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Technical Archives |
Written by DailyFX |
Dec 31 07 16:48 GMT |
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On 12/20, we wrote that, 1.4309 was a level that we cited as a possible terminus for wave 4. The low today is at 1.4310 and the very short term pattern indicates that is time to turn bullish again. After doing so, we exited Friday at 1.4700 and mentioned that we would look to buy the wave 2 correction. The wave 2 correction is underway now. |
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Technical Archives |
Written by DailyFX |
Dec 31 07 16:20 GMT |
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The dominant pattern remains the 3 wave decline from 168.94 to 149.25. Also, the rally from 149.25-167.64 is in 5 waves (if we allow for wave 5 to be truncated). Everything from 167.64 is a correction of the 5 wave rally from 149.25 to 167.64. The decline that began at 166.65 is likely the origin of wave C of the correction. Expectations are for the decline to end below 158.68. We wrote a few weeks ago "get bearish near 165.35, against 167.64, target 156.00". This bearish bias remains intact. |
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Technical Archives |
Written by DailyFX |
Dec 31 07 13:51 GMT |
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Expect a top and reversal in the 2.0069-2.0166 area. This area is the 38.2%-50% level of 2.0576-1.9755. The rally from 1.9755 should complete wave iv of C within the A-B-C correction from 2.1160. We will be looking for a significant bottom to form in the 1.9500 area. |
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Technical Archives |
Written by Kshitij Consultancy Services |
Dec 31 07 11:56 GMT |
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USD-CHF did the unthinkable and fell to a low of 1.0896 in Nov-07, the first time ever since the 1970s. The lowest it had fallen before this was to 1.1120 in Apr-95. By falling to 1.0896 in Nov-07, it forced a lot of people to take huge hits on positions they had earlier taken betting that 1.10 would not be seen, let alone be broken. Having caused a lot of grief the market then promptly proceeded to move up, hitting a high of 1.1628 last week. |
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Technical Archives |
Written by FOREXYARD |
Dec 31 07 08:18 GMT |
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EUR/USD: The bullish trend on the daily chart seems to be out of steam as the next target price is located at 1.4786 (Fibonacci 76.4%). Indicators show that an upcoming reversal is expected with the first target price at 1.4704 (Fibonacci 61.8%). Today, selling on highs around 1.4736 appears to be preferable. |
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Technical Archives |
Written by Crown Forex |
Dec 31 07 07:13 GMT |
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The Pound declined heavily last week against the Yen, as investors reduced their carry trades, the short term technical indicators are showing a downside potential but strong supports are emerging, the general trend remains to the upside and the point at 223.16 seems to offer good demand for the pair. |
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Technical Archives |
Written by Crown Forex |
Dec 31 07 07:13 GMT |
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Last Friday, the European currency drove through the upside direction, ending the day with significant signs of an upside wave confirmation with rounding bottom after the long bearish wave, due to this move the technical oscillators have been affected to show continuation pattern for the week ahead till the key 1.4880 levels. |
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Technical Archives |
Written by Global Forex Trading |
Dec 31 07 01:45 GMT |
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The dollar took a beating across the board on Friday, as expected, and this weakness should continue on the last day of 2007 as well. Trading should be spotty at best, so trade only if you must. I wish you the best of luck in 2008! |
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Technical Archives |
Written by Easy Forex |
Dec 31 07 01:44 GMT |
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Yen - 112.45: Initial support is located at 112.68 (Dec 28 low) followed by 111.82 (38.2% retracement of the 107.23 to 114.66 advance). Initial resistance is now at 114.01 (Dec 28 high) followed by 114.66 (Dec 27 high) |
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Technical Archives |
Written by DailyFX |
Dec 29 07 04:20 GMT |
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Recent Australian dollar gains have been completely offset by similar Canadian dollar rallies, but a hold of support on the AUDCAD pair may send the Aussie higher through short-term currency trading. As such, we look to take advantage of what appears to be an excellent range trading opportunity in the week ahead. Virtually empty economic calendars for both currencies will likely make for quiet price action through the holiday-shortened trading week. Yet we are mindful of the fact that typically illiquid market conditions may force particularly choppy intraday price action. With that said, we nonetheless feel that this trade represents solid risk-reward and a viable trade strategy. |
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Technical Archives |
Written by DailyFX |
Dec 28 07 16:51 GMT |
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The USDJPY has fallen nearly 200 pips since Thursday morning after testing a resisting trendline that dates to June. This price action has many believing that the downtrend that began at 124.13 is back underway. However, our interpretation of the price pattern suggests that a rally towards 115.00 is still very much a possibility. |
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Technical Archives |
Written by DailyFX |
Dec 28 07 16:28 GMT |
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We wrote last week to "expect some consolidation/pullback in wave iv of c before a decline completes the entire correction from near 1.5000. 1.3880 is the 61.8% of the previous rally and 1.4000 is former congestion and a psychological level. Near term resistance is in the 1.4430/1.4500 area." The EURCAD is likely topping in wave iv of C right now. Look for a drop below 1.4162 to complete the corrective decline. |
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Technical Archives |
Written by DailyFX |
Dec 28 07 12:34 GMT |
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We wrote last week that "if an impulsive decline is unfolding from 2.1160, then the decline should accelerate in the next few days in a third of a third wave down and that the next objective is 1.9525." Wave iii of either C or 3 ended at 1.9755. A bounce in wave iv is underway now and should face resistance in the 2.0050/2.0100 area (near the 38.2% of iii). Look for a top and reversal near there. |
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Technical Archives |
Written by iFOREX.bg |
Dec 28 07 12:04 GMT |
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Resistance for the USD/JPY is at 113.50, followed by today's top 114.10 and yesterday's top 114.65. Supports are expected at 112.65, where there are numerous bottoms from last week, which were good base for continuing the climbing. Next are 111.80 and 111.00, which are 37.8% and 50.3% correction respectively of the climb 107.25 - 114.55. |
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Technical Archives |
Written by Karoll Financial House |
Dec 28 07 11:58 GMT |
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The fall started yesterday from 114.63 is very sharp and looks impulsive at first glance. If this is the case, we should see further losses with potential even new low below 107.19 in coming days. However to tell you the truth, I am not convinced that this fall is impulsive in nature. |
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Technical Archives |
Written by Finotec Group |
Dec 28 07 09:11 GMT |
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EUR/USD: The market strategy is Sell a failure to break the resistance level of 1.4720. The first target is 1.4700 at previous resistance level. Significant resistance at 1.4720. To strength our analysis we will use the following technical indicators: MACD above the zero line and pointing upwards. |
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Technical Archives |
Written by Finotec Group |
Dec 28 07 09:09 GMT |
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Resistance for the Cable is the key level 1.9990. Next is 2.0080, which is 37.9% correction of the drop 2.0570 - 1.9760, followed the broken bottom from 6 December 2.0165. Support is expected at the yesterday's bottom 1.9820, followed by the 4 month lowest bottom from Monday 1.9760, and the bottom from 17 August 1.9660, which gave the beginning of the last big climb few months ago. |
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Technical Archives |
Written by FOREXYARD |
Dec 28 07 07:40 GMT |
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USD/JPY: There is a sharp bearish trend shown on the daily chart and it seems that there is still steam left for the continuation of the JPY strengthening as the Slow Stochastic ,RSI and Momentum still have a negative slope. |
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Technical Archives |
Written by Crown Forex |
Dec 28 07 07:38 GMT |
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The British Pound against the yen has fallen again, yet it didn't breach the overall upside trend, and the level 224.25 stays as the main demand point in all terms. From the upside 226.60 seems to offer a good supply point. |
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Technical Archives |
Written by Crown Forex |
Dec 28 07 07:22 GMT |
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The dollar against the Japanese yen tended to move down in a strong move with high levels of volume despite the slight bullish move at the beginning of the trading session; in the meanwhile the technical indicators readjusted to show the downside move until the key support area at 112.80s. The trading range for today will be between the key resistance at 114.60 and the key support at 112. 20. |
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Technical Archives |
Written by iFOREX.bg |
Dec 28 07 05:59 GMT |
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The Euro rallied against the US Dollar after the Christmas Holiday and reached 1.4640, which is the first resistance for today. Next is 1.4700, followed by 1.4765. In downward direction support is expected at 1.4565, followed by 1.4500 and 1.4445. |
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Technical Archives |
Written by DailyFX |
Dec 28 07 02:04 GMT |
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The GBPJPY is at a very interesting juncture. We have been looking to get bearish for some time, but not until a rally to 232.38/233.68 completes wave ii of C. That said, the GBPJPY rally from 221.27 was in 3 waves so it is very possible that wave ii is complete at 230.33. Still, subjectively speaking (COT data is the big one here), we would like to see a larger correction in wave ii test the 232.38/233.68 area before we commit to the bearish cause. A break of 221.27 would turn us bearish for the drop to 210.00. |
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Technical Archives |
Written by Easy Forex |
Dec 28 07 02:03 GMT |
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Euro - 1.4615: Initial support at 1.4470 (Dec 27 low) followed by 1.4392 (Dec 26 low). Initial resistance is now located at 1.4642 (Dec 27 high) followed by 1.4658 (Dec 14 high). |
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Technical Archives |
Written by DailyFX |
Dec 27 07 20:25 GMT |
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We wrote last week that "a potential terminus for the decline is where wave C = wave A at 1.4309. " The low last week was at 1.4310 and the EURUSD has rallied through 1.4600 already this week. This is the beginning of a 5th wave rally that will exceed 1.5000 and likely test the mid 1.5000’s over the course of the next several months. |
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Technical Archives |
Written by FX Dream |
Dec 27 07 14:20 GMT |
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EUR/USD has bounced further towards 1.4600 over the last trading session on thin volumes as US Durable Goods Orders numbers came out much below expectations Further upmove towards 1.4640 is likely to be seen over today and tomorrow First immediate Resistance comes at 1.4600. On downside below 1.4470 turns price back towards 1.4410 in mid term First Support comes in the 1.4520-15 area |
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Technical Archives |
Written by ForexManage |
Dec 27 07 13:30 GMT |
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There is a need to look at both the pictures in the same time to better understand what is happening in this pair.
From the break up over the triangle upper boundary, in mid 2007 (1), the pair is going up in a straight line in the monthly chart. The move was so strong that it was not forcefully repelled when it reached the last top (2), which is usually a resistance. |
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Technical Archives |
Written by iFOREX.bg |
Dec 27 07 11:28 GMT |
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Trading remained in narrow range 113.87 - 114.47 for the USD/JPY. The upward impulse is weak and we may witness new consolidation period before the currency couple tests new hights. Support is at the 61.7% Fibonacci of the drop 117.90 - 107.30 at 113.90, followed by the bottom from 22 October 113.30, and 112.70, which is 51% Fibonacci of the same drop. Resistance is at the highest level from 24 December at 114.50, followed by 115.05 and 115.50 - 76.5% of the above mentioned drop. |
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Technical Archives |
Written by Finotec Group |
Dec 27 07 10:21 GMT |
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The buying point is at 1.4496; based on a clear uptrend. Fibonacci 61.8% is the take profit at 1.4577. Fibonacci 23.6% is the stop loss at 1.4414. The selling point is at 1.4390; based on a break of a strong support level. Previous support is the take profit at 1.4316. Fibonacci 38.2% is the stop loss at 1.4477. |
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Technical Archives |
Written by DeltaStock Inc. |
Dec 27 07 09:33 GMT |
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EURUSD: The currency pair is in an uptrend unfolding from the 1.2484 bottom and probably ahead of a significant reversal on weekly basis. The technical indicators are rising and the trading is situated above the 50-day and the 200-day SMA, currently projected at 1.4302 and 1.3697. |
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Technical Archives |
Written by iFOREX.bg |
Dec 27 07 09:26 GMT |
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The Pound started to recover against the US Dollar after reaching the bottom 1.9757. Resistance for the Cable is near the top reached so far today at 1.9915, followed by 1.9965 and 2.0020, which is 76.6% correction of the climb 1.9655 - 2.1155. In the opposite direction support is expected at 1.9805 1.9750 1.9665. |
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Technical Archives |
Written by FOREXYARD |
Dec 27 07 07:32 GMT |
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EUR/USD: The 4 hours chart is implying on an upcoming bearish trend as the Slow Stochastic was crossed at 94 and have a negative slope, heading to neutral territory. We expect this pair to test the 1.4477 (Fibonacci 38.2% level) and if a breakout would not occur, it's more likely that we will see the 1.4500 level been breached. |
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Technical Archives |
Written by Crown Forex |
Dec 27 07 06:59 GMT |
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The Euro gained against the Yen as well as investors sold the Yen in what is know as the Carry Trades, the short term indicators are showing an upside potential too for the pair to reach the next targets at 167.20s then 168.80s, and the point at 165.19 seems to offer good demand point for the pair. |
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Technical Archives |
Written by iFOREX.bg |
Dec 27 07 06:55 GMT |
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Early this morning the Euro rose from 1.4395 to 1.4515. The currency couple is trading now in range 1.4485 - 1.4515. First resistance for today is expected at this morning's top 1.4520, followed by 1.4560 and 1.4610. In downward direction supports are expected at 1.4480, followed by 1.4415 and 1.4390. |
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Technical Archives |
Written by Crown Forex |
Dec 27 07 06:39 GMT |
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The European currency yesterday rallied to the upside since it succeeded in launching the bullish wave, breaking through the major resistance level at 1.450; meanwhile the solid reversal base played a significant role in helping the euro maintain it's upside wave, today we expect the euro to progress the upside trend as well. |
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Technical Archives |
Written by Rcpl Forex |
Dec 27 07 06:02 GMT |
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Euro remained weak last week, however, gained momentum and surged to the levels of 1.45 in yesterday's trading session. Euro is currently trading around 1.4485 levels taking resistance of the 55 days EMA. The upside could be restricted around 1.4560 levels (38.2% Retracement) as the charts have not yet corrected towards being overbought completely. Initiate shorts at higher levels. (eur/usd – 1.4483). |
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Technical Archives |
Written by Raghee Horner |
Dec 27 07 02:27 GMT |
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While prices have found some running room above my Wave, I can also see that the recent pullback will be the first opportunity we have to see whether the Wave will support the dollar above 77.00 - which is a big psychological level that dollar bulls hope will hold. |
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Technical Archives |
Written by Global Forex Trading |
Dec 27 07 02:17 GMT |
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The dollar sank versus the European currencies on Wednesday, but consolidated quietly against the yen. Now that Europe has returned to trade, expect sideways to lower trading for the US currency. Keep an eye on the US confidence report today and the new homes sales on Friday. |
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Technical Archives |
Written by Easy Forex |
Dec 27 07 02:16 GMT |
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Euro - 1.4485: Initial support at 1.4311 (Dec 20 low) followed by 1.4307 (1.4751 minus 1.4968 - 1.4528). Initial resistance is now located at 1.4527 (Former support Dec 6) followed by 1.4658 (Dec 14 high). |
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Technical Archives |
Written by Aspen Trading |
Dec 26 07 13:39 GMT |
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Dollar Index (DXC) - the break below 77.28 is not a good sign for DXC bulls. However, 77.14 is the key support level that will need to hold if this move higher in DXC that began on 11/22 is to remain intact. |
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Technical Archives |
Written by Crown Forex |
Dec 26 07 09:35 GMT |
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EUR/JPY: The Euro is still inclining against all majors, yet with the holidays' thin volume, it looks like its going to stay calm between 164.70 and 167.70, while the wider range is between 162.31 and 164.73. |
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Technical Archives |
Written by Crown Forex |
Dec 26 07 09:33 GMT |
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The European currency moved towards the upside on Monday with slight trading volume due to the holidays; the euro is trying to form a solid base to show some reversal signals for the next step where passing the major resistance level at 1.4420s might lead the euro in a major move towards the upside for the upcoming days. |
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Technical Archives |
Written by Global Forex Trading |
Dec 26 07 03:05 GMT |
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The dollar was generally unchanged on Tuesday but managed to give back gains versus the pound on Christmas. With Europe still closed today, expect limited trading through Thursday. Euro/dollar has been flat during the Christmas week. Trading should be quiet. Initial resistance is still seen at 1.4455. Above it the next levels are 1.4490 and 1.4525. Immediate support remains at 1.4330. A break below 1.4290 would suggest a test of 1.4260. Euro/dollar then has good support at 1.4165. |
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Technical Archives |
Written by DailyFX |
Dec 24 07 10:33 GMT |
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Near term, the USDJPY has most likely completed a triangle as a 4th wave. The USDJPY should continue to rally towards the 11/7 high of 114.77 with 112.73 remaining intact. A support line drawn off of the 11/26 and 12/11 lows reinforces the bullish bias. |
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Technical Archives |
Written by Global Forex Trading |
Dec 24 07 10:25 GMT |
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The dollar is flat versus the European currencies and the yen on Christmas Eve and struggling higher against the antipodean currencies. Expect only spotty trading through Thursday. Euro/dollar recovered on Friday after falling to a near two-month low a day earlier. Trading should be quiet. |
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Technical Archives |
Written by FOREXYARD |
Dec 24 07 07:25 GMT |
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EUR/USD: An upcoming reversal is expected as a bearish channel structure is forming on the 4 Hour chart, offering to take the pair below 1.4300. The daily RSI floats around 50 which indicates that the bearish momentum might be very strong, and locating a short position might be wise even for the longer run. |
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Technical Archives |
Written by FOREX Ltd |
Dec 24 07 07:09 GMT |
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GBP: The assumed test of the key resistance range has not been confirmed and the preservation of some advantage of buyers' activity preserves earlier composed trading plans almost without changes. As before we assume a possibility of test of resistance range 1.9970/90, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term sales on condition of formation of topping signals the targets will be 1.9900/20, 1.9840/60, 1.9780/1.9800 and/or further breakout variant up to 1.9710/30, 1.9670/90. An alternative for buyers will be above 2.0040 with the targets 2.0080/2.0100, 2.0160/80, 2.0200/20. |
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Technical Archives |
Written by Crown Forex |
Dec 24 07 07:06 GMT |
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The Pound settled against the Yen, as low volume is dominating today's trading ahead of the holidays, the short term technical indicators are showing an upside potential for the pair to continue its upside general trend, yet it's very unlikely that we see any huge movements in the upcoming days, and the point at 225.81 seems to offer good demand for the pair. |
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Technical Archives |
Written by Crown Forex |
Dec 24 07 07:04 GMT |
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Last Friday, the 13 nation currency drove through the upside direction, ending the day with significant signs for an upside wave after the long bearish wave; due to this move the technical oscillators got affected showing the reversal pattern for the week ahead till the key levels around 1.4520s. The trading range for today might be between the key resistance level at 1.4470 and the key support level at 1.4270. |
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Technical Archives |
Written by Easy Forex |
Dec 24 07 02:18 GMT |
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Yen - 114.00: Initial support is located at 112.75 (Dec 19 low) followed by 112.20 (Dec 14 low). Initial resistance is now at 114.79 (Nov 7 high) followed by 115.42 (76.4% retracement of the 117.95 to 107.23 decline) |
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