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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 09 10 09:08 GMT |
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The greenback surged as expected and easily met our indicated upside target at 1.0696 (38.2% Fibonacci retracement of 1.1967 to 0.9910) and 1.0800 (exactly last week's high), confirming our view that medium term decline from 1.2298 has ended last year at 0.9910 and upside bias remains for stronger retracement of recent decline to 1.0900 but reckon resistance at 1.1026-29 (previous resistance and the current level of the Ichimoku cloud bottom) would hold from here. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 08 10 09:47 GMT |
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The single currency extended recent decline from 1.5145 as expected in our previous update and easily met our indicated downside targets at 1.3801 (50% Fibonacci retracement of 1.2457-1.5145) and 1.3739-47 (previous resistance turned support). Although further weakness towards 1.3500 is likely, oversold condition should prevent sharp fall below there and reckon 1.3405 (61.8% Fibonacci retracement of entire rise from 1.2329 to 1.5145) would remain intact, yield strong rebound later. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 08 10 09:46 GMT |
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The greenback moved in line with our expectation, met renewed selling at 91.28 (we suggested that Kijun-Sen at 91.30 would limit upside) and fell again towards our indicated downside target at 88.32 (last week's low was 88.55), however, as this move from 93.78 is still viewed as a strong correction of the rise from 2009 low of 84.82, downside should be limited to 87.36 support and reckon 86.00 would hold from here, bring rebound later. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 05 10 09:03 GMT |
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Kiwi dropped sharply as broke below the Kijun-Sen as suggested in our previous update, adding credence to our bearish view and the breach of 0.7001 support confirms temporary top has been formed earlier at 0.7635 and bring retracement of recent upmove to indicated downside target at 0.6814 (38.2% Fibonacci retracement of 0.5487 to 0.7635) and later towards support at 0.6685 but reckon 0.6594 (previous resistance turned support) would hold from here. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 05 10 09:01 GMT |
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As the single currency has remained under pressure after breaking support at 126.95 and indicated downside target at 124.39 has been met and price dropped to as low as 121.57 yesterday, bearishness remains for further subsequent weakness to 120.28 (1.236 times projection of 138.49 to 126.95 measuring from 134.54) is likely, however, oversold condition should limit downside and reckon 118.00 would hold. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 04 10 08:51 GMT |
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Although the British pound continued to edge lower after faltering below the flat ground Kijun-Sen and marginal weakness to 143.00 cannot be ruled out, however, reckon 141.00 would hold and bring further consolidation within near term range of 139.25-153.20 and recovery to the Tenkan-Sen (now at 146.37) would be seen, then to 148.00, however, price should continue to hold below the Kijun-Sen (now at 151.12). |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 04 10 08:49 GMT |
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Despite falling to 1.4635 last week, as the single currency has recovered, suggesting initial consolidation would take place this week and minor correction to 1.4888 (current level of the Tenkan-Sen and 50% Fibonacci retracement of 1.5140 to 1.4635) cannot be ruled out, however, reckon 1.5001-06 (current level of the Kijun-Sen and previous support turned resistance) would hold, bring another decline later. Below said support would extend weakness towards 1.4577 chart support but as broad outlook is still consolidative, reckon 1.4400 would contain weakness and support at 1.4300 would remain intact. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 03 10 09:20 GMT |
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Although The single currency fell to as low as 0.8603 last week, as euro has rebounded from there on short-covering, suggesting consolidation with initial upside bias would be seen but reckon the Tenkan-Sen (now at 0.8849) would attract renewed selling interest and bring another decline to 0.8575 (100% projection of 0.9413 to 0.8834 measuring from 0.9154). However, as broad outlook is still consolidative, downside should be limited and support at 0.8400 should remain intact, bring another rebound later. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 03 10 09:19 GMT |
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The Australian dollar did drop to our indicated downside target of 0.8850 and reached a low of 0.8775 this Monday, however, just as suggested in our previous update that the Kijun-Sen contained such fall and aussie has recovered, suggesting initial consolidation would be seen but upside should be limited to the Tenkan-Sen (now at 0.9031) and bring another decline towards 0.8735-75 support area. Once price is able to close below this area on a weekly basis, this would bring stronger retracement of recent upmove towards 0.8550/55 (approx. 50% Fibonacci retracement of 0.7700 to 0.9407) but the Australian dollar is likely to find some demand around 0.8470 (38.2% Fibonacci retracement of 0.6953 to 0.9407). |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 02 10 10:02 GMT |
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The retreat from 1.6459 turned out to be stronger than expected and price just tested the Ichimoku cloud bottom on the weekly chart, however, it is necessary to see a breach of support at 1.5832 to signal a downside break of indicated range of 1.5708-1.7044 has taken place, break of said lower level at 1.5708 would confirm and bring stronger retracement of the rise from 1.3500 to 1.5500 later but reckon 1.5412 (100% projection of 1.6879 to 1.5832 measuring from 1.6459) would hold on first testing. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 02 10 10:00 GMT |
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The greenback continued to head north last week as expected and indicated upside targets at 1.0509 and 1.0592 had been met as dollar rose to as high as 1.0644 last Friday. For this week, bullishness remains for the rise from 2009 low of 0.9910 to bring stronger retracement of medium term decline to 1.0696 (38.2% Fibonacci retracement of 1.1967 to 0.9910) and possibly 1.0800, however, price should falter well below 1.1026-29 (previous resistance and the current level of the Ichimoku cloud bottom). |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 01 10 09:27 GMT |
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The single currency continued to head south after early breach of support at 1.4218 and last week's release of better-than-expected U.S. GDP data put extra pressure on euro and price just fell below the Ichimoku cloud top, adding credence to our bearish view (indicated downside target at 1.4015 has been met) and further weakness to 1.3801 (50% Fibonacci retracement of 1.2457-1.5145) would be seen and possibly towards support at 1.3739-47 (previous resistance turned support), however, sharp fall below the Ichimoku cloud bottom (now at 1.3721) would not be repeated and reckon 1.3653 (100% projection of 1.5145 to 1.4218 measuring from 1.4580) would hold on first testing. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Feb 01 10 09:25 GMT |
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Although the greenback recovered after anticipated fall to 89.14 (our indicated downside target was 89.29) last week, reckon upside should be limited to the Kijun-Sen (now at 91.30) and bring a stronger retracement of the rise from 84.82 (2009 low) for weakness towards 88.24/32 (61.8% Fibonacci retracement of 84.82 to 93.78 and previous support), however, reckon support at 87.36 would limit downside and 86.00 should hold, bring another leg of corrective upmove in late Q1. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Jan 29 10 09:37 GMT |
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The single currency extended recent decline in line with our expectation and indicated downside target at 125.67 has been met earlier this week and the breach of 126.95 support confirms the rise from 112.08 has ended at 139.26 last year and stronger retracement of this move to next chart support at 124.39 would be seen, however, reckon 123.00 (100% projection of 138.49 to 126.95 measuring from 134.54) would hold on first testing and bring rebound later. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Jan 29 10 09:35 GMT |
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Despite early marginal fall to 1.0225, the strong rebound from there (price broke above the Tenkan-Sen and just tested the Kijun-Sen) suggests further consolidation above recent low of 1.0206 would take place and if the currency pair is able to close above the Kijun-Sen (now at 1.0666) on a weekly basis, this would bring another test of resistance at 1.0871, break there would bring stronger retracement of recent decline from 2009 high of 1.3066 towards 1.1000 but reckon 1.1120/30 would hold from here. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Jan 28 10 10:34 GMT |
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As the British pound rebounded after holding above indicated support at 1.6317, retaining our bullishness that further consolidation above 1.6118 support would take place and break of 1.7113 resistance would bring stronger rebound to the Ichimoku cloud bottom (now at 1.7299) and then 1.7352 (61.8% Fibonacci retracement of 1.8114-1.6118) but reckon 1.7500 would limit upside. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Jan 28 10 10:33 GMT |
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The single currency resumed the decline from 1.7509 top as expected in our previous update and although price dropped below support at 1.4719 to as low as 1.4678, lack of follow through selling and the recovery from there suggests minor consolidation would be seen and minor correction to 1.5000 cannot be ruled out, however, price should falter well below resistance at 1.5231 (previous support turned resistance) and bring another decline. Below said support would extend the aforesaid fall towards 1.4449 (61.8% Fibonacci retracement of long term upmove from 1.2557 to 1.7509) but 1.4166 (100% projection of 1.7509 to 1.5346 measuring from 1.6329) should hold. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Jan 27 10 09:38 GMT |
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Despite early resumption of medium term upmove to 86.20, the subsequent retreat from there and the weekly close below the Kijun-Sen suggest a temporary top has possibly been formed at 86.20 and correction towards the Ichimoku cloud top (now at 78.00) cannot be ruled out, however, only break of support at 76.34-57 would confirm, then retracement of the upmove from 2008 low of 55.06 would be seen for further weakness towards 75.00. |
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Canadlesticks and Ichimoku Analysis |
Written by ActionForex.com |
Jan 27 10 09:36 GMT |
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Aussie's retreat on risk aversion after early rise to 0.9331 suggests medium term is not ready to resume yet and further consolidation below recent high of 0.9407 would be seen, price already reached our indicated pullback target of 0.9031 and although marginal weakness to 0.8850 cannot be ruled out, the Kijun-Sen (now at 0.8781) should limit downside and price should stay above support at 0.8735, bring another rebound later. Above 0.9090/00 would bring recovery to 0.9250, however, only break of resistance at 0.9331 would revive bullishness for a retest of 0.9407 probably next month. |
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