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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.



USDJPY: 7.5-Year High at 122.00 in Sight after 2-Year High in Core CPI Print E-mail
Daily Forex Technicals | Written by Forex.com | May 22 15 13:01 GMT
Traders throughout the US and Europe are anxiously looking ahead to kicking off the summer season with a long holiday weekend, but today's economic data may keep most traders pinned to their desks today. Today's marquee report was the just-released US Consumer Price Index for April, which showed that consumer prices rose at 0.1% m/m as expected. As always though, the Federal Reserve is far more interested in the change in core prices, which filter out volatile energy and food prices; according to this measure, prices in the US actually rose at a higher-than-expected 0.3% m/m rate, the fastest increase in over two years. At the margin, today's CPI report suggests that price pressures may finally be picking up in line with the recent strength employment data.
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Crude Oil Eases Back ahead of Long Weekend Print E-mail
Daily Forex Technicals | Written by Forex.com | May 22 15 11:31 GMT
Crude oil prices are retreating today, seemingly on profit-taking ahead of the long weekend. This follows sharp gains on Thursday and a smaller rally the day before which was inspired by news of a third drawdown in US oil inventories in as many weeks. Crude's rally on Thursday was also supported by a retreating dollar. The US currency erased some of the gains it had made earlier in the week on the back of further weakness in macroeconomic data. This time it was the latest unemployment claims, manufacturing PMI, Philly Fed manufacturing index and existing home sales figures that dented its rally. Today's CPI data obviously has the potential to inspire more volatility in the USD which in turn could impact the price of oil and other buck-denominated commodities.
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Forex Technical Analysis Print E-mail
Daily Forex Technicals | Written by DeltaStock Inc. | May 22 15 09:34 GMT
EUR/USD The intraday outlook is bullish again, for a break through yesterday's high at 1.1180, en route to 1.1290 major resistance. Initial minor support lies at 1.1100.
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Brent Sits At A Technical Juncture Print E-mail
Daily Forex Technicals | Written by ThinkForex | May 22 15 08:40 GMT
The break above $65 saw continued gains to the upper bearish channel. This boundary is another clear line in the sand for bulls and bears. Yesterday's close produced a Morning Star reversal pattern above the Monthly Pivot and $64 support. This paints a near-term bullish bias but we do remain within a bearish channel, which leaves potential for another cycle lower.
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AUDUSD Could Make Corrective Pause Before Continues Much Lower Print E-mail
Daily Forex Technicals | Written by Elliott Wave Financial Service | May 22 15 08:16 GMT
AUDUSD reached new highs last week at 0.8160 where could be the end of a corrective rally from March lows if we consider recent turn down through the lower side of a trading channel, deeply back into wave B). As such, we would not be surprised to see more weakness ahead after a completed wave 2)/B) rally that could look for a resistance at 0.8030/0.8070 zone.
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EUR/USD Fails To Return Back Above 100-Day SMA Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | May 22 15 08:06 GMT
Despite EUR/USD's attempts to return back above the 100-day SMA at 1.1147, the key attention remains on the downside and the closest support level at 1.1013 (weekly S2). This demand is accompanied by the monthly pivot point at 1.1003, and only a closure below both of them will refocus the market on even lower levels. Monthly technical indicators still remain bearish, putting the long-term target on the 1.09 area (200-day SMA).
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GBP/USD Attempts To Negate Weekly Losses Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | May 22 15 08:05 GMT
The Sterling appreciated against the US Dollar for the second day yesterday. The British currency almost managed to erase Tuesday's losses, with the session high even stretching out to 1.57. However, the weekly PP limited the rally and forced the pair to settle at 1.5655. The Cable is likely to edge up again today, with the monthly R1 acting as the closest resistance at 1.5712. Nonetheless, a surge to 1.58 is also possible if the US fundamentals show weak figures. Technical indicators remain bullish, bolstering the positive outcome.
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USD/JPY Falls Beneath 121 Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | May 22 15 08:02 GMT
On Thursday, the US Dollar suffered losses, amid worse-than-expected fundamentals. However, the Bollinger band at 121.04 managed to stop the USD/JPY pair from falling too deep. Further weakness is expected today, and the Greenback is not just likely to fall under 121 area again, but even pierce the two closest supports, while trade should close around 120.50. Meanwhile, technical studies retain mixed signals, unable to confirm the scenario.
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XAU/USD Is Unchanged Below Weekly PP Print E-mail
Daily Forex Technicals | Written by Dukascopy Swiss FX Group | May 22 15 08:01 GMT
Yesterday, the bullion registered no substantial price movements. The key resistance zone remains in place around 1,210. This cluster of supply levels is represented by 100 and 200-day SMAs, weekly PP and monthly R1. The near-term outlook will stay bearish, unless Gold penetrates all of the mentioned resistances, which seems to be possible from the point of view of strongly positive daily technical indicators. Nevertheless, bears are currently focusing on driving the XAU/USD cross down to the monthly PP at 1,194.
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Today's Market Outlook Print E-mail
Daily Forex Technicals | Written by Windsor Brokers Ltd | May 22 15 06:57 GMT
Near-term bears pause above fresh low at 1.1060, with consolidation being a main theme. Neutral hourly tone and price action moving between daily Kijun-sen and 20SMA, suggest prolonged consolidative phase, as daily 20d Bollingers contract. Pre-weekend profit-taking would trigger acceleration higher, with break above daily 20SMA at 1.1196, to signal correction and open immediate barrier at 1.1215, Fibonacci 38.2% of 1.1465/1.1060 downleg, ahead of 1.1254, 4-hour Ichimoku cloud base and pivotal 1.1300 zone, Fibonacci 61.8%. On the downside, loss of 1.1160 near-tern base, to open psychological 1.1000 support, also near 50% of larger 1.0519/1.1465 rally.
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Daily FX Report Print E-mail
Daily Forex Technicals | Written by Varengold Bank | May 22 15 05:28 GMT
The United States dollar fell as tepid economic reports damped demand for the currency after minutes from the Federal Reserve’s last policy meeting left bulls with little to cheer. The U.S. currency snapped three days of gains versus the euro after housing and jobs data missed forecasts. The greenback weakened versus most of its major peers as traders digested minutes released Wednesday that suggest the Fed is unlikely to increase rates in June, while remaining open to tightening later this year. The dollar weakened 0.2 percent to $1.1112 per euro as of 5 p.m. in New York, after touching $1.1062 on Wednesday, its strongest level since April 29. The U.S. currency fell 0.3 percent to 121.04 yen, halting a five-day gain. Dollar bulls had been enjoying their best week since March, as a gauge of the currency rallied 1.9 percent into Wednesday’s close from an almost four-month low reached last week. By contrast, euro-area reports showed services and manufacturing expanded this month, supporting the 19-nation shared currency. U.S. stocks advanced, with the Standard & Poor’s 500 Index rising to an all-time high, while gauges on the strength of economic growth were mixed. The S&P 500 rose 0.2 percent to 2,130.82 at 4 p.m. in New York, its fourth all-time high in the last six sessions. The Dow Jones Industrial Average added 0.34 points, or less than 0.1 percent, to 18,285.74. The Nasdaq Composite Index climbed 0.4 percent. Both the Dow and Nasdaq briefly rose above their record closing levels. About 5.7 billion shares changed hands on U.S. exchanges, 12 percent below the three-month average.
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Market Morning Briefing Print E-mail
Daily Forex Technicals | Written by Kshitij Consultancy Services | May 22 15 03:48 GMT
The Euro-Yen (134.53) too seems to be firming up Support at 134.00 now and might gear up for a rise towards 135+. This could limit downside in Dollar-Yen (120.85) to 120.75-60 and engineer an eventual rise past 121.50. Could take some time (a few days) though.
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Foreign Exchange Market Commentary Print E-mail
Daily Forex Technicals | Written by HY Markets | May 22 15 03:42 GMT
THE EURO closed slightly higher on Thursday but remains below the 20day moving average crossing. The midrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would confirm that a shortterm low has been posted.
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EURGBP Sets The Stage For 70p Print E-mail
Daily Forex Technicals | Written by ThinkForex | May 22 15 03:33 GMT
With trend and momentum favouring the bears on W1 I'm seeking bearish setups on D1 and below. The 0.7482 high could mark the end of an ABC correction, with the break below 0.7117 confirming a bearish trend continuation on W1. If W1 closes at or below current levels the candle would produce a Bearish Engulfing pattern. As this follows on from the Hanging Man and Bearish Cloud Clover patterns it adds extra credence to the swing high at 0.7482. Over the coming week/s I anticipate a break below 0.7000
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The Daily Forecaster: USDJPY Print E-mail
Daily Forex Technicals | Written by FX-Forecaster | May 22 15 01:42 GMT
No new highs and a break of 120.90 which has confirmed the top. This has generated a sideways consolidation and may well continue between 120.90-121.15 before losses can break below 120.84 to test the 120.73 low and probably below. Be aware that this could be a slow process and potentially choppy. Overall, I suspect a minimum target around 120.28 but see a support area around 119.74-00. I suspect this could hold but will need to be judged when reached. Below 119.74 is the 119.50-55 support. As this moves lower continue to observe for bullish reversal indications.
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Australia 200 – Continues To Hover Around 5650 Print E-mail
Daily Forex Technicals | Written by MarketPulse | May 22 15 01:39 GMT
In the last couple of days the ASX200 index has reversed and rallied to back above the key 5650 level. Earlier this week the index drifted lower before rallying higher. It did enjoy a bit of support from the 5650 level earlier this week before falling lower a couple of days ago. The key 5800 level is still looming large and is still likely to offer resistance if and when the index returns. At the start of last week the Australia 200 index was meeting resistance at the 5650 level however it was then able to move through to a one week high above 5750. Since the end of April, the Australia 200 index has seen significant declines which has resulted in it reaching a three month low just below 5550. After making another solid run at the key 6000 level a few weeks ago but again being forced back by overwhelming supply at that level, the Australian 200 index dropped sharply to move through the 5800 level down to a two month low below 5750, before rallying well to finish out that week. Several weeks ago the Australian 200 index showed some positive signs and moved well towards the resistance at 6000 before finishing the week strongly lower. Several weeks ago the Australia 200 index pushed higher to a multi-year high to just above the key resistance level at 6000, before easing lower throughout the last couple of weeks to below 5900.
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AUD/USD – Enjoying Support From Key 0.7850 Level Print E-mail
Daily Forex Technicals | Written by MarketPulse | May 22 15 01:37 GMT
In the last week the Australian dollar has fallen sharply from above 0.8150 down to a two week low near 0.7850, where it has enjoyed solid support from this key level. Last week the Australian dollar enjoyed a solid week which culminated in a new three month high above 0.8150 in the middle of last week before easing lower. The last few weeks has seen the Australian dollar on a roller-coaster ride moving from below 0.78 and up to near 0.82. A couple of weeks ago the Australian dollar surged higher however it ran into resistance right around 0.7950 and 0.80 before easing slightly and consolidating in a narrow range between 0.7850 and 0.79 to finish out the week. A few weeks ago it enjoyed a solid start to the week, moving to a three month high just shy of 0.81. It then eased back towards the key 0.7850 level again where it received some support.
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S&P 500: Trend Looks Strong As Key Levels Approach Print E-mail
Daily Forex Technicals | Written by Forex.com | May 22 15 01:27 GMT
The last time I wrote about the S&P 500, in mid-May, the benchmark US index was trying to break out of a lengthy consolidation pattern and take out sturdy resistance around 2120 (see “Stocks: can S&P 500 finally clear 2120?” for more). In that report, we pointed out the fact that the bears had been reluctant to increase their positions meaningfully when a key support level had been broken. That pattern in our view was, and still is, bullish. What's more, the index was making a series of higher lows in what essentially had been a messy bull-bear battle. Thus we argued that if it S&P did eventually break higher, the next move could potentially be explosive due to the significant amount of time it had spent in consolidation. Undoubtedly some bullish speculators had also been waiting on the side lines until the trend became clearer. Now, as can be seen on the updated 4-hour chart below, the index did, as we had expected, break higher.
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Silver: Ladies And Gentleman Of The Jury, What's Your Verdict? Print E-mail
Daily Forex Technicals | Written by Forex.com | May 22 15 01:19 GMT
After briefly dropping below 15.00 late last year, silver has edged higher so far this year, but bulls have remained skeptical of the strength as long as the commodity remained below its declining 200-day MA. That all changed last week, when silver finally broke above that barrier, and prices have managed to hold above that barrier for more than a week now. As a second bullish sign, the metal's RSI indicator has formed a bullish channel over the last month, showing steadily increasing bullish momentum over that period.
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EURGBP: Bears Gunning for 7.5-Year Low Near .7000 Next Print E-mail
Daily Forex Technicals | Written by Forex.com | May 21 15 15:40 GMT
The never-ending parade of economic data releases continued this morning, with the main event (thus far at least) coming from Europe. In the Eurozone, Flash PMI figures came out mixed, with the Manufacturing report coming in better than expected at 52.3 vs. 51.8, though the Services report was weaker than anticipated at 53.3 vs. 53.9 eyed. Overall, these reports continue to show positive, but painfully slow growth in the Eurozone economy.
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