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Forex Weekly 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.



FX Analysis and Technical Outlook Print E-mail
Weekly Forex Technicals | Written by Forex.com | Apr 30 16 08:38 GMT
Pressure on the dollar stemming from the Fed's consistently cautious stance and lackluster US economic data in recent weeks, including the recent weaker-than-expected GDP reading, has resulted in an extended retreat from major resistance for USD/CHF. At the start of the past trading week, the retreat began at a critical level for USD/CHF, turning the currency pair down right around the key 0.9785 resistance area, which is also around the 50% retracement level of the last major bearish run from March's high to April's low. That price level has served as a major support and resistance area since late 2015. From a slightly longer-term technical perspective, USD/CHF has been in a general decline since December, printing consistently lower highs and lower lows as the dollar has suffered from an increasingly dovish Fed after December due to continued weakness in economic conditions and inflation. With continued bearish momentum on the current USD/CHF retreat, the next major downside target is at the 0.9500 support area, which is the level of April's lows. In the event of a further breakdown below 0.9500, a continuation of the medium-term downtrend will have been confirmed, with a further downside target around the 0.9250 support area.
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Weekly Technical Outlook And Review Print E-mail
Weekly Forex Technicals | Written by IC Markets | Apr 25 16 06:30 GMT
The past week saw the single currency take its second consecutive loss from within the confines of weekly supply seen at 1.1533-1.1278, erasing around 60 pips of value and ending the week closing on its lows at 1.1218. The decline from here should not really come as much of a surprise as this area has held price lower since May 2015. Speaking from the weekly timeframe, the next obvious downside target can be seen around weekly support chalked in at 1.0796, so do keep an eye on this number going forward.
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USDCHF - Targets Further Upside On Correction Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 25 16 01:52 GMT
USDCHF - Having the pair rallied to close higher the past week, further bullishness is envisaged. On the downside, support lies at the 0.9700 level. A turn below here will open the door for more weakness towards the 0.9650 level and then the 0.9600 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9850 level where a break will clear the way for more strength to occur towards the 0.9900 level. Further out, resistance comes in at the 0.9950 level. All in all, USDCHF remains biased to the upside on corrective recovery.
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EURUSD - Looks To Weaken Further On Bear Pressure Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 25 16 01:51 GMT
EURUSD - With EURUSD closing lower the past week, further weakness is envisaged in the new week. Support lies at the 1.1150 level. Further down, support comes in at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will target the 1.1000 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1300 level with a cut through here opening the door for more upside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level.. All in all, EURUSD remains biased to the downside on corrective pullback.
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FX Analysis and Technical Outlook Print E-mail
Weekly Forex Technicals | Written by Forex.com | Apr 23 16 12:35 GMT
A recent rebound in risk assets and commodity prices, as well as a weakening of the US dollar and relative stabilization in Asian markets (most notably China), have helped contribute to the AUD/USD rally from multi-year lows that has occurred within the past three months. This sharp rally has boosted the currency pair from nearly a 7-year low just above 0.6800 in mid-January up to a 10-month high above 0.7800 just this past week. Within the course of this uptrend, AUD/USD has formed a rough rising channel that has broken out above progressively higher resistance levels, including the most recent breakout above 0.7700. That breakout occurred early this past week as the US dollar continued to stagnate and commodities remained supported.
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USDCHF - More Recovery Threats Build Up Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 18 16 02:30 GMT
USDCHF - The pair rallied the past week to halt its broader weakness and close higher. This development leaves risk higher with eyes on its key resistance located at the 0.9750 level. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bullish and pointing higher suggesting further recovery. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. All in all, USDCHF remains biased to the upside on correction.
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GBPUSD - Vulnerable To The Downside Medium Term Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 18 16 02:29 GMT
GBPUSD - With the pair continuing to remain weak and vulnerable to the downside, more weakness is likely in the new week. On the downside, support lies at the 1.4100 level where a break will turn attention to the 1.4050 level. Further down, support lies at the 1.4000 level. Below here will set the stage for more weakness towards the 1.3950 level. Conversely, resistance stands at the 1.4200 levels with a turn above here allowing more strength to build up towards the 1.4250 level. Further out, resistance resides at the 1.4300 level followed by the 1.4350 level. On the whole, GBPUSD continues to retain its broader medium term downtrend bias.
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EURUSD - Looks For Further Corrective Pullback Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 18 16 02:29 GMT
EURUSD - With EURUSD closing lower the past week, further decline is expected in the new week. Support lies at the 1.1200 level. Further down, support comes in at the 1.1150 level where a violation will aim at the 1.1100 level. A break of here will target the 1.1050 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EURUSD remains biased to the downside on corrective pullback.
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GOLD - Corrective Bias Remains Intact Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 18 16 02:28 GMT
GOLD - With the commodity remaining vulnerable to the downside on correction, more weakness is likely. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,200.00 level. Further down, a cut through here will open the door for a move lower towards the 1,210.00 level. Below here if seen could trigger further downside pressure targeting the 1,200.00 level. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to weaken further.
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FX Analysis and Technical Outlook Print E-mail
Weekly Forex Technicals | Written by Forex.com | Apr 16 16 12:41 GMT
EUR/USD pulled back sharply from key resistance around the 1.1450 level this past week. Prior to the retreat, the currency pair had been in a prolonged consolidation just under 1.1450 after having risen in a strong uptrend characterized by higher highs and higher lows since December's lows near 1.0500. Much of EUR/USD's rise in the past four months can be attributed to a falling US dollar that has been pressured by an increasingly dovish Federal Reserve and the resulting lowered expectations for a regular pace of interest rate hikes in the US due to persistent global economic worries. The currency pair has stayed well-supported because of this dollar pressure, despite what one might expect should be a weakening euro due to the European Central Bank's own extended easing program. This week's pullback from resistance was largely due to a strong dollar rebound, despite weak inflation data out of the US. The pullback brought EUR/USD back down to a key uptrend line before a bounce at the end of the week. To the upside, the noted 1.1450 resistance area continues to be the primary level to watch. In the case of any resumed dollar weakness in the near-term, a sustained breakout above this resistance could go on to target the next major upside objective at the 1.1700 level, which was the area of the high reached in August 2015. To the downside, key support continues to reside at the 1.1100 level.
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