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Written by ActionForex.com |
Sep 30 09 15:02 GMT |
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The greenback jumped to an intra-day high of 1.0450 on rumours of possible intervention by SNB (selling Swiss franc against euro), although the pair has retreated since, only break of support at 1.0282 would signal the correction from 1.0170 has ended, otherwise, upside bias remains and break of 1.0450-66 resistance area would signal a temporary low has been formed at 1.0170, then correction of recent decline to 1.0529 (previous support) and then 1.0555 (another previous support level) would follow. |
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Written by ActionForex.com |
Sep 30 09 14:33 GMT |
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Although euro has retreated after intra-day rebound to 1.4675 partly due to the release of better-than-expected U.S. GDP data, break of yesterday’s low at 1.4526 is needed to signal the decline from 1.4845 top has resumed and bring stronger correction of recent upmove to 1.4500, however, reckon support at 1.4448 (previous resistance turned support) would hold from here. |
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Written by ActionForex.com |
Sep 30 09 14:32 GMT |
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Despite dollar’s intra-day retreat from 90.42 to 89.35, break of 89.07/15 (61.8% Fibonacci retracement and minor support) is needed to signal the correction from 88.23 has ended there and bring resumption of recent decline for retest of 88.23 support which is likely to hold on first testing, otherwise, further choppy consolidation would take place and another corrective rise cannot be rule out. |
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Written by ActionForex.com |
Sep 30 09 08:38 GMT |
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Despite rebounding to 132.04 this morning, dollar's retreat from there as expected (we indicated upside would be limited to 132.07 (50% Fibonacci retracement of 134.29 to 129.84), this move has retained our bearish count and suggests the wave iv correction from 129.84 has possibly ended there and fall to 130.00 is likely. However, break of 129.84 is needed to signal recent decline has resumed towards 129.00 but reckon downside would be limited to 128.00 and chart support at 127.00 should remain intact. |
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Written by ActionForex.com |
Sep 30 09 08:36 GMT |
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Despite retreating to 0.8676, as aussie has rallied again after finding renewed buying interest there, suggesting recent upmove has resumed in wave (5) and further gain to 0.8860 (50% projection of 0.8241-0.8790 measuring from0.8585) and possibly to 0.8900 but as this is the final leg of recent rally, reckon 0.8924 (61.8% projection) would hold. |
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Written by ActionForex.com |
Sep 30 09 08:17 GMT |
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Despite early marginal fall to 1.0591, subsequent rebound to 1.0996 from there suggests a temporary low has possibly been formed there but only a daily close above said resistance would add credence to this view and bring test of resistance at 1.1126. Looking ahead, it is necessary to see a rise above this level to confirm the wave v as well as c leg of wave B has ended and further gain to 1.1292 (61.8% Fibonacci retracement of 1.1725 to 1.0591) would follow. Above there would confirm and extend rise to 1.1403 (38.2% Fibonacci retracement of 1.2716 to 1.0632) but resistance at 1.1725 should hold. |
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Written by ActionForex.com |
Sep 30 09 08:16 GMT |
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Despite rebounding to 1.5235, as the single currency met renewed selling interest there and fell again, suggesting caution on our bullishness and indicated support at 1.5006 must hold for prospect of another rise later. Above said resistance would bring further gain to 1.5300 but break of 1.5383 resistance is needed to signal the wave iii has commenced for retest of 1.5448 probably in late Q4. |
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Written by ActionForex.com |
Sep 30 09 07:51 GMT |
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Although the greenback retreated after rising to 1.0407 yesterday and consolidation with mild downside bias is seen, below support at 1.0243 would signal the correction from 1.0170 has ended there and retest of 1.0170 would follow, however, break of this recent low is needed to confirm recent decline has resumed for weakness towards 1.0122 (61.8% projection of 1.0708 to 1.0275 measuring from 1.0390) but loss of downward momentum would prevent sharp move below 1.0100 and bring rebound later. |
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Written by ActionForex.com |
Sep 30 09 07:50 GMT |
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Cable's rebound from 1.5770 turned out to be stronger than expected on active cross-buying especially versus euro and price is testing the Kijun-Sen right now, suggesting upside risk remains for correction of recent decline towards 1.6134, however, only above there would signal the decline from 1.6742 has formed a temporary low and bring further gain to 1.6190/00 (just below 61.8% Fibonacci retracement of 1.6470 to 1.5770) which is expected to hold. |
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Written by ActionForex.com |
Sep 30 09 07:27 GMT |
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Despite yesterday's marginal fall to 1.4526, lack of follow through selling and subsequent rebound suggest correction of the decline from 1.4845 is under way and gain to 1.4680/86 (current level of Ichimoku cloud bottom and 50% Fibonacci retracement of 1.4845 to 1.4526) cannot be ruled out, however, reckon 1.4723 (61.8% Fibonacci retracement) would hold and bring another decline later for a stronger correction of recent upmove to 1.4511/15 (50% Fibonacci retracement of 1.4177 to 1.4845 and previous support) but 1.4448 (previous resistance turned support) would hold. |
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Written by ActionForex.com |
Sep 30 09 07:26 GMT |
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Dollar's rebound from 88.23 turned out to be slightly stronger than expected and although price has retreated from 90.42, below 89.07/15 (61.8% Fibonacci retracement and minor support) is needed to signal the correction from 88.23 has ended there and bring resumption of recent decline for retest of 88.23 support which is likely to hold on first testing, otherwise, further choppy consolidation would take place and another corrective rise cannot be ruled out. Above said resistance would bring retracement towards 90.90 (61.8% Fibonacci retracement of 92.55 to 88.23), however, the Ichimoku cloud area should cap upside, bring selloff later. |
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Written by ActionForex.com |
Sep 30 09 06:45 GMT |
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Although the single currency extended recent rise from 0.8400 as expected in our previous update (reaching our upside target at 0.9103 and 0.9268, as euro has retreated after meeting resistance at 0.9304, suggesting minor consolidation would be seen for 1-2 weeks and pullback towards 0.9000 cannot be ruled out, however, reckon the Ichimoku cloud top (now at 0.8908) would limit downside and renewed buying interest should emerge above the Tenkan-Sen (now at 0.8879) and bring another rally later. |
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Written by ActionForex.com |
Sep 30 09 06:43 GMT |
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Although the Australian dollar eased to 0.8585, expect renewed buying interest to emerge above the Tenkan-Sen (now at 0.8473) and bullishness remains for upmove from 0.6007 to extend towards next target at 0.8947 (61.8% projection of 0.6248 to 0.8265 measuring from 0.7700) is likely, however, psychological resistance at 0.9000 may hold on first testing and reckon price would falter below 0.9095/00 (approx. the 61.8% projection of 0.6007-0.8265 measuring from 0.7700) and risk is seen for a minor correction next month. |
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Written by ActionForex.com |
Sep 29 09 14:46 GMT |
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The British pound has rebounded after intra-day retreat to 1.5824 as expected, retaining our view that further consolidation above recent low at 1.5770 would take place and retracement to 1.6037 (38.2% Fibonacci retracement of 1.6470 to 1.5770) is likely, however, reckon 1.6079 (50% Fibonacci retracement of 1.6388 to 1.5770) would hold and bring another decline later. Below said support level would confirm recent decline has resumed and extend weakness towards 1.5719 (1.236 times projection of 1.6742-1.6134 measuring from 1.6470) and then 1.5690 (38.2% Fibonacci retracement of 1.3500 to 1.7044). |
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Written by ActionForex.com |
Sep 29 09 14:45 GMT |
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The greenback has continued to edge higher on dollar’s broad-based strength and correction of recent decline to 1.0466/70 is likely, however, reckon resistance at 1.0529 (previous support turned resistance) would hold from here and bring another decline later. Below 1.0270/75 would signal top is formed and fall to 1.0243 would follow, however, only break of 1.0170 support would signal recent decline has resumed for weakness towards 1.0122 (61.8% projection of 1.0708 to 1.0275 measuring from 1.0390) but loss of downward momentum would prevent sharp move below 1.0100 and bring rebound later. |
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Written by ActionForex.com |
Sep 29 09 14:29 GMT |
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The single currency has fallen again on dollar’s strength across the board especially versus European currencies, suggesting the decline to 1.4845 top is still in progress and stronger retracement of recent upmove to 1.4511/15 (50% Fibonacci retracement of 1.4177 to 1.4845 and previous support) is under way, however, reckon 1.4448 (previous resistance turned support) would hold. |
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Written by ActionForex.com |
Sep 29 09 14:28 GMT |
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As the greenback has risen again after brief retreat to 89.60/63 on dollar’s broad-based strength, suggesting caution on our bearishness and resistance at 90.35 must hold for prospect of another fall. Below said minor support would bring fall to 89.00 and later retest of 88.23 but below this recent low is needed to confirm decline has resumed and extend weakness towards 87.81 (61.8% projection of 97.79 to 90.12 measuring from 92.55), however reckon chart support at 87.10 (2009 low) would remain intact. |
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Written by ActionForex.com |
Sep 29 09 09:49 GMT |
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Although the single currency retreated after intra-day marginal rise to 131.79 (just missed our short entry for 1 pip), break of 130.00 is needed to signal the correction from 129.84 has ended and bring resumption of recent decline towards 129.00 but reckon downside would be limited to 128.00 and chart support at 127.00 should remain intact. |
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Written by ActionForex.com |
Sep 29 09 09:47 GMT |
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Aussie's anticipated rally has justified our bullishness and met our indicated upside target at 0.8750 (making 150 points profit), confirming the correction from 0.8790 has ended at 0.8585 and the wave (5) is now in progress. Above said resistance would extend gain to 0.8820 but loss of upward momentum should prevent sharp move beyond 0.8860 (0.8241-0.8790 measuring from0.8585) and as this move is the final leg of recent rally, reckon 0.8924 (61.8% projection) would hold, bring retreat later. |
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Written by ActionForex.com |
Sep 29 09 09:16 GMT |
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The selloff in British pound after breaking indicated support at 146.75 confirms our view that the c leg as well as the larger degree wave 4 has ended at 163.00 and bearishness remains for further subsequent weakness to support at 139.03 would be seen. |
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Written by ActionForex.com |
Sep 29 09 09:16 GMT |
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Cable's breach of indicated 1.5983 support has reinforced our bearish count that wave (v) of C has possibly ended at 1.7044 and bearishness remains for further decline to 1.5690 (38.2% Fibonacci retracement of 1.3500-1.7044) and later to 1.5591 (1.236 projection of 1.7044 to 1.6113 measuring from 1.6742) but reckon 1.5272 (50% Fibonacci retracement of 1.3500-1.7044). |
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Written by ActionForex.com |
Sep 29 09 07:46 GMT |
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Dollar's near term choppy trading is expected to continue and as temporary low has been formed at 1.0170 last week, minor support at 1.0243 should limit downside and bring another corrective rise to 1.0420/25, however, reckon resistance at 1.0466 would attract renewed selling interest and bring another decline later. |
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Written by ActionForex.com |
Sep 29 09 07:45 GMT |
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Although the British pound has retreated after rebounding to 1.5959 this morning and consolidation with downside bias is seen, break of yesterday’s low at 1.5770 is needed to confirm recent decline has resumed and extend weakness towards 1.5719 (1.236 times projection of 1.6742-1.6134 measuring from 1.6470) and then 1.5690 (38.2% Fibonacci retracement of 1.3500 to 1.7044), otherwise, further choppy trading cannot be ruled out. |
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Written by ActionForex.com |
Sep 29 09 07:22 GMT |
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The single currency has traded narrowly and further consolidation shall take place today and whilst recovery to the Kijun-Sen (now at 1.4704) cannot be ruled out, renewed selling interest should emerge around 1.4738-41 (61.8% Fibonacci retracement of 1.4845 to 1.4565 and current level of the Ichimoku cloud top), bring another decline later. Below said support would bring a stronger correction of recent upmove to 1.4511/15 (50% Fibonacci retracement of 1.4177 to 1.4845 and previous support), however, reckon 1.4448 (previous resistance turned support) would hold. |
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Written by ActionForex.com |
Sep 29 09 07:20 GMT |
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Despite intra-day rebound to 90.23, as long as resistance at 90.35 (previous support turned resistance) holds, bearishness remains for a retreat later but below recent low at 88.23 is needed to confirm decline has resumed and extend weakness towards 87.81 (61.8% projection of 97.79 to 90.12 measuring from 92.55) but reckon chart support at 87.10 (2009 low) would remain intact. |
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Written by ActionForex.com |
Sep 29 09 07:04 GMT |
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Cable's selloff adds credence to our bearish view that top has been formed at 1.7044 earlier and our indicated downside target at 1.5983 has been met and further fall to 1.5721 (50% Fibonacci retracement of 1.4398 to 1.7044 as well as current level of the Kijun-Sen), then towards 1.5591 (1.236 times projection of 1.7044 to 1.6113 measuring from 1.6742) but reckon 1.5272 (50% Fibonacci retracement of entire rise from 1.3500 to 1.7044) would hold and bring rebound later. |
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Written by ActionForex.com |
Sep 29 09 07:03 GMT |
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The greenback extended medium term decline from 1.2298 as suggested in our previous update and our indicated downside target at 1.0176 (61.8% projection of 1.1967 to 1.0592 measuring from 1.1026) has been met (last week's low was 1.0170). Although dollar has recovered from there, bearishness remains for further decline towards 1.0011-39 (previous chart support and 100% projection of 1.2298 to 1.0370 measuring from 1.1967 respectively), however, price should stay above the psychological support at 1.0000 and bring rebound later. |
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Written by ActionForex.com |
Sep 28 09 14:43 GMT |
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The British pound traded narrowly after tumbling to 1.5770 this morning, suggesting further consolidation would take place and above the Tenkan-Sen (now at 1.5908) would bring correction towards 1.6000-10 (approx. 38.2% Fibonacci retracement of 1.6388 to 1.5770), however, renewed selling interest should emerge there and bring another decline later. Below said support would extend weakness towards 1.5719 (1.236 times projection of 1.6742-1.6134 measuring from 1.6470) and then 1.5690 (38.2% Fibonacci retracement of 1.3500 to 1.7044). |
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Written by ActionForex.com |
Sep 28 09 14:41 GMT |
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Although the greenback retreated after rising to 1.0388 this morning, as temporary low has been formed at 1.0170, downside should be limited to minor support at 1.0243 and bring another corrective rise to 1.0420/25, however, reckon resistance at 1.0466 would hold and bring another decline later. |
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Written by ActionForex.com |
Sep 28 09 14:34 GMT |
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Although euro’s rebound after intra-day fall to 1.4565 suggests recovery to 1.4735/40 cannot be ruled out, however, as temporary top has been formed at 1.4845, upside should be limited to 1.4800/04 and bring another decline later. Below said support would bring a stronger correction of recent upmove to 1.4511/15 (50% Fibonacci retracement of 1.4177 to 1.4845 and previous support), however, reckon 1.4448 (previous resistance turned support) would hold. |
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Written by ActionForex.com |
Sep 28 09 14:32 GMT |
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Dollar’s rebound after intra-day selloff to 88.23 this morning suggests consolidation above this level would take place and correction to the Kijun-Sen (now at 89.94) cannot be ruled out, however, upside should be limited to 90.33/35 (61.8% Fibonacci retracement of 91.63 to 88.23 and previous support turned resistance) and bring another decline later. Below said support would extend weakness towards 87.81 (61.8% projection of 97.79 to 90.12 measuring from 92.55) but reckon chart support at 87.10 (2009 low) would remain intact. |
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Written by ActionForex.com |
Sep 28 09 10:30 GMT |
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The single currency finally dropped below support at 131.01 this morning and stop-loss selling pressed the currency pair sharply lower to 129.84 before recovering, this break of 131.01 support aborted our previous preferred count and signal the wave (2) from 138.72 is still unfolding. This wave (2) is now treated as an (A)-(B)-(C) move with (A) ended at 131.01, (B) ended at 135.49 and impulsive wave (C) is now in progress with minor wave iii still unfolding for weakness towards 128.00 but support at 127.00 should hold. |
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Written by ActionForex.com |
Sep 28 09 10:29 GMT |
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Despite intra-day marginal fall below 0.8590, lack of follow through selling and the rebound from 0.8585 suggest as long as this support holds, consolidation with upside bias is seen for gain to 0.8710/15. However, break there is needed to confirm correction from 0.8790 has ended at 0.8585 and bring resumption of upmove for retest of said resistance, break there would extend gain to 0.8820 but loss of upward momentum should prevent sharp move beyond 0.8860 (0.8241-0.8790 measuring from0.8585) and as this move is the final leg of recent rally, reckon 0.8924 (61.8% projection) would hold, bring retreat later. |
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Written by ActionForex.com |
Sep 28 09 09:48 GMT |
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The sudden quick move in greenback happened last Monday morning caught us off guard and the 4 positions entered that morning ended up with over 70 points losses. After that day, price actions turned choppy in nature except cable, we anticipated the reversal in sterling, however, we were unable to get a fill on our selling recommendations. |
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Written by ActionForex.com |
Sep 28 09 09:11 GMT |
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The single currency resumed recent upmove in line with our expectation and rose to as high as 1.4845 last week. Although the pair then retreated from there on profit-taking and correction towards 1.4511/15 (50% Fibonacci retracement of 1.4177 to 1.4845 and previous support) cannot be ruled out, however, a sustain break below support area at 1.4407-48 (previous resistance turned support) is needed to signal a temporary top is in place. |
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Written by ActionForex.com |
Sep 28 09 09:10 GMT |
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The greenback met renewed selling interest at 92.55 early last week and resumed recent decline from 101.45 below support at 90.12, then dropped to as low as 88.23 this morning, calling for a review of our early count of an A-B-C wave 2. Once support at 87.10 (wave 1 trough) is penetrated, this would signal the wave 2 has ended at 101.45, then wave 3 would extend towards 85.00 later. |
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Written by ActionForex.com |
Sep 28 09 07:59 GMT |
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The greenback has jumped this morning on dollar’s broad-based rebound, suggesting a temporary low has been formed at 1.0170 and consolidation with upside bias is seen for correction towards 1.0420/25, however, reckon resistance at 1.0466 would hold and bring another decline. However, as long as minor support at 1.0207 holds, another corrective rebound is likely. |
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Written by ActionForex.com |
Sep 28 09 07:58 GMT |
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Some sizable stops were hit this morning and cable quickly dropped to as low as 1.5770 before recovering, suggesting minor consolidation would take place and a touch back to the Tenkan-Sen (now at 1.5908) is likely, however, renewed selling interest should emerge around 1.6000-10 (approx. 38.2% Fibonacci retracement of 1.6388 to 1.5770) and bring another decline. Below said support would extend weakness towards 1.5719 (1.236 times projection of 1.6742-1.6134 measuring from 1.6470) and then 1.5690 (38.2% Fibonacci retracement of 1.3500 to 1.7044). |
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Written by ActionForex.com |
Sep 28 09 07:43 GMT |
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Although the single currency recovered from 1.4565, this morning's selloff suggests a temporary top has been formed at 1.4845 last week and reckon upside would be limited to the Tenkan-Sen (now at 1.4645) and as long as the Kijun-Sen (now at 1.4704) holds, downside risk remains for correction of recent upmove to 1.4511/15 (50% Fibonacci retracement of 1.4177 to 1.4845 and previous support), however, reckon 1.4448 (previous resistance turned support) would hold. |
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Written by ActionForex.com |
Sep 28 09 07:41 GMT |
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Despite falling sharply to 88.23 this morning, the quick rebound from there on short-covering suggests consolidation would take place and price is testing the Tenkan-Sen right now and correction to the Kijun-Sen (now at 90.01) cannot be ruled out, however, upside should be limited to 90.33/35 (61.8% Fibonacci retracement of 91.63 to 88.23 and previous support turned resistance) and bring another decline later. Below said support would extend weakness towards 87.81 (61.8% projection of 97.79 to 90.12 measuring from 92.55) but reckon chart support at 87.10 (2009 low) would remain intact. |
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Written by ActionForex.com |
Sep 28 09 07:30 GMT |
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The single currency extended recent upmove to fresh 2009 high of 1.4845 last week, however, as euro closed the week near the opening price, formed a ' doji ' star on the weekly chart, suggesting consolidation would take place and this week's development becomes critical, if a black body candlestick is formed, this would suggest a possible top formation and correction back to the Tenkan-Sen (now at 1.4425) would be seen, a weekly close below there would bring further fall to the flat ground Ichimoku cloud top (now at 1.4184) which is likely to hold for the time being. |
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Written by ActionForex.com |
Sep 28 09 07:28 GMT |
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Despite initial brief recovery to 92.55 last Monday, the greenback met renewed selling pressure there and resumed recent decline from 101.45 as expected in our previous update to as low as 88.23 this morning (almost reached our downside target at 88.07 - 100% projection of 101.45 to 91.73 measuring from 97.79), however, only break of major chart support at 87.10 (2009 low) would confirm downtrend has resumed for eventual weakness to 85.00, otherwise, risk has increased for a rebound later. |
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Written by ActionForex.com |
Sep 25 09 15:02 GMT |
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The British pound traded narrowly after tumbling to as low as 1.5917 earlier in Asia and further consolidation would take place and although dollar’s broad-based weakness suggests recovery towards resistance at 1.6134 (previous support turned resistance) cannot be ruled out, renewed selling interest should emerge below the Tenkan-Sen (now at 1.6152) and bring another decline. Below said support would extend the major fall from 1.7044 top to 1.5862 (100% projection of 1.6742 to 1.6134 measuring from 1.6470), however, reckon 1.5811 (100% projection of 1.7044 to 1.6113 measuring from 1.6742) would hold. |
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Written by ActionForex.com |
Sep 25 09 15:00 GMT |
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Despite intra-day rebound to 1.0343, as the greenback quickly retreated after meeting renewed selling at the Ichimoku cloud area and dollar’ selloff elsewhere suggests weakness to 1.0207/10 cannot be ruled out, however, break there is needed to confirm recent decline has resumed for retest of 1.0170, then towards 1.0122 (61.8% projection of 1.0708 to 1.0275 measuring from 1.0390) but loss of downward momentum would prevent sharp move below 1.0100 and bring rebound next week. |
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Written by ActionForex.com |
Sep 25 09 14:51 GMT |
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Despite intra-day rebound from 1.4614, as long as recent high at 1.4845 holds, further consolidation would take place and yesterday’s high at 1.4803 should attract renewed selling interest and bring another corrective fall towards 1.4611/14 and possibly 1.4590 (38.2% Fibonacci retracement of 1.4177 to 1.4845), however, support at 1.4515 should remain intact and bring another rally later. |
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Written by ActionForex.com |
Sep 25 09 14:49 GMT |
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The greenback finally resumed recent decline and fell to a low of 89.96 and weakness towards 89.49 (61.8% projection of 95.07 to 90.12 measuring from 92.55) cannot be ruled out, however, oversold condition should prevent sharp move below 89.00 and risk from there has increased for a rebound possibly next week. |
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Written by ActionForex.com |
Sep 25 09 08:46 GMT |
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The single currency dropped to as low as 132.52 this morning and downside risk is seen for a test of indicated support at 132.47, however, only break there would bring further fall to 132.00. Looking ahead, only break of key support at 131.01-30 would abort our bullish count and signal the wave (2) correction from 138.72 is still unfolding and fall to 130.50 and 130.00 would follow. |
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Written by ActionForex.com |
Sep 25 09 08:45 GMT |
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Despite rising to 0.8771 yesterday, lack of follow through buying and subsequent retreat suggests recent upmove is not ready to resume and further consolidation below this week's high at 0.8790 would take place, another corrective fall towards Monday's low at 0.8590 is likely, however, renewed buying interest should emerge there and bring another rise later today or early next week. Above said resistance would extend gain to 0.8820 but loss of upward momentum should prevent sharp move beyond 0.8858 (0.8241-0.8776 measuring from0.8590) and as this move is the final leg of recent rally, reckon 0.8921 (61.8% projection) would hold, bring retreat later. |
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Written by ActionForex.com |
Sep 25 09 08:28 GMT |
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Despite rising to 135.49 on Monday, lack of follow through buying and subsequent retreat from there suggest further consolidation would take place and indicated key support at 131.01 must hold to retain our bullish count that correction from 138.72 has ended and bring another rebound. Above resistance would bring test of 136.09 and a daily close above there would signal the fall from 138.72 (tentatively wave ii of 3) has ended at 131.01 and bring resumption of upmove for gain to 138.72, then towards 139.26. |
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