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Forex Daily Technical Reports
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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.
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Daily Forex Technicals |
Written by FXTimes |
May 23 12 12:15 GMT
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The EUR/USD fell from slightly above 1.28 starting in the 5/22 Asian session after it developed a bearish divergence with the RSI in the 1H chart. It has since fell sharply but is now testing (and cracking) the 1.2625 support pivot see in the daily chart below. In doing so, it has developed a bullish divergence with the RSI in the 1H chart.
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Daily Forex Technicals |
Written by ZIFX.com |
May 23 12 09:49 GMT
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On Tuesday Dollar/Yen continued increasing with almost 90 pips. The currency couple appreciated from 79.29 to 80.15 yesterday, not matching the negative money flow sentiment at bellow -16%, closing the day at 79.95. This morning the Dollar is correcting deeply against the Yen, with movements still within yesterday's range for now.
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Daily Forex Technicals |
Written by DeltaStock Inc. |
May 23 12 09:28 GMT
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Yesterday's break below 1.2740 signals, that a top is in place at 1.2815 and the consolidation pattern above 1.2641 is already over. My outlook is negative, for a break through 1.2641, towards 1.2536, en route to 1.2412 main target. Initial intraday resistance is projected at 1.2740.
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Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
May 23 12 09:23 GMT
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EUR/USD has precipitously sold off to 1.2642/40, where it is currently consolidating, before resuming sliding lower. The next target for the pair is situated at 1.2509, which guards 1.2377 and may become a reversal point, starting bullish waves. Rallies, in case of occurrence, will encounter resistances at 1.2772, 1.2818 and 1.2903/26, thus remaining tepid and unlikely to extend far above the levels indicated
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Daily Forex Technicals |
Written by ZIFX.com |
May 23 12 07:42 GMT
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On Tuesday Pound/Dollar decreased with 110 pips. The Cable depreciated from 1.5849 to 1.5740 yesterday, in converse with the negative money flow sentiment at under -19%, closing the day at 1.5758. Today the British Pound slipped further, descending to 1.5734.
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Daily Forex Technicals |
Written by ICN.com |
May 23 12 07:31 GMT
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The pair turned higher today breaching 125.65 yet the daily closing was below 126.30 risk limit. The pair started the daily with a clear downside bias and returned below 125.65. Therefore, we hold onto our intraday bearish expectations today targeting mainly 123.50 and require stability below 125.65.
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Daily Forex Technicals |
Written by Windsor Brokers Ltd |
May 23 12 07:24 GMT
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The pair comes under increased pressure after recovery attempt stalled just above 1.2800 and renewed risk-off sentiment pushed the price lower to fully retrace recent 1.2641/1.2823 corrective leg. Negative studies keep our short-term target at 1.2622 in focus, with consolidative/corrective action above 1.2641, seen on overextended hourly studies. Immediate resistance lies at 1.2680/1.2900 zone, while only lift above 1.2730/50 would provide near-term relief.
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Daily Forex Technicals |
Written by ICN.com |
May 23 12 07:02 GMT
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In accordance with our yesterday's scenario, the pair has plummeted forming a long black candlestick pattern that took it towards the initial support around 1.2640 as seen on the provided daily graph. In the interim, Stochastic has overlapped negatively suggesting further losses over upcoming sessions. A breakout below 1.2640-1.2625 will accelerate the strong bearish wave mainly targeting the psychological level of 1.2500 followed by 1.2460 zones.
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Daily Forex Technicals |
Written by Varengold Bank |
May 23 12 06:36 GMT
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The JPY enforced against all of its major currency peers, after the Bank of Japan announced a renunciation of further monetary easing at the end of its two-day meeting. The officials opposed against adding its asset-purchase fund of 501 billion USD or its credit-lending program of 376 billion USD and they decided to keep the overnight loan rate between 0.1 percent and zero. In succession, the sell-out of the Japanese currency was stopped and the JPY climbed as much as 0.5 percent to 79.53 versus the USD and also 0.6 percent to 100.78 against the 17 nation's currency.
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Daily Forex Technicals |
Written by FX Instructor |
May 23 12 06:28 GMT
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The EURUSD had a bearish momentum yesterday after broke below the rising wedge formation as you can see on my hourly chart below, bottomed at 1.2650 and hit 1.2644 earlier today. This fact could end the bullish correction especially if price able to make a clear break below 1.2641/25 support area testing 1.2550 – 1.2500 region. Immediate resistance is seen around 1.2750 (former support). A clear break back above that area could lead price to neutral zone in nearest term but overall I remain bearish and still prefer to sell on rallies. On longer time frame perspective, the strong bearish outlook can only be stopped by a movement at least above 1.2875 – 1.3000.
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Daily Forex Technicals |
Written by ZIFX.com |
May 23 12 05:22 GMT
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On Tuesday Euro/Dollar resumed decreasing significantly with 160 pips. The European currency depreciated from 1.2816 to 1.2657 yesterday, matching the negative money flow sentiment at almost -16%, closing the day at 1.2814. This morning the Euro weakened slightly further, dropping to 1.2644.
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Daily Forex Technicals |
Written by India Forex |
May 23 12 05:16 GMT
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EURUSD: The EUR/USD is currently trading at 1.2669 levels. Euro fell 2 months low levels against US dollar as the market will be watching the outcome of the EU summit, where the leaders will be deciding over existence of Greece. In the meanwhile, the Euro zone consumer confidence improved slightly to -19.3 in May from the previous figure of -19.9. For the day we have Current account data and the Indus-trial new orders data to be released later in the day. Strong support is seen at 1.2586 while the resistance comes at 1.2786 (10 day EMA). Approaching our target of 1.25 levels. Overall Bearish range 1.25-1.30 levels. Exporters maintain covers on EUR/INR since EURUSD dipped below 1.30.
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Daily Forex Technicals |
Written by HY Markets |
May 23 12 04:17 GMT
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The EURO closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning bullish hinting that a shortterm low might be in or is near. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted. If it extends this month's decline, weekly support crossing is the next downside target.
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Daily Forex Technicals |
Written by FX-Forecaster |
May 23 12 03:37 GMT
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The limited correction and the review of the weekly report has turned my thoughts to a major recycling lower that permits deeper losses. For today I feel we are close to an intermediate low that should stall around the 0.9718-43 area for a correction higher. This pullback should reach 0.9805-15 minimum and possibly 0.9845. From this area I shall be looking for further losses. In case this develops more directly than expected then note the deeper 0.9663 daily low - although I feel it may just dip below...
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
May 23 12 03:32 GMT
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Dollar is trading strong following the statement from the former Greek Prime Minister that Greece is preparing itself for an exit from the Euro zone. The Dollar-Index (81.67) has risen back well from just below 81 and has Resistance near current levels at 81.82 which if broken can take it further up to 82.50.
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Daily Forex Technicals |
Written by FXtechtrade |
May 23 12 03:30 GMT
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EUR/USD Today's support: - 1.2643 and 1.2600(main), where correction is possible. Break would give 1.2582, where correction also may be. Then follows 1.2540. Break of the latter would result in 1.2524. If a strong impulse, we would see 1.2508. Continuation will give 1.2479.
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Daily Forex Technicals |
Written by FXTimes |
May 23 12 03:25 GMT
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If the market started the week on hopium, it was the cheap stuff. Risk-on failed to continue in the US session, and the USD accelerated gains toward the latter part of the 5/22 US session. The AUD/USD had broken a consolidation pattern to the upside but is definitely invalidating that bottoming attempt with a strong push to crack the 0.98 support area again.
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Daily Forex Technicals |
Written by FXTimes |
May 23 12 03:24 GMT
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The EUR/USD is threatening bearish continuation with sharp price action in the 5/22 US trading session. The 4H chart shows that the RSI stayed below 60 during this week's consolidation so far. The RSI is now cracking 40, and showing maintenance and possible revival of the bearish momentum we have seen in May.
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Daily Forex Technicals |
Written by Compass Global Markets |
May 23 12 03:17 GMT
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AUD/USD traded close to the 0.9900 handle during the Asia session as a lack of local data, sidelines traders and investors waited for the drivers of the European and North American sessions. Europe initially showed a bid tone with the price trying to trip stops above the earlier highs but speculative and interbank selling capped the rise a little earlier than we expected. Once the negative Eurobond comments from a German official were released the decline was sharp. The momentum picked up during the US afternoon as momentum fund names took the price back below the trend line, which has dominated the market since 30th April.
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Daily Forex Technicals |
Written by Admiral Markets |
May 23 12 03:04 GMT
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Presumably, the correctional wave ii of (i) is forming . If this assumption is correct, after its completion we can expect a downward price movement in line with the impulse formation iii of (i).
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