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Daily Forex Technicals |
Written by FX Solutions |
Oct 07 08 16:46 GMT |
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After having plunged over 700 pips within a single 24-hour period, price action on the AUD/USD daily chart, as shown, has currently begun consolidating within a limited range, as of Tuesday mid-session in New York. The plunge that occurred yesterday broke swiftly below several support/resistance levels and finally came to a halt precisely on the 0.7000 figure, a key psychological level that also represents historical support/resistance. Oscillators like the displayed Stochastics are showing momentum as severely oversold and starting to point back up, suggesting a possible exhaustion in the bearish run. |
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Daily Forex Technicals |
Written by DailyFX |
Oct 07 08 16:42 GMT |
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The Euro has seemingly set a short-term bottom through recent trade, with a further rally likely before a resumption of its medium term decline. The EURUSD next eyes significant resistance at previous congestion levels at the 1.3910 mark, while subsequent Fibonacci resistance near the 1.4000 mark could likewise cap rallies. |
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Daily Forex Technicals |
Written by Foreign Exchange Analytics |
Oct 07 08 16:09 GMT |
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The market has indeed spiked lower since then, yesterday’s tumbling all the way to 100.30 before stabilizing. However, the downside pattern is not yet "complete", currently within wave 3 in the fall from the Sept 108.00 (see numbering on daily chart below) and suggests at least some further downside ahead. Want to stay short and for now, would use a wide stop on a close above the bearish trendline from the Sept 19th high (currently at 106.25) as there is scope for another day or so of volatility. |
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Daily Forex Technicals |
Written by DailyFX |
Oct 07 08 15:04 GMT |
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EUR/USD has bounced quite a bit from Monday's lows of 1.3450 and it looks like price is moving higher to fill the gap in price formed on Sunday. Indeed, the surge in risk aversion at the market open stemming from credit concerns in Europe triggered massive buying of the US dollar versus most of the majors, which led EUR/USD to plummet. The gap sits between 1.3731 - 1.3771, which leaves additional bullish potential open for EUR/USD today. |
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Daily Forex Technicals |
Written by DailyFX |
Oct 07 08 14:47 GMT |
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After Monday's dramatic price action, today's euro and pound price action seems placid. However, even with volatility cooling, it is hard to miss the recent breakouts and trend extensions that resulted from the market turmoil. See how our DailyFX Analysts are positioning after the market shift and what they expect from these two currencies through the near-term: |
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
Oct 07 08 12:20 GMT |
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Cable has once again dipped to a low of 1.7320 during the day after facing Resistance at 1.7600-50. 1.7320, the low today, is also where it had found Support earlier and could now lead to a rise during the US session towards 1.76 once again. |
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Daily Forex Technicals |
Written by FX Greece |
Oct 07 08 11:04 GMT |
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Euro formed new lows, moving to 1.3445 area. Eurozone leaders of the four biggest economies could not come to a mutual agreement regarding the financial problems and that pressured euro more. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Oct 07 08 10:39 GMT |
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The US Dollar continued descending significantly yesterday against the Japanese Yen from Monday's top 105.30 to the bottom 100.27, which are the first resistance and support levels respectively for the currency couple today. The Yen remains as the strongest major currency on the market, and if the negative trend of the currency couple continues, as we expect for the moment, next support further down is expected at 99.50, followed by 98.65. In upward direction next resistance further up is expected at 106.00, the break of which would open potential rise towards 106.85. |
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Daily Forex Technicals |
Written by FXTechstrategy |
Oct 07 08 10:33 GMT |
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Having opened the week sharply lower trading to a low of 1.3443 on Monday, EUR is now expected to head further lower in continuation of its medium term downtrend triggered yesterday. Violation of a key support level at the 1.3682/66 zone, its April'07/Dec'04 highs has now pave the way for additional decline towards its Dec'04 high/August'07 low at 1.3366/61.Below there will bring EUR towards the 1.3312/1.3264 zone, its .618 Ret(1.1640- 1.6038 rally)/Jun'07 low. |
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Daily Forex Technicals |
Written by FOREXYARD |
Oct 07 08 09:44 GMT |
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EUR/USD The pair crossed the key psychological level of 1.3450 yesterday, for the first time since August 2007, further demonstrating how strong the current downtrend is. On the daily chart, the pair is still floating beneath the Bollinger Band's lower border, indicating that the pair might extend its bearish move. Going short with tight stops might be the right choice today |
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Daily Forex Technicals |
Written by Finotec Group |
Oct 07 08 09:30 GMT |
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EUR/USD-market strategy can be a sell from the level 1.3580$ To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines after a bearish crossover below the zero line. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in a bearish direction. Also, MA oscillators indicate a bearish cross on the short MA line. As seen on the chart there are two tops leading downwards to a selling trend, although slightly over sold according to Bollinger. |
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Daily Forex Technicals |
Written by DeltaStock Inc. |
Oct 07 08 08:59 GMT |
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EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4595 and 1.5183. |
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Daily Forex Technicals |
Written by FOREX Ltd |
Oct 07 08 08:47 GMT |
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The presumed key resistance range test was confirmed and further development of the situation without 'optimization' of protective buying variant with strengthening of pair overbought was the reason for realization of pre-planned sells positions. At the moment considering the current bearish cycle development for open sells as before targets will be 1.1340/60, 1.1280/1.1300 and/or further breakout variant up to 1.1210/30, 1.1140/60, 1.1100/20. An alternative for buyers will be above 1.1500 with targets 1.1540/60, 1.1600/20. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Oct 07 08 08:34 GMT |
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The British Pound also continued descending significantly yesterday against the US Dollar from Monday's top 1.7709 to the bottom 1.7336, which are the first resistance and support levels respectively for the currency couple today. If the negative trend continues, as we expect for the moment, next support further down is expected at 1.7250, followed by 1.7160. In upward direction next resistance for today is expected at 1.7790, the break of which would lead to next target 1.7875. |
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Daily Forex Technicals |
Written by FXtechtrade |
Oct 07 08 08:09 GMT |
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EUR/USD Today's support: - 1.3533(main), where correction is possible. Break would give 1.3517, where correction also may be. Then follows 1.3500. Break of the latter would result in 1.3483. If a strong impulse, we would see 1.3450. Continuation will give 1.3435 and 1.3410. |
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Daily Forex Technicals |
Written by Finotec Group |
Oct 07 08 08:01 GMT |
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The British pound was little changed against the euro before a government report that will probably show manufacturing fell in August from a month earlier, when it dropped to the lowest level in at least 1 1/2 years. The pound was at 77.38 pence per euro as of 6:52 a.m. in London, from 77.41 pence yesterday, when it rose for a third day versus the European common currency. |
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Daily Forex Technicals |
Written by Crown Forex |
Oct 07 08 07:50 GMT |
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The euro reached the key support level for the downside channel which resides alongside 1.382% correctional level for the last upside move that extend between 11-22, in September. We can see that the support level is getting weaker and at the same time momentum indicators are heavily oversold and for that we expect an upside correction while the problem is finding solid support that might support the upside move while it might be 161.8% level at 1.3335 yet we recommend high caution applied in trading. The trading range for today might extend among the resistance level at 1.3805 and the support level at 1.3555; while the general trend remains to the downside targeting 1.3555 and 1.3420 as long as 1.5080 remains intact. |
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Daily Forex Technicals |
Written by Varengold Bank |
Oct 07 08 07:15 GMT |
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Since the end of July the AUD/JPY has been trading in a downward trend channel. After the break through the upper trend line and a touch with the 90 resistance level, the market broke the 81 support level with a strong bearish day-candle stick. This might be a sign for further downward trend movements. |
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Daily Forex Technicals |
Written by India Forex |
Oct 07 08 07:13 GMT |
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RBA's decision to cut rate by 100 bps took everyone by surprise which saw Aussie crashing more than 700 pips in a single day taking the currency from the highs of 0.7736 to 0.70 levels. The pair has recovered upto 200 pips in today's opening trade. We expect the pair to take resistance at the 55 hourly EMA (0.7474) where shorts could be considered for 70-80 pips. (Aud/Usd-0.7272). |
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Daily Forex Technicals |
Written by E-Forex |
Oct 07 08 06:43 GMT |
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The downside is under high pressure as the Euro fell to its lowest level since August 2007, testing bids at 1.3440 on yesterday. The intraday studies are now bullish and the current rebound may extend towards resistance levels at within the 1.37-1.38 region. Near term support is eyed at 1.3500 and 1.3440/50. Minor resistance at 1.3650 is on focus now and a potential break will most likely encourage further gains towards the mid 1.37 region, filling yesterday's gap. Current quote is 1.3576 @06:33 GMT |
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Daily Forex Technicals |
Written by Crown Forex |
Oct 07 08 06:37 GMT |
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Although the pair continued to decline, we saw the key support for the descending channel at 137.27 was able to halt further losses resulting in a significant rebound to the upside. Momentum indicators still show the need for an upside direction supported mostly by the RSI whereas the stochastic indicator is giving mixed signals; while the direction indicators have started to adjust to show the potential for some upside movements which would take the pair back to the 141 levels before attempting to retest the 38.2% correction for long term ascending channel at 142.66. |
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Daily Forex Technicals |
Written by Mizuho Corporate Bank |
Oct 07 08 06:29 GMT |
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EURUSD Comment: Dropping to a new recent low at 1.3444 in what is a potential C leg of an A, B, C-type correction where C is 0.6% of A. Note that this formation can be seen in many currencies, cross currencies and other financial instruments. The Euro is oversold and bearish momentum its strongest ever. One-month at-the-money implied volatility at 18.10% is at a new record high. Stand aside if possible. |
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Daily Forex Technicals |
Written by HY Markets |
Oct 07 08 06:16 GMT |
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EUR/USD closed lower on Monday as it consolidated some of last week's rally. The low- range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the 50% retracement level of the July- September decline crossing is the next upside target. Closes below the 10-day moving average crossing are needed to confirm that a short-term top has been posted |
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Daily Forex Technicals |
Written by DailyFX |
Oct 07 08 05:55 GMT |
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Fading risk sentiment has certainly pushed the Japanese yen higher against its counterparts, and may continue to strengthen over the following weeks as investors continue to limit their temperament for risk. After falling 700+ points yesterday, the EURJPY has short-term support near 135.00, and has crossed back above 139.00. Amid the minor recovery, the pair looks to be finding resistance near 139.31 (38.2% Fib level of 125.45-162.05), and the downward momentum may drag the euro-yen lower over the next few hours. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Oct 07 08 05:49 GMT |
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The Euro continued descending significantly yesterday against the US Dollar from Monday's top 1.3769 to the bottom 1.3455, which are the first resistance and support levels respectively for the currency couple today. If the negative trend continues, as we expect for the moment, next support for today is expected at 1.3535, the break of which would lead to next target 1.3300. In upward direction next resistance further up is expected at 1.3850, followed by 1.3935. |
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Daily Forex Technicals |
Written by GFT |
Oct 07 08 04:29 GMT |
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Massive liquidation (or capitulation, if you prefer) of carry trades torpedoed AUD/JPY and NZD/JPY, while the structural inability of the Eurozone to put together a euro-TARP gave the green light to vicious sales of euros. Granted, Germany, France and Italy joined Ireland in guaranteeing all depositors, but that's not what the market wanted to listen to. The dollar surged against the European and the commodity currencies, while sinking versus the yen. This move was severely overdone, and we should see the opposite first. |
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Daily Forex Technicals |
Written by FX-Forecaster |
Oct 07 08 03:58 GMT |
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The drop through 0.7524 broke the expanded flat scenario and thus suggests the 0.7799 low was either Wave (A) followed by a Wave (B) at 0.7518 or a Wave (iii) followed by a Wave (iv). |
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Daily Forex Technicals |
Written by FX Instructor |
Oct 07 08 03:11 GMT |
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After a minor recovery on Friday, yesterday the GBPUSD continued it's bearish scenario. The pair hit my short targets at 1.7551 and 1.7451, even further bottomed at 1.7335. My model remains short targeting 1.7215. CCI just cross -100 line down both on daily and weekly chart suggesting a potential bearish view. Immediate resistance is seen at 1.7494. |
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Daily Forex Technicals |
Written by DailyFX |
Oct 07 08 02:11 GMT |
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There is little change from this morning's technicals, in which I wrote that 'the decline from 1.4871 is an impulse (5 waves) and indicates that a short term low likely forms soon. The ensuing advance should prove corrective.' When the advance gets underway, expect strength until at least 1.3911. This is the 4th wave of one less degree. |
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Daily Forex Technicals |
Written by DailyFX |
Oct 07 08 01:52 GMT |
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There is no change to last week's analysis. '5 waves up from the January 2007 low at .6535 suggests that a large corrective decline is underway from .8187. The Fibonacci zone does not begin until .7556. The spike to .8033 yesterday may be the end of a small second wave. Ideally, price remains below there on its way for a break of .7750.' |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Oct 07 08 01:40 GMT |
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The yen fell today, hard. The pair lost 450 pips before turning around in the afternoon. The pair was close to the 100.00 support level. Other areas to watch for support are 98.50 seen in early March and 95.70 which was seen in February of 2008. |
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Daily Forex Technicals |
Written by Easy Forex |
Oct 07 08 01:35 GMT |
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Euro 1.3510 Initial support at 1.3361 (Aug 16 2006 low) followed by 1.3319 (61.8% retrace 1.1639 to 1.6038). Initial resistance is now located at 1.3773 (Oct 6 high) at followed by 1.3907 (Oct 3 high). |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Oct 06 08 16:39 GMT |
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$USD appears to have finished (at 71.05 on 22 April 2008) the W.C of the ABC correction off the July 2001 high. In both time-frames, price subsequently completed W.4 of an impulsive rally off the W.C low and is likely to continue higher over the next day or two to conclude W.5 at 81.56-81.97 or 83.04-83.97. |
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Daily Forex Technicals |
Written by FX Solutions |
Oct 06 08 16:34 GMT |
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The continued plummet on the GBP/USD daily chart, as shown, has just made a new two and a half year low on this key pair. In the process, price has broken one major support level after another, including an important recent support level around the 1.7450 region. At this point, there appears to be very little in the way of a definitive bottom in sight. |
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Daily Forex Technicals |
Written by GFT |
Oct 06 08 16:07 GMT |
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Euro/dollar collapsed to a 14-month low last week, falling every day of the week. My model turned short last Monday, and the bias remains downward. Immediate support is at 1.3615. Below 1.3465, support is at 1.3350. Distant support is at 1.3250. Initial resistance is seen at 1.3705. This is followed by 1.3845. The next level is 1.3935. Above 1.4200, resistance is still pegged at 1.4385. Distant resistance is at 1.4600. |
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Daily Forex Technicals |
Written by DailyFX |
Oct 06 08 15:42 GMT |
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The US dollar and Yen surged today. Expect the Yen to continue its asecnt, as the USDJPY target is not until below 95.71. Recent commentary was “I favor the downside as long as price is below the trendline from the 110.71 top. The 200 day SMA is sloping down (barely) and right at current price. Whichever way this break goes; it should be violent.” The USDJPY broke below 103.50 today and the decline should continue. 103.77 may provide short term resistance if needed. |
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Daily Forex Technicals |
Written by DailyFX |
Oct 06 08 14:53 GMT |
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The open to the new trading week has offered the market the kind of volatility many were expecting after the US Congressional vote last Friday. However, the vote certainly hasn't instilled confidence in the market like some would have expected. With the dollar set off on a strong advance, carry trades tumbling and other crosses on the move, there is potential across the market. See where each of our DailyFX Analysts are directing their focus below: |
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
Oct 06 08 12:31 GMT |
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Cable had dipped to a low of 1.7515 during the day and has since then risen to the current levels. The day ahead is expected to see the pair rise further towards 1.76 and higher. With the 21-day SMA flattening, a sharp rise over the week cannot be ruled out completely. The rise is also likely owing to the fact that the Support at 1.7440 region is the 50% retracement of the rise since 2000 (1.3682) to 2008 (2.1163). |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Oct 06 08 12:12 GMT |
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An amazing drop lower on this pair from the middle of July 08 has made a move of more than 2300 pips, and the market is still pushing down strongly with no turning point as yet. The market is currently trading in very powerful support area between 0.7350 and 0.7500. The market found this support area as one of three significant turning points; the first two are upper and the lower trend lines of the triangle between 2004 and 2007 (the huge red wave 4). |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Oct 06 08 11:43 GMT |
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In its ABC correction of the May 2001-November 2007 rally, the Pound has likely reached a W.4:3 or C high in both timeframes and is expected to move lower to complete W.5: 3 or C over the next few days or even weeks. A close below 1.7444 definitively confirms that W.4 is complete. In the smaller timeframe the Pound has not yet completed w.4 of W.5:3 or C, indicating that price is likely to move higher before continuing the bearish trend. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Oct 06 08 10:32 GMT |
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The US Dollar continued descending significantly on Friday against the Japanese Yen from Friday's top 106.09 to today's bottom 102.85, which are the first resistance and support levels respectively for the currency couple today. The Yen remains as the strongest major currency on the market, and if the negative trend of the currency couple continues, as we expect for the moment, next support further down is expected at 102.10, followed by 101.35. In upward direction next resistance further up is expected at 106.85, the break of which would open potential rise towards 107.60. |
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Daily Forex Technicals |
Written by FX-Forecaster |
Oct 06 08 09:57 GMT |
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The decline to 1.7549 was a 76.4% projection in a Wave v from the 1.8181 Wave x high. It is possible that I have looked at this incorrectly and that instead of being Wave a it is actually a Wave c to complete the decline, but given evidence elsewhere this seems unlikely. |
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Daily Forex Technicals |
Written by Finotec Group |
Oct 06 08 09:45 GMT |
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EUR/USD-market strategy can be a sell below the level 1.3593$ To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines making a bullish cross below the zero line. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in a bearish direction breaking over-sold levels. |
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Daily Forex Technicals |
Written by FOREXYARD |
Oct 06 08 09:20 GMT |
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EUR/USD As the trading week began, the pair has significantly extended its bearish trend as it dropped around 300 pips in only a few hours. Currently, the daily chart shows that the pair's price is still floating beneath the Bollinger Bands' lower boarder, suggesting that further bearish movement might take place. Going short might be the right choice today. |
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Daily Forex Technicals |
Written by DeltaStock Inc. |
Oct 06 08 09:02 GMT |
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EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4595 and 1.5183. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Oct 06 08 08:28 GMT |
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The British Pound also continued descending significantly on Friday against the US Dollar from Friday's top 1.7829 to today's bottom 1.7515, which are the first resistance and support levels respectively for the currency couple today. If the negative trend continues, as we expect for the moment, next support further down is expected at 1.7430, followed by 1.7340. In upward direction next resistance for today is expected at 1.7900, the break of which would lead to next target 1.7985. |
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Daily Forex Technicals |
Written by India Forex |
Oct 06 08 08:07 GMT |
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Euro remained volatile in the last trading session witnessing an overall movement of about 200 pips testing the bids at 1.3702 levels. The approval of the bailout package in US has helped the greenback to appreciate against EUR and also led to a gap-down opening of about 130 pips. Euro is currently trading around 1.3640 levels with charts still indicating a downside. Immediate support comes in around 1.3570 (200 weekly EMA) breaking which can push Euro down to 1.3368 levels (55 monthly EMA). (Eur/Usd:1.3608). |
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Daily Forex Technicals |
Written by E-Forex |
Oct 06 08 08:04 GMT |
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The Euro has reached a fresh low after the 130 points gap at today's open. Current levels are extremely bearish for the Euro and no signs of a rebound are seen yet. The decline will probably continue towards key support levels at 1.3330 and 1.2870 (last year's low) if support into the 1.33 region won't hold. Intraday studies are bearish and resistance emerges at 1.3600 followed by 1.3670, 1.3750 and 1.3900 higher. Minor support is seen at 1.3550/60 backed by 1.3500 and 1.3450. Downside is expected to remain under pressure and potential rallies to be limited within the 1.37-1.38 region. Current quote is 1.3589 @06:40 GMT |
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Daily Forex Technicals |
Written by FOREX Ltd |
Oct 06 08 07:49 GMT |
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The pre-planned buying positions from key supports were realized with attainment of basic assumed targets. OsMA trend indicator, having marked the general low activity level of both parties considering the chosen strategy gives reasons for assumptions about range rate movement in the near outlook without definiteness in the choice of planning priorities for today. Hence considering the bullish position of indicator chart we assume the possibility of another test of the earlier attained tops at 1.1400/20 range, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.1340/60, 1.1280/1.1300 and/or further breakout variant up to 1.1210/30, 1.1140/60, 1.1100/20. An alternative for buyers will be above 1.1500 with targets 1.1540/60, 1.1600/20. |
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