Jul 31 09:26 GMT


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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 Elliott Wave: Bearish Impulse Is Underway Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jul 31 14 09:18 GMT
AUDUSD is trading south as expected after only three wave rally from 0.9327 up to 0.9470. We labeled that move as wave (ii)/(b), so in either case we were looking for a drop to a new low of July. 0.9327 has been taken out now it means that new bearish impulse is now underway, ideally we are in blue wave (iii) of an impulse and not wave (c) of a correction, but in both cases we expect a drop down to between 0.9220-0.9250 area as projected target for the near-term swings. 
Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 31 14 09:05 GMT
The Euro remains negative and posted new low at 1.3365 yesterday, level which marks 50% of 1.2754/1.3992 upleg. Subsequent bounce, which so far stays capped at 1.34 barrier, could be seen as consolidation, before fresh attempt lower, which looks for test of 1.3294, 03 Nov 2013 higher low and 1.3247, Fibonacci 38.2% of 1.2042/1.3992 ascend, in extension. Studies are bearish, but oversold daily conditions see potential for stronger corrective rally. Clearance of initial 1.3400/43 resistance, requires extension above 1.3470, Fibonacci 38.2% of 1.3639/1.3365 and lower platform top at 1.3480, break of which to confirm start of more significant corrective phase.
Technical Analysis for Major Currencies Print E-mail
Daily Forex Technicals | Written by | Jul 31 14 08:26 GMT
Yesterday's downside move pushed the pair to touch 50% correction at 1.3375 which is the significant intraday interval for today, and breaking it is required to extend the downside move.
Technical Analysis for Crosses Print E-mail
Daily Forex Technicals | Written by | Jul 31 14 08:25 GMT
The pair breached the intraday descending channel showing on graph giving the pair a positive push that supports positive trading in the upcoming period targeting 175.30 then 178.00. Therefore, the upside move is expected intraday as long as the pair is stable above 172.60.
EUR/USD Is Inclined To Extend Decline Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 31 14 07:39 GMT
Despite the strong downward momentum the support at 1.3383/69 managed to withstand the attack of the bears yesterday. And while there is a possibility of a pull-back up to 1.35 (three-month down-trend), the overall outlook is likely to remain negative for quite some time. The monthly S3 should eventually give in, which in turn will expose 2013 Q4 low near 1.33. The next major level could be the 2013 September low around 1.31.
GBP/USD Tries To Find Support At 1.69 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 31 14 07:38 GMT
There still seems to be a small chance for the Sterling to avoid further depreciation, as it is currently facing a number of strong supports. Apart from a long-term rising trend-line, there is the 100-day SMA that this year proved to be worth considering. Moreover, most of the technical indicators on the weekly and monthly time-frames are pointing North, suggesting the bulls could potentially regain control of the market and save the positive outlook.
USD/JPY Soars To 103 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 31 14 07:37 GMT
Though the last few months there were serious doubts regarding USD/JPY's ability to break this year's down-trend, right now the currency pair is already trading 100 pips above it. Accordingly, we may now look at the 2012 Q2 high just above 104 as a potential target before 105.44. But there is a high chance of the price behaving bearishly in the near term. The possible retracement should be stopped either at 102.54/32 or at 101.93/78.
USD/CHF Puts Pressure On 0.91 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 31 14 07:36 GMT
Yesterday's test of the monthly R2 did not result in a rally above 0.91, but there is still a good chance the bulls are going to play the main role. Once this resistance is moved aside, there will be no significant levels between the spot and this year's high at 0.9156. In case the rally extends beyond this point as well, regardless of the bearish monthly indicators, there is supposed to be a strong supply area next to 0.9250, represented by the 2013 Nov 7 high.
Cable Breaks Below 1.69 On Upbeat U.S. GDP Print E-mail
Daily Forex Technicals | Written by | Jul 31 14 07:27 GMT
On Wednesday Pound/Dollar continued decreasing with 65 pips. The Cable depreciated from 1.6956 to 1.6888 yesterday, in line with the negative money flow sentiment at around -19%, closing the day at 1.6910. Today the British Pound is trading quietly, with movements at the lower half of yesterday's range for the time being.
Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Jul 31 14 06:44 GMT
Yesterday's U.S. Commerce Department report showed gross domestic product expanded at a 4 percent annual pace in the second quarter, confirming the Fed's view that a 2.1 percent contraction in the first quarter was transitory. Consumers, whose spending accounts for 70 percent of the economy, have grown more confident as the labor market improves and rising share prices boost wealth. U.S. policy makers tapered monthly bond buying to $25 billion in their sixth consecutive $10-billion cut, staying on pace to end the purchase program in October.
The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jul 31 14 06:01 GMT
The bearish momentum could be part of an ABC (magenta) or a wave 3 (blue), which will depend on how slow or fast price retraces back up. In the 1st case a wave 3 is more likely; in the latter an ABC.
Euro Declines On Positive U.S. Growth Data Print E-mail
Daily Forex Technicals | Written by | Jul 31 14 04:44 GMT
On Wednesday Euro/Dollar decreased with 50 pips. The European currency depreciated from 1.3416 to 1.3366 yesterday, matching the negative money flow sentiment at nearly -15%, closing the day at 1.3394. This morning the Euro is trading quietly, with movements within yesterday's range for now.
Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Jul 31 14 04:11 GMT
THE EURO closed lower on Wednesday. The midrange close sets the stage for a steady 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 month's decline, the 50% retracement level of the 20132014rally crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a low has been posted.
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 31 14 03:29 GMT
The US GDP data brought more cheer for the Dollar bulls everywhere but perhaps the time for some caution is here with the Dollar Index still unable to convincingly trade above the 10 month resistance of 81.50 and the Sterling showing signs of reversal. A short term top in Dollar and a short term bottom in Euro? Let watch.
The Daily Forecaster: GBPUSD Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | Jul 31 14 03:26 GMT
Losses did move down to the 1.6923-30 projection zone but the very shallow correction option developed and quickly losses extended into the 1.6880-95 support. There is no hourly bullish divergence but a 4-hour divergence appears to be developing. This should ideally see the 1.6927-32 area cap for losses to extend to 1.6872 minimum and more likely towards the 1.6844-57 area. (Max 1.6828.) We shall need hourly momentum to have generated a bullish divergence and for the 4-hour bullish divergence to have strengthened to provide a basis for a correction higher.
Australia 200 - Surges Through 5600 To New High Print E-mail
Daily Forex Technicals | Written by MarketPulse | Jul 31 14 02:23 GMT
The Australia 200 Index is presently on quite a roll as it has enjoyed a solid three week period which has seen it move strongly up through both the 5500 and 5550 levels to reach a new six year high around 5620 in the last day or so. In recent weeks it has discovered a new key level to deal with after running into a short term resistance level at 5550, which in the last few days has provided some solid support. It reversed strongly a few 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. These two levels have firmly established themselves as significant and any substantial break to either side will most likely be a significant move and be closely monitored. It is quite likely many are sitting on the sidelines waiting for the break before committing as they continue to watch the index move between these two levels.
AUD/USD – Drops To Seven Week Low Near 0.9300 Print E-mail
Daily Forex Technicals | Written by MarketPulse | Jul 31 14 02:17 GMT
The Australian dollar is presently trying to rally and stay above the support level at 0.9300 after its sharp fall in recent hours which saw it move from near 0.9400 down to a seven week low just above 0.9300. It has spent the last few days easing back below both the 0.9425 and 0.9400 levels with the former providing some resistance. The Australian dollar reached a three week high just shy of 0.9480 towards the end of last week after it enjoyed a solid period which saw it surge higher through the resistance level at 0.9425 to the three week around 0.9480, before easing back towards that level. It started last week by slowly easing away from the resistance level around 0.9425 which continues to stand tall and play havoc with buyers. The Australian dollar enjoyed a solid surge higher reaching a new eight month high above 0.95 a few weeks ago, only to return most of its gains in very quick time to finish out that week. Since the middle of June the Australian dollar has made repeated attempts to break through the resistance level around 0.9425, however despite its best efforts it was rejected every time as the key level continued to stand tall, even though it has allowed the small excursion to above 0.95.
Daily Forex Update: GBP/JPY Print E-mail
Daily Forex Technicals | Written by Autochartist | Jul 31 14 02:08 GMT
GBP/JPY continues to rise after the recent breakout of the high-quality Falling Wedge chart pattern. GBP/JPY is expected to reach the target level 174.87 in the nearest time. The stop-level for this forecast can be placed at 173.30 (below the breakout level). This Falling Wedge breakout follows the earlier reversal from the support zone located between the support level 173.00 and 50% Fibonacci Correction of the preceding sharp upward impulse from May (as is shown on the second chart below).
AUDUSD Sinks On Strong US GDP Numbers Print E-mail
Daily Forex Technicals | Written by | Jul 31 14 02:06 GMT
From a technical perspective, AUDUSD has broken a short-term support zone but it's finding some stronger support around its 100-day SMA. Daily RSI is also testing a key support level, a break of which would push the indicator into bearish territory. In which case, we would be eyeing 0.9210 and the pair's 200-day SMA.
EUR/CHF: the Forgotten FX Pair Could Make a Spectacular Return Print E-mail
Daily Forex Technicals | Written by | Jul 30 14 17:43 GMT
With the USD taking the limelight this week because of all the economic reports from the world's largest economy, the EUR/CHF may not be on many people's radars. But the forgotten currency pair could be among the non-USD pairs worth watching closely going forward because today it has taken out a downward-sloping trend line that had been in place since May 2013. This means that the long-term bearish trend has at least weakened, if not ended. Although it is a bit premature to say that significant gains will be on the way now, the potential is at least there.
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