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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 Probes Below Daily Cloud On Extension Of Thursday's Steep Fall Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Oct 28 16 10:49 GMT
Steep descend from Thursday extended today, surging through thin daily cloud, to post new two-weeks low at 0.7562 (100SMA and just ahead of 0.7558 (Fibo 76.4% of 0.7504/0.7732 ascend). Yesterday’s long bearish candle weighs on near-term structure, as completion of Failure Swing pattern on daily chart signals further weakness.
USDJPY Holds Steady Above 105.00 Ahead Of US Data Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Oct 28 16 10:47 GMT
The pair remains firmly bullish and holding in narrow consolidation under fresh three-month high at 105.40, following Thursday's surge above short-term bull-channel and psychological 105.00 barrier. Yesterday's long bullish candle marks positive signal for further advance, however, hesitation ahead of next target at 105.60 (Fibo 76.4% of 107.47/99.52 downleg) could be anticipated as Slow Stochastic is overbought.
GBPUSD Holds Firm Below Broken Tenkan-Sen, Focus Is Shifted Lower Ahead Of US Data Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Oct 28 16 10:46 GMT
Cable extended weakness on Thursday, following break below overnight's 1.2147/1.2186 consolidation that dipped to 1.2123 so far. Thursday's upside rejection at 1.2269 and subsequent strong fall that closed below 1.2200 (daily Tenkan-sen line), weakened near-term structure. Immediate supports at 1.2087/81 are coming under pressure and break here would open key supports at 1.2000 zone.
EURUSD Remains In Directionless Mode Ahead Of US Data Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Oct 28 16 10:45 GMT
Double upside rejection at 1.0945, where daily Tenkan-sen capped rallies of Wed/Thu, suggests that recovery from 1.0849 low is running out of steam. Two daily candles with long upper shadows weigh on near-term structure and keeps the downside vulnerable, as falling 10SMA tracks the price and maintains downside pressure.
EUR/USD In A One More Attempt At Resistance On Friday Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 28 16 08:49 GMT
The common European currency continued training below the post Brexit low level of 1.0912 against the US Dollar during Friday morning. Previously, for the whole week the currency exchange rate traded just below the Brexit low level. However, there were some discrepancies, as on Wednesday and Thursday the rate was slowly moving higher and even reached above not only the Brexit low, but the weekly PP and monthly S3 at 1.0929. As the rate failed to break past those resistance levels, it is likely that the pair will move lower eventually.
GBP/USD Gravitates To 1.22 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 28 16 08:48 GMT
The British currency weakened against the US Dollar on Thursday, but remained in its intraweek trading range, namely between the weekly S1 from the downside and the monthly S3 from the upside. Today the Sterling is expected to remain within this range and receive a boost from the weak US GDP reading. Meanwhile, technical indicators somewhat confirm this outlook, as they keep giving mixed signals in all timeframes. However, there is always a risk of the US data surprising to the upside, which would cause the Cable to fall back to at least 1.21, with the next target being the weekly S2 at 1.2040.
USD/JPY On The Edge Of Falling Under 105.00 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 28 16 08:47 GMT
Relatively strong US data yesterday helped the Greenback to strengthen against the Yen, therefore, to preserve the bullish trend. Moreover, the USD/JPY currency pair managed to reclaim the 105.00 major level yesterday, which was bolstered by the weekly R2. Now the pair faces another strong resistance around 105.50, represented by the Bollinger band and the weekly R3. Furthermore, for the first time this week technical indicators in the daily timeframe are no longer giving bullish signals, adding weight to the bearish side of the scales. Consequently, the up-trend around 104.50 is likely to be the bottom floor, also reinforced by the weekly R1.
Gold Remains Stuck Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 28 16 08:41 GMT
The yellow metal slightly surged on Friday morning, as it was in a yet another rebound from the weekly PP, which is located at 1,263.46. For the whole week the metal has been, as indicated by some analysts, hugging the 200-day SMA. However, for any financial instrument this is a normal occurrence time to time. What needs to be noted and has been noted by Dukascopy is that there are other levels of significance, which have actually locked down the bullion near the 200-day SMA, which is a part of the resistance cluster standing in the metal's way.
Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Oct 28 16 08:25 GMT
The EURUSD had another indecisive movement yesterday. The bias remains neutral in nearest term but as long as stay below 1.0950 price is still in a bearish phase. Immediate support is seen around 1.0850/25 area. A clear break and daily/weekly close below that area could trigger further bearish pressure with nearest target seen around 1.0700 next week. On the upside, a clear break and daily/weekly close back above 1.0950 would expose 1.1050. Overall I remain neutral.
Big Complex Correction On EURUSD Seems Completed, More Weakness Underway Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Oct 28 16 08:22 GMT
EURUSD fell beneath an important trendline support this month that indicates a completed Elliott Wave triangle placed in big black wave four. If that's the case then more weakness can be seen on EURUSD till the end of the year, especially if we consider that on the 4h chart decline is looking impulsive down to 1.0850 area. It's a five wave move that represents a bearish trend. However, nothing moves in straight lines so we need to be aware of a new corrective bounce, ideally in three waves back to 1.1038 resistance. But keep in mind that any pullbacks will be only temporary and short-lived patterns.
Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Oct 28 16 08:11 GMT
EUR/USD The second test of 1.0950 resistance failed as well and the intraday bias remains neutral. An eventual break through 1.0950 will challenge the crucial 1.1040. Support is projected at 1.0850, followed by 1.0820.
Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Oct 28 16 06:58 GMT
During the course of yesterday's sessions, the shared currency caught a fresh bid from the 1.09 handle and managed to clock highs of 1.0942. It was here, the US open, that we saw sellers step in and drive price below 1.09 to test an active H4 demand base at 1.0874-1.0887. Although this area remains intact for the time being, it appears vulnerable given that the pair has also found resistance from the underside of 1.09.
USD/JPY Uptrend Breaking Multiple Resistances With Fib Targets In Vision Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Oct 28 16 06:51 GMT
The USD/JPY could break above resistance (red) which would indicate a chance for price to continue with its uptrend momentum towards the Fibonacci targets. A bull flag pattern could develop at this point, which is expected to be part of a wave 4 (brown). In that case price is likely to go sideways or stay above the 50% (max 61.8%) Fibonacci levels of wave 4 vs 3.
USD/JPY: Support Seen At 104.87 Ahead Of 104.3 Print E-mail
Daily Forex Technicals | Written by Danske Bank | Oct 28 16 06:49 GMT
View unchanged from this morning with the renewed strength triggered last session above 104.87 resistance and poised for extension to next strong hurdle at 105.63. Intraday dips to attract buyers with support seen at 104.87 ahead of 104.30. [W.T]
Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Oct 28 16 03:24 GMT
Dollar has strengthened a bit as expected, mostly on the back of weakening Yen. The Dollar Index (98.84) has created a range in 98.30-99.10 in the last 4 sessions and may consolidate for a couple of sessions more with a bullish bias. Weakness only below 98.30. Euro (1.0901) has been mostly unaffected by the Dollar strength in the last session but as long as it trades below the resistance of 1.0950, the chances of seeing lower levels of 1.0820-1.0780 can’t be ruled out.
USDJPY - Bullish, Resumes Short Term Uptrend Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Oct 28 16 02:38 GMT
USDJPY - With the pair following through higher the on Thursday, further upside pressure is likely. On the downside, support comes in at the 105.00 level where a break if seen will aim at the 104.50 level. A cut through here will turn focus to the 104.00 level and possibly lower towards the 103.50 level. On the upside, resistance resides at the 105.50 level. Further out, we envisage a possible move towards the 106.00 level. Further out, resistance resides at the 106.50 level with a turn above here aiming at the 107.00 level. Its daily RSI is bullish and pointing higher suggesting further weakness. On the whole, USDJPY looks to extend its short term uptrend.
EUR/USD Bounces But Bears Still In Control Print E-mail
Daily Forex Technicals | Written by | Oct 28 16 02:36 GMT
EUR/USD continued to push higher early on Thursday, extending its bounce from the new 7-month low of 1.0850 that was hit early this week. In the process of rebounding, the currency pair has re-approached a key resistance level around 1.0950 that was previously a major support level before being broken down a week ago. If this resistance level continues to hold, EUR/USD could soon see a sharp downturn to extend the recent bearish trend, especially with key events and economic data coming up in the next several days.
USD/JPY Breaks Out as Bond Yields Surge Higher Print E-mail
Daily Forex Technicals | Written by | Oct 27 16 15:27 GMT
The US dollar has turned higher after a weaker start and following two down days, as measured by the Dollar Index. The dollar rebound has been supported by a strong rise in US Treasury yields, with the benchmark 10-year yield rising to around 1.85 percent. We think that it is the rising expectations about tighter monetary policy conditions in the US which is behind the government bond sell-off. Supporting this view was today's stronger US data in the form of pending home sales, which grew 1.5% month-over-month in September, and jobless claims, which fell to s285,000 applications last week from 261,000 the previous week.
EUR/USD Trades Below Brexit Low On Thursday Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 27 16 08:51 GMT
The common European currency fell after it began Thursday's trading just below the Brexit low level of 1.0912 against the US Dollar. Previously, during Wednesday's trading session the currency exchange rate reached not only above the Brexit low level but also reached above the combined resistance put up by the weekly PP at 1.0927 and monthly S3 at 1.0929. Regarding the rest of Thursday's session it is likely that the rate will continue to move lower, however, the signals are mixed, as it might remain unchanged for today.
GBP/USD Struggles To Climb Higher Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Oct 27 16 08:44 GMT
Still being backed by BoE Carney's comments, the British currency successfully outperformed the US Dollar on Wednesday. However, the monthly S3 once again prevented the Cable from rising further up, so unless today's fundamentals are in the Pound's favour, the pair is likely to bounce back down. Technical indicators are unable to confirm any scenario today, thus, a decline towards the weekly S1 at 1.2138 is possible. On the other hand, if the monthly S3 gives in, the upside limit is seen around 1.2350, namely between the weekly R1 and the 20-day SMA resistance area.
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