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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.



Weekly Technical Outlook And Review Print E-mail
Weekly Forex Technicals | Written by IC Markets | May 23 16 06:23 GMT
Last week's 100-pip decline marks third consecutive bearish week for this pair. The big question for us now is how long can the sellers continue pushing this market lower? Well, with the single currency trading from a major area of weekly supply drawn from 1.1533-1.1278 that has capped this market since May 2015, further selling could be possible down to support coming in at 1.0796.
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USDCHF - Remains Bullish On Correction Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | May 23 16 02:47 GMT
USDCHF - Having the pair closed higher the past week, we expect it extend that recovery in the new week. On the downside, support lies at the 0.9800 level. A turn below here will open the door for more weakness towards the 0.9750 level and then the 0.9700 level. On the upside, resistance resides at the 0.9950 level where a break will clear the way for more strength to occur towards the 1.0000 level. Further out, resistance comes in at the 1.0050 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price strength.
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GOLD - Declines On Continued Correction Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | May 23 16 02:38 GMT
GOLD - With GOLD extending it corrective weakness the past week, further decline is envisaged. However, with its price action on Thursday and Friday, we may see it return into its consolidation range. On the downside, support comes in at the 1,240.00 level where a break will turn attention to the 1,230.00 level. Further down, a cut through here will open the door for a move lower towards the 1,220.00 level. Below here if seen could trigger further downside pressure targeting the 1,210.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,260.00 level where a break will aim at the 1,270.00 level. A turn above there will expose the 1,280.00 level. Further out, resistance stands at the 1,290.00 level. All in all, GOLD looks to weaken further on further correction.
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Weekly Technical Outlook And Review Print E-mail
Weekly Forex Technicals | Written by IC Markets | May 16 16 06:32 GMT
Weekly view: Following the bearish pin bar formed within supply at 1.1533-1.1278 two weeks back, the single currency, as expected, tumbled lower last week. Due to this zone managing to cap the single currency since May 2015 (see red arrows) we still feel lower prices are on the cards this week, as the next logical target from here falls in around support at 1.0796.
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USDCHF - Closes Higher, Looks To Resume Corrective Strength Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | May 16 16 02:14 GMT
USDCHF - Having the pair taken back all of its earlier losses for the week to close higher on Friday, more strength is expected in the new week. 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. On the upside, resistance resides at the 0.9800 level where a break will clear the way for more strength to occur towards the 0.9850 level. Further out, resistance comes in at the 0.9900 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price recovery.
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GBPJPY - Risk Remains Lower Medium Term Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | May 16 16 02:14 GMT
GBPJPY - The cross continues to face downside pressure as we enter a new week. On the downside, support comes in at the 155.00 level where a violation will aim at the 154.00 level. A break below here will target the 153.00 level followed by the 152.00 level. Conversely, resistance is seen at the 156.00 level followed by the 157.00 level. A cut through that level will set the stage for a move further higher towards the 158.00 level. Further out, resistance resides at the 159.00 level. All in all, GBPJPY looks to weaken further following a loss of its upside momentum.
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EURUSD - Follows Through Lower On Correction Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | May 16 16 02:12 GMT
EURUSD - With EURUSD following through lower on the back of its previous week losses on Friday, it faces further downside pressure in the days ahead. Support lies at the 1.1250 level. Further down, support comes in at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will target the 1.1100 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. 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 further weakness
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GOLD - Looks For Directional Bias Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | May 16 16 02:10 GMT
GOLD - Though vulnerable to the downside on correction, the commodity is now looking for directional bias on the daily chart. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Conversely, resistance resides at the 1,275.00 level where a break will aim at the 1,280.00 level. A turn above there will expose the 1,290.00 level. Further out, resistance stands at the 1,300.00 level. All in all, GOLD looks to weaken further correction.
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FX Analysis and Technical Outlook Print E-mail
Weekly Forex Technicals | Written by Forex.com | May 14 16 03:10 GMT
The past two weeks have seen GBP/USD fall from its early May high around its 200-day moving average down to hit its 50-day moving average by Friday. The drop on Friday was pronounced, as the US dollar surged strongly while the pound remained pressured. In early May, GBP/USD hit a four-month high approaching 1.4800-area resistance near the noted 200-day moving average, but then began its current downturn. That turn back to the downside was also from the resistance imposed by a key downtrend line extending back to the highs of last August.
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Weekly Technical Outlook And Review Print E-mail
Weekly Forex Technicals | Written by IC Markets | May 09 16 06:36 GMT
From the top, we can see that the most recently closed weekly candle formed a beautiful-looking bearish selling wick within the confines of a major area of supply coming in at 1.1533-1.1278. Seeing as how this zone has managed to hold the single currency lower since May 2015, we feel lower prices could be seen in the days ahead. The next logical target from here falls in at support drawn from 1.0796.
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