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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 Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Apr 23 14 05:38 GMT
The EURUSD had another indesicive movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term. Important intraday range to be closely watched is seen between 1.3780 – 1.3850. A clear break below 1.3780 could trigger further bearish pressure testing 1.3750 – 1.3700. On the other hand, a clear break above 1.3850 could trigger further bullish pressure testing 1.3900 before challenging 1.4000. The ascending triangle bullish scenario on daily chart remains valid
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Apr 23 14 05:09 GMT
THE EURO closed higher on Tuesday. The highrange close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it renews the rally off April's low, the 62% retracement level of the FebruaryApril's decline crossing is the next upside target. If June extends the decline off last week's high, the reaction low crossing is the next downside target.
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The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Apr 23 14 05:00 GMT
Five waves could have been completed during the last push up (divergence red line on AO), unless extensions of the uptrend will occur.
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Euro Edges Higher After Chinese PMI Print E-mail
Daily Forex Technicals | Written by ZIFX.com | Apr 23 14 04:47 GMT
On Tuesday Euro/Dollar traded within 40 pip range. The European currency appreciated from 1.3784 to 1.3825 yesterday, matching the positive money flow sentiment at above +5%, closing the day at 1.3802. This morning the Euro is trading quietly, with movements at the upper end of yesterday's range for now.
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NZDJPY 'Back In Its Box' Following Chinese PMI Print E-mail
Daily Forex Technicals | Written by ThinkForex | Apr 23 14 03:27 GMT
The Kiwi Dollar had a positive start to the week as it climbed higher in anticipation of an interest rate hike tomorrow. Then Chinese Data came out. A cursory glance at the interest rates among G10 currencies and it is much easier to see what all of the fuss is about, and why NZDJPY is the 'go to ' carry trade among G10 crosses. With NZD having the highest interest rates and set to increase them again tomorrow we have seen steady Kiwi Dollar appreciation this week in the lead up to tomorrow's rate announcement.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Apr 23 14 03:21 GMT
Dollar Index (79.84) has been struggling near 80.00-80.10 as expected and it may face more selling from 80.30 as well. The broad range of 79.25-80.50 may remain in force for some more time. Only on a break above 80.55-60, the trend will reverse from down to up.
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EUR/USD - Settles Around Key 1.38 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Apr 23 14 02:42 GMT
In the last couple of weeks the Euro has eased back from the resistance level at 1.39 after surging up higher to that level near the beginning of April and it seems content to settle around 1.38 for the time being. For the last couple of months now the Euro has spent all of its time between two key levels of 1.37 and 1.39 with a two year high above 1.3960 being achieved in that time. The 1.38 level over that time has also reinforced itself as one of significance after providing stiff resistance on numerous occasions. Prior to the current trading range, throughout the first half of February the Euro enjoyed a solid move higher moving from support around 1.35 up to test the key level at 1.37. It was able to move through the 1.37 level before consolidating and spending several weeks resting on support at that level.
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AUD/USD - Receives Solid Support From Key 0.93 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Apr 23 14 02:40 GMT
The last couple of weeks has seen the Australian dollar drift lower from resistance just below 0.95 after reaching a six month high in that area however in the last couple of days it has received solid support from near 0.93 moving it higher slightly. Over the last month or so the 0.93 level has become very significant as it first provided stiff resistance to movement higher and in the last couple of weeks, it has looked poised to offer support. The Australian dollar seems settled above 0.93 which has illustrated the strong resurgence it has experienced throughout this year.
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GBP/USD - Meets Resistance Again Near 1.6850 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Apr 23 14 02:38 GMT
The last few days has seen the GBP/USD slowly edge back towards the key 1.68 level after moving to a multi-year high near 1.6850 within the last week however in the last 24 hours it has moved strongly back to resistance around 1.6850. The last month has seen a steady climb higher from a one month low below 1.65. About a month ago the resistance level at 1.6750 became important as the pound was struggling to make any break above it. This level eventually led the pound to fall to its one month low before the recent resurgence. The 1.6650 level also became important as it provided reasonable support during that period. Throughout the last couple of months the GBP/USD has received solid support from the key 1.66 level after it retraced strongly from the resistance level at 1.68.
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Daily Forex Update: GBP/JPY Print E-mail
Daily Forex Technicals | Written by Autochartist | Apr 23 14 02:27 GMT
GBP/JPY continues to rise inside the daily Triangle chart pattern that was previously identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. GBP/JPY recently reversed up from the lower support trendline of this Triangle and is expected to rise further to the target level 173.15 (last connecting point of opposing trendline) in 3 days. The daily upward-sloping moving average and the Volatility Analysis shown on the second chart below confirm this forecast.
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EURGBP May Test 2014 Low On The Back Of Key Data & Events This Week Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 23 14 02:22 GMT
EURGBP has come back onto our radar after failing repeatedly into the 100-day sma earlier in April and then more recently breaking below its prior low around 0.8230. What's more, should 0.82 the figure give way, it could lead to a retest of the key 0.8160/70 zone which sees a convergence of the 2014 low, 61.8% retracement of 2012-13 advance & the October 2012 high. This, combined with a few noteworthy economic data/events due out later this week, prompted us to put our proprietary model to the test.
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USD/CAD: The Long View Remains Bullish Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 23 14 02:20 GMT
The USD/CAD has been trapped within a meaningless 40-pip range just above 1.1000 thus far this week, but by taking a look at the last few years of price action, we can see that the pair remains in a long-term uptrend off its early 2011 low near .9400. Seen in this light, the drop from the mid-March high only represents a pullback within the longer-term trend.
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NZDUSD Sees Another Positive Reversal Pattern…Key Pivot 0.8625 Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 23 14 02:19 GMT
Nearly two weeks ago we stated that “Kiwi continued to advance this week and overnight it ended up achieving our noted positive reversal objective at 0.8687. Accordingly, with the objective attained and little to propel NZDUSD in the near-term, we're sidelined…That being said, for those of you who are more courageous, there are a few technical signs beginning to emerge which suggest NZDUSD may see another short-term correction back lower”. Sure enough, NZDUSD corrected nearly 200 pips from the April high before putting in a near-term bottom around 0.8550/55 yesterday.
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Is the FTSE about to Stage a More Meaningful Rally? Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 22 14 13:45 GMT
The FTSE has risen after the Easter holiday and is tracking Monday's gains is the US where the S&P 500 achieved its first five-day winning streak since October. With the lack of economic data, and no fresh news regarding Ukraine, all the focus is on individual companies. Sentiment is boosted, above all, by the generally positive US first quarter earnings results. Last week banking giants Goldman Sachs and Morgan Stanley were among the companies whose earnings results were better than expected while Netflix posted forecast-beating numbers yesterday.
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Technical Update - EURUSD, GBPUSD, USDJPY Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Apr 22 14 13:11 GMT
EURUSD The pair again managed to rebound from its immediate support near 1.3780 area, representing 38.2% Fibonacci Retracement Level of Feb-March 2014 up-move, and climbed back above 1.3800 round figure mark. However, as is visible on 4-hourly chart, the pair now seems to be forming a descending triangle, suggesting a possible short-term down-move for the pair. Hence, should the pair now weaken below 1.3800-1.3780 immediate support, it is seems to immediately weaken towards testing another major support near 1.3720-1.3700 zone, comprising of 50% retracement level and 100-day SMA. Further, a break below 1.3720-1.3700 support zone could drag the pair further towards testing an ascending trend-line support, extending from Sept. 2013 through lows tested in Nov. 2013 and Feb. 2014, near 1.3660-50 zone.
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AUD/USD Technicals Bullish, But Fundamental Risks Elevated Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 22 14 13:07 GMT
The AUD/USD pulled back in slow holiday trade last week, but the longer-term uptrend off the late January low remains intact. A few weeks ago, we discussed two clear patterns on the daily chart that both projected a target at the .9500 handle. Rates have yet to reach that level, but the technical picture remains generally constructive; the biggest near-term question mark comes from the Aussie's fundamental backdrop.
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Technical Outlook - USDCAD And USDCHF Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Apr 22 14 12:01 GMT
Having surpassed 23.6% Fibonacci Retracement Level of its 1.0012 to 1.1277 up move, USDCAD strength seems capped by its 50-day EMA. Should the pair closes above the 50-day EMA resistance, it can witness 1.1070 - 1.1080 resistance zone, breaking which horizontal line resistance zone near 1.1130 - 1.1140 can restrict the near term upside by the pair. A sustained trading above 1.1140 resistance level fuels the pair towards multiyear high, tested during the late march, near 1.1270.
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EURUSD: Still Consolidating Around 1.3800, But Looks Vulnerable Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 22 14 11:09 GMT
The single currency had a poor Easter weekend. A mixture of low volumes and a mini-resurgence in the dollar caused the single currency to head south, reaching a low of 1.3785. An attempt to recover failed at 1.3810, after a mixture of weak construction data for February, which rose a mere 0.1% after a 1.6% gain in January, and comments from ECB member Coeure.
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Technical Outlook - EURGBP, EURAUD And EURJPY Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Apr 22 14 10:24 GMT
Improvement in UK economics continued strengthening the GBP by forcing EURGBP to test near seven week low. The pair is currently trading near to its psychological support level of 0.8200, breaking which the critical support zone 0.8160 – 0.8150, including 61.8% Fibonacci Retracement level of its 0.7759 – 0.8813 uptrend, can signal near term support for the pair. Should it continue to drift lower, the pair can test 0.8065 – 0.8060 and 0.7960 – 0.7955 support zones.
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Dollar/Yen Weak At Ukraine's Risk Escalation Print E-mail
Daily Forex Technicals | Written by ZIFX.com | Apr 22 14 10:20 GMT
On Monday Dollar/Yen increased insignificantly with 30 pips. The currency couple appreciated from 102.38 to 102.71 yesterday, not matching the negative money flow sentiment at around -11%, closing the day at 102.57. This morning the Dollar lifted slightly further against the Yen, reaching 102.73, than corrected.
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