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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 ZIFX.com |
Mar 23 11 08:44 GMT
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On Tuesday Pound/Dollar continued increasing with almost 110 pips, in line with the positive Interbank sentiment at nearly +21%. The Cable appreciated from 1.6291 to 1.6401 yesterday, closing the day at 1.6371. Today the British Pound is trading hesitantly, and within yesterday's range for now. On the 1 hour chart quotes are breaking up from the wide range, while on the 3 hour chart new small angle wide upwards channel is emerging. First resistance is yesterday's peak at 1.6401. Break above it should extend the bullish movement further towards the 1.6513. The nearest support is yesterday's bottom at 1.6291. Going bellow it should extend British Pound's reduction further down towards next downward objective 1.6172. Today is UK BoE meeting minutes at 9:30 GMT. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
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Daily Forex Technicals |
Written by Windsor Brokers Ltd |
Mar 23 11 08:31 GMT
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EURUSD Trades in a near-term corrective mode after hitting fresh high at 1.4247 yesterday. Initial support at 1.4135 is still intact, with possible extension to 1.4100, 38.2% of 1.3867/1.4247 upleg, before fresh push higher. Above 1.4247 to focus 1.4280 and 1.4303, key barriers.
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Daily Forex Technicals |
Written by Saxo Bank |
Mar 23 11 08:11 GMT
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Against a background of positive signals for this week, yesterday's forecast for the AUDUSD was also bullish. This call was confirmed with sentiment posting a 3rd higher daily low and high in a row and a gain of 65 pips on the day. The analysis has also, however, highlighted a falling trend of low daily highs that has been formed throughout March, and the close proximity of this trend has already slowed topside impetus. There has been some modest selling from close to this trend in Asia this morning which has weakened intraday sentiment, but until the sequence of higher daily lows is ended, today's outlook is just cautiously bearish below 1.0116. The immediate objective is 1.0064/67, today's Asian low, with a move through this point targeting 1.0037/40, yesterday's base and then towards 1.0007.
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Daily Forex Technicals |
Written by FOREX Ltd |
Mar 23 11 08:03 GMT
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The assumed retracement to the key resistance levels has been confirmed with conditions for realization of the planned realization of planned short positions. OsMA trend indicator, having marked low level of parties activity, doesn’t go against supporting short positions targeting 0,8980/0,9000, 0,8920/40 and/or further breakout variant up to 0,8860/80, 0,8800/20. Alternative for buyers will be above 0,9100 targeting 0,9140/60, 0,9200/20.
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Daily Forex Technicals |
Written by Mizuho Corporate Bank |
Mar 23 11 07:44 GMT
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EURUSD Comment: Inching to a new recent high at 1.4249, just ahead of last year’s high at 1.4283, even as Irish sovereign debt spreads over Germany hit a new record. What we are seeing is generalised US dollar weakness, not something specific to the Euro. A monthly close above 1.4500 might produce an unseemly scramble.
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Daily Forex Technicals |
Written by Lloyds TSB |
Mar 23 11 07:38 GMT
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The dollar index trades only a stone throw from 74.17, the Nov-09 low, but until we get to that psychological level it is still impossible to predict when the market’s (insatiable) appetite for USD shorts will come to an end. The EU summit on Thursday/Friday could be a trigger for interim profit taking in EUR/USD but even so USD/JPY is not showing any inclination to turn even as CBs remain on intervention standby. Commentary from EU officials still suggests some loose ends need to be tied up so in this context and with the vote perhaps not as unanimous as EU officials want us to believe a brief phase of USD respite could soon emerge. Fed’s Fisher stirred things up a bit yesterday when he said that no further asset purchases would be necessary after Q2, but US rates futures were hardly overwhelmed. Bernanke to speak at a bankers’ event around 4pm. Downside risk for Feb new home sales?
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Daily Forex Technicals |
Written by ICN.com |
Mar 23 11 07:18 GMT
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The pair reversed to the downside due to the negativity highlighted yesterday, where it has presently entered oversold areas; therefore making us await resuming the expected bullish intraday direction. SMA supports the expected ascend, alongside trading that continues within the upside channel. Note the importance of stabilizing above 1.4060 to insure resuming the awaited targets that start around 1.4325 then 1.4400.
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Daily Forex Technicals |
Written by ICN.com |
Mar 23 11 06:59 GMT
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The pair succeeded in achieving an affective daily closing above 76.4% Fibonacci retracement level of the CD leg of the bullish harmonic pattern discussed earlier. Furthermore, this closing occurred above the middle line of Keltner channel, which provides the pair with a good support. Thereby, we still believe that there are chances for achieving additional bullishness towards 100% of CD leg at 135.20 zones. On the other side areas around 129.25-128.70 should hold to keep this harmonic study valid.
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Daily Forex Technicals |
Written by India Forex |
Mar 23 11 06:49 GMT
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EUR/USD: Euro was supported by rate hike expectations in the near term while at the same time there were concerns regarding increasing debt cost. Immediate resistance is at 1.4224 while Immediate support is seen at 1.4112 levels (H4 21 days EMA) followed by 1.4152 and 1.4049 levels. Daily Stochastic is showing overbought levels. EURINR (63.80): Exporters can cover at current levels for March exposure and importers can cover partially near 63.00-63.35 levels. EUR/INR is likely to trade in the range of 63.65 - 63.95 levels today. Short term: Slight bullish and Medium term: bullish. Looking ahead, Industrial New Orders m/m expected to decline.
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Daily Forex Technicals |
Written by ZIFX.com |
Mar 23 11 06:01 GMT
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After insignificant continuation of the bullish trend, on Tuesday the Euro/Dollar adjusted downwards with almost 90 pips. The European currency depreciated from 1.4248 to 1.4161 yesterday, not matching the positive Interbank sentiment projection at almost +14%, closing the day at 1.4197. This morning the pair weakened further down to 1.4137. On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel is also intact. Break above the nearest resistance and yesterday's top at 1.4248 may trigger further strengthening of the Euro. Going bellow Monday's bottom and first support at 1.4137, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4026. Today's focus is on EU17 Industrial orders at 10 GMT. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
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Daily Forex Technicals |
Written by HY Markets |
Mar 23 11 04:17 GMT
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EUR/USD closed lower due to profit taking on Tuesday but remains above broken resistance marked by November's high crossing. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off January's low, weekly resistance crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
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Daily Forex Technicals |
Written by FXtechtrade |
Mar 23 11 03:57 GMT
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EUR/USD Today's support: - 1.4128 and 1.4104(main), where correction is possible. Break would give 1.4087, where correction also may be. Then follows 1.4068. Break of the latter would result in 1.4027. If a strong impulse, we would see 1.3996. Continuation will give 1.3973 and 1.3916.
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
Mar 23 11 03:37 GMT
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Fall in the Dollar Index (75.50) slowing a bit. Trend still bearish, but chances of corrective rally could be rising. The Euro (1.4165) has come off a decent bit from yesterday's high near 1.4248, in line with our forecast of profit-taking. May have Support at 1.4125. Dollar-Yen is dead-steady at 80.90. The fall in the Euro has brought Euro-Yen (114.59) down and it could test 114.15 if the Euro dips further during the day.
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Daily Forex Technicals |
Written by Autochartist |
Mar 23 11 03:33 GMT
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USD/SGD is continuing the prevailing long-term down trend inside the high Quality daily Falling Wedge chart pattern. Autochartist rates the Quality of this chart pattern at the 7 bar level as a result of the following values of the Quality indicators: low Initial Trend (measured at the 3 bar level), significant Uniformity (8 bars) and maximum Clarity (rated at the highest 10 bar level). The high Uniformity and Clarity values of this chart pattern describe a well-formed chart pattern developing smoothly in accordance with the long term down trend visible on the daily, weekly and the monthly charts. The latest downward reversal from the 38,2% Fibonacci Retracement of the preceding downward impulse formed the second connecting point for the upper resistance trendline of this chart pattern. The price is trading close to the previous low at 1.2630 that should be broken for the downtrend to continue.
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Daily Forex Technicals |
Written by FX-Forecaster |
Mar 23 11 03:31 GMT
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The underlying MT direction is bearish while the daily bias is neutral. This may indicate price consolidation or an unclear wave structure that needs confirmation. Note key MT support & resistance levels that may break the MT trend or would suggest a resumption of the move lower. It is very important that you consider either bullish or bearish set up patterns in indicators or lower time frame charts to support S&R breaks
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Daily Forex Technicals |
Written by Admiral Markets |
Mar 23 11 03:27 GMT
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Presumably, the correctional wave iv of (v) becomes the horizontal Triangle after which terminations it is possible to expect one more thrust of the price downward, as the impulse or the Diagonal Triangle v of (v) of [iii].
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Daily Forex Technicals |
Written by FX Solutions |
Mar 23 11 03:22 GMT
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EUR/CHF – Price action on EUR/CHF (a daily chart of which is shown) as of Tuesday (3/22/2011) has stalled after a quick run-up from the key 1.2400 area support. The candlestick pattern on that support bounce is a rather clear hammer candle, indicating price failure to breakdown below 1.2400 support. The bounce prompted bullish momentum to breakout above 1.2700 area resistance, but is now beginning to lose momentum above 1.2800. All of this occurs within the context of a long-term downtrend for the pair. With tentative upside resistance around the key 1.3000 psychological level, a strong breakdown below the noted 1.2700 support could potentially continue the entrenched downtrend with an initial downside target around the noted 1.2400 support extreme.
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Daily Forex Technicals |
Written by Forex.com |
Mar 23 11 03:18 GMT
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While EUR/USD is at a critical longer-term technical level, EUR/JPY has largely flown under the radar. The volatility seen in the JPY-cross during the month of March has been nothing short of breathtaking, trading from as high as 116.00 and then all the way down to 106.65 before the G7's coordinated intervention took it all the way back to the high's once again. This type of explosiveness hasn't been seen over the past 6 months, of which EUR/JPY traded within a well-defined range (see chart below).
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Daily Forex Technicals |
Written by Forex.com |
Mar 23 11 03:16 GMT
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A week after markets were blitzed by events in Japan, risk positions have been added to as measures of fear (VIX) have declined. Coordinated global intervention succeeded in supporting risk appetites and in doing so has kept pressure on the buck (USD Index looks set test the key 75.00 level after breaking below primary trendline support - Click here to view ). While the USD Index’ break below primary trendline support alone suggests EUR/USD upside may be in store, the single currency has failed to gain any momentum above its respective primary trendline resistance around 1.4250. However, the spread between German - US 2 year government yields continue to widen and its break above inverted H&S neckline resistance projects a measured move objective towards 150 bps (see charts below).
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Daily Forex Technicals |
Written by Easy Forex |
Mar 23 11 03:12 GMT
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Euro 1.4170 Initial support at 1.4139 (Mar 21 low) followed by 1.3981 (Mar 18 low). Initial resistance is now located at 1.4282 (Nov 4 high) followed by 1.4414 (Jan 19 2010 high)
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