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Forex Daily News | Forex Articles | Forex Information

Contributed By: DailyFx

 AUDUSD_Clear_signs_of_another_short-term_top_emerging_copy

AUD/USD: Clear signs of another short-term top emerging with the market stalling out by fresh post-float record highs at 1.0185 on Friday, and then reversing course on Monday to end a sequence of consecutive daily higher lows. Tuesday’s break back below Monday’s low and bearish close encourages reversal prospects, and we look for an acceleration of declines back towards the 0.9900 area at a minimum over the coming sessions. Back above 1.0185 negates.

Published in Forex News

Contributed By: DailyFx

 EURCHF_Retain_a_constructive_outlook_with_the_market

EUR/CHF: Despite the latest setbacks, we retain a constructive outlook with the market in the process of carving out a major base. There is some very solid internal range support in the 1.3200’s and we would expect to see any additional declines very well supported ahead of 1.3200. Ultimately, only a close back below 1.3200 would give reason for concern. Look for a break back above 1.3455 over the coming sessions to confirm bias and accelerate gains.

Published in Forex News

Contributed By: DailyFx

 EURJPY_The_market_has_done_a_very_good_job_of_holding_above_the_daily_Ichimoku_cloud_copy

EUR/JPY: The market has done a very good job of holding above the daily Ichimoku cloud to suggest that we could be on the verge of a material shift in the structure in favor of significant upside over the medium and longer-term. Daily studies are however in the process of consolidating, so the preferred strategy is to look to buy into dips rather than on upside breaks. The latest pullback to 112.00 could now present an attractive buy opportunity, with the market seen well supported by the cloud top.

Published in Forex News

Contributed By: DailyFx

 EURUSD_Wednesdays_break_back_below_1.3695_is_significant

EUR/USD: Wednesday’s break back below 1.3695 is significant, with the market potentially looking to roll over in favor of deeper setbacks. However, as we mentioned in our commentary from the previous day, a close below 1.3695 would ultimately be needed to force a shift in the structure. Until then, the focus remains on the topside. Key levels to watch over the coming session come in by 1.3890 and 1.3670.

Published in Forex News
Thursday, 11 November 2010 09:54

GBP/JPY: Latest bounce has been impressive

Contributed By: DailyFx

 GBPJPY_Latest_bounce_has_been_impressive

GBP/JPY: Although the cross remains locked in a broader downtrend, the latest bounce has been impressive with the market finally breaking above the daily Ichimoku cloud to suggest that we could in fact be on the verge of a major shift in the trend. Look for a daily close above the top of the cloud (113.70) to strengthen reversal prospects and potentially accelerate gains towards next resistance in the 135.00-1.38.00 area.

Published in Forex News

Contributed By: DailyFx

 GBPUSD_scope_for_additional_weakness_towards_the_50-Day_SMA

GBP/USD:At this point, the latest pullback from 1.6300 can only be classed as corrective, with the market seeking out a fresh higher low ahead of the next upside extension beyond 1.6300. There is however scope for additional weakness towards the 50-Day SMA at 1.5775 before bulls look to formally reassert. We will use the 50-Day SMA as our gauge for trend for now, and while the market holds above, the broader outlook is still constructive. A close below the 50-Day SMA will shift bias.

Published in Forex News

Contributed By: DailyFx

 NZDUSD_ntraday_rallies_should_be_well_capped_ahead

NZD/USD:We are finally starting to see some form of a top, with the multi-month gains stalling out just shy of critical psychological barriers by 0.8000 and reversing course. From here, there is plenty of room for additional weakness and we see scope for additional declines back towards previous resistance now turned support by 0.7650 over the coming sessions. Intraday rallies should be well capped ahead of 0.7900.

Published in Forex News

Contributed By: DailyFx

USDCAD_Retain_a_medium-term_and_longer-term_bullish_outlook

USD/CAD: While we retain a medium-term and longer-term bullish outlook, rallies remain well capped for now, with the market once again dropping back to parity. However, despite the weakness, we recommend buying on dips into the major psychological barrier with the market expected to be very well supported by the figure. Ultimately, only a close back below 0.9970 would give reason for concern, while a break and close back above 1.0160 will relieve downside pressures.

Published in Forex News
Thursday, 11 November 2010 09:55

USD/CHF: Look for a break and close back

Contributed By: DailyFx

 USDCHF_Look_for_a_break_and_close_back

USD/CHF: We contend that the market is in the process of carving a material base by 0.9460, and any setbacks should be very well supported ahead of 0.9500 in favor of a sustained recovery. The market should in fact hold above the 0.9580 area on a close basis which represents a 78.6% fib retracement off of the latest move. Ultimately only back below 0.9460 would negate and give reason for pause. Look for a break and close back above 0.9770 to confirm and accelerate

Published in Forex News
Thursday, 11 November 2010 09:52

GBPUSD: A Top Taking Shape?

Contributed By: DailyFx

GBPUSD is stalling below resistance at the midline of a rising channel established from mid-May, with negative divergence on weekly RSI studies hinting bullish momentum is fading and a move lower is ahead. I will look for confirmation on a close below the channel bottom (now at 1.5728) to look for selling opportunities.

Published in Forex News
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