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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.



USDCHF: Recovers Higher, Threatens Price Extension Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 21 14 02:57 GMT
USDCHF: The pair closed higher the past week after halting its one-week weakness. This has opened the door for further upside possibly towards the 0.8924 level in the new week with a cut through here will aim at the 0.8952 level. This level if broken will aim at the 0.9000 level with a close above here eyeing the 0.9050 level and next the 0.9100 level. On the downside, support lies at the 0.8742 level where a break will turn focus to the 0.8700 level. A cut through here will set the stage for a run at the 0.8650 level and subsequently the 0.8600 level. If it violates this level it will resume its medium term downtrend. All in all, the pair remains biased to the downside in the medium term<
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EURUSD: Faces Bear Threats Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 21 14 02:56 GMT
EURUSD: With the pair closing lower the past week, a continuation of that weakness is envisaged in the new week. Support lies at the 1.3779 level where a break will aim at the 1.3737 level followed by the 1.3676 level. Further down, support stands at the 1.3600 level where a violation will target the 1.3550 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, medium term outlook on EUR remains higher but will have to recapture the 1.3966 level to annul its present bear pressure. Further out, resistance resides at the 1.4000 level, its big psycho level. All in all, EUR remains biased to the upside in the long term but faces corrective weakness threats.
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USDCHF - Closes Lower, Eyes Further Bearishness Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 14 14 02:16 GMT
USDCHF - With USDCHF declining strongly to take back almost all of its three weeks gains the past week, the risk is for more weakness to occur. However, watch out for any correction following the mentioned decline. Immediate support lies at the 0.8700 level where a break will turn focus to the 0.8650 level. A cut through here will set the stage for a run at the 0.8600 level and subsequently the 0.8550 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to return above the 0.8952 level to annul its entire last week losses. Further out, resistance resides at the 0.9050 level. This if broken will aim at the 0.9100 level with a close above here if seen will aiming at the 0.9150 level and next the 0.9200 level. All in all, the pair remains biased to the downside in the medium term
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EURUSD - Bullish On Rally Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 14 14 02:15 GMT
EURUSD - Although EUR continues to retain its upside bias, it faces the risk of a corrective pullback in the new week. Support lies at the 1.3820 level where a break will aim at the 1.3770 level. Further down, support resides at the 1.3676 level with a loss of there threatening further downside towards the 1.3600 level where a violation will target the 1.3550 level. Conversely, on further strength, the pair will aim at the 1.3900 level followed by the 1.3950 level. Further out, resistance resides at the 1.4000 level where a breach will aim at the 1.4050 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.
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IMM Positioning: AUD-Positioning Now Broadly Square Print E-mail
Weekly Forex Technicals | Written by Danske Bank | Apr 07 14 09:15 GMT
IMM data released last Friday revealed the largest single week bullish build in noncommercial AUD-positioning since March 2013. Measured in percentage of open interest the change in positioning was a considerable 20 percentage points, which in absolute terms has only happened in seven weeks in the past six years. Investors are now broadly square the Australian dollar which has not been the case since May 2013. Consequently, from a positioning point of view, the AUD now seems the most sensitive to negative news for almost a year.
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USDCHF - Sets Up For Corrective Weakness Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 07 14 01:43 GMT
USDCHF - With USDCHF capping its strength at the 0.8952 level to close the marginally lower (daily chart), it faces the risk of a correction in the new week. Expect it returned above the 0.8952 level, this view remains valid with eyes on the downside. Support lies at the 0.8874 level where a violation if seen targeting the 0.8813 level. A cut through here will set the stage for a run at the 0.8750 level and subsequently the 0.8698 level. If it violates this level it will resume its medium term downtrend presently on hold. Further down, support comes in at the 0.8650 level. On the other hand, the pair will have to return above the 0.8952 level to prevent any downside incursion. This if seen will aim at the 0.8900 level with a close above here if seen will aiming at the 0.9000 level and next the 0.9050 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, the pair remains biased to the upside in the short term
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EURUSD - Vulnerable With Caution Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Apr 07 14 01:42 GMT
EURUSD - With EUR weakening for a third consecutive week, further downside pressure is envisaged. But in order for this occur it will have to break and hold below the 1.3676 level and its rising trendline. However, with a rejection candle seen on Friday, recovery risk could happen this new week. Support lies at the 1.3676 level. Further down, support comes in at the 1.3600 level where a violation will target the 1.3550 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on a recovery higher, the pair will aim at the 1.3766 level followed by the 1.3820 level. Further out, resistance resides at the 1.3900 level where a breach will aim at the 1.3966 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.
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IMM Positioning: Speculators Slash Net EUR Longs Print E-mail
Weekly Forex Technicals | Written by Danske Bank | Mar 31 14 09:41 GMT
IMM data released last Friday showed that speculators unwound some of the net EUR longs put on in the week to 18 March. Speculative EUR-positioning, however, remains long at the 60th percentile from a historical perspective. The move was primarily driven by a surprisingly hawkish Yellen at the Fed meeting which reversed some of the EUR bullish sentiment. Despite this considerable move, overall positioning in USD - calculated on the back of positioning in all other currencies - was close to unchanged (mainly due to CAD positioning, see next paragraph) and consequently USD positioning remains in neutral territory.
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USDCHF - Maintains Recovery Tone But With Caution Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Mar 31 14 02:14 GMT
USDCHF - While USDCHF may have closed higher for a second week in a row, it ended the week with a rejection candle on the daily chart suggesting price exhaustion has set in. Except it recaptures the 0.8898 level, it faces the risk of a corrective weakness in the new week. In such a case, support lies at the 0.8786 level where a break will set the stage for a run at the 0.8698 level. If it violates this level it will resume its medium term downtrend presently on hold. Further down, support comes in at the 0.8650 level and then the 0.8600 level. On the other hand, the pair will have to break and hold above the 0.8786 level to create scope for additional strength towards the 0.8829 level where a break will pave the way for a run at the 0.8900 level. Above here if seen will aim at the 0.8950 level and subsequently the 0.9000 level. All in all, the pair remains biased to the downside in the medium term though recovering
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EURUSD - Vulnerable, Weakens For Two Weeks In A Row Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Mar 31 14 02:13 GMT
EURUSD - With EUR weakening for a second week in a row the past week, further downside pressure could be seen. However, with a rejection candle and marginal higher close seen on Friday, recovery risk could happen this new week. Support lies at the 1.3704 level. Further down, support comes in at the 1.3650 level where a violation will target the 1.3600 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on a recovery higher, the pair will aim at the 1.3796 level followed by the 1.3844 level. Further out, resistance resides at the 1.3900 level where a breach will aim at the 1.3966 level followed by the 1.4000 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.
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