Daily Forex Technical Analysis - page 2
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Forex Technical Analysis USD/JPY 2013.08.23
The currency pair bias has been strongly to the upside with prices walking on the upper Bollinger band and in some cases even closing above that band. Moreover, we see a newly established surging trend with higher high and higher low as well as penetration of the 200 SMA in the 4-hours chart.However, Stochastic entered overbought zone and rose to previous peak line at 85 coupled by William’s percent range (14) peaking at its highest point at 0.00, OsMA also rose significantly but remains slightly below its earlier trough line. Adding to that, major resistance area around psychological level of 100 limits further the upside.Forex Technical Analysis GBP/USD 2013.08.26
The currency pair was limited by the upper boundary of 1.5751/1.4832 long-term daily range, shifting to downside bias and falling to support at 1.5533 where the 200 SMA is located. According to the surging trend line, the medium-term trend is to the upside and that could be respected should the prices do not fall below 1.5432.Looking at momentum oscillators, Stochastic has still room to move lower and William’s percent range just escaped overbought zone suggesting downside is more likely. In addition, the trend oscillator OsMA just turned into negative territory.We suspect that prices would continue their bearish bias and go as low as 1.5432 where a strong support is located. At that point chances seem for either direction almost equal.Forex Technical Analysis USD/JPY 2013.08.27
The currency pair is in downside bias declining towards support at 97.66 where the surging trend line is located and coupled by 100 SMA. Thus we expect that level to hold declining prices in the intraday.In addition, the Williams’ percent range indicates that the pair is oversold since the oscillator is almost at its bottom. Reinforcing possible upside reaction is that the shorter-term Commodity Chanel Index dropped below the subjectively set -150 line where previous troughs were observed and is increasing.We would expect therefore the key support at 97.66 to hold declining USDJPY and perhaps then prices would extend into 98.39/97.66 tight consolidation area.Forex Technical Analysis USD/CHF 2013.08.28
The lower boundary of the longer-term 0.9753/0.9149 daily range is currently limiting downside bias and is likely reverse momentum to upside. Williams’ percent range is near its bottom line at 100 suggesting that bulls will return to the market.However, all the SMAs are above prices and the medium term trend is negative, therefore we consider chances for either side almost equal. We come to the expectation, that the USDCHF is more likely to continue into sideways zone with upper level at 0.9250 where 20 and 10 SMA are consolidating and lower boundary the0.9149/0.9129 zone.
Forex Technical Analysis USD/CAD 2013.08.29
The currency pair drew a resistance line at 1.0541 where the upper Bollinger band is located, approaching to almost 2-year high around 1.0600 and then retraced to 1.0470. In the daily chart up trend prevails and that increases chances for higher levels, however psychological resistance at 1.06 places a heavy lid on prices.There are no contrarian signals from Stochastic oscillator, coupled by MACD in positive ground and the ADX indicating a strong bullish structure for prices. Therefore, we would expect prices to overcome resistance at 1.0541 and surge as high as 1.0607, at that point we would reconsider our trading view.
Forex Technical Analysis EUR/USD 2013.08.30
Downside bias was somewhat blocked by the 161.8% of the 1.33 to 1.34 correction, around 1.3237. We can see that prices have been consolidating around that level in the recent trading with intraday trend being negative and downside momentum strengthened by the breaching SMAs.However the momentum oscillators like Williams’ percent range and Stochastic are overextended down suggesting that the currency pair would consolidate or bounce up to reset oscillators.
Therefore, we consider the pair is more likely not to continue lower in the intraday with downside resuming in the following week.
Forex Technical Analysis AUD/USD 2013.09.03
The currency pair recent downside bias was limited by key support at 0.8846 a more than a 3-year low, coexisting with the lower Bollinger band at that point. In addition, Bollinger bands are squeezing prices as in the recent trading the pair volatility reduced and has been fluctuating between 0.9230/0.8846 tight range.Prices reached the lower boundary of the range and shifted to upside bias in the intraday, Williams’ percent range also suggested that earlier. We would expect the currency pair in the intraday to continue higher towards resistance at 0.9230 and perhaps until the end of the week we expect to see a Bollinger band break.
Forex Technical Analysis USD/JPY 2013.09.04
Upside momentum was contained by resistance at 99.77 slightly below the key cap at 100. We consider the psychotically important area around 100 a major resistance that would limit the bullish bias of the currency pair for the following sessions.Moreover, the Williams’ percent range is in the overbought zone weakening bullish attitude of investors but the Average Directional Index confirms strong uptrend. We are concerned about fundamental events of the week as well as risk of a Syria war could increase selling pressure on the pair. Nonetheless, in technical terms we would expect prices to consolidate in the intraday between 99.77/99.13 range with uptrend resuming after Williams oscillator eases.
Forex Technical Analysis USD/CHF 2013.09.05
Upside bias continues in the USDCHF pair trading as prices have breached resistance at 0.9393 in yesterday trading and peaked at 0.9415. Moving average of oscillator has approached zero line and likely to turn positive soon, confirming bullish structure.However, DeMarker oscillator is above 0.70 increasing risk for bulls but due to the positive trend we consider the subjective line at 0.90 the upside limitation. We consider therefore that there is some room for further highs for the pair, likely to rise as high as 0.9435 in the intraday, where the upper Bollinger band is located.Forex Technical Analysis USD/CAD 2013.09.06
Downside bias seems to be getting stronger than the upside with the currency pair unable to breach resistance at 1.0560 and creating a small daily double top pattern with neckline at 1.0468. That neckline has been breached and the pair is now targeting support at 1.0365.Looking at the oscillators, Stochastic is in neutral zone heading downwards, MACD is positive but has dropped below its signal line that is an early bearish sign. Average Directional Index suggests strong trend and the +DI still above the –DI however their difference has significantly narrowed.
We would therefore expect the prices to move lower at least to support at 1.0365, around the valid up trend line in the following sessions. However, major jobs report later today could increase volatility so we cautiously trading.