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Daily Forex Technicals |
Written by FastBrokers |
Feb 09 10 16:46 GMT |
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The USD/JPY is fluctuating below the highly psychological 90 level as FX markets cool down in the wake of last week’s heavy volatility. Although the USD/JPY was holding up relatively well, the currency pair finally gave in to downward forces as investors exited the risk trade in a flurry. Debt scares in Greece and Portugal combined with mixed global economic data sent bulls to the exits with the Cable and EUR/USD registering hefty pullbacks. The USD/JPY was performing relatively well for a while since the BoJ’s dedication to fight deflation managed to counter the flight to the Dollar. |
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Daily Forex Technicals |
Written by FastBrokers |
Feb 09 10 16:43 GMT |
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Speculation is rampant once again, this time in favor of the risk trade as investors wonder whether Trichet’s early exit from a meeting in Australia to return to the EU implies the union has a solution for Greece’s troubling fiscal situation. However, it seems such speculation may be a bit preemptive and the risk trade could need more concrete fundamental and/or psychological improvements to establish a sustainable turnaround. Meanwhile, we still recognize a considerable downward pressure on the Cable considering the extent of last week’s downturn. Regardless, the bounce in the risk trade is a welcome development for the risk bulls. |
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Daily Forex Technicals |
Written by FastBrokers |
Feb 09 10 16:36 GMT |
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The risk trade ran with speculation that the EU plans to take action in regards to Greece’s troublesome fiscal situation. Trichet cut a trip to Australia short to return for an EU meeting this week, igniting speculation that the EU will be proactive in sorting out Greece’s troubles. However, such a deduction seems highly speculative and investors may not want to read too far into Trichet’s actions at this point in time. That being said, it appears the risk trade was looking for any excuse to bounce considering the extent of last week’s decline. |
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Daily Forex Technicals |
Written by FX Solutions |
Feb 09 10 16:11 GMT |
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Price action on EUR/JPY, a daily chart of which is shown, has reached down and made a tentative bounce off key support in the general 122.00 price region. This occurs after the currency pair broke a long sideways consolidation by breaking down below another key support level in the 127.00 price region. The substantial recent bearishness in the pair established a new 11-month low late last week before making the current tentative bounce. Despite the bounce, price action is currently following a very steep medium-term downtrend extending from the mid-January highs. |
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Daily Forex Technicals |
Written by CMS Forex |
Feb 09 10 15:36 GMT |
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The GBP/USD, like the EUR/USD, is showing signs of reversal, though not as aggressive. The Sterling looks weaker based on price action leading into the US session. However, if the market closes above 1.56 today, there might be some further correction rally. Looking at the Daily, the retracement can go to 38.2%, or 1.5880 area. |
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Daily Forex Technicals |
Written by CMS Forex |
Feb 09 10 15:19 GMT |
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The EUR/USD has reached its swing projection at 1.37, and dipped to 1.36 before pausing. In the daily time-frame, today’s price action is developing into a reversal combination. Then there might be a short-term (relative to daily chart) correction to the 1.40 area (38.2-50% retracement), which is coincident with downsloping trendline. That will be an important test of whether the current “reversal” is a return to bullish mode, or simply a retracement. |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Feb 09 10 14:46 GMT |
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An impulsive decline from the 1.6070 resistance area has found support at 1.5530. An upward bounce form that zone is expected to be a correction of a red wave iv), before the market can trade lower again. Once wave iv) is complete and 1.5533 is support taken out, a Short move towards the 1.5370 region will be expected. |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Feb 09 10 14:35 GMT |
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Overall View: Up-trend in process. 4 Hour Chart Flows: Long Price Points: 78.68, and 79.53 Looking for: Low of a correction. Momentum: The dollar index went into Long mode in early December and has found buying support and momentum, as equity markets sell off. |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Feb 09 10 14:32 GMT |
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Eur/Usd The four hour trend is short. The oversold reads on the near-term charts favor a long technical bounce. Daily charts have held deep oversold for 5 sessions, as the pair challenges the 38% retracement of the Jul 2008 drop from 1.6000 to 1.2300 in Oct 2008. That is the same area that was important in the summer of 2009. Daily Chart: ATR is 130 pips. RSI is oversold. SMA is resistance. |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Feb 09 10 14:30 GMT |
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Euro and aussie have got ahead of themselves, and need to consolidate before the next move higher can be made on each, The trend is still long-Usd, and is now absorbing some equity buying that will test resolve. The major pairs are in 100 pip channels at the moment, with neutral momentum reads that will have to increase before sustainable price action can be seen. The initial rumblings of risk tolerance (Long Stocks & Commodities/Short 10 year Treasuries & Usd) are in play, and set up an interesting Wall Street session. Look for 1050 to hold as support on S/P trade to restrict Usd buying. |
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Daily Forex Technicals |
Written by FXTechstrategy |
Feb 09 10 12:54 GMT |
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The pair may be strengthening but while the 91.27 level, its Jan 21’10 high at 91.86 and the 92.00 level, its channel top hold as resistance levels, we look for USDJPY to weaken back towards the 88.54 level, its Feb 04’10 low. On a decisive break below that level, the pair should decline further towards the 88.30 level, its Dec 14’09 with a turn below there turning focus to its Dec 09’09 level at 87.35 and then the 85.85 level, its Nov 30’09 high. Further weakness if seen will put pressure on the 84.80 level, its 2009 low. |
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
Feb 09 10 12:29 GMT |
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The Cable rose towards 1.5646 during the day and has come off since there after the UK Trade Balance numbers were not able to meet street expectations. A further fall may be contained near 1.5550-5500. If it does, there could be chances of some pull back towards 1.5700-30 over the next couple of days. Hence, there's greater likelihood of the pair consolidating in the 1.55-1.57 region for the next couple of days. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Feb 09 10 11:11 GMT |
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Dollar/Yen is moving still within the well formed downward channel on the 1 hour chart. This week, the currency couple is trading hesitantly, testing the upper limit of the bearish channel at around 89.73. Persuasive break above that level may lead to direction change and strengthen the Dollar further towards next resistance level 90.50. |
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Daily Forex Technicals |
Written by FXTechstrategy |
Feb 09 10 10:52 GMT |
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Immediate outlook for GBP has turned consolidative to corrective after selling off from the 1.6456 level on Jan 17'10 to 1.5556 low on Friday. While the pair retains its broader weakness triggered off the 1.7041 level, its Aug'09 high, risk of corrective recovery was seen in early trading today following price hesitation off the 1.5532 level. |
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Daily Forex Technicals |
Written by FXTechstrategy |
Feb 09 10 10:49 GMT |
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As further recovery is now seen following the cross's Friday strength, EURGBP was seen pushing through its minor resistance at the 0.8767 level, its Feb 01'10 high and then challenging its Jan 25'10 at 0.8793 in today's trading session. A decisive clearance of there is required to convince the market the cross is ready to head further higher following its corrective recovery activated from its hammer low/2010 low at 0.8601. |
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Daily Forex Technicals |
Written by DeltaStock Inc. |
Feb 09 10 10:10 GMT |
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EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169. |
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Daily Forex Technicals |
Written by Varengold Bank |
Feb 09 10 09:24 GMT |
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Since the last week of January, the EUR has been trading in a sideways trend against the CHF. Recently, the currency pair touched its important Fibonacci Retracement line at 1.4654 (38.2%) and the prices recovered. Also a crossing MA Oscillator through the signal line from below may indicate a continuing bullish trend. But it remains to be seen if the EUR could cross its Fibonacci level at 1.4684 (50.0%). |
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Daily Forex Technicals |
Written by Finotec Group |
Feb 09 10 09:15 GMT |
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EUR/USD-market strategy indicates buying levels from the $1.3721 To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines in a bullish direction and crossing 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 bullish direction. Also, MA oscillators indicate a bullish cross on the short MA line. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Feb 09 10 09:03 GMT |
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Pound/Dollar is trading hesitantly this week within the 1.5544 - 1.5669, closing yesterday at 1.5581. On the 1 hour chart the downward channel remains intact for now. The Pound, however is expected to render pressure on the Dollar, and any stronger upward corrections should not come unexpected. Break above the nearest resistance at 1.5669 may lead to further rising of the Cable with possible test of Friday's top 1.5777. Penetration bellow the 1.5544 support would confirm the integrity of the descending channel, and the weakening of the Sterling may be extended further towards 1.5440. Quotes are crossing with the 50 and 20 EMA on the 1 hour chart, indicating main bearish perspective with current upward adjustment. The value of RSI and MACD indicator is neutral, while CCI in in the overbought zone, leaning downwards on the 1 hour chart, giving overall mixed signals. |
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Daily Forex Technicals |
Written by Finotec Group |
Feb 09 10 08:38 GMT |
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The yen and dollar fell on speculation European officials meeting this week will agree to assist Greece in tackling its deficit, reducing demand for the two currencies as a refuge. The euro rallied from near a one-year low versus the yen after a European Central Bank spokeswoman said President Jean- Claude Trichet will leave a meeting in Sydney early to attend a European Union leaders’ summit. |
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Daily Forex Technicals |
Written by FOREX Ltd |
Feb 09 10 08:00 GMT |
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The estimated test of key supports has been confirmed, however, relative rise of sales activity, marked by OsMA trend indicator, did not favor implementation of the pre-planned buying positions. Therefore, considering the developing technical picture from the position of incompleteness and probable rate range movement, we can assume reaching of close borders of Ichimoku cloud at 1,0660/80 levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term buying positions on condition of the formation of topping signals the targets will be 1,0720/40, 1,0780/1,0800 and (or) further break-out variant up to 1,0840/60, 1,0920/40, 1,0980/1,1000. The alternative for sales will be below 1,0600 with the targets of 1,0540/60, 1,0480/1,0500. |
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Daily Forex Technicals |
Written by Mizuho Corporate Bank |
Feb 09 10 07:37 GMT |
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EURUSD Comment: Everyone's current 'pet hate' and though bearish momentum is still terribly strong it does smack of a very crowded trade with almost record futures volume. Be careful and watch for signs of a dramatic reversal, so that we form a big 'spike low' probably this week. |
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Daily Forex Technicals |
Written by ecPulse.com |
Feb 09 10 07:31 GMT |
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The euro versus dollar continued its attempts at bullishly correcting, where the neckline for the bullish technical pattern is at 1.3715 that supports this correction. From here, we see that the expected direction for today is bullish over an intraday basis; the start will be when the mentioned neckline is breached and initially targets 1.3840. It is vital that 1.3615 remain intact to achieve these expectations. |
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Daily Forex Technicals |
Written by India Forex |
Feb 09 10 07:26 GMT |
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Euro is currently trading at 1.3701 levels. Upside correction is expected till 1.3750. Do not initiate longs until we see 2 higher consequtive closings. Initiate shorts near 1.3750 levels with stoploss above 1.3800. Range for the day could be 1.3750 to 1.3480. (EURUSD - 1.3701) Bearish |
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Daily Forex Technicals |
Written by ecPulse.com |
Feb 09 10 07:24 GMT |
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The secondary four-hour of the Heiken-Ashi indication shows that, the GBP/JPY pair is still negatively pressured by breaching the uptrend line of the medium term basis. Therefore, we believe that bearish actions might be seen today, supported by our suggested Elliott count. |
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Daily Forex Technicals |
Written by Innerfx |
Feb 09 10 07:09 GMT |
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The consolidation continues and the euro shows modest signs of recovery, currently testing last two days' top side into the 1.3720/40 region. Intra-day studies are slightly bullish and a break above 1.3740 would potentially strengthen short-term momentum - thereafter aiming the higher barriers, such as 1.3800 and 1.3850/60. A falling trend line coming from 1.4265 of January 8 has provided support on last two corrective cycles, as seen in the chart below, but we are now dealing with a potential break out above the said line, which would be a notable bullish sign. |
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Daily Forex Technicals |
Written by HY Markets |
Feb 09 10 07:00 GMT |
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EUR/USD closed higher due to short covering on Monday as it consolidated some of last week's decline but remains below the 50% retracement level of the 2008-2009-rally crossing. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this winter's decline, the 62% retracement level of the 2008-2009-rally crossing is the next downside target. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Feb 09 10 06:03 GMT |
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Euro/Dollar traded hesitantly on Monday within the 1.3624 - 1.3719 range, because of economic events absence, closing the day at 1.3647. The currency couple is still on the slippery bearish track for now, as seen on the 1 hour chart because of the economic crises in Greece, Portugal and other countries. The nearest support is Monday's bottom at 1.3624, and if broken down, the bearish impulse is expected to get extended towards next objective downwards 1.3531. |
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Daily Forex Technicals |
Written by FXtechtrade |
Feb 09 10 03:56 GMT |
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EUR/USD Today's support: - 1.3618 and 1.3568(main), where correction is possible. Break would give 1.3547, where correction also may be. Then follows 1.3524. Break of the latter would result in 1.3486. If a strong impulse, we would see 1.3465. Continuation will give 1.3437 and 1.3410. |
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
Feb 09 10 03:34 GMT |
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Consolidative trading in the currency markets since yesterday, understandable after many days of large moves. Dollar gains remains the overall theme in the market. The Euro (1.3673) is trading a range of 1.3610-3720 since yesterday within an overall downtrend, as the bad news from Europe starts getting into the price. Dollar-Yen (89.35) continues to trade sideways. Expect a range of 90.50-88.50 over the course of the week. The Euro-Yen Cross (122.18) is vulnerable to the downside alongwith Euro-Dollar. |
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Daily Forex Technicals |
Written by FX-Forecaster |
Feb 09 10 03:33 GMT |
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There seems to be a mildly positive potential today with the 78.49-68 area likely to cap… otherwise yesterday’s comments continue to apply] Friday's gains stalled at 78.12 and this can be considered the lowest area to confirm a reversal higher. I'd still be a bit cautious until the 78.68 area is also broken. Until then there remains risk of sideways consolidation at least and I still can't rule out a break below 76.23.... |
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Daily Forex Technicals |
Written by FX Instructor |
Feb 09 10 02:54 GMT |
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The EURUSD made indecisive movement yesterday. Price attempted to push higher, topped at 1.3713 but closed lower at 1.3647. We have nothing significant so far and the market seems consolidating but still in a bearish scenario. However the hammer candlestick pattern I showed yesterday, remains indicating potential upside correction testing 1.3750 key resistance area and only a break below 1.3585 could cancel the bullish correction scenario, continue the bearish momentum targeting 1.3490 - 1.3400 area this week. On the upside, break above 1.3750 should trigger further bullish correction towards 1.3850 - 1.4030 area |
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Daily Forex Technicals |
Written by Easy Forex |
Feb 09 10 01:43 GMT |
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Euro 1.3645 Initial support at 1.3584 (May 20 low) followed by 1.3531 (May 19 low). Initial resistance is now located at 1.3903 (Feb 4 high) followed by 1.4026 (Feb 3 high) |
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Daily Forex Technicals |
Written by CMS Forex |
Feb 09 10 01:33 GMT |
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The USD/CHF pair hit its 1.07 swing projection to complete a bearish gartley. (Refer to Daily Technical Update USD/CHF 2.4.2010). The weekly chart shows the completion of this pattern at the 89.6% retracement level (1.079-1.080). Although it appears ready to roll back from overbought zone, it is still too early to say. The market is also testing 50Wk MA. |
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Daily Forex Technicals |
Written by CMS Forex |
Feb 09 10 01:31 GMT |
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The 1 H time-frame shows a bearish butterfly and a triangle pattern. If the market breaks above the 1.075 area (127.0% extended retracement and 78.6% retracement), it is possible the market is ready to head to 1.0880-1.090 area as the wave 5 projection. |
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Daily Forex Technicals |
Written by FastBrokers |
Feb 08 10 16:37 GMT |
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The AUD/USD is stabilizing above its psychological .85 level and our uptrend lines as the risk trade stabilizes across the marketplace. A weekend of rest coupled Trichet’s reassurances the ECB and EU have Greece’s debt issue under control has allowed the Dollar to ease off of last week’s highs following its incredible rally. However, downward forces remain considering the extent of last week’s pullback and the risk trade will likely need several fundamental and psychological developments to break free of its downturn. |
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Daily Forex Technicals |
Written by FastBrokers |
Feb 08 10 16:33 GMT |
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The USD/JPY is fluctuating below the highly psychological 90 level as FX markets cool down in the wake of last week’s heavy volatility. Although the USD/JPY was holding up relatively well, the currency pair finally gave in to downward forces as investors exited the risk trade in a flurry. Debt scares in Greece and Portugal combined with mixed global economic data sent bulls to the exits with the Cable and EUR/USD registering hefty pullbacks. The USD/JPY was performing relatively well for a while since the BoJ’s dedication to fight deflation managed to counter the flight to the Dollar. |
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Daily Forex Technicals |
Written by FastBrokers |
Feb 08 10 16:32 GMT |
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The Cable is hovering around Friday lows after continuing its extensive decline in the wake of strong UK PPI data. Friday’s resurgent PPI data couples with a similar CPI reading, indicating a pop in prices which could discourage the BoE from tightening liquidity. However, Mervyn King recently stated that the central bank is not overly concerned about the recent rise in prices and implied that it is not indicative of a more lasting trend. Regardless, there are many other reasons for the BoE to take a wait and see approach, including economic uncertainty in the EU and liquidity tightening in China. |
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Daily Forex Technicals |
Written by FastBrokers |
Feb 08 10 16:30 GMT |
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The EUR/USD is settling and cooling as investors take a step back to revise their outlooks in the wake of last week's aggressive selloff in the risk trade. Trichet attempted to alleviate investor uncertainty by reassuring markets that the ECB and EU will make sure Greece takes care of its deteriorating fiscal situation. Meanwhile, the data wire is relatively quiet until China releases its New Loans and Trade Balance data. Hence, the FX markets have an opportunity to settle down over the next 24 hours should no new conditions flare up. |
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Daily Forex Technicals |
Written by FX Solutions |
Feb 08 10 16:13 GMT |
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Price action on GBP/USD, a daily chart of which is shown, has finally begun to show a bearish emergence from the sideways consolidation that has characterized this currency pair on a long-term basis for several months now. A clean breakdown below the 1.5700 support region last Friday represented a tentative breakdown below the consolidation, in line with a medium-term downtrend that has been in place since mid-November 2009. In the process of this breakdown last Friday, the pair has established a new 8-month low near the bottom of the noted medium-term parallel downtrend channel. |
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Daily Forex Technicals |
Written by TheLFB-Forex.com |
Feb 08 10 15:15 GMT |
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Usd/Chf turned lower recently, after the last impulse wave found its highs at the 1.0800 zone. We are looking for a corrective decline towards the 1.0650 zone with a red wave ii), before the market can trade higher again into much larger wave iii. A bullish bias remains in play so long as 1.0495 holds as a support. |
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Daily Forex Technicals |
Written by FX Greece |
Feb 08 10 12:31 GMT |
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Euro has moved to new lows again, reaching slightly below 1.3600 area on Friday, but the week closed much higher. As we had mentioned in our previous analysis, an upward reaction is expected this week, in terms of a correction, but it could lead euro towards the first important resistance levels at 1,3850 or higher. |
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Daily Forex Technicals |
Written by FXTechstrategy |
Feb 08 10 12:24 GMT |
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Immediate outlook for GBP has turned consolidative to corrective after selling off from the 1.6456 level on Jan 17’10 to 1.5556 low on Friday. While the pair retains its broader weakness triggered off the 1.7041 level, its Aug’09 high, risk of corrective recovery was seen in early trading today following price hesitation off the 1.5532 level. On a follow through higher, we should see the pair head higher towards its Oct 13’09 low/range lows at 1.5706 where a reversal of roles is expected to push it back down again. Other resistance levels beyond there are located at the 1.5830 level, its Dec 30’09 low and its psycho level at 1.6000. |
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Daily Forex Technicals |
Written by FXTechstrategy |
Feb 08 10 12:23 GMT |
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As further recovery is now seen following the cross’s Friday strength, EURGBP was seen pushing through its minor resistance at the 0.8767 level, its Feb 01’10 high and then challenging its Jan 25’10 at 0.8793 in today’s trading session. A decisive clearance of there is required to convince the market the cross is ready to head further higher following its corrective recovery activated from its hammer low/2010 low at 0.8601. Above the 0.8793 level will bring its Aug 18’09 low at 0.8522 into focus where we expect a reversal of roles to turn the cross back down again. |
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Daily Forex Technicals |
Written by Kshitij Consultancy Services |
Feb 08 10 12:19 GMT |
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The Cable rose towards 1.5625 during the day and has fallen back once again as attempts to break above have been met with strong selling. However, on the downside we fell that the Support at 1.5580-5500 mentioned in the morning would continue to prop the pair from a further fall at the moment. If it is able to find a surface here, the pair may rise towards 1.5750 over the course of the week. This does not however negate the bearish view on Cable which is signalled by the double top formation on the weekly candles. The Projected Max High and Low for the day is at 1.5689 and 1.5485 respectively. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Feb 08 10 11:01 GMT |
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Dollar/Yen at first traded hesitantly on Friday, than bears took over the race and the currency couple declined down to 88.83, closing the week at 89.19. Today the USD/JPY is moving quietly because of economic data absence. In the appearance of next catalyst events our expectations are for the Yen to continue strengthening against the Dollar. Going bellow Friday's bottom 88.83 may give the Yen further gains towards next target 88.30. Persuasive break above the nearest resistance at 89.81 may strengthen the Dollar further towards the top from last Thursday 91.06. Prices are currently bellow the 50, and just crossed up the 20 EMA, signaling for possible intraday appreciative adjustment, and continuation of the bearish trend in the longer term. The RSI indicator is positive and rising, MACD is slightly rising, while CCI is positive with upward incline on the 1 hour chart. Overall, indicators signal for bullish pressure for the pair. |
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Daily Forex Technicals |
Written by Finotec Group |
Feb 08 10 10:51 GMT |
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EUR/USD-market strategy indicates buying levels from the $1.3713 To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines in a bullish direction and crossing 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 bullish direction. Also, MA oscillators indicate a bullish cross on the short MA line. |
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Daily Forex Technicals |
Written by DeltaStock Inc. |
Feb 08 10 10:43 GMT |
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EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169. |
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Daily Forex Technicals |
Written by iFOREX.bg |
Feb 08 10 09:07 GMT |
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Pound/Dollar continued descending on Friday from 1.5777 to 1.5570, closing the week at 1.5657. On the 1 hour chart we have a very well shaped downward channel. Be aware that sharp movements always carry the risk of consecutive corrections. Today the Cable tested the new 1.5534 support, from where it bounced up, climbing to 1.5626. If the support convincingly broken down, the bearish momentum is expected to continue, with next objectives towards 1.5440. |
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