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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.



AUDUSD: Could We See a Pre-NFP Bounce to .7700? Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 01 15 13:57 GMT
While US economic data broadly deteriorated through Q1, the lone bright spot was the labor market. Through the first three months of the year, US Non-Farm Payrolls increased by a whopping 863k jobs, while other measures of economic activity including PMI surveys, retail sales, durable goods orders and inflation readings have all turned lower. After today's weaker-than-anticipated ADP employment report (189k vs. 227k eyed), traders are starting to worry that the last "leg" of the United States' economic outperformance "stool" is starting to crack, and the US dollar is trading a tick lower early in today's North American session.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Apr 01 15 11:28 GMT
The downtrend has been renewed after the reversal at 1.4875 and the bias is bearish, for a slide towards 1.4636 low. Initial minor resistance is seen at 1.4815, followed by the crucial area at 1.4875.
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EURCAD: Bulls Thwarted At Cluster Resistance Print E-mail
Daily Forex Technicals | Written by ICN.com | Apr 01 15 09:43 GMT
The pair moved within a downtrend over short-term and medium-term basis and traders succeeded in starting a recovery after placing the important bottom of 1.3383. The abovementioned recovery has been capped by a cluster resistance zone consisting of previous broken classical support and areas of 38.2% Fibonacci of the last decline from 1.4488 to the bottom of 1.3383.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Apr 01 15 09:23 GMT
The Euro bounced off yesterday's fresh low at 1.0711, in a corrective action on oversold near-term studies. Overall bears remain in play, with yesterday's close in red and below daily 20SMA, confirming bearish stance towards next targets at 1.0686, Fibonacci 61.8% of 1.0461/1.1050, below which to confirm double-top for acceleration towards 1.0612/00, 19 Mar trough / Fibonacci 76.4% retracement. Also, long red monthly candle confirms strong bearish tone. Former low at 1.0800, offers initial resistance, below which recovery attempts were capped for now, ahead of yesterday's high at 1.0844, reinforced by daily 10SMA and Fibonacci 38.2% of 1.1050/1.0711 downleg, where extended rallies should be capped. Only close above here would delay bears.
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USDCAD: Two Scenarios, Both Look For Bullish Move Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Apr 01 15 09:05 GMT
USDCAD turned up last week, and rallied close to 1.2800 this week so that decline from 1.2834 was completed on March 27th with three waves. As such, a whole structure since February appears to be a running triangle. With that said, latest leg up can be sharp wave D) with wave E) pullback now in play that will complete sideways move at 1.2460/1.2600 zone. Even alternate count (ALT on the chart with wave 1) at the high) suggests more upside after any three wave retrace.
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EUR/USD Tries To Remain Above 2003 Low Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 01 15 07:59 GMT
On Tuesday, EUR/USD declined significantly for the second consecutive day. Moreover, the Euro tried to penetrate one of the strongest support levels at 1.0760, represented by 2003 low and weekly S1. However, currently this level is succeeding in holding pair's bears from pushing the cross lower. In case the pair consolidates back above 1.0760, it may grow above 1.0811 (monthly PP) in the near-term. On the other hand, in case of bearish success, the common currency will head towards weekly S2 at 1.0617.
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GBP/USD Keeps Moving Sideways Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 01 15 07:58 GMT
Because of a lack of momentum GBP/USD failed to push through support at 1.48, and now the currency pair is headed towards the upper edge of the last week's trading range. The gains should be capped at 1.49, where the weekly PP merges with the 20-day SMA. And while the downside risks still prevail, the technical indicators are mixed, meaning there are unlikely to be any major moves in the short run.
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USD/JPY Halts At 120 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 01 15 07:57 GMT
As it turned out, demand at 119 was insufficient to send the price through 120 in an instant. The bears here continue to resist development of a rally, but should eventually give in. The next objective will then be the 2014 high near 122. However, we still cannot rule out a dip beneath the 100-day SMA. While this will not necessarily mean a major reversal, it will imply a sell-off to 117, namely the 23.6% Fibonacci retracement of the Jul-Dec up-move.
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XAU/USD Gets Support From April's Monthly PP Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Apr 01 15 07:55 GMT
On Wednesday morning, XAU/USD is receiving reliable support from April's new monthly PP, which is located at 1,183. Moreover, this level is reinforced by another demand area at 1,180 (2003 low; weekly S1). As a result, Gold is currently rebounding after a failure to violate those supports yesterday. Daily technical indicators continue sending green signals, meaning that the yellow metal may gain value in the short-term. The closest resistance is placed as far as 1,199, thus giving additional optimism for the bullish scenario.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Apr 01 15 06:07 GMT
The euro closed out the worst quarter in its 15-year history on Tuesday, slammed by monetary policy changes and worries about Greece, while U.S. stocks retreated a day after posting big gains.The euro skidded 11 percent against the dollar in the first quarter reflecting investors' expectations of divergent monetary policies. Investors are betting that the U.S. Federal Reserve will raise interest rates this year, while the European Central Bank's one-trillion-euro economic stimulus program is weakening the euro. The euro on Tuesday was down 0.8 percent against the dollar. The USD marked its biggest quarterly rise against the world's top six currencies since 2008. Gold has fallen 3 percent since hitting a three-week high last week above $1,200 an ounce after Federal Reserve Chair Janet Yellen on Friday signaled a rate hike could be likely later this year. Spot gold was down 0.2 percent at $1,185.70 an ounce, while U.S. gold for April delivery settled down $1.70 at $1,184.80 an ounce. Spot prices have lost 2.5 percent so far in March, its second straight monthly decline. The metal was on track to finish the first quarter down a slight 0.06 percent, its third straight quarterly drop. Spot silver fell 0.4 percent to $16.66 an ounce, while platinum gained 2 percent to $1,115.55 an ounce.
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Does GBPAUD Have The Legs To Test 2.000 Again? Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 01 15 05:15 GMT
GBPAUD bounced off the base of its long-term upward channel, supported by strong UK economic data and widespread aussie weakness. This resulted in a strong rally in GBPAUD and the pair is now flirting with a resistance zone around 1.9500. A break here could be enough to push the pair to an all-important psychological resistance zone around 2.0000
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USDCAD - Sets To Extend Weakness Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Apr 01 15 05:12 GMT
USDCAD - The pair halted its strength to close slightly higher on Tuesday, leaving risk of a move lower on the cards. On the upside, resistance is seen at the 1.2750 level followed by the 1.2800 level. Further out, resistance comes in at the 1.2850 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2900 level. On the downside, support lies at the 1.2600 level followed by the 1.2550 level. Further down, support resides at the 1.2500 level and then the 1.2450 level. All in all, USDCAD remains biased to the upside medium term.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Apr 01 15 05:07 GMT
THE EURO closed lower on Tuesday but remains above the 20day moving average crossing. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted. If it extends the rally off March's low, the 25% retracement level of the decline crossing next upside target.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Apr 01 15 04:54 GMT
Most markets are going to trade thin this week and not much movement is likely until the big data release - NFP, on Friday. Dollar see-sawed yesterday rising initially and dipping later. The supports on Euro (1.065), Pound (1.4792) and Yen (120.50) mentioned yesterday, have held well. Only Aussie's expected support at 0.7624 broke to reach the lows of 0.7596.
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AUDUSD Bounces Higher On Mild China PMI Expansion Print E-mail
Daily Forex Technicals | Written by ThinkForex | Apr 01 15 02:19 GMT
The Aussie has depreciated over 4% since 24th March and looks set to challenge the 0.756 lows over the coming sessions. Today's data saw bulish traders buck the trend to drive the Aussie up to 0.7665 resistance but we have several technical levels of resistance around here I expect to hold. 
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AUD/USD – Hoping For Support At 0.7550 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Apr 01 15 02:14 GMT
For the last week or so now the Australian dollar has fallen away sharply to down below the key 0.77 level and further to some short term support around 0.76. Its next obvious support level is down at 0.7550 and it will hoping to be propped up by it. Its recent decline was from the key 0.7850 level after surging higher to a new two month high above 0.79 earlier last week. For a couple of weeks it moved back and forth from below 0.76 and up to the key resistance level at 0.7850 and higher, before the recent fall. A few weeks ago the Australian dollar made a statement and broke down strongly through the key 0.77 level which then provided significant resistance for the following few days. It was also able to enjoy some short term support around 0.7550 which propped it up and allowed it to rally strongly in the last couple of weeks. Several weeks ago the Australian dollar made repeated attempts to move up strongly to the resistance level at 0.7850 however it was rejected every time and sent back easing lower, which is why this level remains significant presently. Just prior to that towards the end of February the Australian dollar moved through the resistance at 0.7850 to reach a new four week high around 0.7900.
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Australia 200 – Looking For Ongoing Support From Key 5800 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Apr 01 15 02:13 GMT
A couple of weeks ago the Australia 200 index pushed higher to a multi-year high to just above the key resistance level at 6000, before easing lower throughout last week to below 5900. It now has its eyes firmly on the ongoing support level at 5800 where it is hoping to receive some further support. The key 6000 level remains firm and a significant obstacle and the index and markets are firmly fixed on it. A few weeks ago the ASX200 index found some support at the key 5800 level which has propped it up and allowed it to rally a little and move higher, and of course it will be hoping to receive the same again. Several weeks ago the ASX200 index reversed from its highs near 6000 and started to establish a new medium term down trend before rallying higher a couple of weeks ago. If it is to move lower through the trough around 5740, then lower values should be expected with the next obvious support level around 5700, however it presently trying to continue to place pressure on the resistance at 6000.
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EURJPY: Supporting The Cause Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 01 15 01:50 GMT
The North American trading day ended on a sour note as US equities attempted to climb in to the green in the second half of trade, but fell faster toward the end of the day than at any other time. The approximate 1% drop in both the Dow and S&P 500 also provided a bad taste for the end of the first quarter which seemed to be all over the place; up one day, down the next, and so forth. The volatility in stocks isn't likely to end with Q1 though as the persistence of the Federal Reserve's 'will they, or won't they' narrative is likely to continue until June at least. Each new US data release helps bolster the case of those who either argue for or against an interest rate increase, so the waters are likely to remain choppy for the time being.
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AUDNZD: ABC Parity? Print E-mail
Daily Forex Technicals | Written by Forex.com | Apr 01 15 01:45 GMT
The first half of North American trade has been a mixed bag of tricks for traders so far as usual correlations aren’t behaving so well. While the EUR/USD has fallen lower on renewed concerns about Greece, but the typically correlated GBP/USD made a valiant run above the 1.48 level that it has been straddling so far this week. The USD/JPY also continues to hover near 120 even though US stock markets are generally down on the day. Much of the mixing of signals could be attributed to US data releases that only served to muddy the waters as Chicago PMI remained below the 50 boom/bust level for a second straight month whereas it was expected to rise to 52.5. Almost as quickly as the market began thinking bad thoughts though, the Conference Board’s Consumer Confidence figure improved to 101.3, the second highest level since late 2007.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Mar 31 15 11:19 GMT
The uptrend is still intact, currently testing 120.40 resistance area. Initial support lies at 119.50 and an eventual violation of 120.40 resistance will challenge 121.20 area.
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