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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.



NZD/USD: 5 Reasons for a Potential Fall Print E-mail
Daily Forex Technicals | Written by Forex.com | Nov 22 14 01:12 GMT
Throughout the month of November, the NZD has been able to do something that very few other currencies around the world have been able to do, gain value against the USD. The outright love of everything USD isn't something that is unfamiliar to traders out there as US data has been performing admirably and the Federal Reserve has set themselves up for future rate hikes by eliminating the last vestiges of Quantitative Easing. If fact, it is rather surprising to me that the NZD has had such fortune, so here are some reasons outside of simple USD strength that it might not continue.
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AUDNZD: Turning Higher off 200-Day MA Support Near 1.0900? Print E-mail
Daily Forex Technicals | Written by Forex.com | Nov 21 14 14:36 GMT
After seeing a massive downtrend throughout 2011, 2012, and 2013, AUDNZD is finally showing signs of stabilizing this year. For the first half of the year, the pair consolidated within the 375-pip range from 1.0550 to 1.0925, forming a potential base for a longer-term rally. Then, in July, the pair broke up into its next 375-pip range, where rates have been consolidating between previous-resistance-turned-support at 1.0925 and 1.1300 for the last four months.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Nov 21 14 10:21 GMT
Current pullback after 118.96 high should be considered corrective, preceding and advance towards 120.00 sentiment area. Trigger on the upside is 108.30 and major support is seen at 107.04.
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USDJPY Elliott Wave Analysis: Wave 5 In Progress Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Nov 21 14 09:44 GMT
USDJPY has reached levels around 119 in this week so we see pair forming an extended structure, now in wave 5 that needs to be made by five waves. For now that is still not the case from 115.45 wave 4 low, so traders must be aware of even higher prices in sessions ahead, close to 120 psychological figure. We would call end of a bullish swings only if 116.34 support would be taken out.
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Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by ICN.com | Nov 21 14 09:39 GMT
The pair is still trading within a tight range, as breaching 1.2585 and stabilizing above it favors extending the upside move targeting 1.2635 and 1.2680. Trading above 1.2555 is positive and support the positive expectations, while a break below 1.2460 threatens to fail the suggested expectations and favros the bearish return.
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Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by ICN.com | Nov 21 14 09:38 GMT
The pair retested the strong support 184.40 and is supporting the expected bullish extension on the short term, waiting to move towards 187.05 then 188.80. Linear Regression Indicators are still positive supporting the expected bullishness that remains valid unless the pair breaks 184.60.
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EUR/USD Stays Unchanged Below 1.2580 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 21 14 09:08 GMT
On Thursday the EUR/USD currency pair hovered in the range between major level at 1.25 and the closest resistance line, still represented by the weekly R1 at 1.2580. Despite changes in perceptions of daily technical indicators from bearish to bullish, we predict the pair to stay around the current trading level for the remaining part of the week, while from Monday the pair is likely to start losing value and prolong its long-term downward trend.
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GBP/USD Refuses To Cross Weekly PP Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 21 14 09:08 GMT
GBP/USD rose in value during last 24 hours; however, the pair refused to breach a resistance at 1.5733 and returned back below the 1.57 major level. It seems that a significant bearish pressure continues to weigh on pair's performance. Therefore, we forecast the Sterling to decline further in the medium-term, but today it will most probably stay above the monthly S2 at 1.5662. This scenario is supported by technical studies on daily and weekly charts.
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USD/JPY Drops Down To Monthly R2 At 117.26 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 21 14 09:07 GMT
The Japanese yen strengthened against the American dollar for the first time since Monday, as comments from Japan's Finance Minister pushed the USD/JPY cross down. The pair has even surpassed a strong support line around 118 and neared the next one at 117.26. Nevertheless, this move looks like a short-term correction, meaning that the Yen will continue depreciating in the nearest future and may return above the 2007 Oct high during next 24 hours.
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Demand At 0.9550 Holds USD/CHF From Slipping Further Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Nov 21 14 09:05 GMT
USD/CHF's bears failed to push the cross below 0.9550 for a second consecutive day, being that this demand area is supported by monthly PP, weekly S1, 55-day SMA and a Bollinger band. As still estimated by technical indicators, any downside movement can be expected only in the long-term. At the same time, in the medium-term the mentioned demand zone is likely to push the US dollar to the upside with the weekly R1 at 0.9760 as a potential target line.
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The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Nov 21 14 08:57 GMT
Price is not moving away from the resistance. If price breaks through it, then the invalidation level of the current wave 4 (blue) count is at the bottom of wave 1 (blue).
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One To Watch: GBPAUD Is Looking Shaky Print E-mail
Daily Forex Technicals | Written by Forex.com | Nov 21 14 06:17 GMT
GBPAUD has hit some sticky ground around its 50% retracement zone from this month's high after a stunning rally earlier in the week. This morning we noted that EURAUD has reached a critical juncture, and the same thing can be said of this pair. Both pairs have been propelled higher by an army of bulls this week and both are now looking a little shaky.
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EURCAD: Potential Head And Shoulders Top In The Making Print E-mail
Daily Forex Technicals | Written by ThinkForex | Nov 21 14 06:13 GMT
On one hand 1.401 support has been tested several times so we could in fact be witnessing a bottom pattern in the making. On the other hand if this level does break, we can expect more downside and would also confirm a Head and Shoulders Top during a downtrend from the March 2014 highs
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Nov 21 14 04:07 GMT
THE EURO closed higher on Thursday. The midrange close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average 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 21 14 03:52 GMT
The EURUSD had another indecisive movement yesterday. The bias remains neutral in nearest term. As long as stays inside the bearish channel I remain bearish with 1.2575 – 1.2600 as key resistance. A clear break above that area and violation to the bearish channel could be an early signal for a bullish reversal scenario testing 1.2750 – 1.2800 area. Immediate support is seen around 1.2500 (hourly EMA 200). A clear break and daily/weekly close below that area would give the bearish scenario another chance testing 1.2450 – 1.2400 or lower.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Nov 21 14 03:31 GMT
Euro (1.2551) remains in its channeled range. For Euro bulls, it is encouraging that Euro did not dip on good US economic numbers. For today we expect it to trade with the range of 1.26 and 1.25. Break of either of these two levels will add to further moves.
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EURAUD Makes Another Run At Its 200-Day SMA Print E-mail
Daily Forex Technicals | Written by Forex.com | Nov 21 14 03:27 GMT
It has been an interesting week for EURAUD, with the pair doing a very abrupt about-face as the euro proved more resistant to USD strength. Also, falling iron ore prices and disappointing Chinese economic data has hit the Australian dollar. The end result has been a significant rally in EURAUD which has pushed the pair off a key support zone just above 1.4200, through its 100-day SMA and on to its 200-day SMA.
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AUD/USD – Now Meeting Resistance At 0.8650 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Nov 21 14 01:54 GMT
In the last couple of days the Australian dollar has dropped sharply back through the support level at 0.8650 and is now threatening to remain below this level. It has rallied higher in the last 12 hours or so however it has met resistance at the key 0.8650 level. Prior to the strong fall, over the last week or so the Australian dollar has been 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. A few days ago the Australian dollar ran into the resistance level at 0.88 again which stood tall and sent prices lower again. A couple of 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 – Falls To One Month Low Below 5300 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Nov 21 14 01:50 GMT
Over the last week or so the Australia 200 index has returned some of its recent gains falling from above 5550 down to a one month low below 5300. It has found some support around 5340 which has propped it up a little in the last day. 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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The Daily Forecaster: USDJPY Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Nov 21 14 01:38 GMT
After two days of exceptionally direct gains we should have found an intermediate high at the to of the lower 118.73-96 projection range. The first reversal has been seen and should now see a correction higher courtesy of the rising 4-hour Price Equilibrium Cloud. How deep this will be and in which corrective structure is now the important issue. I suspect this correction shouldn't be too lengthy because the automatic first reversal target hasn't yet been seen - this being down at 115.45-116.00. For now watch the 118.47-118.73 range. Allow for a possible expanded flat complex correction that should remain above 117.39.
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