Forex Technical Analysis Reports

Currency Daily Update
>> Forex Technical Analysis | Written by Rcpl Forex | Sep 14 07 08:06 GMT |
Cable extended its rally to the extent of 2.0343 before plummeting to the levels of 2.0160. The daily stochastic was extremely overbought over the last few trading sessions and correction was imminent. Cable is holding above the support cluster of 2.0155 formed by the 50% Fibonacci and 55 days EMA in the daily chart. Breaking of 2.0155 support cluster may push pound to the next support zone of 2.0090. However, the overall outlook remains bullish for Cable.
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Forex Technical Analytics
>> Forex Technical Analysis | Written by FOREX Ltd | Sep 14 07 07:07 GMT |
CHF - The pre-planned sales from the key resistance range have been realized with attainment of minimal assumed target. OsMA trend indicator having marked the element of preservation of some advantage from the bullish party that is not a cause to change planning priorities in favor of buyers and continues to support the version of range movement of the rate in the near term feature.
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Technical Analysis for Major Currencies
>> Forex Technical Analysis | Written by Crown Forex | Sep 14 07 07:02 GMT |
The European currency fluctuated in a balanced move today after it lost a lot of momentum after it couldn't breach the major resistance level at 1.3920s, so the Euro might tend to do some correction towards the downside today. Meanwhile the technical indicators show that the Euro got in an over bought area.
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EUR/USD Could Turn Down From Record Highs On Strong US Retail Sales
>> Forex Technical Analysis | Written by DailyFX | Sep 13, 07 18:44 GMT |
Consumption growth in the US is anticipated to remain strong during the month of August, as advance retail sales are estimated to rise 0.5 percent from the month prior, while sales excluding autos should pick up a milder 0.2 percent. Thus far, US retailers have performed fairly well despite a recession in the housing sector and deteriorating labor market conditions, as the International Council of Shopping Centers (ICSC) recently reported that August chain-store sales saw a 2.9 percent increase from last year.
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Currency Crosses: Pound Crosses Remain in Corrective Patterns
>> Forex Technical Analysis | Written by DailyFX | Sep 13, 07 17:32 GMT |
GBPJPY - We wrote last week that "wave c of B is expected to test at least the 61.8% of 251.10-219.30 at 238.95 and possibly the 78.6% at 244.29 before a top and reversal." Wave c towards at least 238.95 may be underway now. It is also possible that a triangle is unfolding from 235.50 but this pattern is still near term bullish as a pullback would likely occur before a terminal thrust towards 238.95 completes the correction from 219.30.
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Daily Technical Briefing: USDCAD Testing 1.0300, Should You Chase It?
>> Forex Technical Analysis | Written by DailyFX | Sep 13, 07 13:19 GMT |
We wrote yesterday to "favor the downside for a test of 1.0340 as long as price is below 1.0591." The USDCAD registered a new low at 1.0313 this morning. A major reversal is likely to take place soon so shorts should keep risk tight. This morning's low tagged the 3 year support line and there is major bullish divergence with weekly oscillators.
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Euro At Another All Time High, Pound Pummeled by Bad Housing Data
>> Forex Technical Analysis | Written by DailyFX | Sep 13, 07 09:29 GMT |
The EURUSD hit yet another all time high printing 1.3911 in Asian trade but once again the follow through was limited. The markets remain in a state of flux, ahead of tomorrow US retail Sales numbers which will help to quantify the extend of US economic slowdown. At this point the currency market is operating under the assumption that the Fed will cut 26bp at next week's FOMC meeting while the ECB may raise rates another 25bp in October, which explains EURUSD recent strength.
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