Technical outlook and chart setups: As depicted here on the daily chart, the single currency pair hit the 1.618 Fibonacci extension (Red), at 1.4800 yesterday. Please note that resistance line is also coinciding with the prices around the same region. Furthermore, past support turned resistance is also between 1.4750/1.4800 region (horizontal blue line). The single […]
May 16th 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist European stock markets are broadly flat Thursday morning, taking a breather after pouring on gains in the face of poor data from the euro zone and the US in the previous session. Euro zone Q1 GDP, US industrial output and Empire State manufacturing data […]
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:EUR/USD. April 26th. Bulls continue to advance after the GDP… April 26, 2024 The EUR/USD pair on Thursday rebounded from the corrective level…Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed […]
On Wednesday, data on the UK Claimant Count change was better than expected, it fell 7.3K vs. estimates for a 3.1% drop. UK unemployment rate as measured by International Labour Organisation methods fell moderately from 7.9% to 7.8%. Bank of England Governor Mervyn King stated a UK recovery is now “in sight” as he delivered […]
FOREX Daily Outlook by Easy-Forex.com Gold on bearish outlook The euro (EUR) continues to slide against the US dollar (USD) as the pair trades at just above 1.3080. The single currency has found strong resistance at 1.3140 after it had risen from a 6 month low. The pair is heavily influenced by fundamentals such as […]
EURUSD: Having dropped by over 110 pips this week, the EURUSD pair is in a vivid bearish mode. The price is hovering below the market line of 1.2900, and the target at 1.2800 is not a lofty ambition, for this week or the next week. Any short-term bullish rally should not take the price above […]
Yesterday the European and US data were worse than expected. GDP in the eurozone in Q1 dropped 0.2% vs. forecast for -0.1%, US Industrial Production fell 0.5% vs. estimates for a 0.1% drop. As the result the euro dropped 35 points. Today at 13:00 GMT+4 Trade Balance in the eurozone in March is issued, forecast […]
Overview: According to previous events, the price has still been trapped between 1.5263 and 1.5165 so it is of the wisdom to be careful at this range area around the level 38.2% of Fibonacci retracement levels. Therefore, first step is to wait for a period of tight sideway range market before breakouts. Probably the market […]
Today’s Support and Resistance levels: R3: 1.5681 R2: 1.5658 R1: 1.5595 Current Spot: 1.5604 S1: 1.5576 S2: 1.5532 S3: 1.5485 Technical overview: The deep correction has forced us to change our count. Instead of a series of waves one’s and two’s the rally from 1.5261 has been a leading diagonal. This type of impulsive, […]
TODAY’S TECHNICAL LEVELS: Resistance 3: 102.61. Resistance 2: 102.41. Resistance 1: 102.21. Support 1: 101.96. Support 2: 101.76. Support 3: 101.56. DESCRIPTION: Please pay attention to the levels of support 3 (101.56) and resistance 3 (102.61). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but […]
TODAY’S TECHNICAL LEVELS: Breakout BUY Level: 1.2946. Strong Resistance: 1.2939. Original Resistance: 1.2926. Inner Sell Area: 1.2913. Target Inner Area: 1.2883. Inner Buy Area: 1.2853. Original Support: 1.2840. Strong Support: 1.2827. Breakout SELL Level: 1.2820. DESCRIPTION: Today EUR/USD has support and resistance at 1.2840 and 1.2926. The rate is accompanied by strong support at 1.2827 […]
Japan experienced a pick up in the pace of growth in its economy during the first three months if this year. Data released on Thursday showed that GDP increased at 0.9 percent, which was more than the expected 0.7 percent forecasted. Driving growth was an increase in consumer consumption and also an increase in exports. […]
Read the Daily Market Report from Dave Evans, Professional Trader Dollar breaks 2012 highs Morning Report: 08.00 London • Sentiment is really behind the US dollar at the moment, with the Greenback breaking through the 2012 highs to its highest level since July 2010. Click here to […]
The yen moved off a four-year low in Thursday’s Asian trade after some good Japanese data helped pause its decline. Meanwhile some weaker US data also slowed the dollar’s rally. Some preliminary GDP data released today showed the Japanese economy grew 0.9 percent in the first quarter, much more than the forecast for a 0.7 […]
Today’s support and resistance levels: R3: 132.78 R2: 132.45 R1: 131.91 Current spot: 131.55 S1: 131.18 S2: 130.88 S3: 130.43 Technical overview: The deep correction from 132.78 indicates that wave iii of 5 ended early and that wave iv of 5 is ongoing. Wave iv of 5 could already have ended at 131.18, which a […]
RECOMMENDATION: Sell stop (pending order) at 131.24. Stop loss at 131.34. Take profit at 131.10. Alternative: Buy stop (pending order) at 131.76. Stop loss at 131.66. Take profit at 131.90. Best regards, Arief Makmur Official Analyst of InstaForex Group InstaForex Group http://instaforex.com Email: [email protected] Yahoo Messenger & Skype: Arief.ifx_jakarta blog.mt5.com/arief http://www.mt5.com/forex_analysis_award/profile/index/arief Disclaimer: Trading […]
Overview: The EUR/JPY’s subsequent sharp fall suggests that a decline from 132.10 yesterday had resumed to 130.00 (strong support). The pair has already formed a strong resistance at the level of 132.80 and it is now approaching it in order to test it. Also it should be noted that the price is still trapped between […]
The US dollar remains relentless and continues to gain strength across the board on Wednesday, even after weak US economic data on New York State’s manufacturing sector. The New York trading session was upbeat, helping the dollar strength, and the Dow Jones and S&P closed at record highs. The ICE dollar index which measures the […]
The UK economy may have some ray of hope for some growth in coming months, based on the Bank of England’s projections. BOE Governor Mervyn King presented his economic forecasts today with the releases of the bank’s quarterly inflation report, predicting that the UK economy will grow at a faster pace while inflation will be […]
The euro fell to the weakest level in six weeks against the dollar on Wednesday, after being weighed down by disappointing euro zone growth data which renewed fears about the euro zone debt crisis. The weak data will give the European Central Bank more reason to need to cut interest rates again in order to […]
Overview As it was expected yesterday, the metal would continue its downward direction after it managed to break the downward trendline yesterday. Today and as shown from the H4 chart the metal is trading below the Support level 23.00 which gives us more bearish signals after closing the current H4 candle below it. In that […]
Overview Today and as shown from the H4 chart, the pair took an upward move after its rebound from the lower limit of its bullish channel. Currently the pair is testing the strong Resistance area of the upward trend line with the Resistance level 155.80 which means that downward move would be expected. Therefore, we […]
The weak bullish structure with integrated swings led to price fall that took place on last week during both Thursday and Friday after the upper limit of the movement channel 1.5590-1.5600 provided a considerable resistance for the pair. The GBP/USD pair broke down Important support level 50% Fibonacci which came to meet the pair […]
Last week, we talked about consolidation of the pair within the price range 1.2950 -1.3240 and the importance of breakout off this zone for the liberation of the pair. Breakdown of the most prominent support zone around 1.2950 also revives a “Double-Top” pattern on the daily chart that has final target at 1.2680. The way […]
Overview: USD/JPY is consolidating with bullish bias after hitting four-and-a-half-year high of 102.44 on Tuesday. The rate is underpinned by positive dollar sentiment on strong U.S. equities (S&P powered to record high of 1651.1 overnight before closing up 1.01% at 1650.34); brighter U.S. fiscal outlook after Congressional Budget Office said U.S. federal deficit is expected […]
Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week especially on Friday. The cable came again inside previous consolidation range between 1.5200-1.5360, breaking the lower limit of the ascending channel as well. As expected yesterday, the pair had its […]
The Flag pattern failed to reverse price to the upside on retesting due to the strong bearish pressure which pushed the pair again inside the channel below 1.0100. Daily closure below 1.0085 (50.0% Fibonacci), that took place on Friday, opened the way towards the next support level around 1.0016-0.9995 (61.8% Fibonacci) which provided a BUY […]
Technical outlook and chart setups: The metal has finally broke down below 23.00 level today. It is recommended to book partial profits on short positions taken and hold on to the remaining. Looking into the wave structure as depicted here, if the metal produces a bullish reversal bounce from here, and rally past 24.00 level […]
Technical outlook and chart setups: The metal is finally breaking down after several days of range trading. Past support of the range was at 1,440.00 level which is now immediate resistance, followed by 1,487/88, 1,500/20 and higher up. As depicted here, the Fibonacci extensions are extending towards 1,380 and 1,360 for the downswing from here […]
EURUSD: This is a weak market and the bearish trend is highly vivid. The indicators on the 4-hour chart confirm this Bearish Trend Pattern. Even if there is any bullish retracement, it would be a nice opportunity for sellers to sell dearer. Short trades are still preferred here, and the price could reach the support […]
