Page 1 of 6 123 ... LastLast
Results 1 to 10 of 58

Thread: Short Term Technical Analysis for Majors (07:00 GMT)

  1. #1
    Join Date
    May 2011
    Posts
    88
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Forex Ability & Talent
    0

    Short Term Technical Analysis for Majors (07:00 GMT)

    EURUSD

    The Euro corrects yesterday’s fresh losses that probed below 1.36 handle and so far found support at 1.3570, just ahead of trendline support at 1.3550. Bounce to 1.3650 was capped by 4-hour 20DMA, as the price attempts to stabilize above 1.36 support. Slight positive tone exists on hourly chart, with 4-hour indicators starting to reverse that may be supportive for further recovery action. Bears are on stand-by on lower ADX timeframes, with clearance of initial barriers at 1.3650, yesterday’s high and 1.3664/75, Fibonacci 38.2% of 1.3817/1.3570 downleg / 02/01 lower high, seen as minimum requirement to spark further recovery. Strong barrier at 1.3720, Fibonacci 61.8% retracement / 20/55DMA’s bearish crossover and broken bull trendline off 1.3294 low, is seen capping upside attempts for now, with fresh bears expected to take control once corrective action is completed. The notion is supported by reversal pattern developed on daily chart, with break below 1.3570, expected to open 1.3525 higher platform / Fibonacci 61.8% retracement, reinforced by daily 100DMA. Conversely, sustained break above 1.3720 would neutralize bears and re-focus upper targets at 1.38 zone.

    Res: 1.3650; 1.3670; 1.3700; 1.3720
    Sup: 1.3600; 1.3570; 1.3525; 1.3500





    GBPUSD

    Cable maintains negative near-term tone off fresh high at 1.6602, as fresh extension of pullback from here, reached 1.6336 so far, retracing between 61.8% and 76.4% of 1.6212/1.6602 upleg. With corrective bounce being capped for now at 1.6432 by 20/55DMA’s bearish crossover of 4-hour chart, more downside risk could be seen in the near-term, as 4-hour technicals are negative. On hourly chart, however, indicators turned neutral, as the price consolidates, but price action being capped by descending 55DMA. Preferred scenario sees fresh attempt lower, with 1.6336 seen as initial support, ahead of 1.63 zone, higher platform and 76.4% retracement. To avert immediate downside risk, regain of minimum 1.6473, 03/01 lower top / 50% retracement of 1.6602/1.6336 fall, is required.

    Res: 1.6400; 1.6434; 1.6473; 1.6500
    Sup: 1.6380; 1.6336; 1.6300; 1.6254





    USDJPY

    The pair trades in near-term corrective mode off fresh highs at 105.40, where double-top was formed. Fresh extension below 104 zone, where the pair previously found footstep, also marking 38.2% retracement of 101.60/105.43 upleg and bull trendline off 101.60, signals further weakness. The notion is supported by negative near-term technicals, with corrective bounce off fresh low at 103.90, so far being capped by bear-trendline off 105.43 peak at 104.60. This is seen as ideal lower top fort fresh attempt lower, with break below 103.90, expected to open 103.50, 50% retracement of 101.60/105.43 and 103.06, Fibonacci 61.8%, in extension. Conversely, extended corrective rally above 104.60, would delay bears, however, only break above 105 barrier is required to neutralize.


    Res: 104.60; 104.83; 104.94; 105.43
    Sup: 104.17; 103.90; 103.52; 103.06






    AUDUSD

    The pair lost traction after upside rejection at 0.9000 barrier extended pullback below initial support and consolidation floor at 0.8935, with dips coming close to psychological 0.8900 support, also Fibonacci 61.8% of 0.8842/0.9003 upleg. Hourly studies are negative, with 4-hour price action losing momentum that keeps the downside vulnerable for now. Loss of 0.8900 handle to confirm bears in play for retest of downside targets at 0.8842 and 0.8819. Alternatively, Fresh strength above initial barrier and former consolidation top at 0.8975, would re-focus 0.9000 break point, also 50% retracement of 0.9165/0.8819 descend, for possible resumption of near-term recovery phase.

    Res: 0.8935; 0.8975; 0.9000; 0.9033
    Sup: 0.8900; 0.8880; 0.8842; 0.8819




  2. #2
    Join Date
    Oct 2015
    Posts
    347
    Thanks
    0
    Thanked 1 Time in 1 Post
    Forex Ability & Talent
    0
    It was looking as if the price has broken up past the resistance just short of the 1.5500 level, but the price then turned around and fell, although not by very much. We are now left with a supportive area not far away, beginning at 1.5381. The logical trade today appears to be a fall down to this level making the low of the day before reversing upwards.



  3. #3
    Join Date
    Oct 2015
    Posts
    347
    Thanks
    0
    Thanked 1 Time in 1 Post
    Forex Ability & Talent
    0
    Although the range is not big, the line of least resistance is definitely bullish, and the support I identified at 1.1315 has held. The chart below shows that we now have a clear confluence of a horizontal level and supportive trend line at 1.1315, so a dip back down there is quite likely to produce another intraday upwards move.



  4. #4
    Join Date
    Oct 2015
    Posts
    347
    Thanks
    0
    Thanked 1 Time in 1 Post
    Forex Ability & Talent
    0
    That big round number has been fairly resistant so far. Therefore the price of this pair sits right in the middle of its long-term range that has held for about two months now. This pair is going nowhere. The level of 120.00 may hold as resistance today, giving a few scalping opportunities perhaps.



  5. #5
    Join Date
    Nov 2015
    Posts
    75
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Forex Ability & Talent
    0
    USD/CHF Technical analysis for November 23, 2015

    The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 1.0115. A break of that target will move the pair further downwards to 1.0075. The pivot point stands at 1.0175. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 1.0220 and the second target at 1.0250.

    Resistance levels: 1.0220 1.0250 1.0275

    Support levels: 1.0115 1.0075 1.0040


  6. #6
    Join Date
    Nov 2015
    Posts
    75
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Forex Ability & Talent
    0
    USDJPY Technical analysis for November 23, 2015

    This pair is still in a bullish mode, in spite of the current bearish retracement in the chart. Eventually, the price would go further upwards, testing the supply level of 123.50 and 124.00. There are demand levels of 122.50 and 122.00.


  7. #7
    Join Date
    Nov 2015
    Posts
    83
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Forex Ability & Talent
    0
    EUR/USD Forecast December 7, 2015, Technical Analysis

    The EUR/USD pair fell slightly during the course of the session on Friday, as the previous uptrend line now is offering quite a bit of resistance. On top of that, the 1.10 level above is a large, round, psychologically significant number. That of course offers quite a bit of resistance based upon that alone, so it is interesting that we struggled at to continue going higher. If we break down below the bottom of the range for the Friday session, we would be sellers. On the other hand, if we can break above the 1.11 level, we would be buyers. In between those 2 areas, we are standing on the sidelines.


  8. #8
    Join Date
    Nov 2015
    Posts
    83
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Forex Ability & Talent
    0
    USD/JPY Forecast December 7, 2015, Technical Analysis

    The USD/JPY pair bounced during the day on Friday as the employment numbers came out much stronger than anticipated. When the US jobs numbers go up, it’s quite common for this pair to do the same. It appears that we are continuing to consolidate overall and that pullbacks continue to offer buying opportunities. Given enough time, the market should then go to the 125 handle after any type of bullish action. If we can get above there, we believe that the longer-term market becomes a “buy-and-hold” type of situation, and at this point in time have no interest whatsoever in selling.


  9. #9
    Join Date
    Nov 2015
    Posts
    83
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Forex Ability & Talent
    0
    AUD/USD Forecast December 7, 2015, Technical Analysis

    The AUD/USD pair went back and forth during the course of the day on Friday, testing the 0.74 level. We ultimately pulled back to form a bit of a neutral candle, but the range is getting wider each day. Because of this, it appears like the volatility is picking up at this point in time. We are going to trade this in the simplest manner possible: we are going to buying the Australian dollar we break above the top of the range for Friday, or sell the Australian dollar if we break below the range for Friday.


  10. #10
    Join Date
    Nov 2015
    Posts
    83
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Forex Ability & Talent
    0
    USD/CAD Forecast December 7, 2015, Technical Analysis

    The USD/CAD pair went back and forth during the course of the day on Wednesday as we got employment numbers out of both the United States and Canada. Because of this, the market would always be volatile but we realize that the longer-term uptrend still is very much intact. Pullbacks at this point in time should be buying opportunities on short-term charts, and we eventually will get above the 1.35 level. Once we get above there, becomes more of a “buy-and-hold” type of market. We have no interest in selling this market at this point in time.


Page 1 of 6 123 ... LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •