Posts Tagged ‘Resistance’
The EUR/USD has a number of hurdles to overcome before a ceiling it established. I am looking for a ceiling – for now – since the market trend has transitioned into a sideways range. IT IS early in the transition but a “V” bottom is unlikely here with the underlying fundamental picture and the 1.3050 [...]
The safest way to double your money is to fold it over and put it in your pocket. ~ Kin Hubbard Good morning. Euro holds onto gains fairly well and managed to recover after dropping to as low as $1.2953 yesterday, which turned out to be a corrective move. Dollar continues to push on support around [...]
Never believe anything until it has been officially denied. ~ Claud Cockburn Good morning. Dollar pulls back from recent top as EUR recovers towards $1.28, but uptrend remains intact and strong, so it’s most likely only a corrective cycle until the next round of bad news coming from Europe hits. Here’s a daily dose of charts [...]
AUDUSD broke above 1.0385 resistance and continued its upward movement from 0.9861. Further rise is expected after a minor consolidation, and next target would be at 1.0500 area. Support is now at 1.0300, as long as this level holds, uptrend could be expected to continue, however, a breakdown below this level will indicate that a [...]
“Good judgment comes from experience, and often experience comes from bad judgment.” ~ Rita Mae Brown Good morning. I’ve been away with limited access to the internet for the past three days, but looking at current charts, I don’t seem to have missed much. However, things are likely to become interesting USD Index Dollar is pulling [...]
The Australian dollar (AUD) is probably the best proxy for risk appetite in the forex market as it is one of the most heavily carry-traded pairs because of the high interest rate in Australia. One of the other reasons is because the Aussie dollar is also a de-facto proxy of Chinese growth as China is [...]
USDCHF is facing 0.9546 resistance, a break above this level will indicate that the uptrend from 0.8569 (Oct 27, 2011 low) has resumed, then further rise towards 1.0000 could be seen. Support is now at 0.9400, only breakdown below this level could indicate that lengthier consolidation of uptrend is underway.
Daily Forex Forecast
Most of the time the chart of the day is a discussion of a particular currency or pair and gives a longer-term outlook for where prices may be going. Today I am throwing a bone to the short-term traders by including this “teachable moment”. Not to mention that today is a range-bound, low volume day [...]
Lost in the shuffle of the risk themes in the forex market due to the Euro debt crisis, the Canadian dollar has been weakening despite some fairly positive economic news. While the US dollar has been strengthening vs. the Euro, the data in the US has been largely positive which bodes well for US demand.
This [...]
GBPUSD failed to break above 1.5779 resistance, and pulled back from 1.5768 yesterday, suggesting that lengthier sideways movement in a range between 1.5423 and 1.5779 is underway. Deeper decline to 1.5500 area to reach next cycle bottom is expected. Key resistance remains at 1.5779, only break above this level could trigger another rise towards 1.6500.
Forex [...]
