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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 |
Nov 24 10 14:54 GMT
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EUR/USD dives to as low as 1.3284 today, just inches above mentioned target of 1.3269/70 cluster support (61.8% retracement of 1.2643 to 1.4281 at 1.3269 and 61.8% projection of 1.4281 to 1.3447 from 1.3785 at 1.3270). Intraday bias remains on the downside for the moment and decisive break of 1.3269/70 will target 100% projection at 1.2951 next. On the upside, above 1.3236 minor resistance will turn intraday bias neutral and bring recovery. But risk will remain on the downside as long as 1.3785 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 14:46 GMT
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Intraday bias in GBP/USD remains on the downside as choppy decline from 1.6298 is still in favor to continue towards 1.6549 support. Though, strong support is expected there to contain downside and bring rebound. On the upside, above 1.5891 minor resistance will turn intraday bias neutral first. Further break of 1.6093 will indicate that pull back from 1.6298 is finished and recent rally is resuming for another high above 1.6298. However decisive break of 1.5649 support will argue that GBP/USD has topped out and will bring deeper fall to 1.5296 support and below.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 14:43 GMT
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USD/CHF is still limited below 0.9996 for the moment and intraday bias remains neutral. Note that another rise remains in favor to continue with 0.9848 support intact. Above 0.9996 will target 100% projection of 0.9462 to 0.9970 from 0.9547 at 1.0055 next and break will target 1.0330 key cluster resistance then. On the downside, however, below 0.9848 minor support will argue that rise form 0.9547 is completed and will flip bias back to the downside for 0.9462/9547 support zone instead.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 14:39 GMT
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USD/JPY drew some support from 4 hours 55 EMA and recovers mildly after dipping to 82.78. Intraday bias remains neutral and some more consolidations would be seen below 83.83. Nevertheless, note that another rise is still mildly in favor with 81.64 support intact. Above 83.83 will target 85.92 key resistance level. However, break of 81.64 will indicate that rebound from 80.29 is completed and will flip bias back to the downside for retesting this low.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 09:20 GMT
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Intraday bias in EUR/CHF remains on the downside for 1.3229 support. Break there will confirm that whole decline from 1.3833 has resumed and should target 1.3071 cluster support first (100% projection of 1.3833 to 1.3229 from 1.3672 at 1.3068). On the upside, above 1.3346 minor resistance will turn intraday bias neutral and bring consolidations. But risk will remain on the downside as long as 1.3672 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 09:19 GMT
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EUR/GBP drops further to as low as 0.8428 so far today and the break of 0.8448 support confirms that whole decline from 0.8940 has resumed. Intraday bias remains on the downside and further fall should be seen to 61.8% projection of 0.8816 to 0.8448 from 0.8594 at 0.8367 next. On the upside, break of 0.8594 resistance is needed to signal short term bottoming. Otherwise, outlook remains bearish for now.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 08:37 GMT
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EUR/JPY's sharp fall and break of 111.03 support revives that case that whole rebound from 105.42 is completed at 115.65 already. Intraday bias is remains on the downside and deeper decline could now be seen to 109.54 support next. On the upside, above 112.94 minor resistance will flip intraday bias back to the upside. But break of 114.95/115.65 resistance zone is needed to signal rise resumption. Otherwise, we won't turn bullish.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 08:22 GMT
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As noted before, GBP/JPY's rebound from 126.42 should have completed at 134.19 already. Intraday bias remains on the downside for the moment and deeper decline should be seen towards 126.42 support. Though, strong support is expected from there, at least initially, to bring rebound. On the upside, above 132.60 minor resistance will flip intraday bias back to the upside for 134.19 high first.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 08:04 GMT
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AUD/USD breached 0.9724 briefly but recovered quickly since then. We'd stay cautiously neutral for the moment. Note that another recent up trend could still continue as long as 0.9651 cluster support (38.2% retracement of 0.8770 to 1.0181 at 0.9642) holds. Above 0.9953 will flip bias back to the upside for 1.0181 and possibly above. However, decisive break of 0.9642/51 will complete a head and shoulder top reversal pattern and will turn outlook bearish for decline towards 0.9404 key support level.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 07:58 GMT
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Intraday bias in EUR/USD remains ont eh downside and further decline should be seen to 1.3269/70 cluster support next (61.8% retracement of 1.2643 to 1.4281 at 1.3269 and 61.8% projection of 1.4281 to 1.3447 from 1.3785 at 1.3270). On the upside, 1.3524 minor resistance will turn intraday bias neutral and bring consolidations. But risk will remain on the downside as long as 1.3785 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 07:53 GMT
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Despite climbing to 1.0263, USD/CAD failed to sustain gains and retreated sharply. Intraday bias remains neutral and more sideway trading could be seen first. Nevertheless, note that rise from 0.9977 is still in mild favor to continue as long as 1.0069 minor support holds. Above 1.0263 will bring another rise to 1.0371 resistance. Break there will indicate that fall from 1.0671 has completed too and should turn outlook bullish for a test on 1.0671/0851 key resistance zone. However, break of 1.0069 will suggest that rebound from 0.9977 is finished and turn focus back to this support.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 07:50 GMT
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Intraday bias in USD/JPY remains neutral for the moment. Note that as rise is still mildly in favor with 81.64 support intact. Above 83.83 will target 85.92 key resistance level. However, break of 81.64 will indicate that rebound from 80.29 is completed and will flip bias back to the downside for retesting this low.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 07:49 GMT
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Intraday bias in GBP/USD remains on the downside for the moment and choppy fall from 1.6298 is still in favor to continue towards 1.6549 support. Though, strong support is still expected there to contain downside and bring rebound. On the upside, above 1.6093 minor resistance will suggest that pull back from 1.6298 is finished and recent rally is resuming for another high above 1.6298. However decisive break of 1.5649 support will argue that GBP/USD has topped out and will bring deeper fall to 1.5296 support and below.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 07:17 GMT
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Intraday bias in USD/CHF remains neutral for the moment as it's still staying in tight range below 0.9996. Nevertheless, whole rebound from 0.9462 is still in favor to continue and break of 0.9996 will target 100% projection of 0.9462 to 0.9970 from 0.9547 at 1.0055 next and break will target 1.0330 key cluster resistance then. On the downside, however, below 0.9848 minor support will argue that rise form 0.9547 is completed and will flip bias back to the downside for 0.9462/9547 support zone instead.
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Action Insight Archives |
Written by ActionForex.com |
Nov 24 10 07:16 GMT
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Dollar turns sideway today as Asian markets recover from yesterday's sharp selloff after impact from Korea fades. United Nations Command called for genearl office-level talks with North Korean through their Panmujom Mission to "descalate the situation" and stop "unprovoked attacks". Investors are also calmed a bit after South Korea said it will supply "ample" liquidity in local and foreign currencies if needed to shield markets from any shocks. Also, Fitch said it's not considering "negative rating action" on its A+ rating with a stable outlook for South Korea. Markets seem to be forgeting the Korean incidence quickly unless there will be another firing.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 20:02 GMT
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After being boosted for most of the day on risk aversion, dollar remains firm after FOMC minutes revealed disagreement among policy makers on launching the $600b QE2 program. The vote was near unanimous by 10-1. However, while most members expected the program to "help promote a somewhat stronger recovery in output and employment while also helping return inflation, over time, to levels consistent with" Fed's mandate, "some participants noted concerns that additional expansion of the Federal Reserve's balance sheet could put unwanted downward pressure on the dollar's value in foreign exchange markets." This is seen as signal of deep concern on the depreciation of dollar as an impact of the QE2 program. Meanwhile, Fed also released latest projections with GDP esimated to rise at 3-3.6% in 2011 versus prior forecast of 3.5-4.2% released in June. Unemployment ir projected to be at around 9% by end of 2011, higher than prior projection of 8.5%. Inflation is expected to stay below the informal target of 2% through 2013.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 15:17 GMT
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GBP/JPY's break of 132.16 minor support argues that whole rewound from 126.42 has likely completed at 134.19 on bearish divergence condition in 4 hours MACD. Intraday bias is flipped back to the downside and deeper fall should be seen. Nevertheless strong support should be seen at 126.42, at least initially, to bring rebound.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 15:09 GMT
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EUR/USD's break of 1.3447 confirms that whole decline from 1.4281 has resumed. Intraday bias remains on the downside and further fall should be seen to 1.3269/70 cluster support next (61.8% retracement of 1.2643 to 1.4281 at 1.3269 and 61.8% projection of 1.4281 to 1.3447 from 1.3785 at 1.3270). On the upside, above 1.3600 minor resistance will turn intraday bias neutral first. But risk will remain on the downside as long as 1.3785 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 15:09 GMT
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As noted before, choppy fall from 1.6298 is possibly still in progress and below 1.5838 will bring another fall. Though, we'd expect strong support from 1.5649 to contain downside and bring rebound. On the upside, above 1.6093 minor resistance will suggest that pull back from 1.6298 is finished and recent rally is resuming for another high above 1.6298. However decisive break of 1.5649 support will argue that GBP/USD has topped out and will bring deeper fall to 1.5296 support and below.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 15:05 GMT
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No change in USD/CHF's outlook as it's still bounded in right range below 0.9996 and intraday bias remains neutral for the moment. Some more consolidations would be seen but downside is expected to be contained by 0.9768 minor support and bring another rise. Above 0.9996 will target 100% projection of 0.9462 to 0.9970 from 0.9547 at 1.0055 next and break will target 1.0330 key cluster resistance then. However, break of 0.9768 will flip bias back to the downside for 0.9462/9547 support zone instead.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 15:02 GMT
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USD/JPY's break of 83.22 turns intraday bias neutral again. At this point, there is no confirmation that rebound from 80.29 is finished. As long as 81.64 holds, another rise could still be seen. Above 83.83 will target 85.92 key resistance level. However, break of 81.64 will indicate that rebound from 80.29 is completed and will flip bias back to the downside for retesting this low.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 14:04 GMT
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EUR/JPY's fall from 114.93 extends further to as low as 112.29 so far today. Intraday bias is mildly on the downside for 111.03 support. As noted before, as long as this support holds, we'd still treat price actions from 115.65 as consolidation in the large rally. Hence, we'd still favor an upside break out for 38.2% retracement of 139.21 to 105.42 at 118.32. However, decisive break of 111.03 will argue that rebound from 105.42 is completed and will turn outlook bearish for retesting this low.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 14:03 GMT
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Debt crisis in Eurozone and geopolitical tension in Korean are the main themes in the market that drive risk aversion. The support from stronger than expected PMI data from Eurozone was brief and fresh selling is seen in early US session. Spain managed to sell EUR 3.26b of treasury bills today, less than the maximum target while the indicative range set for the offering was EUR 3-4b. Markets are concerned with political uncertainty in Ireland, where there will be election in January. There are even deeper worry on contagion in the Eurozone, in particular to Portugal and Spain.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 09:27 GMT
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With 4 hours MACD crossed below signal line, recovery from 0.8448 might be finished and intraday bias is cautiously on the downside for 0.8448 support. Break there will confirm that whole decline from 0.8940 has resumed and should target 61.8% projection of 0.8816 to 0.8448 from 0.8594 at 0.8367 next. On the upside, above 0.8594 will delay the bearish case and bring more consolidations. but upside is still expected to be limited by 0.8651 resistance and finally bring fall resumption.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 09:14 GMT
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EUR/CHF's break of 1.3469 support indicates that rebound from 1.3229 was finished at 1.3672 already. Intraday bias is flipped back to the downside for a test on 1.3229 first. Break there will confirm that whole fall from 1.3833 has resumed and should target 1.3071 cluster support first (100% projection of 1.3833 to 1.3229 from 1.3672 at 1.3068). On the upside, above 1.3672 will dampen this view and turn focus back to 1.3833 instead.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 09:05 GMT
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No change in GBP/JPY's outlook. Further rise is still expected with 132.16 support intact. Above 134.19 will target 135.03 resistance. Break there will target key resistance level of 137.75 next. On the downside, however, below 132.16 will indicate that a short term top is likely formed, possibly with bearish divergence condition in 4 hours MACD. Deeper decline should be seen in such case.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 08:59 GMT
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The sharp fall from 114.93 and break of 113.79 minor support suggests that rebound from 111.03 is finished an turns bias neutral. As this point, we're still treating recent price actions from 115.65 as consolidation in the large rally. We'll continue to favor an upside breakout as long as 111.03 support holds. Decisive break of 115.40/65 resistance zone will target 38.2% retracement of 139.21 to 105.42 at 118.32.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 07:51 GMT
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The sharp fall from 0.9953 invalidated that view that pull back from 1.0181 is finished and turns intraday bias neutral. On downside, note that break of 0.9724 support will argue that AUD/USD might have completed and head and shoulder top reversal pattern and will turn focus to 0.9651 cluster support next (38.2% retracement of 0.8770 to 1.0181 at 0.9642). Decisive break there will indicate that whole rally from 0.8066 might be finished too and will bring deeper fall towards 0.9404 resistance turned support. On the upside, nevertheless, above 0.9953 will flip intraday bias back to the upside for retesting 1.0181.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 07:46 GMT
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Intraday bias in USD/CAD remains neutral for the moment and consolidations from 1.0259 might be in progress. But after all, rise from 0.9977 is still in mild favor to continue as long as 1.0069 minor support holds. Above 1.0259 will bring another rise to 1.0371 resistance. Break there will indicate that fall from 1.0671 has completed too and should turn outlook bullish for a test on 1.0671/0851 key resistance zone. However, break of 1.0069 will suggest that rebound from 0.9977 is finished and turn focus back to this support.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 07:34 GMT
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EUR/USD's recovery might be finished at 1.3785 already and intraday bias is cautiously on the downside for 1.3447 support first. Break there will confirm that whole decline from 1.4281 has resumed an should target 1.3269/70 cluster support next (61.8% retracement of 1.2643 to 1.4281 at 1.3269 and 61.8% projection of 1.4281 to 1.3447 from 1.3785 at 1.3270). On the upside, though, above 1.3785 will flip bias back to the upside and bring another rebound to retest 1.4281 high instead.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 07:33 GMT
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No change in GBP/USD's outlook. Choppy fall from 1.6298 is possibly still in progress and below 1.5838 will bring another fall. Though, we'd expect strong support from 1.5649 to contain downside and bring rebound. On the upside, above 1.6093 minor resistance will suggest that pull back from 1.6298 is finished and recent rally is resuming for another high above 1.6298. However decisive break of 1.5649 support will argue that GBP/USD has topped out and will bring deeper fall to 1.5296 support and below.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 07:29 GMT
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USD/CHF is still bounded in right range below 0.9996 and intraday bias remains neutral for the moment. Some more consolidations would be seen but downside is expected to be contained by 0.9768 minor support and bring another rise. Above 0.9996 will target 100% projection of 0.9462 to 0.9970 from 0.9547 at 1.0055 next and break will target 1.0330 key cluster resistance then. However, break of 0.9768 will flip bias back to the downside for 0.9462/9547 support zone instead.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 07:20 GMT
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USD/JPY's break of 83.77 suggests that whole rebound form 80.29 has resumed. Intraday bias is back to the upside for 100% projection of 80.29 to 82.78 from 81.64 at 84.13 next. Break there will put 85.92 key resistance level into focus. On the downside, below 83.22 minor support will turn intraday bias neutral again. Also, note that further break of 81.64 will indicate that rebound from 80.29 is completed and will flip bias back to the downside for retesting this low.
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Action Insight Archives |
Written by ActionForex.com |
Nov 23 10 07:19 GMT
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Dollar jumps on risk aversion as North Korea tensions escalate after Seoul's military and media reported that North Korea fired over 200 artillery shells at a South Korean island and there are exchange of firing. In addition, markets sentiments are still pressured by political uncertainty in Ireland and the worry of contagion effect to other Eurozone countries. Also, it's reported that China is banning hoarding of oil, coal and other key commodities to curb inflation and ensure supply and the news triggers new pressure on commodities. Asian markets are seen broadly lower while dollar index is back trading above 79 level and is likely heading back towards 80 psychological level now.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 13:54 GMT
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EUR/CHF's recovery was short-lived and drops sharply in today. On the downside, break of 1.3469 minor support will indicate that corrective recovery from 1.3229 has finished and will flip intraday bias back to the downside. Further break of 1.3229 will confirm that fall from 1.3833 has resumed for a test on 1.2765 low. On the upside, above 1.3672 will bring another rise but we'd still expect strong resistance below 1.3833 to limit upside and bring another fall.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 13:51 GMT
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GBP/USD's recovery was limited below 1.6093 and weakens again. Intraday bias remains neutral. Choppy fall from 1.6298 could still continue but even in case of another fall, we'd expect strong support from 1.5649 to contain downside and bring rebound. On the upside, above 1.6182 will argue that recent rally has resumed for another high above 1.6298.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 13:50 GMT
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Intraday bias in USD/CHF remains neutral for the moment and some more consolidations would be seen below 0.9996 temporary top first. Nevertheless, downside should be contained by 0.9768 minor support and bring another rise. Above 0.9996 will target 100% projection of 0.9462 to 0.9970 from 0.9547 at 1.0055 next and break will target 1.0330 key cluster resistance then. However, break of 0.9768 will flip bias back to the downside for 0.9462/9547 support zone instead.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 13:48 GMT
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No change in USD/JPY's outlook as it's still engaging in choppy sideway trading below 83.77. Intraday bias remains neutral and more consolidations could be seen. But, another rise will remain in favor as long as 81.64 support holds. Above 83.77 will target 100% projection of 80.29 to 82.78 from 81.64 at 84.13 next. Break there will put 85.92 key resistance level into focus. However, break of 81.64 will indicate that rebound from 80.29 is completed and will flip bias back to the downside for retesting this low.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 13:20 GMT
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EUR/USD's recovery from 1.3447 was limited at 1.3785 and weakens sharply in early US session. Intraday bias remains neutral for the moment. On the downside, break of 1.3447 support will indicate that whole decline form 1.4281 has resumed for 1.3330 support and then near term rising trend line at 1.3226. Though, decisive break above 1.3785 minor resistance will indicate that pull back from 1.4281 is finished and will flip bias back to the upside for retesting 1.4281 high.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 13:18 GMT
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The Irish bailout triggered risk rally is rather short lived today and market reversed after Mood's Investors Service warned that it may have multi-notch downgrade for Ireland. Moody's said in a note today that the rescue package from EU/IMF would "crystallize more bank-contingent liabilities on the government balance sheet, and increase the Irish sovereign's debt burden". Previously, Moody's put Ireland on review and said it would likely cut the grade by one level. However, the increase in state debt would now exceed original expectations and a multi-notch downgrade" is "now the most likely outcome." Also, Irish banks stocks are pressured on that the bailout package will dilute existing investors. FTSE and CAC turns red after initial rally while while risk aversion helps dollar stages a strong rebound.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 08:40 GMT
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EUR/GBP edges higher earlier today as recovery from 0.8448 continues. But after all, outlook remains unchanged with 0.9651 resistance intact. That is, fall from 0.8940 is still in progress. Below 0.8448 will target 161.8% projection of 0.8940 to 0.8651 from 0.8816 at 0.8348 next. Break there will pave the way for another low below 0.8067. Nevertheless, break of 0.8651 will argue that fall from 0.8940 might be finished and will turn focus back to this high.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 08:39 GMT
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Intraday bias in EUR/CHF remains neutral for the moment. On the downside, break of 1.3469 minor support will indicate that corrective recovery from 1.3229 has finished and will flip intraday bias back to the downside. Further break of 1.3229 will confirm that fall from 1.3833 has resumed for a test on 1.2765 low. On the upside, above 1.3672 will bring another rise but we'd still expect strong resistance below 1.3833 to limit upside and bring another fall.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 08:19 GMT
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EUR/USD's recovery extends further today but still cannot take out 1.3775 minor resistance decisively. Intraday bias remains neutral for the moment. On the downside, another fall and bring of 1.3447 support will indicate that whole decline form 1.4281 has resumed for 1.3330 support and then near term rising trend line at 1.3195. Though, decisive break above 1.3775 minor resistance will indicate that pull back from 1.4281 is finished and will flip bias back to the upside for retesting 1.4281 high.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 08:16 GMT
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Intraday bias in GBP/USD remains neutral for the moment. Choppy fall from 1.6298 could still continue but even in case of another fall, we'd expect strong support from 1.5649 to contain downside and bring rebound. On the upside, above 1.6182 will argue that recent rally has resumed for another high above 1.6298.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 08:10 GMT
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Intraday bias in USD/CHF remains neutral for the moment and some more consolidations would be seen below 0.9996 temporary top first. Nevertheless, downside should be contained by 0.9768 minor support and bring another rise. Above 0.9996 will target 100% projection of 0.9462 to 0.9970 from 0.9547 at 1.0055 next and break will target 1.0330 key cluster resistance then. However, break of 0.9768 will flip bias back to the downside for 0.9462/9547 support zone instead.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 08:09 GMT
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Intraday bias in USD/JPY remains neutral and more consolidations would be seen below 83.77 temporary top. Nevertheless, another rise will remain in favor as long as 81.64 support holds. Above 83.77 will target 100% projection of 80.29 to 82.78 from 81.64 at 84.13 next. Break there will put 85.92 key resistance level into focus. However, break of 81.64 will indicate that rebound from 80.29 is completed and will flip bias back to the downside for retesting this low.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 08:00 GMT
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AUD/USD's rebound from 0.9724 extends further today. The break of 0.9919 minor resistance indicate that pull back from 1.0181 is finished at 0.9724 already. Intraday bias is flipped back to the upside for retesting 1.0181 first. Break will confirm up trend resumption. On the downside, in case of another fall, we'd still expect downside to be contained by 0.9651 cluster support next (38.2% retracement of 0.8770 to 1.0181 at 0.9642) to contain downside and bring rebound.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 07:57 GMT
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USD/CAD's pull back from 1.0259 is still in progress and deeper retreat would still be seen. Nevertheless, rise from 0.9977 is still in mild favor to continue as long as 1.0069 minor support holds. Above 1.0259 will bring another rise to 1.0371 resistance. Break there will indicate that fall from 1.0671 has completed too and should turn outlook bullish for a test on 1.0671/0851 key resistance zone. However, break of 1.0069 will suggest that rebound from 0.9977 is finished and turn focus back to this support.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 07:56 GMT
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Further rise is still in expected in GBP/JPY with 132.16 minor support intact. Current rebound from 126.42 should still be in progress to 135.03 resistance. Break there will target key resistance level of 137.75 next. On the downside, however, below 132.16 will indicate that a short term top is likely formed, possibly with bearish divergence condition in 4 hours MACD. Deeper decline should be seen in such case.
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Action Insight Archives |
Written by ActionForex.com |
Nov 22 10 07:01 GMT
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EUR/JPY's rise from 111.03 extends further to as high as 114.84 so far today and at this point, intraday bias remains on the upside for 115.40/65 resistance zone first. Decisive break there will confirm that consolidation pattern from 115.65 has completed at 111.03 already and whole rebound from 105.42 has resumed for 38.2% retracement of 139.21 to 105.42 at 118.32. On the downside, 113.79 minor support will turn intraday bias neutral first. But we'd continue to favor an upside breakout as long as 111.03 support holds.
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