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Feb 09 22:29 GMT

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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.



EUR/USD: Could Yellen Take Us Above 1.1400 Next? Print E-mail
Daily Forex Technicals | Written by Forex.com | Feb 09 16 14:52 GMT
As a trader, it's difficult to predict the impact of a major trading hub being closed. More often than not, it leads to slow, lackluster trading conditions as traders focus on enjoying their time off; however, because there is less volume in the market, we occasionally witness explosive moves, especially when all traders try to exit their crowded trades at the same time. Less than halfway through the Chinese Lunar New Year celebrations (and associated Asian bank holidays), it's pretty clear that we're getting the latter scenario.
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Crude Oil Extends Decline on On-going Supply Worries Print E-mail
Daily Forex Technicals | Written by Forex.com | Feb 09 16 14:47 GMT
The sharp rebound in oil prices from the middle of January proved to be short-lived as we and many other analysts had expected. Oil prices are now down for the fourth day and second consecutive week. A barrel of WTI crude oil costs less than 30 dollars again, while Brent costs less than $33, at the time of this writing. Oil traders have been discouraged by the lack of any breakthrough in talks between some OPEC and non-OPEC producers. As a result, the probability of coordinated output cuts and tolerance of bullish speculators have both decreased.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Feb 09 16 11:03 GMT
USD/JPY The break through 115.96 support signals a bearish bias, for a slide towards 113.20, en route to 110.00 major hurdle. The intraday pullback should be considered corrective and is expected to be limited below 115.96-116.20 resistance area. Crucial on the upside is 117.50.
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EUR/USD To Challenge Monthly R3 At 1.1246 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 09 16 09:25 GMT
EUR/USD turned around yesterday, as rising market instability raised attractiveness of the Euro and sent the pair back to 1.12. The monthly R2 at 1.1115 acted as a reliable support line and managed to avoid a deeper sell-off. The bulls are watching the monthly R3 at 1.1246, which has not been overcome yet. A spike above here will neutralize our outlook on EUR/USD, meaning we continue to see correction as the base case. Intraday losses are possible in the direction of the monthly R2, and a failure here should alleviate any bullish pressure to allow for a drop down to weekly PP at 1.1072.
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GBP/USD: Bullish Trend Intact Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 09 16 09:24 GMT
The British currency extended its decline against the US Dollar on Monday, but with trade closing above the expected 1.44 level. The Cable has been trading in a bullish trend for three weeks straight, although the up-trend might be put to the test today. Nonetheless, the monthly PP and the 20-day SMA are bolstering the support line and should limit the losses around 1.4340. Meanwhile, the role of the closest resistance was taken by the weekly PP at 1.4467, but the GBP/USD weakness remains the anticipated outcome.
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USD/JPY Slides Deeper Down On Risk Aversion Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 09 16 09:23 GMT
With demand for safe-haven assets higher on Monday, the USD/JPY currency pair fell to a one-year low, while volatility stretched out even further. The risk-off sentiment also dominates today, therefore, the Greenback is likely to end the day in the red zone again versus the Yen, despite daily technical studies suggesting otherwise. The nearest support is represented by the Bollinger band and the weekly S1 at 119.93, but a drop towards the second target, namely the monthly S2 at 113.88, is not out of the question.
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Gold Sees Upside Pressure, Set To Retest 1,200 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Feb 09 16 09:21 GMT
Stress across global equity markets is skewing gold's risks to the upside. Yesterday the August 2015 high/monthly R2 at 1,170/68 defended intraday bearish attacks, which resulted in a resumption of the up move. Prices touched the 1,200 mark, but ultimately bounced back to close below the October 2015 high at 1,188. In fact, bullish success above 1,193 (weekly R1) will imply a climb up to the last monthly supply at 1,209 and weekly R2 at 1,213. Given instability of fundamentals, in a nutshell we would not estimate the rally is over.
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USD/JPY Crashes Through Floor By Breaking Long-Term Support Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Feb 09 16 07:35 GMT
The EUR/USD has made a bullish bounce at the 38.2% Fibonacci level and is now resting the top (red). A break above resistance confirms the development of a wave A (green), whereas a bearish bounce could price retest the wave X (blue) Fibonacci levels. This wave count is invalidated when price breaks below the support trend line (green).
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AUDUSD Drops Below Ascending Trend-Channel Support Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Feb 09 16 07:33 GMT
Following its pullback from 0.7215-20 important resistance confluence, encompassing upper-line of a month old ascending trend-channel and 38.2% Fibonacci Retracement of June 2015 – January 2016 downside, the AUDUSD dropped below 0.7070 mark that includes 23.6% Fibo and the channel support, favoring further south-run by the pair towards 0.7000 immediate support. Given the pair sustains the decline below 0.7000 psychological magnet, the 0.6930 and the January lows of 0.6825 are likely consecutive downside levels that it could witness prior to testing the 0.6800 mark. Should the pair continue on its south-run below 0.6800, it becomes weaker enough to plunge towards 0.6500 support-mark.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Feb 09 16 07:20 GMT
Stock indexes worldwide tumbled on Monday, led by banking stocks in Europe and technology stocks on Wall Street on persisting fears of a global economic slowdown. Wall Street continued Friday's technology-led selloff, with the benchmark S&P 500 stock index falling as much as 2.5 percent. The Dow Jones industrial average closed down 177.92 points, or 1.1 percent, at 16,027.05 and the Nasdaq Composite dropped 79.39 points, or 1.82 percent, to 4,283.75. U.S. crude prices fell after a meeting between Saudi Arabia and Venezuela failed to reassure investors of measures to bolster sagging prices. U.S. crude was last down 71 cents, or 2.3 percent, at $30.18 per barrel. The dollar fell to its lowest level against the yen since Nov. 2014 of 115.170 yen , partly on doubts about the effectiveness of the Bank of Japan's negative interest rate policy. Safe-haven spot gold XAU= reached a peak of $1,200.60 an ounce, its strongest since June 22. An increasingly important gauge of U.S. inflation tumbled last month to its lowest level since the Federal Reserve Bank of New York began the survey in mid-2013, in what could be taken as another warning bell for the U.S. central bank. The New York Fed's survey of consumers found expectations for inflation one and three years in the future fell as Americans were more cognizant of lower gasoline prices and costs of medical care and college. The Fed raised rates in December and aims to keep tightening. But a market selloff in January and worries over a global slowdown has some Fed officials worried that inflation, at 1.4 percent now according to their preferred measure, will not rebound as soon as desired.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Feb 09 16 05:58 GMT
During the course of Monday's sessions, the pair remained locked between two psychological boundaries 1.1100/1.1200. As we mentioned in yesterday's report, the weekly timeframe can be seen trading within shouting distance of a major area of supply at 1.1533-1.1278. Meanwhile, down on the daily timeframe we can see that a very clear Harmonic AB=CD bear pattern is in play right now. What we also discussed in our previous analysis was that our sell zone from here comes in between the 127.2% Fibonacci level at 1.1197 and the 161.8% at 1.1387.
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USDJPY - Sees Further Price Extension Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Feb 09 16 03:45 GMT
USDJPY - The pair sold off further on Monday and followed through lower during early trading on Tuesday. This development leaves risk of more weakness on the cards. However, beware of a correction. On the downside, support comes in at the 115.00 level where a break if seen will aim at the 114.50 level. A cut through here will turn focus to the 114.00 level and possibly lower towards the 113.50 level. On the upside, resistance resides at the 1176.50 level. Further out, we envisage a possible move towards the 117.00 level. Further out, resistance resides at the 117.50 level with a turn above here aiming at the 118.00 level. On the whole, USDJPY looks to build up on price weakness.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Feb 09 16 03:43 GMT
The global credit market scare and the renewed fear of inflation slowdown in US are taking the global sentiment to a heightened state of risk aversion. Naturally, the classical safe havens of Gold (1193.72), Yen (114.72) and now Euro (1.1219) are seeing a lot of inflow.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Feb 09 16 03:24 GMT
The EURUSD attempted to push lower yesterday bottomed at 1.1086 but whipsawed to the upside, closed higher at 1.1192 and hit 1.1211 earlier today. The bias is bullish in nearest term retesting 1.1240 which need to be clearly broken to the upside to continue the bullish scenario targeting 1.1500 area. Immediate support is seen around 1.1150. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 1.1070 I still prefer a bullish scenario at this phase.
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GBPUSD - Looks To Weaken More On Bearishness Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Feb 09 16 02:41 GMT
GBPUSD - Having declined on further weakness during Monday trading session, GBPUSD looks to weaken more on bearishness. On the downside, support lies at the 1.4350 level where a break will turn attention to the 1.4300 level. Further down, support lies at the 1.4250 level. Below here will set the stage for more weakness towards the 1.4200 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.4450 levels with a turn above here allowing more strength to build up towards the 1.4500 level. Further out, resistance resides at the 1.4550 level followed by the 1.4600 level. On the whole, GBPUSD looks to weaken more on bearishness medium term.
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GBP/USD – Poised To Resume Major Bearish Trend? Print E-mail
Daily Forex Technicals | Written by Forex.com | Feb 09 16 02:22 GMT
GBP/USD began the new trading week on Monday by extending its recent retreat from last week's one-month high above 1.4600, which is also where its 50-day moving average was situated. This retreat follows a sharp rally within the past couple of weeks that represented an upside pullback within the larger bearish trend.
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Gold Shines At New Seven-Month High On Sharp Plunge In Equities Print E-mail
Daily Forex Technicals | Written by Forex.com | Feb 09 16 02:18 GMT
The further plunge in global equity markets that has marked the beginning of this new trading week has understandably helped to prop up certain assets that are considered safer alternatives to volatile stocks. These “safe haven” instruments include the Japanese yen and gold.
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STOCKS: Banks Battered as Growth Concerns Intensify; DAX Breaks Key Level Print E-mail
Daily Forex Technicals | Written by Forex.com | Feb 08 16 13:00 GMT
European stocks have been battered this morning, with banks taking the brunt of the sell-off. Sentiment continues to remain downbeat because of growing concerns about the global economy, which is not looking healthy at all at the moment with growth in China slowing down and the US struggling. In addition, oil prices have been unable to further extend their recent gains and are now down for the third consecutive session with WTI trading at $30 a barrel again. It looks like oil traders are once again discouraged by a slightly stronger dollar and the lack of any breakthrough in talks between some OPEC and non-OPEC producers. But it is also surprising that bullish traders have not shown much interest here despite growing signs that US oil production may soon fall sharply. Indeed, the oil rigs count fell by a further 31 rigs last week according to Baker Hughes. Not only was this the seventh consecutive weekly decline, it was the most pronounced since April 2015.
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EURUSD: Price Trading Near Resistance Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Feb 08 16 11:16 GMT
EURUSD pair broke sharply to the upside last week which has been technically expected after a completed triangle at 1.0810 area where we spotted end of a wave E in B). As such, current leg up is a new impulse, ideally wave C) of (C) which may face limited upside soon. Keep in mind that whole rally since December is still a three wave move, thus a correction that represents big wave C-circled within ongoing triangle formation shown on daily chart. We suspect that price can turn down from 1.1270-1.1330 resistance area. An impulse down back to 1.1000 will put highs in place.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Feb 08 16 10:48 GMT
EUR/USD A top has been set at 1.1250 and the outlook on the lower frames is already bearish, for a slide towards 1.1060. Initial intraday resistance lies at 1.1150.
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