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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.



EUR/USD Finds Support At 1.26 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 02 14 07:17 GMT
Continuation of Tuesday's sell-off did not take place yesterday—the support at 1.26, represented by the weekly S1 and Bollinger band, remains intact. In case of a rally from here the currency pair will encounter 1.2660—2012 Q4 low. If the bulls keep pushing the price higher—there is a cluster of resistances at 1.2750, consisting of the 2013 low, weekly PP and falling trend-line that should prevent further appreciation of the Euro.
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GBP/USD To Be Capped By 1.63 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 02 14 07:16 GMT
After hitting the weekly S1 during yesterday's trading sessions, GBP/USD is currently moving counter the major trend—towards the negatively-sloped line at 1.63. Considering that this resistance is also reinforced by the monthly PP and 23.6% Fibo, the chance of the Sterling rising above this supply area is low. Instead, the pair is expected to resume the decline and re-visit this year's lowest point at 1.6050, as suggested by the daily and weekly studies.
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USD/JPY Slipped Beneath 109 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 02 14 07:15 GMT
As it turned out, USD/JPY did not have to touch the 2008 high in order to come under strong selling pressure. Right now the spot is 100 pips below the Tuesday's close, as the weekly PP and 2008 Sep high at 109 failed to provide sufficient support. At the moment the U.S. Dollar is facing the weekly S1 at 108.50, but this downward correction has the potential to extend to 108. Here the bears should be stopped by the monthly PP and two-month up-trend.
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USD/CHF Intimidated By 0.9580 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 02 14 07:14 GMT
USD/CHF keeps standing close to the resistance at 0.9586/78. If the sellers here manage to send the price down to 0.9450—the risk of a break-out to the downside will substantially increase, since the market will confirm formation of a rising wedge. Conversely, the if Greenback continues to appreciate and ignores the nearby resistances, the next target will be the 2013 Q3 high and weekly R3 at 0.9750 before the 2013 high 0.9840.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Oct 02 14 06:05 GMT
Yesterday the Dow Jones index of shares declined 1.4 percent and the Standard & Poor’s index fell 1.3 percent. U.S. Treasure yields rose to almost the highest versus the German counterparts since 1999 while the USD is close to its strongest level in two years versus the EUR. Germany sold 10-year bonds to yield less than 1 percent for the first time. The USD declined from a six-year high against the JPY amid bets it gained too much and too fast. The EUR/USD touched 1.2584 before trading at 1.2623. The USD/JPY tumbled 0.7 percent to 108.89 and the EUR depreciated 0.7 percent to 137.46 JPY.
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The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Oct 02 14 04:48 GMT
Due to the interest rate announcement on the Euro later today, the wave count is vulnerable to change. Price bounced off of the bottom of the downtrend channel yesterday and seems to have completed waves 5 (light blue & magenta).
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Oct 02 14 04:32 GMT
The EURUSD was indecisive yesterday but traded higher earlier today hit 1.2673. The bias is bullish in nearest term testing 1.2715 but overall I remain bearish and any upside pullback now should be seen as a normal corrective movement. A clear break and daily close above 1.2715 could trigger further bullish correction scenario testing 1.2775 or higher. On the downside, 1.2580 is a key support at this phase which need to be clearly broken to the downside to continue the bearish scenario testing 1.2500.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Oct 02 14 03:51 GMT
THE EURO closed lower on Wednesday as it extends the decline off May's high. The midrange close sets the stage for a steady to lower opening when Thursday'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 this summer's decline, monthly support crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a low has been posted.
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Australia 200 – Enjoys Some Support Around 5250 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Oct 02 14 02:55 GMT
For all of September the Australia 200 Index has 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 5250. A couple of weeks ago 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 early last week. It has now fallen sharply to a seven month low below 5250 and it hopes to stay in touch with the well established range between 5400 and 5500. Up until recently, the 5400 level had done well and propped up price to keep it within the range. For most of this year when the index has fallen to the 5400 level, it has bottomed out at around 5370 so it will be interesting to see whether this happens again now. All of this was preceded by a solid move higher bouncing strongly off the support level at 5400. Just prior to the surge it fell sharply over a couple of weeks returning back to more familiar territory between the 5400 and 5500 levels.
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AUD/USD – Taking A Rest Around 0.8750 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Oct 02 14 02:54 GMT
The last few weeks has seen a strong decline for the Australian dollar moving from close to 0.94 down to below 0.87 and an eight month low in the process. In the last few days it has taken a breather above 0.87 around 0.8750. A couple of weeks ago the Australian dollar found some much needed support at 0.8950 and rallied back up to just shy of the key 0.90 level before resuming its decline. The long term key level at 0.90 was called upon to desperately provide some much needed support to the Australian dollar, which it did a little a couple of weeks ago, however it has more recently provided resistance. Several weeks ago the Australian dollar showed some positive signs as it surged higher again bouncing off support below 0.93 and reaching a new four week high around 0.94 however that all now seems a distant memory.
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The Daily Forecaster: AUDUSD Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Oct 02 14 02:34 GMT
Losses developed nicely down to the 0.8672 - and actually 0.8662. As suggested this has generated a correction to the 0.8750-70 area. While this caps, we should see a final decline in 3-wave to (around) the 0.8659 low (and allow a small margin below.) Watch for bullish reversal indications. There is a good 4-hour bullish divergence.
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EURGBP - Bearish, Threatens Further Downside Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Oct 02 14 02:30 GMT
EURGBP - We continue to hold our downside bias on the cross as it continues to maintain its bearishness. On the downside, support lies at the 0.7800 level where a break will expose the 0.7780 level. Further down, support comes in at the 0.7750 level where a violation will turn attention to the 0.7700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7900 level where a violation if seen will turn focus to the 0.7950 level. All in all, the cross is biased to the downside in the medium term.
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AUDNZD: Bulls Wrestle Back Control From The Bears, For Now Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 02 14 02:27 GMT
Just when it looked like bears may have been once again gaining the upper hand in the battle for AUDNZD, NZD got assaulted by soft dairy price data. The commodity currency was hit by a wave of sellers after a measure of dairy prices from GlobalDairyTrade (GDT) indicated there was significant weight on key dairy prices last month. The auction house stated that its price index fell 7.3% since the last index at the beginning of September, with the most downward pressure coming from products that contribute a significant portion of NZ's export market.
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AUDUSD: Goodbye Somber September, Hello Optimistic October! Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 02 14 02:25 GMT
Beyond extreme Halloween enthusiasts, AUDUSD bulls are probably more excited than anyone to turn the calendar page over to October. The month of September did not treat the Aussie well at all, with the currency falling nearly 600 pips over the course of the month, though some traders are starting to wonder whether September's swoon may have reached excessive levels.
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USD/JPY Hits 110: Will The Rally Pause For Breath Now? Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 02 14 02:24 GMT
Overnight, the USD/JPY pair finally entered the key 110.00-110.65 technical area (see monthly chart in figure 1). The lower end of this range, i.e. 110, is a key psychological barrier while the 110.65 level was the high achieved back in August 2008. Around these levels one would expect to see some profit-taking, which in face may be part of the reasons why it has come under some downward pressure today. At this stage, it is difficult to say how deep price may retrace if we do see some actual selling activity now. But with the economic fundamentals stacked against the bears, one would expect the potential losses to be limited. Indeed, in the medium-term the USD/JPY should, in theory anyway, rise further as the Fed normalises the US monetary policy while the BoJ maintains its ultra-loose stance. In the very short-term, should the NFP trounce expectations on Friday then we may see a continuation of the dollar rally anyway, especially on the USD/JPY pair which has already broken a major bearish trend line. Still, a degree of caution is probably wise around these elevated levels and at such an important time of the month.
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Crude Oil Bounces Back After Sharp Drop Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 02 14 02:22 GMT
Crude oil prices have bounced back after yesterday's sudden plunge when the Brent contract dropped nearly $3 while WTI shed about $4. Crude's battering yesterday came as a survey confirmed that not only the OPEC is producing more oil than is currently needed, but significantly that they are not doing anything about it. Indeed, the largest OPEC producer, Saudi Arabia, has increased its output even though production has returned to near normal levels in Libya. But today, the market is focusing on a healthy Chinese manufacturing PMI reading and an unexpected drop in US crude inventories. Meanwhile the dollar has retreated a little on the back of some mixed-bag US data, and this has offered commodities as a whole a respite with gold and silver also trading firmer today.
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Technical Update - Important EUR Pairs Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Oct 01 14 14:18 GMT
On Tuesday, the pair dropped to a fresh 2-year low, nearly testing an important support near 0.7760-50 area marked by lows formed in July 2012. Also on 4-hourly the pair seems to find support at the lower trend-line support, near 0.7760 level, of a descending trend-channel formation. Thus, 0.7760-50 area seems to act as a very strong support for the pair and hence, a decisive break below this important support might suggest continuation of the weakening trend. A decisive drop below this strong support seems to increase the vulnerability of the pair towards testing 0.7600 support in the near-future with 0.7700 acting as intermediate support. On the upside, 0.7800-10 area, representing the upper trend-line resistance of the descending channel seems to provide immediate strong resistance for the pair and a decisive move above this immediate resistance might trigger a near-term short-covering rally towards 0.7880-90 important horizontal resistance area.
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USDRUB: "This is 40" Print E-mail
Daily Forex Technicals | Written by Forex.com | Oct 01 14 14:15 GMT
A few years ago, I found myself in a common 21st century dilemma: I was staring at the RedBox display at our local convenience store, trying to decide among the (underwhelming) choices to rent for Friday movie night with my then-fiancé. Sensing my misgivings with the lackluster selection, she quickly took control and chose the movie This is 40, which turned out to be a worthwhile-if-predictable-pseudo-sequel-to-the-far-superior-prequel Knocked Up.
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Technical Outlook: Silver Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Oct 01 14 11:51 GMT
Silver prices have been declining since the early days of July 2014 and have lost nearly 21% since then by forming the descending trend channel on Daily chart. The white metal broke important support level of 76.4% Fibonacci Retracement Level of its October 2010 to April 2014 up-move, near $18.20, during the late September 2014, and is currently testing the support line of the same trend channel. Oversold RSI together with the trend channel support signals a pullback into the metal prices towards $17.45 and $17.85 resistance level. Moreover, a break of $17.85 can fuel the metal prices towards 76.4% Fibo. level and upper line of the descending trend channel, near $18.20, which can limit near-term up-move of the silver prices. Should the metal extends its rally above $18.20, it becomes vulnerable to head towards psychological resistance level of $20.00; however, 50-day EMA near $19 can become intermediate resistance.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Oct 01 14 09:59 GMT
Current rebound above 1.2568 low is corrective in nature, thus preceding a slide towards the major target at 1.2440. Initial intraday resistance is seen at 1.2636 and crucial on the upside is 1.2715.
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