Forex news and insightful analysis reports from ActionForex.com on spot forex market, covering EUR/USD, USD/JPY, GBP/USD & USD/CHF, and much more. http://www.actionforex.com Fri, 03 Jul 2009 17:11:02 +0100 FeedCreator 1.7.2 http://www.actionforex.com/images/M_images/aflogo.jpg http://www.actionforex.com Forex news and insightful analysis reports from ActionForex.com on spot forex market, covering EUR/USD, USD/JPY, GBP/USD & USD/CHF, and much more. http://www.actionforex.com/action-insight/candlesticks-trades/trade-idea%3a-gbp%10usd-%11-sell-at-1.6470-2009070390953/ Despite intra-day brief bounce to 1.6432, the British pound met renewed selling interest right at the Ichimoku cloud top and fell again in London session to as low as 1.6301. Whilst we still expect sterling’s decline from 1.6745 top to extend to 1.6274 (50% Fibonacci retracement of 1.5803 to 1.6745),... Fri, 03 Jul 2009 11:09:30 +0100 http://www.actionforex.com/action-insight/candlesticks-trades/trade-idea%3a-aud%10usd-%11-buy-at-0.7935-2009070390952/ The rebound in Australian dollar 0.7905 suggests the decline from 0.8156 has possibly ended there and upside bias is seen for gain to 0.8024/30 (previous support turned resistance, current level of Kijun-Sen as well as 50% Fibonacci retracement of 0.8156-0.7905), however, we need to see a firm break above the... Fri, 03 Jul 2009 11:08:33 +0100 http://www.actionforex.com/action-insight/candlesticks-trades/trade-idea%3a-eur%10usd-%11-sell-at-1.4065-2009070390950/ The single currency remained sidelined after recovering from 1.3927 and further consolidation above this level should take place, however, as top has been formed at 1.4202 earlier, upside would be limited to 1.4065 (50% Fibonacci retracement of 1.4202 to 1.3927 as well as current level of Kijun-Sen) and our bearish... Fri, 03 Jul 2009 09:40:37 +0100 http://www.actionforex.com/action-insight/candlesticks-trades/trade-idea%3a-usd%10jpy-%11-buy-at-95.45-2009070390949/ Dollar traded narrowly in thin market condition mainly due to holiday in U.S. and near term sideways trading is likely to continue. Although recovery to 96.27/29 (previous support and the current level of Tenkan-Sen) cannot be ruled out, only above 96.50 (approx. the 61.8% Fibonacci retracement of 97.00 to 95.70)... Fri, 03 Jul 2009 09:39:20 +0100 http://www.actionforex.com/action-insight/elliott-wave-trades/trade-idea%3a-eur%10jpy-%11-buy-at-133.15-2009070390942/ The retreat from 136.90 turned out to be stronger than expected mainly due to cross-buying in Japanese yen on risk aversion after the release of below expectation U.S. job report, price dropped to as low as 133.58 earlier today before rebounding. Fri, 03 Jul 2009 08:00:17 +0100 http://www.actionforex.com/action-insight/elliott-wave-trades/trade-idea%3a-aud%10usd-%11-buy-at-0.7945-2009070390941/ The Australian dollar fell sharply yesterday on active cross-selling versus Japanese yen due to risk aversion after the release of weaker-than-expected U.S job data, despite dropping to a low of 0.7905, the rebound from there suggests the wave (2) correction from 0.8156 has possibly ended there and upside bias is... Fri, 03 Jul 2009 07:59:05 +0100 http://www.actionforex.com/action-insight/elliott-wave-analysis/eur%10chf-elliott-wave-analysis-2009070390935/ We have changed our preferred count as indicated on the attached daily chart, the decline from 1.6828 (10 Nov 2007) to 1.4300 is treated as D leg of a larger degree wave (B) and E leg of this triangle wave (B) is now in progress with a leg ended at... Fri, 03 Jul 2009 04:50:35 +0100 http://www.actionforex.com/action-insight/elliott-wave-analysis/usd%10chf-elliott-wave-analysis-2009070390934/ We have revised our preferred wave count on USD/CHF and as indicated on the attached daily chart, early selloff to 0.9630 is now treated as an end of the larger degree wave (C) and major correction is unfolding from there with a leg of a larger degree wave A ended... Fri, 03 Jul 2009 04:49:38 +0100 http://www.actionforex.com/action-insight/eurgbp-outlook/eur%10gbp-daily-outlook-2009070390925/ EUR/GBP failed 0.8633 cluster resistance (50% retracement of 0.8866 to 0.8399 and 100% projection of 0.8399 to 0.8597 from 0.8435) and retreated. Break of 0.8565 turns intraday outlook neutral first. On the upside, sustained break of 0.8633 will solidify the case that such rise from 0.8399 is developing into something... Fri, 03 Jul 2009 03:17:10 +0100 http://www.actionforex.com/action-insight/eurchf-outlook/eur%10chf-daily-outlook-2009070390924/ EUR/CHF's pull back from 1.5380 resumes after brief recovery and takes out 1.5191 cluster support. The fall from 1.5380 is admittedly deeper than expected. At this point, intraday bias On the downside as long as 1.5245 minor resistance holds and further decline could still be seen. Nevertheless, downside should be... Fri, 03 Jul 2009 03:13:33 +0100 http://www.actionforex.com/action-insight/gbpjpy-outlook/gbp%10jpy-daily-outlook-2009070390922/ GBP/JPY's break of 156.69 minor support suggests that rebound from 154.03 has completed at 160.24 already. Intraday bias if flipped back to the downside and fall from 162.56 should still be in progress for medium term channel (now at 153.21). On the upside, though, break of 160.24 will indicate invalidate... Fri, 03 Jul 2009 03:06:05 +0100 http://www.actionforex.com/action-insight/eurjpy-outlook/eur%10jpy-daily-outlook-2009070390921/ As noted before, EUR/JPY's rebound from 131.41, which is treated as correction to fall from 139.21 only, is likely completed at 136.87. Intraday bias is mildly on the downside for the moment and break of 133.36 support will add much credence to this case and target 131.41 low next. On... Fri, 03 Jul 2009 03:02:39 +0100 http://www.actionforex.com/action-insight/audusd-outlook/aud%10usd-daily-outlook-2009070390920/ As discussed before, AUD/USD's rebound from 0.7788 has likely completed at 0.8154 already and intraday bias is now mildly on the downside for further fall to test 0.7788 first. Note that it's still possibly that price actions from 0.8236 are corrective in nature and focus will be on 0.7710 cluster... Fri, 03 Jul 2009 02:56:45 +0100 http://www.actionforex.com/action-insight/eurusd-outlook/eur%10usd-daily-outlook-2009070390919/ EUR/USD's break of 1.4000 support suggests that choppy corrective recovery from 1.3747 has likely completed at 1.4196 already. Intraday bias is flipped back tot he downside and further fall should be seen to retest 1.3747 low first. Break will bring resumption of whole fall from 1.4337 and should then target... Fri, 03 Jul 2009 02:50:25 +0100 http://www.actionforex.com/action-insight/gbpusd-outlook/gbp%10usd-daily-outlook-2009070390917/ Intraday bias in GBP/USD remains on the downside with focus on 1.6232 support. As noted before, break there will be an early signal that GBP/USD has topped out already, with bearish divergence conditions in 4 hours MACD and RSI. Deeper decline should then be seen to 1.5801 support for confirmation.... Fri, 03 Jul 2009 02:45:05 +0100 http://www.actionforex.com/action-insight/usdchf-outlook/usd%10chf-daily-outlook-2009070390915/ USD/CHF's break of 1.0889 minor resistance argues that pull back from 1.1021 has completed at 1.0712 already. Intraday bias is now cautiously on the upside and further rise is in favor to test 1.1021 first. Break will confirm resumption of whole rally from 1.0590 and should then target 1.1158/1740 key... Fri, 03 Jul 2009 02:42:53 +0100 http://www.actionforex.com/action-insight/usdjpy-outlook/usd%10jpy-daily-outlook-2009070390914/ USD/JPY remains bounded in established range of 94.87/96.96 for the moment and outlook remains unchanged. Focus is still on 94.87 support. As long as this support holds, we'd still prefer the case that fall from 98.87, which is treated as the fifth leg in triangle consolidation has completed already. Above... Fri, 03 Jul 2009 02:38:37 +0100 http://www.actionforex.com/action-insight/candlesticks-trades/trade-idea%3a-aud%10usd-%11-buy-at-0.7935-2009070390909/ Although the Australian dollar did extend the decline from 0.8156 to 0.7905 (our long entry was 0.7890), the currency pair found decent demand right above the calculated support at 0.7896 (1.618 times projection of the fall from 0.8156 to 0.8024 measuring from 0.8109) and staged a strong rebound from there,... Fri, 03 Jul 2009 02:01:02 +0100 http://www.actionforex.com/action-insight/candlesticks-trades/trade-idea%3a-gbp%10usd-%11-sell-at-1.6530-2009070390908/ Despite falling to 1.6323 yesterday, the British pound recovered from there on cross-unwinding versus Japanese yen and the candlestick on the 4 hour chart at 1.6323 with a relatively long lower shadow suggests temporary low has been formed and it is quite likely that we may see cable to rebound... Fri, 03 Jul 2009 01:59:19 +0100 http://www.actionforex.com/action-insight/candlesticks-trades/trade-idea%3a-eur%10usd-%11-sell-at-1.4065-2009070390904/ The single currency extended the decline from 1.4202 to as low as 1.3927 yesterday, confirming the rise from 1.3747 has ended at 1.4202 and although price has rebounded from 1.3927 on short-covering, as top has already been formed, upside would be limited to 1.4065 (50% Fibonacci retracement of 1.4202 to... Fri, 03 Jul 2009 01:31:47 +0100