Yesterday the Dollar Index managed to test the resistance at 82.10 but did not break it. It pushed prices lower towards 81.80. We remain cautiously bullish as the trend is reversing from 81.40 to 82.50 is our first bullish and trend reversal signal. Important support is the low of 81.40. Resistance is at 82.50 if […]
Daily chart: The USDX found support at the level of 81.50 and from the 200 day moving average. But during yesterday’s session, the USDX found resistance at the level of 82.51, which means that these levels will be vital for the development of the general trend in the USDX. If the USDX manages to break […]
The Japanese yen again grew stronger during the U.S. session, breaking the 98.84 level. Looking at the graph of the pivots you may notice that the pair is below the weekly pivot level, it is likely to find support in 97.73 (W_S1). This level has had four consecutive sessions without being broken down. Therefore, it […]
The latest daily video report from easyforex.com, includes all the latest fx market moving news and pairs to watch in the forex markets. Related Posts:Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin… April 18, 2024 We introduce you to the daily updated section of Forex…Video market update for April 18, 2024 April 18, 2024 Potential […]
Yesterday the reading of UK PMI Services in July was 60.2 against expectations for 49.6. The growth of the pound was restricted by the fall of FTSE100 which dropped 0.42% (vs. a 0.28% growth of Stoxx600). It was followed by the news from HSBC slumped 5.1% in Hong Kong after earnings at Europe’s biggest bank […]
Gold fell once again below 1300 confirming our bearish view that our primary wave count is the bearish one. The price could not manage to break above the level of 1325, which is short term resistance and our bearish view remains intact. 1290 is the first support level that could make Gold prices bounce up […]
Overview: GBP/JPY is trading with bullish bias. The rate is undermined by weak USD/JPY undertone; Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is negative-biased as MACD is in bearish mode, stochastics is turning bearish. Trading recommendations: The pair is trading above its pivot point. It is likely […]
Today’s Support and Resistance levels: R3: 1.7047 R2: 1.6972 R1: 1.6942 Current Spot: 1.6929 S1: 1.6857 S2: 1.6813 S3: 1.6771 Technical summary: The correction from the 1.7153 high has been deeper than expected, but as long as support at 1.6771 (the high of blue wave i) stays intact we will be looking for the next […]
The Australian dollar is trading around the area of the first month support at 0.8840, please take a look at the chart, now this level acts as support, and break of it stretches the losses of the Aussie in the medium term to the area of 0.8698 (M_S2). During this week there very relevant data […]
Technical outlook and chart setups: The metal seems to hit resistance at 20.20/30 levels on Friday and the next probable move could be lower towards 19.00 level before rallying further up. Unlike Gold, the metal has been there for a while now without much wave movement. Resistance is at 20.50 level, while support is seen […]
Technical outlook and chart setups: The metal is clearly moving as it was expected. Yesterday the backside test produced a pullback lower and it is recommended to hold short positions initiated. Resistance is at 1,339/40 levels followed by 1,350 on the higher side; while support is at 1,270.00, and 1,210.00 levels on the lower side. […]
Overview: USD/JPY is trading in a lower range. The rate is undermined by weak dollar sentiment as Friday’s smaller-than-expected increase in U.S. July non-farm payrolls continues to reverberate, while the employment sub-index of the ISM’s non-manufacturing survey fell to 53.2 from 54.7 in June, denting optimism from the main index’s stronger-than-expected rise to 56.0 in […]
Overview: NZD/USD is consolidating in higher range after hitting four-week low at 0.7699 on Monday. The pair is supported by soft dollar sentiment, optimism that most of the fallout from Fonterra’s quality issues involving the harmful bacteria in its milk products is solved; Kiwi demand on weaker AUD/NZD cross. Daily chart is still negative-biased as […]
Overview: USD/CHF is trading in a lower range. The rate is undermined by the weak dollar sentiment; CHF demand on soft EUR/CHF cross. Daily chart is negative-biased as MACD is in the bearish mode, stochastics is turning bearish. Trading recommendation: The pair is trading below its pivot point. It is likely to trade in a […]
On Monday, Retail Sales in the Eurozone in June dropped 0.5% vs. forecast for -0.6% and a 1.1% growth in May. US ISM Non-Manufacturing in July was 56.0 vs. expectations for 53.2. As the result, the euro dropped 26 points. Today at 12:00 UTC+4 Industrial Production in Italy, forecast 0.5% vs. 0.1%. At 13:00 UTC+4 […]
August 6th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European markets have opened mostly lower this morning, tracking losses on Wall Street and Asian markets, as remarks by Dallas Fed President Richard Fisher sparked concerns over an early scaling back of existing Fed stimulus measures. Closer home, the BRC reported that same store […]
AUDUSD Elliott Wave Since our last analysis the AUD/USD pair has been trading upwards, just like we expected, the corrective wave 4 (coloured blue) of the bigger wave 5 (coloured green) has been developing. During the Monday’s Asian and European sessions we could observe an ascending movement from 0.8845 towards the 0.8915 level. Therefore, during the […]
General overview on 06/08/2013 08:00 CET: The price had been testing the level of 1.0400 for three times but it got no success, and then broke the intraday support (now resistance) and stopped at Weekly Pivot area at 1.0350. So far the correction is in three waves and might be finished, but to confirm this, […]
General overview for 06/08/2013 08:30 CET: Price has declined in five waves that constituted the wave iii and now a corrective cycle in wave iv is due. The first sign of this cycle is the golden channel breakout and it looks like the price is going to test the Intraday Resistance and Weekly Pivot level […]
USD/CAD Elliott Wave Since our last analysis the USD/CAD pair has been trading downwards, the corrective wave B (coloured blue) of the bigger wave (B) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe a strong descending movement from 1.0402 towards the 1.0364 level. Therefore, during the New York […]
Technical outlook and chart setups: There is no change from what has been discussed earlier. The single currency has been steadily drifting lower and is breaking out the support channel, at the moment. The short positions initiated yesterday should be held 132.60/70 levels and aggressive traders would want to add further on break down of […]
Daily chart: USD/JPY is turning bearish on this chart, because this was met with strong resistance at the 99.81 level. Now, this pair is trying to break the support at the 97.59 level and, if it succeeds, it would be expected to fall to the level of 96.38. On the other hand, if USD/JPY consolidates […]
Today’s support and resistance levels: R3: 130.79 R2: 130.40 R1: 130.25 Current spot: 129.89 S1: 129.79 S2: 129.32 S1: 128.89 Technical summary: The decline from 131.98 broke through strong support at 130.40 without any trouble, and we are now looking for minor resistance at 130.25 or maybe resistance at 130.40 to protect the upside for […]
Technical outlook and chart setups: The single currency pair has tested backside of the broken uptrend line yesterday, which is now resistance at the 1.43 level. The pair is more likely to continue drifting lower from here on and it is recommended to remain short against the 1.44 level. The downside extensions are pointing towards […]
Overview From the today’s H4 chart, the metal is still trading below the Resistance level 20.00 and below the upper boundary of its bearish channel as shown. Currently silver is testing it. So we should wait for closing 4H below the downward trendline to create a new bearish opportunities. In that case the metal […]
The pound completed a key bullish reversal, as the pair carried out a rally from the low of 1.5102, rising to 1.5322 last week. Thus, it has completely negated our bearish forecast. Given the aggressive nature of the sudden demand, we suspect that there will be a period range below 1.54 and 1.51. Now the […]
Overview From the today’s H4 chart and as it was expected last week, we should wait for breaking the Resistance area 150.70-151.30 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this Resistance area and bounced from it to stabilize below […]
Supply Levels: 1,340.20, 1,370.40, and 1,423.30. Demand Levels: 1,312.20, 1,256.00, and 1,209. Bullish breakout above previous congestion zone extending between 1,265-1,298 took place on Monday. This enhances the ongoing uptrend. Lack of bullish steam was apparent on the daily chart after hiting 1,347.8, successive daily inside bars were trapped within pin-bar price range until Friday when […]
Bearish rejection was expressed off important key resistance at 1.5400 located on the chart corresponding to 61.8% Fibonacci Level extending up to 1.5440. This significant resistance managed to put bearish pressure leading towards quick retracement which already bypassed 1.5290, 50% Fibonacci, reaching daily demand level around 1.5125-1.5105. The next significant demand level on the daily […]
The USD/CAD pair rose steeply approaching the key resistance level of the ascending channel around 1.0530 as depicted on the chart. Since then, the pair has established a consolidation range between 1.0450-1.0560 that expressed a false bullish breakout above 1.0555 which was followed by intensive bearish pressure that led to breakdown of 1.0450 and 1.0380 with a recorded low 1.0254. […]
