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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 |
Mar 07 06 01:05 GMT
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EUR/USD continues yesterday's fall in Asia today and a break below cluster support of 1.1993 (38.2% retracement of 1.1825 to 1.2091 at 1.1989) now suggests the rebound from 1.1825 has completed at 1.2091 already. As discussed before, we treats this rebound from 1.1825 as a correction to the fall from 1.2322 and hence further weakness in EUR/USD is expected to follow. |
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Action Insight Archives |
Written by ActionForex.com |
Mar 06 06 08:01 GMT
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As discussed before, we're expecting loss of upside momentum in EUR/USD which is now as suggested by bearish divergence condition in hourly MACD and RSI, turning short term outlook neutral. Attention will now be on cluster support of 1.1993 (38.2% retracement of 1.1825 to 1.2091 at 1.1989). A firm break below 1.1989/93 and intraday rising trend line (now at 1.1980) will suggest the rebound from 1.1825 has completed and fall towards 1.1889 support should follow first. |
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Action Insight Archives |
Written by ActionForex.com |
Mar 06 06 02:29 GMT
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As discussed before, as USD/JPY's fall from 118.98 was considered completed at 115.45 last week with 4 hours MACD turned and stayed above signal line. USD/JPY rebounded further today and is now pressing 117.14 resistance as expected. At this point, bias will remain on the upside as long as USD/JPY stays above 116.03 support. A firm break above 117.14 will suggest the consolidation pattern from 119.37 has finished and strong rebound is underway for retest of this 119.37 high. |
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Action Insight Archives |
Written by ActionForex.com |
Mar 05 06 02:48 GMT
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EUR/USD's anticipated strong rebound finally occurred last week after making a marginal low at 1.1825. Friday's volatile trading indicates some indecisiveness that could bring further sideway trading into early next week. However, we'd still expect the rebound to go further towards mentioned cluster resistance of 1.2127/32 (61.8% retracement of 1.2322 to 1.1825 at 1.2132 and 161.8% projection of 1.1825 to 1.1972 from 1.1889 at 1.2127) as long as pull back was contained above 1.1972 resistance turned support and the intraday rising trend line (now at 1.1971). |
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Action Insight Archives |
Written by ActionForex.com |
Mar 03 06 08:28 GMT
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EUR/USD's rise resumes in early NY session after retreating mildly for most of today. As discussed before, we'd expect the current rally from 1.1825 to continue and extend strength towards next target of cluster resistance at 1.2172/32 (61.8% retracement of 1.2322 to 1.1825 at 1.2132 and 161.8% projection of 1.1825 to 1.1972 from 1.1889 at 1.2127). |
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Action Insight Archives |
Written by ActionForex.com |
Mar 03 06 02:35 GMT
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EUR/USD's rally resumed yesterday as expected and rise accelerated further after finally breaking 1.1973 resistance pushing EUR/USD to as high as 1.2044, meeting mentioned upside target of 1.2024 cluster resistance (38.2% retracement at of 1.2322 to 1.1847 1.2028), before turning into mild sideway consolidation today. |
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Action Insight Archives |
Written by ActionForex.com |
Mar 02 06 08:56 GMT
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EUR/USD recovered most of the retreat yesterday and rose back to above 1.1950 level after ECB rate hike by 0.25% to 2.5%. Intraday bias shifted back to the upside with hourly MACD turned above signal line again after meeting zero. |
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Action Insight Archives |
Written by ActionForex.com |
Mar 02 06 02:15 GMT
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EUR/USD's rebound from 1.1825 and was limited by 1.1973 resistance and reached 1.1972 only. Subsequent retreat indicates a temp top was formed there already. Further consolidative trading might continue before ECB press conference today, at this point. We're still treating the rebound from 1.1825 as the final rising leg of consolidation pattern from 1.1847 but a firm break above 1.1973 resistance is needed for pushing EUR/USD further towards next upside target of 1.2024 cluster resistance (38.2% retracement at of 1.2322 to 1.1847 1.2028). However, as long as EUR/USD stays clear of 1.1871 support, we're still in favor of a break of 1.1973 and rally should resume sooner rather than later. |
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Action Insight Archives |
Written by ActionForex.com |
Mar 01 06 08:07 GMT
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EUR/USD's rally resumed in early NY session, heading towards 1.1973 resistance now. As discussed before, the current rebound, which is being treated as a final rising leg of consolidation pattern from 1.1847. Further rally is expected to continue and a firm break above 1.1973 resistance will push EUR/USD further towards next upside target of 1.2024 cluster resistance (38.2% retracement at of 1.2322 to 1.1847 1.2028). |
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Action Insight Archives |
Written by ActionForex.com |
Mar 01 06 01:14 GMT
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EUR/USD rebounded strongly to as high as 1.1949 on broad based dollar weakness. Breaking of 1.1914 cluster resistance is confirming our view that price actions from 1.1847 is forming a consolidation to the whole fall from 1.2322. And, EUR/USD should now be in the last rising leg of such consolidation pattern. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 28 06 08:32 GMT
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EUR/USD recovered further to as high as 1.1893 on upbeat eurozone economic data today. Breaking of mentioned cluster resistance of 1.1877 (38.2% retracement of 1.1967 to 1.1825 at 1.1879) indicates a short term low is formed at 1.1825 already. Bias is now shifted mildly to the upside for testing of next cluster resistance at 1.1914 (61.8% retracement of 1.1967 to 1.1825 at 1.1913). |
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Action Insight Archives |
Written by ActionForex.com |
Feb 28 06 01:07 GMT
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Cable turned sideway after breaking marginally lower to 1.7376 with hourly MACD gradually crawl upwards. At this point, as long as fibo resistance of 1.7444 (38.2% retracement of 1.7555 to 1.7376) holds, bias remains on the downside and break of 1.7374 support will bring further decline for retest of 1.7281 low. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 27 06 08:13 GMT
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EUR/USD's still trading within earlier established range between 1.1825 and 1.1877 so far. At discussed before, bias remains on the downside as long as 1.1877 resistance holds. And a firm break below mentioned fibo support of 1.1776 (with 78.6% of 1.1639 to 1.2322 at 1.1785) will indicate our original consolidation view is wrong. In such case, decline from 1.2322 has indeed resumed for next target of 1.1639 low (and long term fibo support of 38.2% retracement of 0.8344 to 1.3668 at 1.1634). Above 1.1877 will indicate a low is formed at 1.1825 and further choppy consolidation should follow. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 27 06 02:32 GMT
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USD/JPY dropped further today after failure to recovery to above mentioned 117.21 resistance and dropped to as low as 115.66. With fibo support of 50% retracement of 113.41 to 119.37 at 116.39 broken, USD/JPY should now be heading towards long term rising trend line (from 104.20 to 108.75, now at 115.24). |
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Action Insight Archives |
Written by ActionForex.com |
Feb 25 06 04:46 GMT
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EUR/USD's sustained trading this week above previous mentioned falling channel confirms that the fall from 1.2322 has completed at 1.1847. The subsequent price actions from 1.1847 is being treated as consolidation/correction to this fall. Originally, we have favored a strong rebound case but EUR/USD lacked follow through buying after reaching 1.1973 and turned sideway instead. At this point, the consolidation is still relatively "shallow". Also, daily MACD has turned flat. We'd expect such consolidation from 1.1847 to go further before resuming the decline from 1.2322. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 24 06 08:41 GMT
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Cable's retreat from 1.7555 continues today and is now pressing 55 hours EMA support. However, as discussed before, as long as retreat was contained well above 1.7442 support, rebound from 1.7281 is expected to extend to 1.7575 cluster resistance (100% projection of 1.7281 to 1.7488 from 1.7375 at 1.7582). But firm break below 1.7442 will suggest the rebound from 1.7281 has possibly finished and risk further decline towards 1.7375 support. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 24 06 01:57 GMT
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EUR/USD's powerful rally yesterday was limited at 1.1967, below 1.1973 resistance and reversed just as powerful erasing the gains, ending nearly flat yesterday. The decline from 1.2322 has ended at 1.1847 already, no doubt about it. The question now is, with the price action from 1.1847 being treated as consolidation/correction to fall from 1.2322, what path will it take? Our original view of a strong rebound looks perfect just before the reversal yesterday, which opened up the possibility of sideway consolidation. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 23 06 08:11 GMT
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EUR/USD rallied further as expected, reaching as high as 1.1967 being retreating mildly in NY session. At this point, as long as minor support of 1.1929 holds, we'd expect rally to continue and break above 1.1973 resistance will push EUR/USD further towards mentioned cluster resistance of 1.2024 cluster resistance (38.2% retracement at of 1.2322 to 1.1847 1.2028). Touching of 1.1929 will indicate EUR/USD has turned into lengthier consolidation first but downside should be contained well above 1.1890 support and bring at least one more rise. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 23 06 01:21 GMT
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As expected, EUR/USD fall from 1.1973 was contained by 1.1857 support and reached 1.1861 only. Subsequent rebound that pushed EUR/USD through 1.1903 resistance signals that such fall from 1.1973 has possibly ended. Now, a break of 1.1929 resistance will confirm rebound from 1.1847 has resumed for 1.2024 cluster resistance (38.2% retracement at of 1.2322 to 1.1847 1.2028). |
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Action Insight Archives |
Written by ActionForex.com |
Feb 22 06 08:19 GMT
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EUR/USD dipped further today and strong headline CPI has pushed EUR/USD further to as low as 1.1861. However, no follow through selling is seen so far and EUR/USD quickly recovered back to established range. As EUR/USD is approaching 1.1857 support, outlook has turned mixed. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 22 06 02:19 GMT
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EUR/USD's prolonged retreat is giving much doubt over the view that decline from 1.2322 has completed, in particular, no following through buying after reaching 1.1973 level. Further choppy trading could continue and risk for another decline remains. At this point, we'll assume bias to still be mildly on the downside as long as EUR/USD stays below 1.1948 minor resistance. However, at this point, we still favor the case that retreat should be contained well above 1.1857 support. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 21 06 08:27 GMT
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Sterling remains firm throughout the day, in particular in cross activities. UK demands are noted on the crosses as being linked to M&A activities. GBP/USD rose to as high as 1.7475 while GBP/JPY surged to 207.75. EUR/GBP also tumbled to 0.6812 level. Meanwhile, EUR/USD traded with an undertone and gradually crawled back to 1.1900 level. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 19 06 17:35 GMT
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As discussed throughout the week, EUR/USD's downside momentum has been seen diminishing as displayed in bullish convergence condition in 4 hours MACD and RSI. Friday's sharp rebound, though volatile, has pushed EUR/USD through minor resistance at 1.1913, completing a falling wedge formation and have the upper channel line broken. These suggest the whole decline form 1.2322 has already completed at 1.1847 already. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 17 06 08:31 GMT
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EUR/USD's earlier dip was still contained above 1.1847 low. As discussed before, diminishing of downside momentum is apparent as displayed in bullish convergence in 4 hours MACD and RSI. Also, it's getting likely that the price actions from 1.2024 is in the last stage of a falling wedge formation. Having said that, even though another fall to below 1.1847 cannot be ruled out, downside should now be contained well above mentioned cluster support of 1.1776 cluster support (with 78.6% of 1.1639 to 1.2322 at 1.1785) and bring strong rebound. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 17 06 02:33 GMT
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EUR/USD continues to stair-step lower and reached 1.1874 before recovering. Diminishing of downside momentum is apparent as displayed in bullish convergence in 4 hours MACD and RSI. Also, it's getting likely that the price actions from 1.2024 is in the last stage of a falling wedge formation. Having said that, we'd expect a last fall to below 1.1847 low. However, downside should now be contained well above mentioned cluster support of 1.1776 cluster support (with 78.6% of 1.1639 to 1.2322 at 1.1785) and bring strong rebound. A firm break above 1.1953 resistance will suggest the the fall from 1.2322 has completed has turned into lengthier consolidation, rebounding to 1.2024 resistance. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 16 06 09:12 GMT
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Even though dipped further lower to 1.1847 earlier, EUR/USD is lacking decisive downside momentum to push for further decline and recovered most of the losses in European session. But still, at this point, further weakness is expected as long as EUR/USD stays below 1.1895 minor resistance. Above 1.1895 will encourage a further rebound to retest upper channel line (now at 1.1931). Before stair-stepping down again. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 16 06 01:26 GMT
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Even though rebounding to 1.1953, EUR/USD failed to break above upper channel line, not to mentioned fibo resistance of 61.8% retracement of 1.2024 to 1.1875 at 1.1967. As discussed before, we expect fall to resume as long as EUR/USD remains below 1.1967 and the subsequent drop below 1.1901 support indicated the fall from 1.2024 has resumed as expected. |
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Action Insight Archives |
Written by ActionForex.com |
Feb 15 06 08:55 GMT
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EUR/USD further rallies in early NY session. Above mentioned 1.1932 resistance indicate at least further rebound is underway with risk of rising towards 61.8% retracement of 1.2024 to 1.1875 at 1.1967. As discussed before, as EUR/USD is possibly displaying bullish convergence in 4 hours MACD, a strong break above 1.1967 (with upper channel line also broken) will indicate the fall from 1.2322 has completed earlier than we thought and has turned into lengthier consolidation, rebounding to cluster resistance at 1.2024 (38.2% retracement of 1.2322 to 1.1858 at 1.2035). |
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Action Insight Archives |
Written by ActionForex.com |
Feb 15 06 02:05 GMT
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EUR/USD's drop yesterday to 1.1858 was short lived and market hesitates to push dollar further ahead on key data and Bernanke's testimony today. Technically speaking, we're treating the drop and rebound yesterday as part of consolidation from 1.1875. |
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