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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 28 10 09:57 GMT
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GBP/JPY's decline is still in progress and reaches as low as 126.74 so far today. Intraday bias remains on the downside for a test on 126.42 key support first. Break will confirm that medium term fall from 163.05 has resumed towards 118.81 low. On the upside, above 127.99 minor resistance will turn intraday bias neutral and bring recovery. But break of 129.32 resistance is needed to be the first signal of reversal. Otherwise, near term outlook will remain bearish.
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Action Insight Archives |
Written by ActionForex.com |
Dec 28 10 09:53 GMT
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EUR/JPY's recovery from 108.41 might have completed at 109.50 already. Intraday bias is cautiously on the downside. Decisive break of 108.38/41 support zone will confirm that whole decline from 115.65 has resumed and should target a test on 105.42 low. On the upside, above 109.50 will bring more consolidations first. But risk will remain on the downside as long as 112.18 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 28 10 09:49 GMT
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EUR/GBP's rebound extends further to as high as 0.8580 so far today. With 0.8445 support intact, current rise is still in favor to continue, possibly to 50% retracement of 0.8940 to 0.8333 at 0.8637. But we'd still 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 0.8445 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 28 10 09:49 GMT
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EUR/CHF's recovery from 1.2437 should have completed at 1.2696 after hitting 4 hours 55 EMA. Intraday bias is cautiously on the downside for 1.2437 and break will confirm fall resumption towards 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 next. On the upside, above 1.2696 will bring more correction. But outlook will remain bearish as long as 1.2932 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 28 10 08:58 GMT
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AUD/USD's really is still in progress and reaches as high as 1.0088 so far today. At this point, intraday bias remains on the upside and further rally should be seen towards 1.0181 higher first. Break will confirm up trend resumption for 61.8% projection of 0.8770 to 1.0181 from 0.9536 at 1.0408. On the downside, below 0.9982 minor support will turn intraday bias neutral and bring another retreat. Note that further break of 0.9833 support will indicate that rebound from 0.9536 is possibly completed and will turn bias to the downside for this support level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 28 10 08:54 GMT
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Intraday bias in EUR/USD is neutral for the moment as recovery from 1.3054 continues. We'd still slightly favor another fall with 1.3357 minor resistance intact. Below 1.3054 will target a retest on 1.2969 and break there will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 will indicate that fall from 1.3496 is possibly over and rebound from 1.2969 might be resuming for another high above 1.3496.
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Action Insight Archives |
Written by ActionForex.com |
Dec 28 10 08:48 GMT
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A temporary low is in place at 1.5355 and intraday bias in neutral for the moment. Some more recovery might be seen in GBP/USD but rebound should be limited well below 1.5909 resistance and bring another fall. Below 1.5355 will target 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.
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Action Insight Archives |
Written by ActionForex.com |
Dec 28 10 08:47 GMT
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USD/CHF falls sharply to as low as 0.9501 so far today and intraday bias is cautiously on the downside for 0.9496 support. Break will confirm that recent decline from 1.0065 has resumed and should target a new low below 0.9462. Also, fall from 1.0065 is treated as resumption of the larger down trend and should be heading to 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349. On the upside, in case of another recovery, we'd expect strong resistance at 0.9719 to limit upside and bring fall resumption finally.
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Action Insight Archives |
Written by ActionForex.com |
Dec 28 10 07:48 GMT
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USD/JPY drops further to as low as 82.36 today so far and is pressing mentioned 82.33/83 support zone. Intraday bias remains on the downside for the moment and decisive break of 82.33 support will confirm that whole rebound from 80.29 is cover. In such case, deeper fall should be seen to have another test on 80 psychological level. On the upside, above 82.95 minor resistance will turn intraday bias neutral and bring recovery. But break of 84.49 resistance is needed to confirm rebound resumption. Otherwise, near term outlook will be neutral.
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Action Insight Archives |
Written by ActionForex.com |
Dec 28 10 07:47 GMT
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Dollar is sharply lower this week, with particular weakness in USD/JPY, as dragged down by falling treasury yields. Yesterday's auction of $35b 2-year notes in US attracted solid demand, with bid-to-cover ratios at 3.71 times, highest in more than two years and versus 3.51 times over the last four sales. Markets are eyeing today's $35b auction in five year notes and tomorrow's $29b in seven year notes with speculations on strong demand too. Investors are buying bonds and selling dollars ahead of these two auctions on anticipation of some down side in yields. Meanwhile, technically, yield on 10 year and 30 year bonds also show sign that last week's recovery was over and yields might dip ahead in near term, thus, giving some pressure on the greenback.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 16:01 GMT
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Dollar remains mixed after mildly negative data from US. Headline durables dropped more than expected by -1.3% in November but ex-transport orders beat expectation and rose 2.4%. Personal income was inline with consensus and rose 0.3% in November while spending rose 0.4%, below expectation of 0.5%. Inflation readings continued to moderate with PCE core down to 0.8% yoy while headline PCE dropped to 1.0% yoy, both below analysts forecasts. New home sale rose from downwardly revised 275k to 290k in November, below consensus of 300k. Dollar is firm against European majors in early US session. But there is a lack of strength or recovery against yen and Aussie.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 13:58 GMT
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EUR/USD's fall from 1.3496 resumes after brief consolidations. Intraday bias is back on the downside for 1.2969 support first. Break there will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 will indicate that fall from 1.3496 is possibly over and rebound from 1.2969 might be resuming for another high above 1.3496.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 13:57 GMT
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Intraday bias in GBP/USD remains on the downside for the moment and current decline should extend further towards 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 1.5493 will turn intraday bias neutral and bring recovery. But risk will remain on the downside as long as 1.5909 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 13:47 GMT
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Considering the strength of the rebound form 0.9496, and bullish convergence condition in 4 hours MACD, a short term bottom might be in place just ahead of 0.9462 key support. Intraday bias is turned neutral and we'd likely see some more consolidations above 0.9496 in near term. Though, upside should be limited by 0.9719 cluster resistance and bring fall resumption >below 0.9496 will target 0.9462 first. Further break there will confirm that the larger down trend has resumed for 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349 next.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 13:46 GMT
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Further decline could still be seen in USD/JPY to 82.33/83 support zone. But we'd slightly favor the case that rebound from 80.29 is not finished as long as 82.33 support holds. Above 83.70 minor resistance will flip intraday bias back to the upside. Further break of 94.49 will bring rise resumption towards 85.92 key cluster resistance. However, break of 82.33 support will confirm reversal and turn outlook bearish for another test on 80 psychological level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 07:47 GMT
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Intraday bias in EUR/USD remains neutral and more consolidations could be seen above 1.3073 temporary low. But still, another fall will remain in favor as long as 1.3358 resistance holds. Below 1.3073 will target a test on 1.2969 low first. Break there will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 will indicate that fall from 1.3496 is possibly over and rebound from 1.2969 might be resuming for another high above 1.3496.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 07:43 GMT
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GBP/USD drops to as low as 1.5355 so far and met mentioned target of 61.8% projection of 1.6298 to 1.5484 from 1.5909 at 1.5406. Intraday bias remains on the downside for the moment and deeper decline would be seen towards 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 1.5493 will turn intraday bias neutral and bring recovery. But risk will remain on the downside as long as 1.5909 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 07:42 GMT
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USD/JPY dives sharply to as low as 83.05 so far today as fall from 84.49 continues. Intraday bias remains cautiously on the downside and further decline could be seen towards 82.3383 support zone. But still we'd slightly favor the case that rebound from 80.29 is not finished as long as 82.33 support holds. Break of 84.49 will target 85.92 cluster resistance. However, break of 82.33 support will confirm reversal and turn outlook bearish for another test on 80 psychological level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 07:35 GMT
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AUD/USD's break of 1.0027 indicates that rise from 0.9536 has resumed. Intraday bias is back on the upside and further rally should be seen to retest 1.0181 high first. Break will confirm up trend resumption for 61.8% projection of 0.8770 to 1.0181 from 0.9536 at 1.0408. On the downside, below 0.9982 minor support will turn intraday bias neutral and bring another retreat. Note that further break of 0.9833 support will indicate that rebound from 0.9536 is possibly completed and will turn bias to the downside for this support level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 07:34 GMT
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Another rise is still mildly in favor in USD/CAD with 1.0100 minor support intact. Current rebound from 1.0000 would extend to upper trend line resistance first (now at 1.0239). 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 23 10 06:36 GMT
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No change in EUR/GBP's outlook. Another rise could still be seen with 0.8445 support intact. 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 0.8445 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 23 10 06:32 GMT
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EUR/CHF drops further to as low as 1.2437 so far and remains weak. Intraday is remains on the downside and current decline should continue to 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 next. On the upside, above 1.2582 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 1.2932 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 06:32 GMT
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EUR/JPY's fall resumes after brief consolidations and reaches as low as 108.91 so far today. Intraday bias is back to the downside for 108.38 support first. Break will confirm that whole decline from 115.65 has resumed and should target a test on 105.42 low. On the upside, above 110.09 minor resistance will turn intraday bias neutral and bring consolidations. But risk will remain on the downside as long as 112.18 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 06:16 GMT
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GBP/JPY's fall extends further to as low as 128.03 so far today and met mentioned target of 100% projection of 134.19 to 129.32 from 133.03 at 128.16. Intraday bias remains on the downside and deeper decline would be seen to test 126.42 key support level next. On the upside, above 128.72 minor resistance will turn intraday bias neutral first and bring recovery. But strong resistance should be seen at 4 hours 55 EMA (now at 130.44) to limit upside and bring fall resumption.
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Action Insight Archives |
Written by ActionForex.com |
Dec 23 10 06:15 GMT
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The Japanese yen is sharply higher against other major currencies today as risk aversion moves are exaggerated by thin market conditions. GDP report from US and New Zealand were both disappointing. Beside, China's seven-day repurchase rate surged to a three year high on speculation that fund shortage will worsen during the holiday period. Meanwhile, there were also talk that the sovereign crisis in Eurozone will deepen further in 2011 as the region will issue more securities to fund the Greece and Ireland bailout, and potentially others. Euro remain particularly weak against Swissy and Aussie. Meanwhile, Yen is picking up strength on risk aversion too.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 14:15 GMT
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No change in GBP/USD's outlook. Intraday bias remains on the downside 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. However, 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 22 10 14:14 GMT
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Intraday bias in USD/CHF remains on the downside and further fall should be seen to 0.9462 low next. As noted before, fall from 1.0065 is tentatively treated as resumption of the larger down trend. Break of 0.9462 will confirm this bearish case and target 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349 next. On the upside, break of 0.9719 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 14:11 GMT
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USD/JPY's fall from 84.49 resumes after brief recovery. As noted before, such decline might extend further towards 82.33/83 support zone. But still, we'd slightly favor the case that rebound from 80.29 is not finished as long as 82.33 support holds. Break of 84.49 will target 85.92 cluster resistance. However, break of 82.33 support will confirm reversal and turn outlook bearish for another test on 80 psychological level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 13:52 GMT
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EUR/USD recovers mildly today and a temporary low is possibly formed at 1.3073. Intraday bias is turned neutral and some consolidations would possibly be seen first. Nevertheless, another fall will remain in favor as long as 1.3358 resistance holds. Below 1.3073 will target a test on 1.2969 low first. Break there will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 will indicate that fall from 1.3496 is possibly over and rebound from 1.2969 might be resuming for another high above 1.3496.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 13:51 GMT
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Dollar is steady in early US session after data showed Q3 GDP revised up to 2.6% annualized, below expectation of 2.8%. Euro remains soft in spite of report that China is ready to buy significant amounts of sovereign debts from Portugal. The Jornal de Negocios daily said that China is ready to purchase EUR 4-5b Portugal bonds in auctions or in secondary markets in Q1 of 2011. China declined to comment. ECB issued a new round of three month loans to eurozone banks today. Banks borrowed EUR 149.5b, higher than market expectation of EUR 105b. Nevertheless, note that there will be expiration of EUR 200b in ECB tenders on Thursday. If nothing is taken, there will be a reduction of around EUR 50b of excess liquidity in the system.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 08:10 GMT
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Intraday bias in GBP/JPY remains on the downside for the moment. The break of 129.32 support indicates that whole fall from 134.19 is resuming and further decline should be seen to 100% projection of 134.19 to 129.32 from 133.03 at 128.16. next. On the upside, above 130.29 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 22 10 08:04 GMT
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Intraday bias in EUR/JPY remains neutral and more consolidations could be seen above 109.56 temporary low. But 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 22 10 08:03 GMT
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EUR/CHF's fall is still in progress and reaches as low as 1.2524 so far today. Intraday is remains on the downside and current decline should continue to 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 next. On the upside, above 1.2635 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 1.2932 resistance holds.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 08:00 GMT
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Another rise could still be seen in EUR/GBP as long as 0.8445 minor support holds. 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 0.8445 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 22 10 07:55 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 22 10 07:54 GMT
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Further rise is still mildly in favor in USD/CAD with 1.0100 minor support intact. Current rebound from 1.0000 would extend to upper trend line resistance first (now at 1.0241). 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 22 10 07:14 GMT
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Further decline is still in favor in EUR/USD as long as 1.3201 minor resistance holds. Current fall from 1.3496 should extend further to 1.2969 support. Break there will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, however, above 1.3201 minor resistance will turn bias neutral and put focus back to 1.3496 resistance instead. Break there will indicate that rebound from 1.2969 is still in progress.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 07:13 GMT
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GBP/USD's fall resumes by breaking 1.5455 and reaches 1.5435 so far. Intraday bias is on the downside and further decline should be seen towards 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. However, 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 22 10 07:09 GMT
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USD/JPY is still staying in established range do far and with 4 hours MACD crossed above signal line, intraday bias is turned neutral for the moment. Deeper decline could still be seen towards 82.33/83 support zone. But still, we'd slightly favor the case that rebound from 80.29 is not finished as long as 82.33 support holds. Break of 84.49 will target 85.92 cluster resistance. However, break of 82.33 support will confirm reversal and turn outlook bearish for another test on 80 psychological level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 07:00 GMT
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USD/CHF's break of 0.9557 support confirms that whole fall from 1.0065 has resumed. Intraday bias remains on the downside and further fall should be seen to 0.9462 low next. As noted before, fall from 1.0065 is tentatively treated as resumption of the larger down trend. Break of 0.9462 will confirm this bearish case and target 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349 next. On the upside, break of 0.9719 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish.
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Action Insight Archives |
Written by ActionForex.com |
Dec 22 10 06:58 GMT
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Euro remains soft despite recovering mildly after making another record low against swissy and aussie today. Fed, ECB, BoJ, BoC, SNB and BoE announced yesterday to extend the temporary currency-swap arrangements through August 1, 2011. The current swap lines was started in the global financial crisis in 2007 and was revived in May before Greece's bailout. The move is seen as a precaution to worsening in European debt crisis that would spread over to global financial markets. And it's seen as a sign that global central bankers are still in deep worry on deterioration of the sovereign debt situation.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 14:54 GMT
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Another fall remains in favor in EUR/USD with 1.3358 resistance intact. Break of 1.2969 will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 minor resistance however, will argue that rebound from 1.2969 is not finished yet and is still in progress for another high above 1.3496.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 14:47 GMT
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Intraday bias in GBP/USD remains neutral for the moment and some more consolidations might be seen above 1.5455 temporary low. Another recovery cannot be ruled but upside is expected to be limited well below 1.5909 resistance and bring another fall. Below 1.5455 will target 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. However, 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 21 10 14:46 GMT
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Intraday bias in USD/JPY remains cautiously on the downside for the moment as fall from 84.49 might continue further, possibly to 82.33/83 support zone. We'd still slightly favor the case that rebound from 80.29 is not finished as long as 82.33 support holds. Break of 84.49 will target 85.92 cluster resistance. However, break of 82.33 support will confirm reversal and turn outlook bearish for another test on 80 psychological level.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 14:02 GMT
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USD/CHF's sharp fall today argues that recent decline from 1.0065 might be resuming. Intraday bias is cautiously on the downside and break of 0.9557 will target 0.9462 low and then 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349. On the upside, touching of 0.9719 resistance will bring more consolidations first. But after all, even in case of stronger rebound, upside should be limited below 61.8% retracement of 1.0065 to 0.9557 at 0.9871 and bring another fall.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 14:01 GMT
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Some volatility is seen in Canadian dollar in early US session. The loonie is first shot down by lower than expected inflation data which saw CPI moderated much more than expected to 2.0% yoy while core CPI also dropped to 1.4% yoy. Nevertheless, some support is seen right after better than expected retail sales data as headline sales rose strongly by 0.9% while ex-auto sales rose 0.9% in October. After all, USD/CAD is kept below yesterday's high and would probably stay sideway for a little more time.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 09:33 GMT
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Another fall remains in favor in EUR/USD with 1.3358 resistance intact. Break of 1.2969 will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 minor resistance however, will argue that rebound from 1.2969 is not finished yet and is still in progress for another high above 1.3496.
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Action Insight Archives |
Written by ActionForex.com |
Dec 21 10 09:26 GMT
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With 4 hours MACD crossed above signal line, intraday bias in GBP/USD is turned neutral and some consolidations might be seen. But upside should be limited well below 1.5909 resistance and bring another fall. Below 1.5455 will target 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. However, 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 21 10 09:26 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 21 10 09:18 GMT
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The break of 83.64 support in USD/JPY suggests that rebound from 82.83 is already completed. Intraday bias is cautiously on the downside for deeper fall towards 82.33/83 support zone. We'd still slightly favor the case that rebound from 80.29 is not finished as long as 82.33 support holds. Break of 84.49 will target 85.92 cluster resistance. However, break of 82.33 support will confirm reversal and turn outlook bearish for another test on 80 psychological level.
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