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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.



USD/CAD: A Potential Bull Haven From Market Turmoil Print E-mail
Daily Forex Technicals | Written by Forex.com | Aug 28 15 13:04 GMT
Depending on your trading style, you either can't wait to hear the closing bell at the end of today's US session or you'll be extremely sorry to see this week come to an end. Either way, there's still a full trading session today, as well as another two and a half weeks, before the Federal Reserve's highly-anticipated September monetary policy meeting. Market volatility is likely here to stay until (at least) that event and likely beyond, so it makes sense to see which strong trends managed to weather this week's jumpy markets.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Aug 28 15 10:29 GMT
EUR/USD The recent slide tested precisely 1.1200 support zone and my outlook is already bullish, for a break through the crucial 1.1352, en route to 1.1565. Initial intraday resistance is projected around the dynamic 1.1308.
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EUR/USD Loses Steam, Drops Below 1.13 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 28 15 09:17 GMT
Support at 1.1295/62 failed to produce any bullish momentum for long traders on Thursday. As a result, the pair slumped below both of these technical levels to trade around 1.1240 by Friday morning, after testing the Jul high at 1.1216 earlier yesterday. Last month's high also guards the next support zone represented by 20-day SMA and monthly R1 at 1.12. A decline below them should trigger losses down to the main demand at 1.1130/12 (weekly S1; 100 and 200-day SMAs). From another side, any rally will meet a substantial resistance at 1.1409/66 (May/Jun highs).
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GBP/USD On The Edge Of Reaching Two-Month Low Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 28 15 09:14 GMT
The Cable dropped to the lowest in the last six weeks yesterday, with the immediate support cluster barely holding the losses. The Greenback weighed on the Sterling, amid much better-than-expected GDP data, with a similar situation due today. Strong UK GDP data is likely to boost the Pound and help it rebound, regaining some of the lost value over the past few days, with the weekly S2 limiting the gains. However, a poor reading can throw the GBP/USD deeper down towards the 200-day SMA around 1.5321.
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USD/JPY Keeps Trying To Rise Above 121.00 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 28 15 09:13 GMT
The USD/JPY currency pair behaved in accordance with the forecast, as it surged and stabilised at the 200-day SMA at 121.03. However, the tide might turn today, with the resistance cluster around 121.15 being too strong of an obstacle, unless good fundamental figures trigger a rally. A failure to pierce the resistance is likely to cause the Greenback to retreat to the 120.00 psychological level and perhaps even towards the tough cluster around 119.00, namely the Bollinger band, weekly and monthly S2s. Meanwhile, technical indicators retain bearish signals, suggesting the given pair is to plunge today.
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XAU/USD Stuck In The Vicinity Of 1,125 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 28 15 09:12 GMT
Gold failed to consolidate below the 1,125 support mark reinforced by the weekly S1 on Aug 27. Therefore, bulls may count on a recovery in the near-term; however, a successful testing of resistance cluster at 1,128/31 is required, in order to sustain any potential rally. Therefore, unless this area is penetrated our outlook remains strongly bearish with respect to the precious metal, while the shorts are still targeting 1,113 (Aug 15-16 lows, monthly PP). Nonetheless, bullish views are in turn strengthened by overwhelmingly positive daily technical indicators.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Aug 28 15 08:07 GMT
The Euro consolidates above fresh low at 1.1201, posted yesterday, on extension of pullback from 1.1712, 24 Aug peak. The third consecutive daily close in red, formed reversal pattern that suggests further downside. Immediate targets lay at 1.1153, Fibonacci 61.8% of 1.0807/1.1712 rally, reinforced by rising daily 20SMA, currently at 1.1142 and daily cloud top at 1.1136 that together mark strong support zone. However, daily slow Stochastic is entering oversold territory and along with expected end-of-the-week profit taking, could spark stronger correction. Initial barrier lies at 1.1278, daily Kijun-sen, ahead of 200SMA at 1.1309, below which corrective rallies should be ideally capped, to maintain negative near-term bias, as the pair is poised for bearish weekly close. Only extension and close above broken bear-trendline at 1.1388, would sideline immediate downside risk.
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GBPUSD Trades Lower In 5 Wave Structure Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Aug 28 15 08:05 GMT
We had a strong fall on this pair during yesterday trading confirming our possible impulse 5 wave development. Pair made complete 5 wave structure and we are looking here for a ABC pullback in the wave 2. This pair went strongly below our corrective channel trend lines and for us this is one of the signs we are looking for continuation except wave count. This corrective pullback can offer new possible short entries even on intra-day basis.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Aug 28 15 07:05 GMT
The dollar rose to a one-week high as U.S. growth and employment readings fueled optimism about the economy. The currency climbed for a third day as stocks rallied after a report showed U.S. gross domestic product rose at a 3.7 percent annualized rate in the second quarter, exceeding all estimates of economists surveyed by Bloomberg. Filings for jobless benefits dropped to a three-week low. The greenback climbed 0.6 percent to $1.1246 against the euro and advanced 0.9 percent to 121.03 yen at 5 p.m. in New York. The Bloomberg Dollar Spot Index gained 0.2 percent to 1,205.59, the highest in a week on an intraday basis. Traders are pricing in a 28 percent probability that the Federal Reserve will raise interest rates at its September meeting, based on the assumption that the effective fed funds rate will average 0.375 percent after the first increase. That's up from 24 percent Wednesday but down from 48 percent on Aug. 18. China has cut its holdings of U.S. Treasuries this month to raise dollars needed to support the yuan in the wake of a shock devaluation two weeks ago, according to people familiar with the matter. The yuan rose 0.08 percent to 6.4053 per dollar on Thursday in Shanghai, trimming this month's decline to 3.1 percent. Daily fluctuations have averaged less than 0.1 percent in the past two weeks as the PBOC intervened to bring stability following the Aug. 11 devaluation.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Aug 28 15 06:47 GMT
THE EURO closed lower on Thursday as it consolidates some of the rally off July's low. The lowrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews the rally off July's low, the 38% retracement level of the 20142015decline crossing is the next upside target.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Aug 28 15 06:40 GMT
During the course of yesterday's sessions, the EUR/USD tumbled lower for a third consecutive day losing close to 70 pips into the close 1.1241. Psychological support 1.1300 attempted to hold ground early on in the sessions, but found the mid-level number 1.1350 too strong to overcome. Consequently, this sent the EUR piling lower surpassing 1.1300 and faking below both 4hr demand at 1.1239-1.1286, and the ignored daily Quasimodo level at1.1233 (positioned just below the aforementioned 4hr demand area).
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US Dollar Turns Around For ABC Zigzag Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Aug 28 15 06:31 GMT
The EUR/USD bearish movement has retraced very deep which therefore favors a completed wave 5 (blue) of wave C (green) of Y (brown). Price could still expand the bullish price action after completing a potential ABC (green) zigzag pattern.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Aug 28 15 03:34 GMT
Euro (1.1263) and Pound (1.5428) have slightly recovered after falling sharply against the Dollar. We may expect a movement in the 1.14-1.10 and 1.53-1.57 respectively in the near term. Note that Pound has support near 1.53-1.55 while Euro looks strongly bearish on the weekly candle charts
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The Daily Forecaster: GBPUSD Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Aug 28 15 03:33 GMT
We saw the correction back to the 1.5505-25 area - where it capped and saw losses as expected…but much deeper than I had anticipated… reaching 1.5369. This means we have to correct the decline from 1.5719 to yesterday's 1.5369 low. We now have a balance of the correction and just how strong the next decline will be. However, at a bare minimum will be a 50% retracement and that's at 1.5544-58 but which would need a strong Wave [iii] projection. The deeper 1.5602-36 area would make me more comfortable but could conflict with EUR and CHF. Hence the suggestion that we may see complex corrections in EUR and CHF while price here can correct lower - and then rally again. So, that's a broad outline to the possible scenarios.
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GBPJPY - Looks To Build On Its Recovery Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Aug 28 15 03:30 GMT
GBPJPY - GBPJPY has halted its weakness to close higher on Thursday, leaving eyes on further upside. On the downside, support comes in at the 186.00 level where a violation will aim at the 185.00 level. A break below here will target the 184.00 level followed by the 183.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance lies at the 187.50 level followed by the 188.00 level where a break will aim at the 189.00 level. A cut through here will aim at the 190.00 level. Further out, the 191.00 level comes in as the next resistance All in all, the cross remains biased to the downside but with warning.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Aug 28 15 02:22 GMT
The EURUSD continued its bearish momentum yesterday bottomed at 1.1201. As you can see on my H1 chart below, price broke below the EMA 200 suggests a bearish outlook, which consistent with a false breakout bearish scenario after the failure to make a clear break above the daily EMA 200. The bias remains bearish in nearest term testing 1.1150. Immediate resistance is seen around 1.1300. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear testing 1.1365 area. Potential daily range today is seen between 1.1150 – 1.1300.
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EURUSD - Weakens Further, Targets Key Support Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Aug 28 15 02:19 GMT
EURUSD - EUR declined sharply on Wednesday and was seen weakening further during Thursday trading today. This development leaves the pair targeting its key support located at the 1.1128 level. Immediate support lies at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will aim at the 1.1100 level with a turn below that level targeting the 1.1050 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. All in all, EUR remains biased to the downside on further weakness.
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EUR/USD: A Top Thrill 450-pip Round Trip Print E-mail
Daily Forex Technicals | Written by Forex.com | Aug 27 15 13:17 GMT
"Zero to 120 MPH in less than 4 seconds. A few seconds later, you're 420 feet in the air. In the race for pure adrenaline thrills, there is one winner: Top Thrill Dragster. Nothing else compares to this high-horsepower shot into the sky. From a standing start you're launched forward, then straight up, then straight down and back to the finish line. The ride may be over in 17 seconds, but it'll stay with you forever."
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Crude: Short Squeeze Rally Or Bear Trend Resumption? Print E-mail
Daily Forex Technicals | Written by Forex.com | Aug 27 15 11:35 GMT
The price of oil has risen for the third consecutive day. Since hitting a low of $42.20 on Monday, Brent has risen by $2.80 to a high so for of $45.00. In percentage terms, it has gained a good 6.5%. WTI has slightly underperformed in nominal terms as it has 'only' gained $2.60 from its low on Monday but because it has risen from a lower base, it has outperformed on a percentage basis – up about 6.9% over the same period. More gains could be on the way if prices manage to break some key technical levels that are now being tested, though a failure at these levels could see the return of the sellers – more on this later. From a fundamental point of view however, not a lot has changed although most of the bearish news is surely now priced in.
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USDJPY Showing A Bearish Pennant Confluence Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Aug 27 15 10:41 GMT
USDJPY reached 120.50 after a big spike down preceded by PBOC decision to reduce its interest rate and ease bank reserve requirements. Technically a huge drop which we see on USDJPY chart is actually a BEARISH PENNANT and short to mid term the pair could bounce from 120.50 targeting even 114.40 levels (!). Bearish pennant can be seen on H4 chart but zooming in we can see it better on H1 chart. Adding the flagpole distance to the projected distance from breakout and we get 114.40.
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