06 October 2009

10/7 General Trading Articles (ActionForex.com)

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Why Technical Analysis Beats Out Fundamental Analysis
October 5, 2009 at 11:30 pm

Well, let me begin my answer with a quote from a national financial magazine dated October 1977. "Over the last few years, the Wave Principle has gathered too much of a following and, therefore, it has less value today. Almost invariably, you can write off a technique when it gets...
 

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10/7 Technical Analysis Articles (ActionForex.com)

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A Lesson in Drawing and Using Trendlines
October 5, 2009 at 11:26 pm

When I began my career as an analyst, I was lucky enough to have some time with a few old pros. One in particular that I will always remember told me that a kid with a ruler could make a million dollars in the markets. He was talking about trendlines....
 

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10/7 Central Banks Speeches and Publications (ActionForex.com)

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(RBA) Monetary Policy Statement by Glenn Stevens, Governor - 6 October, 2009
October 5, 2009 at 6:52 pm

At its meeting today, the Board decided to raise the cash rate by 25 basis points to 3.25 per cent, effective 7 October 2009. The global economy is resuming growth. With economic policy settings likely to remain expansionary for some time, the recovery will likely continue during 2010 and forecasts...
 

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10/7 Forex Long Term Forecasts (ActionForex.com)

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Real Estate Trends Could Impact Future path of Canadian Monetary Policy
October 6, 2009 at 4:42 am

With the recession drawing to a close, the focus has shifted to the shape of the recovery and the implications for the eventual rebalancing of monetary policy. TD Economics believes that the most likely scenario is a gradual economic expansion in 2010, which will do little to absorb the significant...
 

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10/7 Forex Technical Analysis Reports (ActionForex.com)

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Market Morning Briefing
October 6, 2009 at 5:39 pm

The Aussie (0.8885) was King yesterday after the trailblazing rate hike (25bp) and has seen a high near 0.8920 today. We may target 0.9130 over the next couple of weeks. The Euro (1.4685) is also bullish, although a little less so than the Aussie. We see decent chances of rise...

Daily Technical Analysis
October 6, 2009 at 4:55 pm

The EURUSD continued it's bullish momentum yesterday, topped at 1.4761 and closed at 1.4721. On h1 chart below we can see that 1.4671 area is an important intermediate resistance at this phase. The bias is neutral in nearest term and we might see some downside correction today, but the bullish...

Foreign Exchange Market Commentary
October 6, 2009 at 4:13 pm

EUR/USD closed higher on Tuesday as it extends the rally off last Friday's low. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, September's high...

FX Technical Commentary
October 6, 2009 at 4:00 pm

Euro 1.4710 Initial support at 1.4581 (Oct 5 low) followed by 1.4467 (Oct 2low). Initial resistance is now located at 1.4844 (Sept 23 high) followed by 1.4908 (August 22 '08 high)

Forex and Dow Jones Recommended Levels
October 6, 2009 at 3:53 pm

EUR/USD Today's support: - 1.4670 and 1.4626(main), where correction is possible. Break would give 1.4602, where correction also may be. Then follows 1.4569. Break of the latter would result in 1.4532. If a strong impulse, we would see 1.4490. Continuation will give 1.4476.

USD/JPY Sinks Towards September Lows
October 6, 2009 at 7:38 am

The USD/JPY is participating in today's broad-based weakness of the Dollar following the RBA's decision to raise its benchmark rate by 25 basis points. Though an incremental increase, the RBA's policy delivered a monetary shock and investors are beginning to trade with more of an exit-strategy mentality. The exit from...

GBP/USD Consolidates Around our 2nd Tier Uptrend Line
October 6, 2009 at 7:37 am

The Cable is consolidating along our important 2nd tier uptrend line as the currency pair battles with the psychological 1.60 level. Meanwhile, the GBP/USD has managed to set higher lows, (10/6, 10/2, 9/28), a positive technical development for the uptrend. However, the Cable is still trading at a comparative disadvantage...

EUR/USD Strengthens Towards September Highs
October 6, 2009 at 7:36 am

The Euro's relative strength is paying dividends today as investors exit the Dollar following a surprise 25 basis point rate hike from the RBA. We recognize broad-based weakness in the Dollar as a result, particularly against the Aussie and Kiwi. Additionally, gold has rocketed to new all-time highs, a negative...

Chart Of The Day: EUR/GBP
October 6, 2009 at 7:12 am

As shown on the EUR/GBP daily chart, after making a minor bearish correction in the current steep uptrend, the euro has begun to resume its dominating position over the British pound. Price is currently approaching the 0.9300 high (almost a 6-month high) that was reached early last week with a...

EURUSD: Recovery Strength Eyes The 1.4844 Level
October 6, 2009 at 3:37 am

Having halted its nearer term corrective pullbacks at the1.4479 level and triggered an upside strength, EUR was seen building on that gain today pushing through its Sept 30'09 high at 1.4672. With this development price action is now expected to develop towards its YTD high at 1.4844 with a decisive...

AUDUSD: Breaks The 0.8857 level, Resumes Its Medium Term Uptrend
October 6, 2009 at 3:36 am

The pair has broken the 0.8857 level intra and has resumed its medium term uptrend with the next upside target standing at its Aug 10'08 high at 0.8950 with a clean penetration of there allowing for further upside targeting the 0.9000 level, its big psycho level. Its daily RSI continues...

Dollar Index Critical Area at 75.83, Aud/Usd Psychological Level at 0.9000
October 6, 2009 at 2:11 am

Prices on the dollar index chart were recently testing the upper resistance line of a trading channel, where a possible long break-out will confirm that wave V of a black C is done. However, this is not the case yet, and as such move into much deeper levels is still...

FX Thoughts for the Day
October 6, 2009 at 2:06 am

Cable rose towards 1.6047 only to be sold sharply. Small upmoves are being followed with sharper slides. The Supports and Resistances mentioned in the morning continues to look good to be honoured going forward. The 55-MA on the 8H at 1.6183 could be the max that the pair may scale...

Technical Analysis Daily: USD/JPY
October 6, 2009 at 12:11 am

Yesterday Dollar/Yen made a decreasing attempt, reaching a bottom at 89.22, where the bearish impulse was stopped, and the currency couple bounced sharply upwards to 89.96, closing the day at 89.53. Today Dollar continued to weaken against the Yen, as expected, down to 88.86. On the 3 hour chart USD/JPY...

Currency Technical Report
October 6, 2009 at 12:01 am

Retracements from 1,4650-70 are, were limited at 1,4600 according to our upward scenario, and the upward break that followed confirmed the short term downtrend reversal. Buyers seem to dominate and next target is likely to be at previous lows or even higher. First important resistance emerges at 1,4720-30, followed by...

Forex Technical Analysis
October 5, 2009 at 11:58 pm

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.

Daily FX Report
October 5, 2009 at 10:53 pm

Since the middle of August, the AUDCHF has been gaining close to an upward trend line. After touching the green support for the fourth time the market touched the middle Bollinger Band and is trading close to the resistance level around 0.9100. If the pair goes through this level, it...

Technical Analysis Daily: GBP/USD
October 5, 2009 at 10:09 pm

Yesterday Pound/Dollar traded hesitantly. The Cable increased up to the 1.6020 top, from where it started dropping down to the 1.5904 bottom, closing the day at 1.5931. Today the Sterling continued recovering, as expected. On the 3 hour chart after a break of the support at 1.6050, which has now...

Forex Technical Update
October 5, 2009 at 9:31 pm

EURO had a moderate bullish momentum yesterday, topped at 1.4668 and closed at 1.4648. The pair is now trading above the trendline resistance indicating bullish pressure still able to maintain it's momentum. Technically in nearest term the bias is bullish testing 1.4720 – 1.4850 area. However please note that in...

Forex Technical Analytics
October 5, 2009 at 8:57 pm

The pre-planned short positions from key resistance range levels were implemented with the achievement of main estimated targets. OsMA trend indicator having marked the tendency of bullish activity fall considering the chosen strategy gives grounds for sales priorities of planning of trading operations for today. On the assumption of it as...

FX Technical Analysis
October 5, 2009 at 8:45 pm

EURUSD Comment: Breaking above the top of a neat little 'channel' and the 9-day moving average as the US dollar weakens against a raft of major currencies. Momentum is zero and the Euro is a long way from being overbought so will not hamper rallies. However, this does mean that...

Technical Analysis for Major Currencies
October 5, 2009 at 8:35 pm

The Euro versus Dollar pair was able to breach the neckline for the bullish technical pattern, pointed out yesterday, to surge higher in an attempt to reach the initial target near 1.4845. We may witness slight volatility, due to the negative pressured from momentum indicators that may result in a...

Technical Analysis for Crosses
October 5, 2009 at 8:31 pm

The hourly piercing pattern that's appearing on the subsidiary image shows that a bullish correctional wave is still highly anticipated on the intraday basis, pushing the GBP/JPY pair to re-test the broken neckline of our captured daily double top around 147.00 zones. RSI 14 is still moving inside oversold areas...

Daily Technical Outlook
October 5, 2009 at 7:53 pm

The euro recovered on yesterday and continued to climb higher during today's Asian trading session. Upside remains favored and a daily close above 1.4700 would confirm the end of the corrective cycle from 1.4845 to 1.4480. Intra-day sentiment is also positive and won't change as long as 1.4650/70 will provide...

Technical Analysis Daily: EUR/USD
October 5, 2009 at 7:12 pm

Euro/Dollar made a moderately increasing movement on Monday. The currency couple attempted to rise, reaching a peak at 1.4667, where the bullish impulse was limited, and the currency pair closed the day at 1.4647. On the 3 hour chart the descending channel was broken upwards, and the upper limit now...

The Daily Forecaster: USDCHF
October 5, 2009 at 6:52 pm

The underlying MT direction is neutral while the daily bias is neutral. Therefore it may be better to sit out of the market or trade breaks when supported by bullish or bearish set up patterns. It is advisable to study both lower and higher time frame charts for evidence to...

Foreign Exchange Market Commentary
October 5, 2009 at 5:47 pm

EUR/USD closed higher on Monday and above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral hinting that a short-term low might be in or is near. Multiple closes above the 10-day moving...

Market Morning Briefing
October 5, 2009 at 5:38 pm

The Euro (1.4692) and Aussie (0.8766) are continuing with their uptrend and are trading higher. Intraday Support is seen at 1.4630 for Euro and Aussie might test the Resistance region 0.8830-50 today. Dollar-Yen (89.10) has fallen and is trading near 89, thereby keeping up the downtrend intact. Support is seen...

FX Technical Commentary
October 5, 2009 at 4:56 pm

Euro 1.4664 Initial support at 1.4527 (Sept 29 low) followed by 1.4467 (Sept 9 low). Initial resistance is now located at 1.4725 (Sept 25 high) followed by 1.4844 (September 23 high)

Daily Technical Analysis
October 5, 2009 at 3:50 pm

The EURUSD had a moderate bullish momentum yesterday, topped at 1.4668 and closed at 1.4648. On h4 chart below we can see that after struggle around the minor trendline resistance (red) where price cross up and down, the pair is now traded above the trendline resistance indicating bullish pressure still...
 

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05 October 2009

10/6 Forex Technical Analysis Reports (ActionForex.com)

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Chart Of The Day: AUD/USD
October 5, 2009 at 6:01 am

Price action on AUD/USD, a daily chart of which is shown, has continued to respect a long-term uptrend support line (extending from March lows) despite the recent U.S. dollar strengthening that has occurred against the major currencies. Yet another bounce up off this support line occurred on Friday (10/02/2009), and...

Eur/Usd at Support Line
October 5, 2009 at 2:44 am

The Eur/Usd pair traded lower in the past week, away from our wave 5 top shown at the 1.4845 area, as expected. The market could technically break through the lower support line of a trading channel over the coming days, which would confirm that an impulse bullish count is completed....

USDJPY: Broader Bias Remains Lower
October 5, 2009 at 2:17 am

As USDJPY condition continues to deteriorate though printing a higher weekly close the past week, its broader medium to longer term declines activated at the 124.13 is on the verge of being triggered. The pair having bottomed out in Dec'08 and Jan'08 at 87.10 following its sell off the 110.66...

GBPUSD: Follows through Higher On Corrective Recovery
October 5, 2009 at 2:16 am

A follow-through higher is now in progress having turned ahead of the 1.6768 level(Sept 28'09 high) on Friday last week. Although the pair still remains vulnerable to the downside following its declines off its YTD high at 1.7041, the present strength is set to correct that declines. This suggests that...

FX Thoughts for the Day
October 5, 2009 at 2:12 am

After falling and recording a low of 0.8717 initially during the day, Aussie has risen slightly now. If it continues to trade above 0.8700, we might see a rise towards the significant Resistance region 0.8830-50 in the coming sessions/days. A break above this Resistance region (0.8830-50) might see 0.8920-50 on...

Currency Technical Report
October 5, 2009 at 12:46 am

Non Farm Payrolls in US were disappointing and dollar rose at first, following the decline in equity markets, but the move was quickly reversed and first support levels were breached. The decline was limited below 1,4500 area, which is an important support and the reaction that followed, broke the...

Forex Technical Analysis
October 4, 2009 at 11:32 pm

EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.

Forex Technical Analytics
October 4, 2009 at 11:20 pm

The estimated test of key supports was confirmed but relative bearish activity rise marked by OsMA trend indicator did not incline to the implementation of pre-planned buying positions. Therefore, at the moment, considering tendency of strengthening of activity sales against the background of unconvincing bullish resistance we can assume probability...

AUDUSD: Correction With Upside Bias
October 4, 2009 at 10:52 pm

AUDUSD strengthened for eight months in a roll the past month building on its medium term uptrend triggered in late April'09. With this uptrend coming on the back of a base forming process in Oct'08 and Feb'09 and a subsequent break higher in late April'09 occurring, AUDUSD rallied to a...

Forex Technical Update
October 4, 2009 at 9:35 pm

Euro had indecisive market on Friday. The pair attempted to push lower, bottomed at 1.4479 but found support at trendline support , bounced to the upside, topped at 1.4646 and closed at 1.4574. The fact that the trendline support still hold should keep the bullish scenario intact. On the upside...

Daily Technical Outlook
October 4, 2009 at 9:28 pm

Not much has changed across the board while I've been on my annual vacation during the last two weeks. Current euro's pullback from 1.4845 seem corrective and the euro has found support on the median retracement level of September's upward move from 1.4190 to 1.4845 - at 1.4520. Short term...

Technical Analysis for Crosses
October 4, 2009 at 8:35 pm

Inside the bigger bearish picture, some correctional movements are needed. Therefore the GBP/JPY has been capable of building a positive technical base that pushed it to close above 76.4% Fibonacci level. This correctional movement is awaited to re-test the broken neckline of our captured daily double top around 147.00 zones....

FX Technical Analysis
October 4, 2009 at 8:31 pm

EURUSD Comment: Testing the top of a neat little 'channel' though still capped by the 9-day moving average. Over the next week or two we shall have to allow for another downside test but the rally from the 1.4500 area Friday makes recent price action look increasingly like consolidation. Momentum...

Technical Analysis for Major Currencies
October 4, 2009 at 7:42 pm

The 50% correction limited further declines for the pair to result in a rebound to the upside targeting the resistance level at 1.4670, which we think will cause volatility, as momentum indicators continue to pressure the pair to the downside. We believe the pair is to fluctuate between 1.4600 and...

The Daily Forecaster: EURJPY
October 4, 2009 at 6:32 pm

The underlying MT direction is bearish while the daily bias is neutral. This may indicate price consolidation or an unclear wave structure that needs confirmation. Note key MT support & resistance levels that may break the MT trend or would suggest a resumption of the move lower. It is very...

Daily Technical Analysis
October 4, 2009 at 6:24 pm

The EURUSD had a volatile but indecisive market on Friday. The pair attempted to push lower, bottomed at 1.4479 but found support at trendline support (orange), bounced to the upside, topped at 1.4646 and closed at 1.4574. The fact that the trendline support still hold should keep the bullish scenario...

Market Morning Briefing
October 4, 2009 at 5:38 pm

The Euro (1.4640) and Aussie (0.8742) has risen from their respective Friday's low of 1.4480 and 0.8567 and are trading higher, thereby keeping up their overall uptrend intact. For Euro Support is seen at 1.4575 and if it holds we might see a rise towards 1.4730-50 today. Aussie might see...

Foreign Exchange Market Commentary
October 4, 2009 at 5:17 pm

EUR/USD closed higher due to short covering on Friday but remains below the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this...
 

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04 October 2009

10/5 Forex Technical Analysis Reports (ActionForex.com)

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Usd/Jpy Bullish above 90.43
October 4, 2009 at 10:44 am

On the Usd/Jpy pair we are still looking for a mid-term bullish move, as wave V of a larger A) looks to be completed at the 88.23 low. Currently, the market seems to be trading at the end of a corrective black wave II) leg, which is a part of...
 

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