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Action Insight Archives
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Action Insight is the most popular section of the site, read by traders around the world. Our team of analysts work around the clock, analyzing the markets from technical and fundamental perspectives in providing the reports in this section to you.
- Market overviews covers major happenings in the markets as well as their impacts.
- Technical analysis of specific currency pair will be found in the technical outlook section. Covered pairs include EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, EUR/JPY, EUR/CHF, EUR/GBP, GBP/JPY
- Special reports covers medium to longer term forecasts on exchange rates based on fundamentals, central bank meetings previews and reviews, plus any current issues that will have an impact on exchange rates.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 09:14 GMT
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No change in AUD/USD's outlook as it's still bounded in range of 0.9752/1.0027. Intraday bias neutral and more sideway trading could still be seen. But after all, another rise remains in favor as long as 0.9752 support holds. We're still favoring the case that correction from 1.0181 is completed with three waves down to 0.9536 already. Above 1.0027 will bring retest of 1.0181 first. Break will confirm up trend resumption for 61.8% projection of 0.8770 to 1.0181 from 0.9536 at 1.0408. However, break of 0.9752 will indicate that rebound form 0.9526 is finished. Also, this will suggest that fall from 1.0181 is still in progress for another low below 0.9536.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 09:09 GMT
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Intraday bias in USD/CAD remains on the upside for the moment and further rise should be seen to upper trend line resistance first (now at 1.0245). Break will target 1.0285 resistance next. On the downside, below 1.0100 minor support will bring another fall to continue recent multi-month sideway trading. Though, note that even in case of a break of parity, we'd expect strong support between 0.9929/9977 to contain downside and bring yet another rebound.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 09:05 GMT
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With 0.8450 support intact, another rise in EUR/GBP could still be seen. But after all, even in case of another rise, we'd expect strong resistance between 0.8594 and 0.8651 to limit upside to conclude the consolidation and bring resumption of fall from 0.8940 eventually. On the downside, below 0.8450 minor support will flip intraday bias back to the downside for 0.8333 support first. Further break there will confirm that whole fall from 0.8940 has resumed for 0.8067 low and below.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 09:03 GMT
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Intraday bias in EUR/CHF remains on the downside and current fall should extend further to 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 next. On the upside, above 1.2795 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 1.3204 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 08:59 GMT
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Further decline is still expected in GBP/JPY with 130.76 minor support intact. As noted before, break of 129.32 support will confirm that whole fall from 134.19 is still in progress and has resumed. In such case, GBP/JPY should target 100% projection of 134.19 to 129.32 from 133.03 at 128.16. next. On the upside, above 130.76 minor resistance will turn intraday bias neutral first and bring consolidations. But risk will now remain on the downside as long as 133.03 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 07:55 GMT
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EUR/JPY recovers mildly today as temporary low is formed at 109.56. Intraday bias is turned neutral and some consolidations would be seen first. Though, recovery is expected to be limited well below 112.18 resistance and bring another fall. Below 109.56 will target 108.38 support first. Break there will confirm that whole decline from 115.65 has resumed and should target a test on 105.42 low. On the upside, though, above 112.18 will bring another rise to retest 114.93/115.65 resistance zone.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 07:52 GMT
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Euro recovers mildly today after a top Chinese official endorsed the measures taken by EU/IMF to solve the sovereign debt crisis. Said at the opening of European Union-China trade talks, China Vice Premier Wang Qishan hailed the the actions taken were "concrete". Wang said "EU members have taken a number of steps to actively respond to the sovereign-debt crisis.... we hope these measures will quickly produce results and lead to a steady recovery of the EU economies." While nothing was spoken explicitly on what China would do, the comments from Wang did affirm the stance taken by Premier Wen Jiabao, who said in October that China supports a stable euro and won't reduce European bond holdings. Euro is seen mildly higher against dollar but remains pressured in crosses though, in particular against Swissy and Aussie.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 14:53 GMT
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ith 1.5646 minor resistance intact, intraday bias in GBP/USD remains on the downside and further decline should be seen to 61.8% projection of 1.6298 to 1.5484 from 1.5909 at 1.5406 first. Break will target a test on 1.5296 key cluster support (50% retracement of 1.4230 to 1.6298 at 1.5264). Note that decisive break there will indicate that whole rise from 1.4230 is finished too and will turn outlook bearish for this support. On the upside, above 1.5646 minor resistance will turn intraday bias neutral first. Also, note that strong rebound above 1.5296, followed by break of 1.5909 resistance, will indicate that rise from 1.4230 is still in progress for another high above 1.6298.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 14:47 GMT
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Intraday bias in EUR/USD remains on the downside for 1.2969 support. Break there will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 minor resistance is needed to indicate that fall from 1.3496 is finished. Otherwise, risk will remain on the downside.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 14:46 GMT
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No change in USD/JPY's outlook as it's still staying in tight range below 84.49. As noted before, break of 83.64 will dampen the bullish case that rebound from 80.29 is resuming and will turn focus back to 82.83. Also, further break there will argue that rebound from 80.29 has finished and will turn outlook bearish for another test on 80 psychological level. On the upside, above 84.49 will target 85.92 cluster resistance.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 14:07 GMT
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Intraday bias in USD/CHF remains neutral for the moment and more consolidations should be seen above 0.9557 short term bottom first. Stronger recovery cannot be ruled out but we'd expect upside to be limited by 61.8% retracement of 1.0065 to 0.9557 at 0.9871 and bring another all. After all, we believe that correction from 0.9462 low is completed with three waves up to 1.0065 already and fall from there is tentatively treated as resumption of the larger down trend. Below 0.9557 should target 0.9462 low and then 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 14:06 GMT
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Euro remains under much pressure as worries on the debt crisis never go away and continues to make new record low against Swissy an Aussie. After warning on Spain and downgrade of Ireland by Moody's, markets are now turning their focus to France and Belgium and speculate rating warning. In addition, there are talks that the swap arrangement between ECB and BOE last week underlined the seriousness of Ireland's problem and the fact that it's not fully resolved yet despite the EU/IMF bailout. OECD said that Spain will meet the budget deficit target even if growth undershoots targets and the banking system poses no risk to sovereign solvency. However, such comment is largely ignored by the markets as selling of Euro continues.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 08:12 GMT
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As noted before, EUR/USD's recovery from 1.2969 should have finished at 1.3496 already. Intraday bias remains on the downside for the moment for 1.2969 low first. Break will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 minor resistance is needed to indicate that fall from 1.3496 is finished. Otherwise, risk will remain on the downside.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 08:12 GMT
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Intraday bias in GBP/USD remains on the downside and current fall from 1.5909 should extend to 61.8% projection of 1.6298 to 1.5484 from 1.5909 at 1.5406 first. Break will target a test on 1.5296 key cluster support (50% retracement of 1.4230 to 1.6298 at 1.5264). Note that decisive break there will indicate that whole rise from 1.4230 is finished too and will turn outlook bearish for this support. On the upside, above 1.5646 minor resistance will turn intraday bias neutral first. Also, note that strong rebound above 1.5296, followed by break of 1.5909 resistance, will indicate that rise from 1.4230 is still in progress for another high above 1.6298.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 08:06 GMT
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As noted before, a short term bottom is likely in place at 0.9557 and more consolidations should be seen above there in near term. Stronger recovery cannot be ruled out but we'd expect upside to be limited by 61.8% retracement of 1.0065 to 0.9557 at 0.9871 and bring another all. After all, we believe that correction from 0.9462 low is completed with three waves up to 1.0065 already and fall from there is tentatively treated as resumption of the larger down trend. Below 0.9557 should target 0.9462 low and then 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 08:05 GMT
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No change in USD/JPY's outlook. Another rise remains mildly in favor with 83.64 minor support intact. Decisive break of 84.49 will confirm that whole rebound from 80.29 has resumed for 85.92 cluster resistance next. However, below 83.64 minor support will mix up the near term outlook again and turn focus back to 82.83 support instead. Further break there will argue that rebound from 80.29 has finished and will turn outlook bearish for another test on 80 psychological level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 07:55 GMT
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Intraday bias in AUD/USD remains neutral for the moment and more sideway trading would be seen below 1.0027. But after all, another rise remains in favor as long as 0.9752 support holds. We're still favoring the case that correction from 1.0181 is completed with three waves down to 0.9536 already. Above 1.0027 will bring retest of 1.0181 first. Break will confirm up trend resumption for 61.8% projection of 0.8770 to 1.0181 from 0.9536 at 1.0408. However, break of 0.9752 will indicate that rebound form 0.9526 is finished. Also, this will suggest that fall from 1.0181 is still in progress for another low below 0.9536.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 07:33 GMT
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As noted before, the break of 1.0139 resistance indicates that fall from 1.0285 is finished after drawing support from 1.000. Intraday bias is back on the upside and further rise would be seen towards upper trend line resistance (now at 1.0248). On the downside, below 1.000 will bring another fall. But after all, we'll be aware of strong support between 0.9929/9977 to contain downside and bring yet another rebound to continue the multi-month sideway trading.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 07:28 GMT
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With 0.8450 minor support intact, EUR/GBP's corrective rise from 0.8333 might still continue to 50% retracement of 0.8940 to 0.8333 at 0.8637. But strong resistance is expected between 0.8594 and 0.8651 to limit upside to conclude the consolidation and bring resumption of fall from 0.8940 eventually. On the downside, below 0.8450 minor support will flip intraday bias back to the downside for 0.8333 support first. Further break there will confirm that whole fall from 0.8940 has resumed for 0.8067 low and below.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 07:24 GMT
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At this point, intraday bias in EUR/CHF remains mildly on the downside for further decline. Current decline is resuming the larger down trend and should target 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 next. On the upside, above 1.2868 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 1.3204 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 07:20 GMT
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As noted before, EUR/JPY's recovery from 108.38 might have finished at 112.18 after hitting 55 days EMA. Intraday bias is mildly on the downside for a test on 108.38 first. break there will confirm that whole decline from 115.65 has resumed and should target a test on 105.42 low. On the upside, though, above 112.18 will bring another rise to retest 114.93/115.65 resistance zone.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 07:09 GMT
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Intraday bias in GBP/JPY remains on the downside for the moment. Current development suggests that whole decline from 134.19 is still in progress. Break of 129.32 will confirm this bearish case and target 100% projection of 134.19 to 129.32 from 133.03 at 128.16. next. On the upside, above 131.61 minor resistance will turn intraday bias neutral first and bring consolidations. But risk will now remain on the downside as long as 133.03 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 20 10 07:06 GMT
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Forex markets are pretty steady as markets enter into a holiday-shortened but busy week. Asian equities are broadly lower on escalating Korea tensions. South Korea said it will proceed with artillery drill and the move will likely trigger retaliation for North Korea. North Korea warned of a "catastrophe" if South Korea goes ahead with the drills. Meanwhile, United Nations Security Council failed to agree on steps to ease tensions between the two Koreas. Major Asian indices are all in red but losses are limited to within -1% so far except China. Reaction in the currency markets is muted though.
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Action Insight Archives |
Written by ActionForex.com |
Dec 19 10 05:32 GMT
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European debt crisis remained a major theme last week as Euro and Sterling were under much pressure. Indeed, both were sold off sharply after Moody's downgrades Ireland's rating sharply by 5-notches from Aa2 to Baa1. Euro and Sterling both made new record low against Swissy and Aussie during the week. On the other hand, dollar jumped, except versus Aussie and swissy, after US president Obama finally signed in law the $858b bill for extending tax cuts for another two years. Rally in longer term treasury yields also helped the greenback but such boost faded towards the end of the week as yield lost steam and dragged USD/JPY back into range after a breakout attempt.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 16:47 GMT
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Despite jumping to as high as 1.3496, EUR/USD reversed from there and the break of 1.3164 on Friday indicates that recovery from 1.2969 is finished already. Such development also argues that whole decline from 1.4281 is still in progress. Initial bias is on the downside this week for 1.2969 low first. Break will confirm this bearish case and target 1.2643 support next. On the upside, break of 1.3358 minor resistance is needed to indicate that fall from 1.3496 is finished. Otherwise, risk will remain on the downside.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 16:46 GMT
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USD/JPY rose to as high as 84.49 last week but failed to sustain above 84.39 resistance on multiple attempt. Retreat from 84.49 dragged 4 hours MACD below signal line and turn intraday bias neutral. Some sideway trading might be seen initially this week. However, another rise remains in favor as long as 83.64 minor support holds. DEcisive break of 84.49 will confirm that whole rebound from 80.29 has resumed for 85.92 cluster resistance next. However, below 83.64 minor support will mix up the near term outlook again and turn focus back to 82.83 support instead. FUrther break there will argue that rebound from 80.29 has finished and will turn outlook bearish for another test on 80 psychological level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 16:35 GMT
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GBP/USD's sharp fall last week and bring of 1.5484 support on Friday suggests that whole decline from 1.6298 has resumed. Initial bias is on the downside this week for 61.8% projection of 1.6298 to 1.5484 from 1.5909 at 1.5406 first. Break will target a test on 1.5296 key cluster support (50% retracement of 1.4230 to 1.6298 at 1.5264). Note that decisive break there will indicate that whole rise from 1.4230 is finished too and will turn outlook bearish for this support. On the upside, above 1.5646 minor resistance will turn intraday bias neutral first. Also, note that strong rebound above 1.5296, followed by break of 1.5909 resistance, will indicate that rise from 1.4230 is still in progress for another high above 1.6298.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 16:19 GMT
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Judging from the choppy price actions after initial fall last week, a short term bottom might be formed at 0.9557 already. Initial bias is neutral this week and some consolidations would be seen above 0.9557 first. Stronger recovery cannot be ruled out but we'd expect upside to be limited by 61.8% retracement of 1.0065 to 0.9557 at 0.9871 and bring another all. After all, we believe that correction from 0.9462 low is completed with three waves up to 1.0065 already and fall from there is tentatively treated as resumption of the larger down trend. Below 0.9557 should target 0.9462 low and then 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 16:09 GMT
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AUD/USD edged higher to 1.0027 last week but formed a short term top there, with bearish divergence condition in 4 hours MACD, and retreated. More consolidations would be seen below 1.0027 this week. But after all, another rise remains in favor as long as 0.9752 support holds. We're still favoring the case that correction from 1.0181 is completed with three waves down to 0.9536 already. Above 1.0027 will bring retest of 1.0181 first. Break will confirm up trend resumption for 61.8% projection of 0.8770 to 1.0181 from 0.9536 at 1.0408. However, break of 0.9752 will indicate that rebound form 0.9526 is finished. Also, this will suggest that fall from 1.0181 is still in progress for another low below 0.9536.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 16:03 GMT
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USD/CAD's choppy trading continued last week. Despite edging lower, strong support was seen again at parity and the pair rebounded strongly to close the week. The break of 1.0139 resistance indicates that fall from 1.0285 is likely completed. Initial bias is back on the upside for retesting this resistance first. On the downside, below 1.000 will bring another fall. But after all, we'll be aware of strong support between 0.9929/9977 to contain downside and bring yet another rebound.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 15:56 GMT
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EUR/GBP's recovery from 0.8347 extended further to as high as 0.8551 last week but began to lose upside momentum. As noted before, such rise is treated as the third leg of consolidation from 0.8333. While stronger rise could still be seen to 50% retracement of 0.8940 to 0.8333 at 0.8637, strong resistance is expected between 0.8594 and 0.8651 to limit upside to conclude the consolidation and bring resumption of fall from 0.8940 eventually. On the downside, below 0.8450 minor support will flip intraday bias back to the downside for 0.8333 support first. Further break there will confirm that whole fall from 0.8940 has resumed for 0.8067 low and below.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 15:32 GMT
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EUR/CHF's decline extended further to as low as 1.2719 last week and the break of 1.2765 low indicates that the larger down trend is resuming. Initial bias remains on the downside this week and deeper fall should be seen to 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 next. On the upside, above 1.2868 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 1.3204 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 15:16 GMT
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EUR/JPY's recovery was limited at 112.18 last week and failed to sustain above 55 days EMA. SUbsequent fall and break of 110.48 minor support suggests that such recovery is completed already. Initial bias is back to the downside for a test on 108.38 first. Break there will confirm that whole decline from 115.65 has resumed and should target a test on 105.42 low. On the upside, though, above 112.18 will bring another rise to retest 114.93/115.65 resistance zone.
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Action Insight Archives |
Written by ActionForex.com |
Dec 18 10 15:14 GMT
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GBP/JPY's sharp fall from 133.03 last week indicates that whole decline from 134.19 is still in progress. Initial bias is on the downside this week for 129.32 first. Break will confirm this bearish case and target 100% projection of 134.19 to 129.32 from 133.03 at 128.16. next. On the upside, above 131.61 minor resistance will turn intraday bias neutral first and bring consolidations. But risk will now remain on the downside as long as 133.03 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 13:39 GMT
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GBP/USD's recovery from 1.5530 was brief and the sharp fall in early US session suggests that recent decline has resumed. Intraday bias is back to the downside for 1.5484 first. Break there will confirm that whole decline from 1.6298 has resumed too and should target 61.8% projection of 1.6298 to 1.5484 from 1.5909 at 1.5406 next. On the upside, above 1.5646 minor resistance will turn intraday bias neutral again and bring consolidations. But upside should be limited below 1.5909 and bring another fall.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 13:35 GMT
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Intraday bias in USD/CHF remains on the downside at this point. Current decline from 1.0065 is expected to extend further to 0.9642 low first. Break will confirm larger down trend resumption for 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349 next. On the upside, above 0.9732 resistance will indicate that a short term bottom is formed and bring lengthier consolidation before staging another fall.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 13:35 GMT
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No change in USD/JPY's outlook, we'd still slightly favor another rise in with 83.64 minor support intact. Above 84.49 will resume whole rebound from 80.29 and should target 85.92 cluster resistance next. However, below 83.64 minor support will mix up the near term outlook again and turn focus back to 82.83 support instead.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 13:15 GMT
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Intraday bias in EUR/USD remains neutral for the moment as it's staying inside range of 1.3164/3496. As noted before, break of 1.3164 will confirm that recovery from 1.2969 has completed at 1.3496 already. Such development will also indicate that fall from 1.4281 is not over. In such case, intraday bias will be flipped back to the downside for 1.2969 and below. Nevertheless, before breaking 1.3164, rebound from 1.2969 could still extend further and above 1.3496 will target 1.3785 resistance and above.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 13:12 GMT
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Market sentiments are weighed down mildly after Moody's downgrades Ireland's rating sharply by 5-notches from Aa2 to Baa1 today. Moody's said that "the Irish government's financial strength could decline further if economic growth were to be weaker than currently projected or the cost of stabilizing the banking system turn out to be higher than currently forecast." Outlook for rating is also assigned as "negative". The news pressured Euro and Sterling and helps dollar strengthen mildly against most major currencies. Nevertheless, the greenback is basically still staying in tight range and there is no sign of regaining momentum yet.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 08:28 GMT
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AUD/USD is still bounded in range of 0.9752 and 1.0027 and intraday bias remains neutral. Note that near term outlook remains cautiously bullish as long as 0.9752 support holds. That is, fall from 1.0181 should have completed with three waves down to 0.9536 already and rise from there is possibly resuming the whole rally from 0.8066. Above 1.0027 will target a retest on 1.0181 first. On the downside, however, below 0.9752 support will dampen this view and suggest that correction from 1.0181 is going to extend deeper instead.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 08:26 GMT
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Further decline is still in favor in USD/CAD and current fall might extend through 0.9977 support. Nevertheless, we'd still be be aware of strong support between 0.9929/9977 to contain downside and bring yet another rebound to continue recent choppy sideway trading. On the upside, above 1.0139 will flip intraday bias back to the upside for 1.0285 resistance instead.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 08:24 GMT
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Another fall is still in favor in GBP/JPY with 132.28 minor resistance intact. As noted before, recovery from 129.32 is possibly finished at 133.03 already and the corrective look argues that fall from 134.19 is not over yet. Deeper decline should be seen to 129.l32 support first and break will confirm that whole fall from 134.19 has resumed for 100% projection of 134.19 to 129.32 from 133.03 at 128.16. On the upside, above 132.28 minor resistance will mix up the near term outlook and turn bias neutral first.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 08:22 GMT
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Intraday bias in EUR/JPY remains neutral for the moment and some more consolidations could be seen. Nevertheless, another rise remains mildly in favor as long as 110.48 minor support holds. As noted before, consolidation from 115.65 might have completed at 108.38 already. Above 112.18 will target a retest on 114.93/115.65 resistance zone. On the downside, however, below 110.48 will argue that fall from 115.65 is still in progress and will flip bias back to the downside for 108.38 and below.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 08:14 GMT
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EUR/USD holds above 1.3164 support and recovers. With 4 hours MACD crossed above signal line, a temporary low is formed and intraday bias is turned neutral for the moment. On the downside, note that break of 1.3164 will confirm that recovery from 1.2969 has completed at 1.3496 already. Such development will also indicate that fall from 1.4281 is not over. In such case, intraday bias will be flipped back to the downside for 1.2969 and below. Nevertheless, before breaking 1.3164, rebound from 1.2969 could still extend further and above 1.3496 will target 1.3785 resistance and above.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 08:13 GMT
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With 4 hours MACD crossed above signal line, a temporary low is formed at 1.5530 and intraday bias in GBP/USD is turned neutral. Some consolidations would be seen but after all, outlook will remain cautiously bearish as long as 1.5909 resistance holds. Recent decline suggests that fall from 1.6298 is possibly still in progress and break of 1.5484 support will confirm this bearish case and target 61.8% projection of 1.6298 to 1.5484 from 1.5909 at 1.5406 next.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 08:00 GMT
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USD/CHF's fall from 1.0065 resumes after strong but brief recovery and reaches as low as 0.9557 so far. Short term outlook will remain bearish as long as 0.9732 resistance holds and deeper fall should be seen to 0.9642 low first. Break will confirm larger down trend resumption for 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349 next. On the upside, above 0.9732 resistance will indicate that a short term bottom is formed and bring lengthier consolidation before staging another fall.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 07:55 GMT
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USD/JPY fails to sustain above 84.39 resistance again and lost upside moment with 4 hours MACD crossed below signal line. Though, we'd still slightly favor more rally as long as 83.64 minor support holds. Above 84.49 will resume whole rebound from 80.29 and should target 85.92 cluster resistance next. However, below 83.64 minor support will mix up the near term outlook again and turn focus back to 82.83 support instead.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 07:54 GMT
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Intraday bias in EUR/GBP remains neutral for the moment. With 0.8450 minor support intact, recent correction from 0.8333 could still extend further. Above 0.8547 will target 50% retracement of 0.8940 to 0.8333 at 0.8637. But still, we'd expect strong resistance between 0.8594 and 0.8651 to limit upside to conclude the consolidation and bring resumption of fall from 0.8940 eventually. On the downside, below 0.8450 minor support will flip intraday bias back to the downside for 0.8333 support first. Further break there will confirm that whole fall from 0.8940 has resumed for 0.8067 low and below.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 07:46 GMT
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EUR/CHF's fall resumes after brief recovery and reaches as low as 1.2719 so far. Intraday bias remains on the downside for further decline. As noted before, sustained trading below 1.2765 key support level will confirm resumption of larger down trend and should target 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 next. On the upside, above 1.2868 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 1.3204 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 17 10 07:45 GMT
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Euro recovers mildly against the greenback after EU leaders agreed to setup a permanent rescue facility, the European Stability Mechanism after 2013. The were no details on the size of the new fund but it's believed that it will be broadly inline with the current temporary EUR 750b fund. Discussion about the introduction of "E-bonds" was kept off the agenda, though. Also, ECB said it will boost capital nearly double to EUR 10.76b, starting December 29. The move was seen as an insurance to offset potential lose of securities holdings as well as collateral losses. EUR/USD manages to recover ahead of 1.3164 near term support while EUR/GBP also recovers ahead of 0.8450 near term support. However, EUR/CHF continues to make record low at 1.2719 today and remains weak.
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