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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.

Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jan 30 15 10:38 GMT
The Euro holds overall negative tone, with near-term action moving in narrowing range, following pullback from 1.1421 high that found footstep at 1.1460, 50% of 1.1096/1.1421. Daily 10SMA and Tenkan-sen, capped corrective rally for now and while the price holds below, downside will remain vulnerable. Trigger for fresh weakness is seen on a break below 1.1460 and 1.1420, higher base and Fibonacci 61.8% retracement, to open fresh low of 26 Jan at 1.1096 and next target at psychological 1.1000 support. Close above daily 10SMA and Tenkan-sen, is required to signal fresh upside action, with break of static barriers at 1.1421, 27 Jan high and 1.1458, 16 Jan former low, to accelerate rally.
Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by | Jan 30 15 10:36 GMT
The pair is still stuck between confirmation levels represented in the support 176.25 and resistance 178.85, as we wait to breach one of them to clearly determine the next move, whereas breaking this support pushes the pair for further bearish correction targeting next 173.10, while breaching the resistance pushes the pair back to the main upside move, and the first target is 181.40. Therefore, we will keep monitoring the pair at the referred to important levels.
Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by | Jan 30 15 10:36 GMT
The EUR/USD pair is attempting to rise and stabilize above 1.1300. Breaching 1.1380 and holding above it favors extending the upside move again, while breaking 1.1285 and stabilizing below it is negative. Breaking 1.1245 and holding below it extends bearishness targeting 1.1145 and 1.1090.
EUR/USD's Rise Capped By Weekly PP Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 30 15 09:30 GMT
On Thursday, the common currency rebounded slightly and partly erased losses that were gained back two days ago. EUR/USD cross has even tried to push itself above the weekly pivot point 1.1332 but all attempts turned to be unsuccessful. Therefore, the daily closing level was located at 1.1319, 13 pips below the mentioned resistance. It is likely that the Euro will make a second attempt to penetrate this level today, even despite bearish technical studies.
GBP/USD Slides To 1.5050 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 30 15 09:29 GMT
The support at 1.5150, mainly represented by the monthly S3, failed to underpin the Cable amid yesterday's fundamentals and allowed the currency pair to plunge down to 1.5050, namely the weekly PP. Thus the Sterling missed an opportunity to re-test the up-trend at 1.53 in the nearest future and is therefore poised to extend the sell-off. One of the nearest targets is 1.49, followed by one of the major demand areas at 1.48 (2013 low).
USD/JPY Remains Contained In A Narrow Trading Range Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 30 15 09:27 GMT
USD/JPY keeps fluctuating around 118, as it still lacks momentum. Nonetheless, as long and the support at 116 stays intact, the long-term outlook will be considered bullish, though there are formidable resistances overhead: 119, 121 and 122. If the key demand level is violated, the outlook will be changed to negative, though there are formidable supports at 115 and 113, represented by the 100-day SMA and up-trend, respectively.
XAU/USD Plunges To Minimum In 11 Days Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jan 30 15 09:26 GMT
The most significant decline of XAU/USD cross since December 15 took place on Thursday of this week. Due to strong US fundamentals, Gold dropped around $30 per ounce to fall below the 50% Fibonacci retracement at $1,260. Total daily losses, in turn, were only stopped by 55-day SMA around $1,252 and the precious metal rebounded slightly to close the trading at $1,257. Following that, daily technical indicators stopped giving bullish signals on Gold as they are now staying neutral with respect to metal's perspectives.
GBPUSD - Declines Further, Remains Vulnerable Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jan 30 15 09:12 GMT
GBPUSD - With GBP extending its weakness on Thursday, further downside pressure is likely. On the downside, support lies at the 1.4950 level where a break if seen will aim at the 1.4900 level. A break of here will turn attention to the 1.4850 level. Further down, support lies at the 1.4800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1.5150 level with a break aiming at the 1.5200 level. A violation will aim at the 1.5250 level and possibly higher towards the 1.5300 level. On the whole, GBP continues to retain its broader downside bias medium term
Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Jan 30 15 07:00 GMT
The dollar Closed at the highest level against its peers in more than a decade after the government report showed an improvement of labor market. This strong figures reinforces the views that the Federal Reserve is on track to raise interest rates this year, likely in October's meeting. This prospect for higher rates in the U.S contracts with the new stimulus measures being enacted by central banks, like EBC last week, among others across the globe. With all this easing, the U.S Federal Reserve is the only central bank that is talking about normalizing their interest rates policy, and this is reflected in the strength of the currency. The only central bank that, at the moment, could follow the steps of the Fed is the Bank of England, but lately Mark carney and his colleagues have become more prudent about the possibility of an interest rate hike in 2015. The U.S. dollar gained 0.6% to 118.29 yen. Against the euro, it fell 0.3% to $1.1320. The Krone remained close to the euro after Denmark's Central Bank unexpectedly cut its benchmark rate to a record minus 0.5% in order to protect the peg. On the other hand,
Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Jan 30 15 03:59 GMT
THE EURO closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, monthly support crossing is the next downside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Jan 30 15 03:36 GMT
The EURUSD didn't make significant movement yesterday. The bias is neutral in nearest term. Overall I remain bearish and still prefer to sell on rallies with key resistance seen between 1.1370 – 1.1430 and the hourly EMA 200 as you can see on my hourly chart below. A clear break and consistent movement above that area could trigger further bullish correction testing 1.1500 or higher. Immediate support is seen around 1.1270. A clear break below that area could trigger further bearish pressure tseting 1.1200 area
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jan 30 15 03:36 GMT
Euro (1.1330) fell to the lows of 1.1260 before rising back to 1.1370. Its too early to say this was a successful retest of the lows. The prices may remain in the range between 1.1450 and 1.1250 over next few days.
Don't Overlook Gold/AUD Print E-mail
Daily Forex Technicals | Written by ThinkForex | Jan 30 15 02:08 GMT
Technically the trend is clearly bullish and within a corrective phase. There is potential for a bullish pennant / flag to form prior to the weekend which would assume a bullish breakout. To trade this we can consider a buy-stop above the recent highs and target 1677, 1700 and 1756.
USDJPY - Faces Price Consolidation Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jan 30 15 02:01 GMT
USDJPY - With USDJPY still facing consolidation price action, a directional move is now on hold. On the downside, support comes in at the 117.00 level where a break will target the 116.50 level. Below here if seen will aim at the 116.00 level followed by the 115.00 and then the 114.00. On the upside, resistance resides at the 119.00 level followed by the 120.00 level where a break will target the 121.00 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 123.00 level. On the whole, USDJPY remains exposed to the upside in the medium term
GOLD - Declines On Price Sell Off Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jan 30 15 01:59 GMT
GOLD - With GOLD selling off sharply during Thursday trading session, further downside pressure is expected in the days ahead. On the downside, support comes in at the 1,250.00 level where a break will aim at the 1,230.00 level. Below here if seen could trigger further downside towards the 1,200.00 level where a break will aim at the 1,180.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,272.00 level where a break will aim at the 1,300.00 level. A break of here will turn attention to the 1,330.00 level followed by the 1,350.00 level. A cut through here will extend gains towards the 1,380.00 level. All in all, GOLD remains biased to the upside on correction.
AUDNZD: Who's Weaker? Print E-mail
Daily Forex Technicals | Written by | Jan 30 15 01:56 GMT
The commodity currencies of Australia and New Zealand have really been abused of late as their central banks have leaked that they could be cutting interest rates or backed away quickly from a hawkish stance respectively. When viewing the context of the decisions to lean more dovish for both nation's central banks - falling milk prices, falling oil, falling copper, Eurozone Quantitative Easing, a slowing China, etc. - it makes complete sense for them to do so. Maintaining an aggressive policy when the world is crumbling around you is akin to whistling past the graveyard during a new moon at midnight with the power out during a zombie outbreak; it will probably end badly. The European Central Bank is still trying to recover from the premature interest rate rises Jean Claude Trichet (wow, I haven't typed that name in a while) instituted in 2011; actions that were immediately undone by Mario Draghi upon his ascension to the chair.
Gold's $30 Drop: Overreaction Or Sign Of Things To Come? Print E-mail
Daily Forex Technicals | Written by | Jan 30 15 01:52 GMT
Today saw gold turn sharply lower, partially in response to a rebounding European stock market. In other words, the safe haven asset has lost out in favour of the riskier stocks. What's more, the dollar has risen once again today and this has weighed on some buck-denominated commodities, including precious metals and crude oil with WTI dropping to a fresh multi-year low sub-$44 a barrel. Meanwhile as the CFTC reported on Friday, bullish speculation has increased noticeably in recent weeks. In the week to 20 January, net long positions had increased by a further 27,400 to 129,300 contracts, putting them at their highest level since July 2014. As a result, gold had built up a good correction potential which is probably what we are seeing now. The CFTC's data for the week to this Tuesday 27 January will be published after the markets close on Friday evening. It will probably show another increase in bullish speculation as the data will not reflect what has happened since Tuesday. Gold thus remains in danger of falling further as speculators rush to abandon their bullish positions. That said, the metal is now hovering around a key technical area which may limit the falls.
AUDUSD Crumbling Like the Roman Empire - More Losses Possible if .7700 Gives Way Print E-mail
Daily Forex Technicals | Written by | Jan 29 15 14:17 GMT
My colleague Chris Tedder discussed the fundamental drivers for the big drop in AUDUSD during today's Asian session, but the pair is moving so fast that it's worth updating some of the key technical levels to watch. After a strangely delayed reaction to yesterday morning's dovish article by RBA watcher Terry McCrann, the Australian dollar is falling in earnest heading into today's US session. Like the Roman Empire, there have been cracks in the Australian dollar's edifice for years (prominently including an overreliance on the mining industry and China, as well as a potential property bubble) and now traders are starting to fear that the chickens may finally be coming home to roost.
NZD/USD Breaks Double-Top Neckline On Dovish RBNZ Print E-mail
Daily Forex Technicals | Written by | Jan 29 15 11:32 GMT
The Kiwi has made a significant technical breakthrough after the RBNZ shifted into a neutral policy stance overnight. As a reminder, the central bank dropped a line from its statement that read '…some further increase in the OCR is expected to be required at a later stage,' and changed it with '…we expect to keep the OCR on hold for some time.' They were also more downbeat on inflation and economic growth. This means therefore that instead of a rate hike, the RBNZ may actually loosen policy at some point in the future. The US Federal Reserve meanwhile gave little away in its policy statement last night. It repeated the phrase that the Fed will be 'patient' in starting a rate hiking cycle, sounded more upbeat on economic growth and downbeat on inflation. In other words, the Fed still looks like the first major central bank that would actually raise interest rates, meaning that the USD’s bullish momentum has been maintained – for now. Given the RBNZ’s sudden change of tone, the NZD/USD could fall a lot further now as speculators unwind their bullish bets.
AUDUSD Is Continuing Lower As Expected Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jan 29 15 09:43 GMT
AUDUSD is at new lows as expected after recent turn down from around 0.8000/0.8030 area where former lows reacted as a resistance in black wave 4 that we were tracking it this week. We see wave 5 now in progress that can be final wave within impulse from 0.8290 so keep in mind that pair could look for lows in sessions ahead, ideally near 200% extension level of wave 4).
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