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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.



USDCAD - Extends Bullish Offensive Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Jan 26 15 01:08 GMT
USDCAD - With price extension seen the past week, USDCAD faces further bullishness in the new week. However, a corrective pullback may develop following its recent upside run. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2350 level followed by the 1.2300 level. Further out, support resides at the 1.2250 level and then the 1.2200 level. All in all, USDCAD continues to face bullish offensive medium term
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EURUSD - Maintains Its medium Term Weakness Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Jan 26 15 01:06 GMT
EURUSD - With EUR declining strongly further the past week, further downside is likely in the days ahead..Support is seen at 1.1150 level with a cut through here opening the door for more downside towards the 1.1110 level. Further down, support lies at the 1.1050 level where a break will expose the 1.1000 level. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1350 level, its psycho level followed by the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term.
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IMM Positioning: ECB QE Expectations Driving Bearish EUR Sentiment Print E-mail
Weekly Forex Technicals | Written by Danske Bank | Jan 19 15 10:28 GMT
IMM positioning data released on Friday reveals the fifth consecutive week of bearish EUR builds sending non-commercial positioning to the most bearish level since August 2012. The recent acceleration in bearish EUR builds has been driven by increased speculation about the ECB announcing sovereign bond QE on Thursday. The Swiss National Bank's (SNB) shock move to remove the 1.20 EUR/CHF floor last week seems like a pre-emptive move ahead of Thursday. Consequently, we expect EUR positioning to have become even more stretched post the coverage period of this week's report. We expect the ECB to deliver a more aggressive QE programme than consensus. Specifically, we expect it to announce a bond purchase programme of EUR750bn running until September 2016 – a faster-than-consensusexpected monthly purchase pace, which should weigh on the EUR further near term.
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USDCHF - Bullish But Faces Pullback Threats Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Jan 12 15 01:35 GMT
USDCHF - Although the pair retains its broader uptrend in the medium, it also faces the risk of a correction which we saw on Friday (daily chart). On the upside, resistance resides at the 1.1216 level where a break will aim at the 1.0250 level. Further out, resistance resides at the 1.0300 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 1.1350 level. On the downside, support lies at the 1.0100 level with a break targeting the 1.0050 level and then the 1.0000 level. Further down, support comes in at the 0.9950 level. All in all, the pair remains biased to the upside medium term but may see pullback.
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EURUSD - Maintains Bearish Outlook Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Jan 12 15 01:34 GMT
EURUSD - With EUR remaining weak and vulnerable to the downside following its past week declines, more bearishness is now envisaged. However, we think a recovery higher may occur after the mentioned weakness. Support is seen at 1.1950 level with a cut through here opening the door for more downside towards the 1.1900 level. Further down, support lies at the 1.1850 level where a break will expose the 1.1800 level. Below here will pave the way for a move lower towards the 1.1750 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.2050 level where a violation will aim at the 1.2100 level where a break will aim at the 1.2150 level, its psycho level followed by the 1.2200 level. Further out, resistance comes in at the 1.2250 level. All in all, EUR remains biased to the downside in the medium term.
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IMM Positioning: Bearish EUR Bets Back At 'Whatever It Takes' Levels Print E-mail
Weekly Forex Technicals | Written by Danske Bank | Jan 07 15 07:39 GMT
IMM data released yesterday reveals that for the third consecutive week investors added speculative EUR net shorts. While this week's bearish build in the single currency is insignificant in a historical perspective, the move does suggest a renewed bearish trend driven by speculation about a Greek EUR-exit and the ECB introducing sovereign QE. The recent weeks' change in positioning has notably returned non-commercial EUR positions below the 4th percentile – a level last seen in the summer of 2012 when Draghi delivered his famous 'Whatever it takes' speech. The recent build in bearish EUR bets has also notably increased the aggregate bullish USD bets after several weeks of greenback profit taking ahead of year end (see page 2). Aggregate speculative USD positioning has consequently returned to the 99th percentile. While EUR/USD positioning suggests a very high sensitivity to the upside we still expect more downside in the coming weeks as the FX market will continue to price ECB sovereign QE, a Grexit and Russian risks. With the recent rapid move lower in the cross we have now broken below our 6M target for the cross and we are consequently looking to revise our forecasts.
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USDCHF: Closes Higher, Targets Further Strength Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Dec 22 14 02:52 GMT
USDCHF - With USDCHF reversing its previous week declines to close higher, it faces further upside threats in the new week. On the upside, resistance resides at the 0.9900 level where a break will aim at the 0.9950 level. Further out, resistance resides at the 1.0000 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 1.1050 level. On the downside, support lies at the 0.9800 level with a break targeting the 0.9750 level and then the 0.9700 level. Further down, support comes in at the 0.9650 level. All in all, the pair remains biased to the downside medium term.
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EURUSD - Vulnerable, Reverses Gains Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Dec 22 14 02:51 GMT
EURUSD - Outlook for EUR continues to point lower following a reversal of its previous week gains the past week. However, a mild recovery higher may occur before more strength is seen in the new week. Support is seen at 1.2150 level with a cut through here opening the door for more downside towards the 1.2100 level. Further down, support lies at the 1.2050 level where a break will expose the 1.2000 level. Below here will pave the way for a move lower towards the 1.1950 level. On the upside, resistance lies at the 1.2700 level where a violation will aim at the 1.2750 level where a break will aim at the 1.2800 level, its psycho level followed by the 1.2850 level. Further out, resistance comes in at the 1.2900 level. All in all, EUR remains biased to the downside in the medium term.
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USDCHF - Loses Upside Momentum, Declines Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Dec 15 14 02:20 GMT
USDCHF - With the pair reversing its previous week gains to close lower on Friday, it now faces further downside pressure in the new week. On the downside, support lies at the 0.9600 level with a break targeting the 0.9550 level and then the 0.9500 level. Further down, support comes in at the 0.9450 level. On the upside, resistance resides at the 0.9700 level where a break will aim at the 0.9750 level. Further out, resistance resides at the 0.9800 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9850 level. All in all, the pair remains biased to the downside on pullback.
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EURUSD - Bullish On Recovery Higher Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Dec 15 14 02:19 GMT
EURUSD - Having reversed its previous week losses to close higher on Friday, it now faces further recovery bias. However, a mild pullback could occur before more strength is seen in the new week. On the upside, resistance lies at the 1.2500 level where a violation will aim at the 1.2550 level where a break will aim at the 1.2600 level, its psycho level followed by the 1.2650 level. Further out, resistance comes in at the 1.2700 level. Conversely, support is seen at 1.2300 level with a cut through here opening the door for more downside towards the 1.2250 level. Further down, support lies at the 1.2200 level where a break will expose the 1.2150 level. Below here will pave the way for a move lower towards the 1.2100 level. All in all, EUR remains biased to the downside in the medium term.
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