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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 |
May 16 12 04:48 GMT
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On Tuesday Euro/Dollar slipped significantly with almost 220 pips on continuing Greek turmoil. The European currency depreciated from 1.2939 to 1.2721 yesterday, matching the negative money flow sentiment at bellow -19%, closing the day at 1.2727. This morning the Euro weakened even further, descending down to 1.2698.
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Daily Forex Technicals |
Written by HY Markets |
May 16 12 04:22 GMT
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The EURO closed lower on Tuesday and the lowrange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, January's low crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.
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Daily Forex Technicals |
Written by FX-Forecaster |
May 16 12 03:55 GMT
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The 0.9828-40 support held perfectly and has provoked the gains I had expected and to just short of the 0.9457 target. As in EUR, if I have any preference then it's for a deep pullback to the 0.9367-77 area before resuming the rally to the 0.9457 target. However, I'd not fight a direct move to 0.9457 (and even 0.9476.) Either way I do see this projection area as a cap for a deeper pullback lower and back to the 0.9315-26 area at least and max 0.9295-05...
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Daily Forex Technicals |
Written by FXtechtrade |
May 16 12 03:49 GMT
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EUR/USD Today's support: 1.2693(main), where correction is possible. Break would give 1.2676, where correction also may be. Then follows 1.2653. Break of the latter would result in 1.2628. If a strong impulse, we would see 1.2605. Continuation will give 1.2582.
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Daily Forex Technicals |
Written by Compass Global Markets |
May 16 12 03:47 GMT
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AUD/USD rallied during the Asia session as the market jumped on the weak bears with the price extending into the European morning as the markets saw the European data come in mostly as expected with German posting a positive CPI number. This saved the whole European union from a technical recession. However, the positive sentiment didn’t last long as mixed US data and the announcement that the Greek people will head to the ballot box again in mid-June saw markets tumble. Heavy selling of Euro from funds and spec names has filtered across into the AUD with the pair making a new low late in the US session at 0.9922. Medium level data for the local session shouldn’t have much impact on today’s trading pattern but if the numbers were to continue the theme of Australian economic weakness the price could extend lower by an extra 20 or 30 points. Yesterday we changed the short term bias to neutral as we expected a bounce, does 0.9940 to 1.0020 count? We expect a another bounce so we will sit on the fence for another day. Sell into rallies towards parity if seen.
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
May 16 12 03:44 GMT
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Greece failing to form a government and calling for a new election in June has increased the Risk Aversion in the market and the Dollar is trading strong all over. The Dollar Index (81.23) is heading towards our first upside target of 81.50-80 which if broken can take it further up to 82.50.
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Daily Forex Technicals |
Written by Admiral Markets |
May 16 12 03:36 GMT
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Presumably, the impulse [5] of c of (y) of [ii] is close to completion . If this assumption is correct, after its completion we can expect a downward price movement in line with the wave formation i of (i) of [iii].
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Daily Forex Technicals |
Written by Autochartist |
May 16 12 03:31 GMT
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GBP/AUD continues to decline after the recent completion of the Rising Wedge chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the low Initial Trend (3 bars) and substantial Uniformity and Clarity (rated at the 9 and 10 bar levels respectively). Higher Uniformity and Clarity reflect the well formed chart pattern with higher visibility to the market participants. Higher visibility in turn increases the probability of further losses for this currency pair after the completion of this chart pattern. The top of this Rising Wedge (point C on the chart below) formed close to the major level of resistance at 1.6200 (former strong support which had reversed strong downtrend in the middle of 2010 and which had been reversing the pair down over the last few months, after having been broken in October of 2010, as is shown on the second chart below). The pair is expected to fall further toward the Forecast Price 1.5981.
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Daily Forex Technicals |
Written by Forex.com |
May 16 12 03:28 GMT
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While much of the attention lately regarding the Eurozone saga has been about the Greek elections, I believe the underlying focus still remains on Spain. A little over a month ago, which suggested further EUR/USD downside was still ahead:
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Daily Forex Technicals |
Written by FXTimes |
May 15 12 19:10 GMT
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The EUR/AUD has been rallying from the low of 1.2130 to about 1.2920 since February 2012. It should be noted that this bull run is basically just below 50% retracement of the downswing from Nov. 2011 to Feb. 2012 from 1.3805 to 1.2130. Also, the 1.2920-1.3015 area represents the support of a range-bound market during 2011 from July to Dec when this support area broke down. It has now acted as resistance resistance.
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Daily Forex Technicals |
Written by FXTechstrategy |
May 15 12 14:45 GMT
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USD/JPY's inverted head and shoulders attempt to start the 5/14 trading week did not work out. However the subsequent drop basically respected the shoulder level near 79.70. Into the 5/15 US trading session, the USD/JPY is pushing above 80.00 again. The inverted head and shoulders pattern is still valid, but this time with 2 shoulders on each side.
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Daily Forex Technicals |
Written by FXTimes |
May 15 12 14:08 GMT
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The fell over the 5/15 Asian-European session, and continued to slide in early US session.The 1H chart shows the pair tagging the lower bollinger band which is 3 standard deviations from the 200 simple moving average here. The ability to do that and stay below the 200SMA is a reflection of a bearish mode. Similarly, the RSI holding below 60, and tagging 30 is a sign of a bearish market.
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Daily Forex Technicals |
Written by FXTechstrategy |
May 15 12 13:42 GMT
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We continue to hold onto our downside view on USDCAD as it trades below its key resistance at the 1.0048/51 levels. While holding below here, there is risk of a relapse to the 0.9804 level, its Sept 19'2011 and the 0.9806 level. Further down, support lies at the 0.9779 level, its Sept 16'2011 low followed by the 0.9724 level, its Aug 31'2011 low.
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Daily Forex Technicals |
Written by FXTimes |
May 15 12 12:34 GMT
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After a 2-week tumble from about 1.3280 to 1.2810, the EUR/USD started to stall against this trend in the 5/15 European session. The Euro Area avoided a recession in Q1 on the back of positive German GDP data. In my opinion, the data is not that great at all, but risk sentiment have been stretched and this data did not stoke a panic.
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
May 15 12 12:32 GMT
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Cable failed to sustain the break above 1.6100 and has come off sharply during the day. This leaves high chances of to test its important 1.6000-5970 Support region. As we had mentioned earlier, this 1.6000-5970 Support region is expected to hold and a fresh rally is possible from this Support region. Having said this we will be looking to buy in this Support region.
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Daily Forex Technicals |
Written by ZIFX.com |
May 15 12 09:51 GMT
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On Monday Dollar/Yen decreased with 50 pips. The currency couple depreciated from 80.19 to 79.67 yesterday, not matching the positive money flow sentiment at above +4%, closing the day at 79.81. This morning the Dollar is trading quietly against the Yen, with movements at the lower end of yesterday's range for now.
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Daily Forex Technicals |
Written by DeltaStock Inc. |
May 15 12 09:46 GMT
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Although the overall bias continues to be negative, there is a minor reversal at 1.2814 and the intraday outlook is positive above 1.2837 for the key resistance at 1.2910. My outlook is countertrend, for a break through 1.2910, en route to 1.3060-3100.
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Daily Forex Technicals |
Written by ZIFX.com |
May 15 12 07:49 GMT
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On Monday Pound/Dollar increased with 70 pips. The Cable appreciated from 1.6049 to 1.6123 yesterday, in line with the positive money flow sentiment at over +6%, closing the day at 1.6086. Today the British Pound is trading quietly, with movements at the upper half of yesterday's range for the time being.
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Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
May 15 12 07:41 GMT
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EUR/USD continues to be sold off, since there are currently no signs of a possible recovery in the near term. The currency pair is presently attempting to stabilise at 1.2830/18. However, this support and the subsequent line at 1.2763 are likely to be broken, since EUR/USD is moving en route to a stronger level at 1.2645/42. Encounter with the latter level, in turn, could result in a rally, though a tepid one.
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Daily Forex Technicals |
Written by Windsor Brokers Ltd |
May 15 12 07:18 GMT
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Extension below 1.2900 support that was lost yesterday, posted fresh 5-month low at 1.2813, overnight, just ahead of figure support at 1.2800. Negative structure sees potential for further weakness, with yearly low at 1.2622 now coming in focus. Any bounce higher, as hourly studies are in oversold territory, is for now seen as corrective, with strong barrier at 1.2900, previous low / 20 day EMA, while only lift above 1.2955/80 would delay bears.
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