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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.



Gold Remains Supported after Fed Defers Rate Hike Print E-mail
Daily Forex Technicals | Written by Forex.com | Jul 28 16 16:50 GMT
In the immediate aftermath of Wednesday's FOMC statement, in which the Fed held rates steady as expected while still acknowledging improved economic conditions, gold spiked down on the mildly hawkish elements of the statement. Shortly after, however, as the markets digested the Fed's characteristically non-committal comments that gave no indication as to the potential timing of a future rate hike, the precious metal surged on the continued interest rate uncertainty.
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EUR/USD Surges Past 1.1050 On Wednesday Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 28 16 08:57 GMT
The common European currency scored major gains against the US Dollar, as the currency exchange rate started Wednesday's trading at 1.0987 and ended the trading session at 1.1058. During this surge, the currency pair broke through two resistance levels, as first the weekly pivot point at 1.1005 gave up, and afterwards the first weekly resistance at 1.1055 was broken. However, the weekly R1 is also a part of a larger resistance cluster, which is also made up of the 20-day SMA at 1.1063 and 200-day SMA at 1.1073, and these resistances were holding the pair back on Thursday morning.
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GBP/USD To Return Under 1.32 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 28 16 08:56 GMT
A rather dovish FOMC stance and poor US fundamentals on Wednesday caused the Greenback to weaken against the British Pound, resulting in the Cable's 90-pip rally. Nevertheless, the GBP/USD currency pair still remains within its recent trading range, namely between the 1.31 and the 1.3250 levels. The upper border is also bolstered by the weekly R1, thus, we should see the Sterling edge lower again today. Technical indicators are also in favour of the bearish scenario, in which case the weekly PP and the 20-day SMA are to act as the nearest support around 1.3155.
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USD/JPY To Continue Sliding Down Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 28 16 08:54 GMT
The Buck managed to outperform the Japanese currency yesterday, but barely succeeding in climbing over the 105.00 major level. Despite the miraculous rally, the Yen is expected to post gains against the US Dollar once again today, therefore, returning to the trading range between 104.00 and 105.00. A drop lower is unlikely, as the pair is supported by a strong cluster around 104.20, formed by the weekly S2, the monthly PP and the 20-day SMA. Technical indicators in the daily timeframe are unable to confirm this scenario, but the weekly and the monthly ones suggest the Greenback is to keep declining against the Yen.
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Gold Surges To 1,338 On Wednesday Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 28 16 08:53 GMT
The yellow metal was stuck around the level of 1,320 for the past sessions, and it seemed that it will not gain a new direction for some time. However, during Wednesday's trading session the metal surged from 1,319.22 at the start of the session to 1,338.82 at the end of day's trading. During this climb the commodity moved past three resistance levels, as the weekly PP was broken at 1,323.60. Afterwards, the price passed the 20-day SMA at 1,325.56 and weekly R1 at 1,336.44. At the start of Thursday's trading session the metal remains flat at 1,338.75.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Jul 28 16 08:02 GMT
EUR/USD Yesterday's low at 1.0960 sets the beginning of a new uptrend, heading towards 1.1190 resistance area. Initial intraday support lies at 1.1030.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Jul 28 16 07:14 GMT
During yesterday's Federal Reserve statement the EUR, as you can see from the H4 chart, was quickly offered to lows of 1.0961, before aggressively hitting the brakes and advancing to a fresh high of 1.1065 by the day's end. Going into this morning's open, nevertheless, candle action stabbed into the underside of a nearby H4 supply zone at 1.1084-1.1068 and has so far held firm. Be that as it may, with a H4 mid-way support line at 1.1050 lurking just below, followed closely by H4 demand at 1.1040-1.1028, our team is not really comfortable looking to sell here!
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ABC Zigzag Corrections Persist In Forex Market Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jul 28 16 07:09 GMT
The EUR/USD broke above the resistance trend line (red) and the wave 1 (purple) has therefore been moved to the recent bottom. A break above the next resistance (orange) and 100% Fibonacci level would confirm a larger correction within wave 2 (brown). A breakout below support (purple/green) would however make a wave 3 (purple) more likely again.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 28 16 03:29 GMT
Euro (1.099) could face some resistance in the 1.1000-1.1020 region in the near term and while that holds, a downmove towards 1.095-1.090 remains open for the week. Also note that 1.095 could prove to be a good support which has the potential to push the currency pair towards 1.12 in the medium term. Need to see if 1.0950 breaks or holds in the near term.
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AUDUSD - Rejects Higher Prices, Vulnerable Print E-mail
Daily Forex Technicals | Written by FXTechstrategy | Jul 28 16 02:22 GMT
AUDUSD - The pair saw a rejection of upside pressure during Wednesday trading leaving risk of dmore weakness on the cards. On the downside, support resides at the 0.7400 level where a breach will aim at the 0.7350 level. Below that level will set the stage for a run at the 0.7300 level with a cut through here targeting further downside pressure towards the 0.7250 level. On the upside, resistance lies at the 0.7500 level. A cut through here will turn attention to the 0.7550 level and then the 0.7600 level where a violation will set the stage for a retarget of the 0.7650 level. On the whole, AUDUSD remains biased to the downside medium term.
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EUR/GBP Time To Short? Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jul 27 16 11:16 GMT
The EUR/GBP has formed a bearish pennant at resistance and this might be the time to watch for short trading opportunities. 0.8400-20 is the zone for shorts - POC, H4 camarilla PP is making a confluence with the upper pennant trend line and the price might reject 0.8340 and 0.8295. If we see a strong momentum below 0.8295 or 4h close below it then 0.8240 is the final target. At this point traders should be focused on POC rejections towards 0.8340 first as we can spot a support there (pennant lower trend line, L3).
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AUDUSD Trading Lower, More Weakness In Vire Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | Jul 27 16 10:31 GMT
AUDUSD is trading lower today, making a nice drop from our expected reversal area at 0.756, where price made a spike in the lest leg C of a corrective retracement. As such we will now look even more to the downside, as long as 0.767 area is not taken out.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | Jul 27 16 08:42 GMT
GBP/USD The pair is still struggling below 1.3160 resistance and while the latter is intact, the outlook will remain rather negative, for a slide towards 1.3000 mark.
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EUR/USD At 1.10 On Wednesday Morning Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 27 16 08:23 GMT
The Euro was highly volatile to the upside against the Greenback on Tuesday, as the pair had reached above the weekly PP at 1.1005. The currency exchange rate was volatile between the levels of 1.0978 and 1.1030. However, at the end of the day the rate moved lower, as the common European currency ended Tuesday's trading session at 1.0986, which is eight pips lower than the opening price of 1.0994. On Wednesday morning, the rate has resume to surge, as it was at 1.10 by 4:45 GMT.
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GBP/USD In Limbo Ahead Of FOMC Minutes Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 27 16 08:21 GMT
For the second day in a row the GBP/USD currency pair remained almost completely flat, having edged only ten pips lower yesterday. The Cable remained in limbo mostly due to lack of market movers during the previous days, but that is about to change, as a number of fundamentals are scheduled for today. The Pound is still located below the 20-day SMA and the weekly PP resistance cluster, thus, a downside development is more probable. Technical indicators are too suggesting that the bearish outcome is more likely to occur, but the 1.31 major level remains a relatively strong support. In case of a failure to limit the losses, the next target will be the weekly S1 at 1.3011.
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USD/JPY Attempts To Post Gains On BoJ Stimulus Hopes Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 27 16 08:20 GMT
The USD/JPY currency pair edged lower on Tuesday, but, as expected, was unable to fall below the 104.00 major level, due to demand around 104.15 being sufficient to limit the losses. Earlier today the Yen weakened amid rumors of the BoJ possibly announcing more stimulus during its meeting later this week, allowing the Greenback to take the upper hand. The key resistance is located around 106.40, represented by the weekly PP, the 55-day SMA and the 38.20% Fibo, but it is uncertain whether the Buck will be able to maintain trade even above the 105.00 level, despite technical indicators retaining bullish signs. A dovish FOMC statement could cause the pair to plunge further today.
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Gold Fluctuating Around 1,320 On Wednesday Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | Jul 27 16 08:18 GMT
The yellow metal has been stagnant for the past sessions, as the bullion has been bouncing around the 1,320 level. On Monday it seemed, that a new trend might finally start, as the metal's price fell, and that changed on Tuesday, as the price surged back up close to 1,320 level. On Wednesday morning, the commodity is trading slightly volatile at the same levels, as during Tuesday's trading session. Although, the situation might change by the end of the week, as the 20-day SMA is closing in on the rate from the upside at 1,323.75.
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Daily Technical Outlook And Review Print E-mail
Daily Forex Technicals | Written by IC Markets | Jul 27 16 07:12 GMT
As can be seen from the H4 chart this morning, the EUR/USD managed to chalk up a close above the key figure 1.10 early on in yesterday's sessions. However, once London opened their doors for business, price tagged a small H4 supply zone at 1.1040-1.1028 and rotated south, consequently closing back below 1.10. Given this recent action, today's spotlight is still firmly focused on the H4 Quasimodo line at 1.0940. This barrier is backed by a deep H4 88.6% Fib retracement level at 1.0945, a H4 mid-way support at 1.0950 and a H4 channel support extended from the low 1.1023 (green zone).
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EUR/USD, GBP/USD Offer Firm Invalidation And Confirmation Levels Print E-mail
Daily Forex Technicals | Written by Admiral Markets | Jul 27 16 06:53 GMT
The EUR/USD has not been able to break the bottom of wave 1 (brown), which is increasing the chance that a larger correction is taking place rather than a trend continuation via waves 3 (purple/brown). The wave count is vulnerable to change, especially if price breaks above the resistance trend line (red). A break below support (purple/green) would however make a wave 3 (purple) more likely again.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 27 16 03:47 GMT
Euro (1.099) could face some resistance in the 1.1000-1.1020 region in the near term and while that holds, a downmove towards 1.095-1.090 remains open for the week. Also note that 1.095 could prove to be a good support which has the potential to push the currency pair towards 1.12 in the medium term. Need to see if 1.0950 breaks or holds in the near term.
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