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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. | Aug 22 14 11:12 GMT
The rebound above 1.3239 is corrective, thus preceding a dip towards 1.3091. Initial intraday resistance lies at 1.3300, followed by the key area at 1.3330.
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USDJPY - Triggers Corrective Pullback Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Aug 22 14 10:31 GMT
USDJPY - Although maintaining its broader uptrend, USDJPY faces corrective pullback threats. Resistance resides at the 104.00 level where a break will target the 104.50 level. Further out, resistance comes in at the 105.00 level where a violation will aim at the 105.50 level and possibly higher towards the 106.00 level. On the downside, support comes in at the 103.08 level where a break if seen will aim at the 102.50 level. A break if it occurs will aim at the 102.00 followed by the 101.50. On the whole, USDJPY remains exposed to the upside short term but faces corrective pullback risk.
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GBPUSD Elliott Wave Analysis: Impulse In Progress Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Aug 22 14 08:31 GMT
GBPUSD moved even lower in this week, now beneath 1.6600 that can represent final stages of wave (v) in 3 that may seek for a support around 1.6500/1.6550. We still believe that rather sooner than later pound will turn up into a corrective rally. We will be tracking wave 4 then that can even move up back to 1.6680 before downtrend resumes. That kind of pullback in three legs would be a good one to join the trend.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | Aug 22 14 08:28 GMT
The Euro enters near-term corrective phase off fresh low at 1.3240, pausing ahead of the attack at 1.32 target zone, Fibonacci 100% expansion and round figure support. Hourly bulls are coming into play, as the price extended above initial 1.3275 barrier and attempts at more significant 1.33 level, round-figure / Fibonacci 38.2% retracement of 1.3397/1.3240 descend / 4-hour 20 SMA. Break here to expose another strong barrier and previous consolidative range floor / 61.8% retracement / daily Tenkan-sen line at 1.3330, with sustained break and weekly close above, required to signal stronger recovery action and sideline immediate downside risk. Daily RSI is emerging off oversold territory and supports the notion, however, clear break above 1.34 resistance zone is required to confirm scenario. Otherwise, early upside rejection and lower top formation are seen preceding fresh leg lower.
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EUR/USD Supported By Monthly S1 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 22 14 08:14 GMT
After three days of losses EUR/USD has finally found support at 1.3250, represented by the monthly S1 and weekly S3. However, unless the Jackson Hole changes the overall picture fundamentally, the rally is likely to be shallow, given there are now tough resistances at 1.33 and 1.3350. Once the current correction is stopped, the currency pair will be expected to resume moving towards the 2013 September low at 1.31.
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GBP/USD May Reach 2014 Low This Quarter Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 22 14 08:13 GMT
The rate of British Pound's depreciation relative to the Dollar decelerated ahead of the support at 1.6550. Nevertheless, the bears should remain the main driving force and eventually push the exchange rate down to this year's low at 1.6250. Though there is a strong intermediate level at 1.6450, formed by the weekly and monthly S3. In the meantime, every attempt of the Sterling to recover is likely to be prevented by 1.67.
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USD/JPY's Upward Momentum To Be Tested By 104 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 22 14 08:10 GMT
The U.S. Dollar is getting closer to the last quarter's peak, which is reinforced by the monthly R2 level, and it may prove to be difficult to break, even though most monthly indicators are presently bullish. The July high at 103 will be expected to keep the price afloat, in case there is intensive selling. But once USD/JPY surpasses 104, there will be few doubts the price is going to challenge 2014 high at 105.50 next.
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USD/CHF Hits A Ceiling At 0.9150 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Aug 22 14 08:08 GMT
Although the resistance at 0.91 is no longer in the way, now it is 2014 high that is forcing USD/CHF to take a step back. Ideally, the pair should stop retreating and launch yet another attack on 0.9150. But the Buck may need to retreat to 0.90 (up-trend, monthly PP and 55-day SMA) in order to start a recovery capable of extending through this supply area and open a path towards 2013 Nov 7 high at 0.9250.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | Aug 22 14 05:47 GMT
Before Federal Reserve Chair Yellen speaks today at a meeting of central bankers in Wyoming, the USD experienced a decline and fell from the highest in months versus the EUR. The U.S. currency slid 0.2 percent to $1.3281 per EUR after reaching the strongest level since September 2010. The long-term prospects for the USD still looks favorable as economic data is considered to be sound. It was mainly the positive Germany data that helped the EUR to rebound against the USD. The EUR rose 0.16 percent to $1.3279. Against the JPY, the USD was able to gain 0.08 percent to reach 103.85 yen. The EUR climbed 0.3 percent to 137.92 yen. Although U.K. retail sales rose more in July than it has been expected, the GBP weakened to the lowest level since April against the USD. Sales volumes excluding auto fuel increased 0.5. percent from June. Nevertheless, the GBP fell 0.1 percent to $1.6580 after earlier declining to $1.6564.
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The Daily Wave Analysis Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Aug 22 14 04:35 GMT
Price reached the bottom of the downtrend channel (orange) and could retrace for a wave 4 (orange). Price could be in a retracement for wave 4, which often sees a turnaround at the 38.2% Fibonacci retracement level (1.33).
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | Aug 22 14 04:31 GMT
THE EURO closed higher on Thursday and the highrange close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off July's low, the 38% retracementlevel of this year's decline crossing is the next upside target. Closes below the reaction low crossing would confirm an end to the short covering rally off July's low.
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Daily Technical Analysis Print E-mail
Daily Forex Technicals | Written by FX Instructor | Aug 22 14 04:25 GMT
The EURUSD didn't make significant movement yesterday but overall still able to maintain its bearish bias. The bias remains bearish in nearest term testing 1.3200 – 1.3170. Immediate resistance remains around 1.3295. A clear break above that area could lead price to neutral zone in nearest term testing 1.3330 but any upside pullback now is normal and as long as stays inside the bearish channel I still prefer a bearish scenario at this phase.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Aug 22 14 03:29 GMT
Dollar-Yen (103.81) is consolidating near the minor resistance at 104.10-20 as expected with the uptrend fully intact. Interestingly, Euro-Yen (137.87) is hitting the upper end of the 3-week range of 135.75-138. A successful break above 138 would signal a rally towards 139.00-25, even 140.
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AUD/USD – Rallies And Clings Onto Key 0.93 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | Aug 22 14 02:47 GMT
After threatening to break through the support level at 0.93 for the last couple of days, the Australian dollar finally slid lower to below this level and moved towards the previous key level at 0.9220. In the last 12 hours or so however, it has rallied well to return to the 0.93 level where it is presently consolidating. Over the last month or so, it has generally been sliding lower from close to 0.95 down to its present trading levels around 0.93. A couple of weeks ago the Australian dollar surged higher to a one week high near 0.9375, before easing back and then falling sharply. 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. A few weeks ago it was 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 several weeks ago 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. The Australian dollar enjoyed a solid surge higher reaching a new eight month high above 0.95 at the end of June, only to return most of its gains in very quick time to finish out that week.
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Australia 200 – Consolidates Below 5650 After Six Year High Print E-mail
Daily Forex Technicals | Written by MarketPulse | Aug 22 14 02:45 GMT
The Australian 200 Index has finally been able to surge higher to a new six year high around 5650 a couple of days ago before easing off in the last 24 hours and consolidating just below this level. It has enjoyed a solid move higher over the last week 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 at the beginning of last week it received solid support at the 5400 level which has allowed to consolidate and rally higher. The solid move higher a few weeks ago 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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Daily Forex Update: GBP/NZD Print E-mail
Daily Forex Technicals | Written by Autochartist | Aug 22 14 02:33 GMT
GBP/NZD is expected to fall to the target level 1.9654 in the next 2 days. Autochartist set the stop-level for this forecast at 1.9864 (point B). This forecast continues the earlier sharp downward impulse from the resistance zone between the round resistance level 2.0000, the upper daily Bollinger Band and the 50% Fibonacci Correction of the earlier weekly downward impulse from March of 2011.
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GOLD - Sells Off Sharply Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Aug 22 14 02:31 GMT
GOLD - With continued downside pressure seen, GOLD extended its weakness during Thursday trading session. Support lies at the 1,257.68 level where a break will aim at 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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CADJPY Hits A Wall Of Resistance Print E-mail
Daily Forex Technicals | Written by Forex.com | Aug 22 14 02:28 GMT
CADJPY has hit a key resistance zone ahead of some important economic data out of Canada. A break here could renew the bulls' faith in the pair, while a failure to push through may result in some short-term weakness. On the whole, we think fundamental strength in the pair may prevail.
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EURJPY: Have We Seen A Medium-Term Bottom? It Depends On Draghi Print E-mail
Daily Forex Technicals | Written by Forex.com | Aug 22 14 02:26 GMT
With the widely-followed EURUSD hitting a new 11-month low under 1.3250 yesterday, it's not surprising that sentiment is particularly dour toward the single currency. Taken from a broader perspective, however, the euro has actually been outperforming some of its major rivals, including in the EURGBP and the subject of today's piece, the EURJPY.
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USDCAD Pressing Critical 1.0985 Barrier Ahead of US Data Print E-mail
Daily Forex Technicals | Written by Forex.com | Aug 21 14 13:28 GMT
Last week, we featured a developing USDCAD Double Top pattern at 1.0985, suggesting that the pair may fall further after breaking the pattern's point of reference at 1.0900 (see below for more). Though the pair did briefly tick down to 1.0860, the bears could not overcome the broad-based US dollar rally, and rates have since recovered back to the key 1.0985 barrier. Now, traders are asking, "Could we form a triple top, or is the pair more likely to break this ceiling?"
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