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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.



Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Sep 02 14 09:58 GMT
Yesterday's rise to 1.6645 sets the final of the consolidation pattern above 1.6534 and current outlook is already bearish, for a break through 1.6534 lows, en route to 1.6460.
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Dollar/Yen Rally Extends To Almost 105 Print E-mail
Daily Forex Technicals | Written by ZIFX.com | Sep 02 14 09:48 GMT
On Monday Dollar/Yen increased slightly with 30 pips. The currency couple appreciated from 104.06 to 104.37 yesterday, matching the positive money flow sentiment at almost +14%, closing the day at 104.33. This morning the Dollar climbed further against the Yen, reaching 104.91.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Sep 02 14 09:36 GMT
The Euro remains weak and ticked lower, after brief corrective attempt off 1.3117 was capped at 1.3144. The pair eyes immediate target at 1.31, however, yesterday’s Doji candle may signal further consolidation ahead of 1.31 support, as daily studies are overextended, but no reversal signal being generated yet. Yesterday’s corrective high at 1.3144 offers initial resistance, along with 1.3155 zone, previous lows and Fibonacci 38.2% of 1.3219/1.3113 downleg, where corrective rallies should find good resistance, before fresh push lower. Conversely, extension through pivotal 1.3200/19 barriers would signal stronger recovery and sideline immediate bears.
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USDCAD Elliott Wave Analysis: Bullish Reversal Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Sep 02 14 08:25 GMT
USDCAD has finally turned bullish this summer after a decisive break out of a downward channel in July. A break indicates a completed corrective decline from the high, especially if we also consider a five wave recovery from around 1.0615 low. However, nothing moves in straight line so current reversal from 1.1000 psychological level is most likely just a corrective wave 2 that may stop around 1.0700-1.0750, near to 61.8%. Once wave 2 will bottom we will be looking for a strong reversal up into wave 3.
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Cable Expected To Resume Downtrend Towards 1.65 Print E-mail
Daily Forex Technicals | Written by ZIFX.com | Sep 02 14 07:31 GMT
On Monday Pound/Dollar increased with 65 pips. The Cable appreciated from 1.6585 to 1.6651 yesterday, in line with the positive money flow sentiment at nearly +11%, closing the day at 1.6604. Today the British Pound declined, reaching down to 1.6554.
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EUR/USD Stands Still At 1.31 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Sep 02 14 07:29 GMT
Although EUR/USD has finally reached a major support, the bulls largely remain inactive. As a result, the pair is trading flat. And even if we do see an upward correction, the bias will still be to the downside. The Euro has broken out of the rising wedge pattern this quarter, meaning the sell-off may push the price through the 2013 low at 1.2750 down to the 2012 low at 1.2050. However, the monthly technical indicators are persistently bullish.
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GBP/USD Returns To May Low Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Sep 02 14 07:28 GMT
For now the Cable stays on a bullish path and may gain another 70-80 pips before turning around. Despite the long-term technical indicators mostly giving ‘buy' signals, the current upward momentum is likely to be insufficient to break a high concentration of resistances around 1.67. GBP/USD has a better chance of falling back to this year's low at 1.6250. From there the pair may start a decline towards the 2013 low at 1.48.
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USD/JPY Aims For 2014 High Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Sep 02 14 07:26 GMT
Despite a high risk of a pull-back to the July high at 103, USD/JPY preserved a strong bullish momentum. However, the currency pair is getting close to a significant supply area above the level of 105, which is represented by the monthly R1 and this year's high. Accordingly, a dip down to 104 in the coming weeks should not be a surprise, and it will not invalidate the positive outlook. Meanwhile, the daily and monthly studies point North.
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USD/CHF Charges At 0.9250 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Sep 02 14 07:24 GMT
USD/CHF keeps on grinding higher, being that there are no tough resistances nearby. The bullish tendency is expected to persist until the rate touches the 2013 Nov 7 high at 0.9250. However, there the U.S. Dollar will be prone to a sell-off, which should stop to develop around 0.9150—the 2014 Q1 high. But even a deeper bearish correction, as long as it is halted above the key up-trend at 0.90, will not change the outlook.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Sep 02 14 06:01 GMT
Yesterday the US market was closed due to labor day. Yesterday German Chancellor Angela Merkel said that Moscow's behavior in Ukraine must not go unanswered, even if sanctions hurt the German economy, heavily dependent on imported Russian gas. So europeans could be barred from buying new Russian government bonds. Nevertheless yesterday data showed that euro zone manufacturing growth slowed more than estimated in August. The Purchasing Mangagers' Index fell at 50.7 in the euro zone, which is the lowest in over a year and below July's 51.8. Reading below the 50 line are indicating contraction.
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Potential For EURAUD To Snap Back Print E-mail
Daily Forex Technicals | Written by ThinkForex | Sep 02 14 05:48 GMT
Rapid RSI indicator is also fairly good at highlighting oversold conditions during the trend and price action appears to have rejected 1.4040 support. A daily close around currnet levels would confirms a Morning Star Reversal above this level and back within the Bollinger Bands to sughgest a swing low.
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Euro Slides To One Year Low On ECB Easing Outlook Print E-mail
Daily Forex Technicals | Written by ZIFX.com | Sep 02 14 05:27 GMT
On Monday Euro/Dollar increased insignificantly with almost 30 pips. The European currency appreciated from 1.3118 to 1.3146 yesterday, not matching the negative money flow sentiment at around -8%, closing the day at 1.3126. This morning the Euro slipped, dropping to 1.3116.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Sep 02 14 05:20 GMT
THE EURO closed lower on Monday. The lowrange close sets the stage for a steady to lower opening when Tuesday'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, the 75% retracement level of the rally 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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The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Sep 02 14 05:16 GMT
The bullish retracement of the bearish swing has been very slow and corrective so far, which is often a clue that a trend could continue (down in this case).
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The Daily Forecaster: USDCHF Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Sep 02 14 05:12 GMT
The rally extended above 0.9160-71 to reach 0.9190-95. We should now see 0.9180-88 support for follow-through to reach the 0.9202 area at least - allow for 0.9216-20 though I doubt it will get this high. As this is approached note momentum conditions, preferably with an hourly bearish divergence - A 4-hour divergence is already in place.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Sep 02 14 05:04 GMT
The all important ECB meet is getting closer and the big traders are back in the markets after the Summer. The stage is set for some big movements this week. Expect explosion in volatility.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Sep 02 14 03:01 GMT
The EURUSD was indecisive yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 1.3050 – 1.3000. Immediate resistance remains around 1.3150. A clear break above that area could lead price to neutral zone in nearest term testing 1.3200/20 but any upside pullback now should be seen as a normal corrective movement and as long as stays inside the bearish channel I remain bearish.
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AUD/USD – Consolidating Above Key 0.93 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Sep 02 14 02:48 GMT
The Australian dollar enjoyed a solid week last week moving up from below 0.9300 to a three week high around 0.9370 before easing a little lower to finish the week. It has started this new week doing similar as it just eases away and looks like heading back down to the key 0.93 level. For the best part of the last few weeks the Australian dollar has traded close and around the 0.93 level after spending the preceding few weeks drifting lower from near 0.95. A couple of weeks ago it fell lower to below the 0.93 level level and down towards a two month low near 0.9220, before rallying well to return to the 0.93 level. Throughout July it generally slid lower from close to 0.95 down to its present trading levels around 0.93. It has done well of late to cling onto the 0.93 level after its sharp fall which saw it move from above 0.9400 down to a seven week low below 0.9240. Several weeks ago it was easing back below both the 0.9425 and 0.9400 levels with the former providing some resistance.
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Australia 200 - Continues To Move Little Above 5600 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Sep 02 14 02:44 GMT
The Australian 200 Index has spent the last week consolidating and trading in a very narrow range right around 5620 after enjoying a strong surge higher to a new six year high around 5650 a couple of weeks ago. In moving up to the multi-year high it enjoyed 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, before the recent strong rally. In its recent fall it moved down to a three week low around 5375, however it received solid support at the 5400 level which has allowed to consolidate and rally higher. The solid move higher throughout July saw it move strongly up through both the 5500 and 5550 levels to reach a new six year high around 5620. In recent weeks it has discovered a new key level to deal with after running into a short term resistance level at 5550, which earlier last week provided some solid support. It reversed strongly several weeks ago bringing it back down to almost touch the 5400 level before rallying back higher again. At the beginning of June the Australian 200 Index fell and broke back down through the key 5500 level towards a four week low around 5400 before consolidating and resting on support there for an extended period.
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GOLD - Continues To Face Downside Threats Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Sep 02 14 02:26 GMT
GOLD - The commodity may be hesitating but continues to face its broader downside pressure in the medium term. While it trades below the 1,296.40 level, our bias remains lower. Support lies at the 1,270.00 level where a break will expose the 1,257.68 level followed by the 1,230.00 level. A break will target the 1,200.00 level with a violation turning attention to the 1,180.00 level. Below here will expose the 1,160.00 level and then the 1,140.00. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 1,285.00 level where a break will target the 1,300.00 level followed by the 1,345.90 level. A cut through here will extend gains towards the 1,360.30 level. And then the 1,380.00 level. All in all, GOLD remains biased to the downside in the nearer term.
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