zone. Yesterday's long-tailed bullish candle underpins the action that needs firm break above 0.7500 barrier to signal bullish resumption of recovery from 0.7308 (21 Nov low). However, plethora of significant barriers lies above 0.7500, starting with 200SMA at 0.7529 that may obstruct fresh bulls. Also, overbought Slow Stochastic warns of repeated hesitation at 0.7500 resistance zone.
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USDJPY At The Back Foot, Violation Of Tenkan-Sen To Risk Further Downside Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Dec 08 16 09:02 GMT
The pair remains at the back foot after pullback extended to 113.00 zone after failure to sustain recovery above 114.00 handle. Daily Tenkan-sen contains for now, but n/t outlook remains weak, despite bounce to 113.70 zone. Daily RSI is reversing from oversold territory and reinforces negative signals from bearish divergence.
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Cable - Daily Bulls Are Looking For Fresh Upside, Rising 10SMA Underpins For Now Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Dec 08 16 09:00 GMT
Cable is consolidating above correction low at 1.2568, where rising 10SMA contained two-day pullback. Bullish daily studies favor fresh attempts above cracked daily cloud top at1.2720 for extension towards 1.2800 zone. Daily Tenkan-sen/10SMA at 1.2580 zone should stay intact and protect the downside, while break here would risk deeper pullback towards 1.2533 (Kijun-sen) and breakpoint at 1.2500 zone (20SMA / bull-trendline off 1.2081 low).
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EURUSD Is Holding Within 1.07/1.08 Range Ahead Of ECB Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Dec 08 16 08:59 GMT
The Euro is firmer on Thursday and holding around 1.0770 after 1.0700 support zone contained pullback. Wednesday's bullish close sidelined immediate downside risk, but price remains within 1.0700/1.0800 congestion ahead of ECB, due later today. Near-term studies are bullishly aligned, while daily technicals are in mixed mode.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Dec 08 16 07:07 GMT
Recent action shows that the EUR/USD extended its bounce from the 1.07 neighborhood, consequently placing the H4 candles just ahead of a H4 Quasimodo resistance level at 1.0771. The move was reinforced by daily support coming in at 1.0710, which has remained a noteworthy level since 1998! Technically speaking, however, we do not imagine price progressing much past the H4 resistance at 1.0830/1.08 handle in the days ahead. Our reasoning lies within the weekly chart. Not only is there currently a long-term trendline resistance (taken from the low 0.8231) in motion, but a few inches beyond here sits the 2016 yearly opening level at 1.0873 and resistance drawn from 1.0819.
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GBP/USD: Intraday Trade Consolidative Print E-mail
Daily Forex Technicals | Written by Danske Bank | Dec 08 16 06:58 GMT
Intraday trade consolidative and staying below the 1.2683 high set last session is still keeping pressure on the downside and slippage below 1.2570 support will trigger decline towards the daily support line at 1.2488. [W.T]
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USD/JPY Wave Structure Indicates Bearish Retracement Within Uptrend Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Dec 08 16 06:55 GMT
The EUR/USD turned at the 38.2% Fibonacci support level of wave B (purple). The bullish zigzag could price towards the Fib levels of wave C (purple) and wave 2 (green) but a break above the 100% level invalidates the wave count.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Dec 08 16 05:28 GMT
EUR/USD The overall outlook remains positive, for a rise towards 1.0860 resistance area, but intraday allow another corrective leg downwards, to 1.0680 local support. Trigger on the downside is 1.0745.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Dec 08 16 03:05 GMT
Euro (1.0720) is holding its gains at the higher levels till now following the rise to 1.0750 levels but a failure to rise above the resistance of 1.0820-50 soon may push it down once again. If the ECB surprises the markets tomorrow by not extending the bond buying deadline beyond March’17, then Euro can get a boost.
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