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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.



Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Nov 28 14 04:12 GMT
THE EURO closed lower on Thursday. The lowrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish hinting that a low might be in or is near. Closes above last Wednesday's high crossing are needed to confirm that a low has been posted. If it renews this summer's decline, monthly support crossing is the next downside target.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Nov 28 14 03:45 GMT
We are changing the stance on Aussie-Dollar (0.8507) and now consider that this is probably not in range as expected few days back. The lower commodity prices, with Crude oil leading lower, will adversely impact Aussie and the long term decline would be inline with lower growth expectations.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Nov 28 14 03:26 GMT
The EURUSD failed to continue its bullish correction yesterday and hit 1.2448 earlier today. Once again, the upper line of the bearish channel proven to be a strong/valid resistance which keeps the bearish scenario remains intact targeting 1.2300 – 1.2285 area. The bias is neutral in nearest term, probably with a little bearish bias retesting 1.2356. Immediate resistance is seen around 1.2485 and the upper line of the bearish channel. As long as stays inside the bearish channel I remain bearish.
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The Daily Forecaster: AUDUSD Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Nov 28 14 03:13 GMT
Price took the alternative route of a direct move down to the 0.8458-73 area. From there it rallied to 0.8614 which appears to have completed the correction and therefore we should be in a decline that has potential to be quite persistent. Already we have seen losses to 0.8509 and it would be long before it retests the 0.8479 low. The problem I have is that the structure is not exactly clear and therefore the depth of any correction is unknown. However, the overall downside target is at 0.7569 and therefore I suggest observing for bearish reversal indications and looking to take advantage of the downside. Given EURUSD and GBPUSD are bearish keep following the downside.
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EURJPY - Corrective Pullback Risk Remains Intact Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Nov 28 14 03:08 GMT
EURJPY - Despite its two days of price hesitation, our bias on the cross remains lower on correction. On the downside, support comes in at the 146.00 level where a break will aim at the 145.00 level. A break will target the 144.00 level with a breach turning focus to the 143.00 level. On the upside, resistance resides at the 148.00 level where a break if seen will threaten further upside towards the 149.00. Further out, resistance resides at the 150.00 level where a break will aim at the 151.00. All in all, the cross faces corrective downside pressure.
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Crude Oil Drops As OPEC Decides Against Cutting Production Quota Print E-mail
Daily Forex Technicals | Written by Forex.com | Nov 28 14 03:01 GMT
So, as we had expected the OPEC decided against trimming it is production quota of 30 million barrels of oil per day and prices have unsurprisingly extended their falls as a result. The Brent contract has so far fallen to a low of $74.35, thereby taking out the key psychological $75.00 level. WTI slipped below the $71.00 handle immediately after the news was announced. Given that much of the news was already priced in, I wouldn’t be surprised to see oil prices stage a short covering rally now, especially as most US investors are on holiday. That said, the potential gains would be limited as the news means the oil market will remain amply supplied for the foreseeable future. Therefore, all else remaining equal, crude prices should be pushed further lower in the weeks and months ahead.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Nov 27 14 10:28 GMT
The Euro accelerated from 1.2440 trough and eventually broke above 1.25 barrier. Rally spiked at 1.2530, however, subsequent consolidation was not able to hold 1.25 handle, where the pair closed yesterday. Corrective pullback should be contained at 1.2440 higher low, to keep the structure intact for fresh attempts through 1.25 barrier. Completion of Three White Soldiers reversal pattern and break above 1.2480, daily 10/20SMA’s bull-cross / daily Tenkan-sen line, requires close above 1.25, to confirm reversal and resume recovery rally towards next barriers at 1.2545, bear-trendline, drawn off 1.2884 peak, then 1.2563, daily Kijun-sen line, ahead of breakpoint at 1.2597, 19 Nov lower top of larger descend. Conversely, extension of pullback from 1.2522 high and close below 1.2440 higher low / 50% retracement of 1.2360/1.2530 upleg, to sideline near-term bulls and mark top at 1.2530.
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Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by ICN.com | Nov 27 14 09:54 GMT
The pair traded positively yesterday touching the recent top recorded close to 186.10, but rebounded to the downside to show a slight bearish bias and is fluctuating now around 185.30 waiting to get further positivity to push the pair to the upside again. A break above 186.10 confirms targeting 187.05 thne 188.80 mainly, keeping the upside move valid unless the pair broke 184.60 and stabilized below it.
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Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by ICN.com | Nov 27 14 09:53 GMT
The pair moved to the upside and breached 1.2500, as stability above the referred to level favors extending the upside move targeting 1.2565 and 1.2620. Trading above 1.2490 is positive, while breaking 1.2390 threatens to fail the suggested expectations.
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EUR/USD Approaches Weekly R1 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 27 14 09:35 GMT
On Wednesday, the EUR/USD currency pair gained value for a third day in a row, as the single currency reached the weekly R1 at 1.2532. However, this level together with the long-term downtrend line stopped the pair's increase, and it was forced to give up the idea of breaching this level. It is worth pointing out that daily technical indicators changed from bearish to neutral, meaning that the Euro still has a chance to advance and cross the mentioned resistance.
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GBP/USD Rises Up To 1.58 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 27 14 09:34 GMT
Similar to the EUR/USD cross, the Cable reflected the yesterday's weakness of the US dollar and moved to the north. The pair crossed the 1.58 major and neared the weekly R2 four pips higher. At the same time, this level is strengthened by monthly S1 from above, meaning that the task to breach this line will be difficult. For now we assume the Pound is going to oscillate below this important resistance and continue gaining more bullish momentum.
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USD/JPY's Decline Stopped By Monthly R2 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 27 14 09:32 GMT
It seems that the USD/JPY currency pair decided to start moving away from the 118 major level, around which it hovered for past five days. As the decision was taken in favour of US dollar's decline, the pair was immediately stopped by the weekly R1 and monthly R2 at 117.30. For the time being the continuation of a downtrend looks highly unlikely, taking into account these strong supports and bullish technical studies in short and medium-term.
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USD/CHF Fell Below 0.96 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 27 14 09:31 GMT
After a decline below the weekly pivot point at 0.9645, the USD/CHF pair made an attempt to return back above this resistance level. However, it failed to so successfully and dropped even more. For some time the pair hovered below the 0.96 major level, but closed 11 pips above it. We predict the bearish trend to persist in the nearest future, while the decline may prolong down to monthly pivot point at 0.9556. This idea is shared by daily technical studies.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Nov 27 14 08:13 GMT
The dollar held losses against the yen and the euro as investors digestes U.S. economic data, while the Standard & Poor's 500 Index climbed to a fresh record ahead of the Thanksgiving holiday. It was steady at 117.70 yen in the morning, following a second day of declines in the Bloomberg Dollar Spot Index. Jobless claims rose to an almost three-month high, demand for capital goods unexpectedly fell and new homes sold at a slower pace than forecast, according to data in the U.S., where equity volumes were about 21 percent below the 30-day average. Oil ministers from the 12 Organization of Petroleum Exporting Countries meet today in Vienna. Saudi Arabia said sliding prices will stabilize on their own after Venezuela, Saudi Arabia, Mexico and Russia failed this week to agree to an a supply cut. The group, which pumps about 40 percent of the world's oil, will discuss its official production target of 30 million barrels a day at the meeting today. Crude has collapsed into a bear market amid the hghest U.S. oil output in three decades and signs of slowing demand globally. WTI crude for January delivery fell to $73.69 a barrel in New York last session, its lowest settlement since Sept. 21, 2010. Prices have tumbled 25 percent this year.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Nov 27 14 06:48 GMT
THE EURO closed higher due to short covering on Wednesday. The highrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish hinting that a low might be in or is near. Closes above last Wednesday's high crossing are needed to confirm that a low has been posted. If it renews this summer's decline, monthly support crossing is the next downside target.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Nov 27 14 03:43 GMT
The EURUSD continued its bullish correction yesterday, slipped above the upper line of the bearish channel and 1.2525 resistance area but still unable to move consistently above those key resistances so far. The bias remains bullish in nearest term. As long as stays inside the bearish channel and below 1.2525 the major bearish scenario targeting 1.2300 – 1.2285 remains valid but a clear break above 1.2525 and violation to the bearish channel not only would be a threat to the bearish scenario but also could be an early signal of a bullish reversal scenario. Immediate support is seen around 1.2440. A clear break below that area could lead price to neutral zone in nearest term but would keep the bearish scenario remains strong.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Nov 27 14 03:43 GMT
The booking of the dollar gains ahead of long holidays seasons and the month-end flows will determine what is left of the forex market today and tomorrow. With volatility and volumes at lows, it is likely most of these have been factored in. However, any late moving corporate flow actions can skew, albeit temporarily, the prices to upside or downside.
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AUD/USD – Enjoys Some Much Needed Support At 0.85 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Nov 27 14 02:53 GMT
The Australian dollar hasn't had a great last week as it has dropped sharply and fallen to a new multi-year low near 0.85, although in the last couple of days it has enjoyed some solid support from 0.85. To start this new week it rallied back above 0.8650 again before falling lower in the last few days. In the week prior the Australian dollar was able to rally higher and bounce off multi year lows around 0.8550 and in doing so has moved back within the previously well established trading range between 0.8650 and 0.88. Earlier last week the Australian dollar ran into the resistance level at 0.88 again which stood tall and sent prices lower again. A few weeks ago it fell sharply from above the resistance level at 0.88 back down to the support level of 0.8650 before crashing further to a new multi-year high near 0.8550. During the last couple of months the Australian dollar has done well to stop the bleeding and trade within this range after experiencing a sharp decline throughout September which saw it move from close to 0.94 down to below 0.8650 and a then eight month low in the process. The resistance level at 0.88 remains a factor and is continuing to place downwards pressure on price, however more recently all eyes have turned on to the support level at 0.8650 to see if the Australian dollar can hold on and stay within reach again.
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Australia 200 - Struggling With Resistance At 5400 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Nov 27 14 02:50 GMT
Over the last few weeks the Australia 200 index has returned some of its recent gains falling from above 5550 down to a one month low below 5300 before finding a little support around 5340, which has propped it up a little to finish out last week. Over the last few days the index has been content to consolidate just below the 5400 level and in recent days has been starting to make a move back above the 5400 level. Prior to that it had enjoyed a solid resurgence throughout October after getting much needed support from the 5200 level, which has resulted in it moving back above the 5400 and 5500 levels, around a two month high. Throughout most of September the Australia 200 Index declined strongly from its multi-year high after running into resistance around 5650 back to enter its previously established trading range between 5400 and 5500, before falling further below 5200 and to an eight month low around 5120 a few weeks ago. Several weeks ago it received solid support from the 5100 level which saw it rally well to close out a couple of weeks ago. Back in early September the 5400 level was called upon to offer support as the index desperately tried to stay in touch with its range, however it fell through there before rallying strongly back up to 5400. Up until recently, the 5400 level had done well and propped up price to keep it within the range.
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EURUSD - Eyes Builds Up Recovery Tone Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Nov 27 14 02:20 GMT
EURUSD - With EUR continuing to eye further upside, price extension is likely in the days ahead. On the upside, resistance lies at the 1.2550 level where a break will aim at the 1.2550 level, its psycho level followed by the 1.2600 level. Further out, resistance comes in at the 1.2650 level. On the downside, support comes in at 1.2400 level where a break will aim at the 1.2350 level. Further down, support comes in at the 1.2300 level where a break will expose the 1.2250 level. Below here will pave the way for a move lower towards the 1.2200 level. All in all, EUR remains biased to the downside in the medium term
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