Daily Forex Technical Analysis by IFC Markets

Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Thu Oct 03, 2013 7:10 am

Forex Technical Analysis EUR/USD 2013-10-03

The currency pair rose to fresh 8-month peak after breaching cap at 1.3562 yesterday. Rising structure remains strong as indicated by surging trend lines with the most recent trend line being steeper suggesting upside is strengthening. Moreover, as you can observe all SMAs remain below prices not even providing any indication of short-term reversal.
Concerning indicators, Commodity Channel Indexis upwardly moving rising above 100 and still has room until previous crests line. In addition, ADX indicates that bullish trend is strong and valid.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-03
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Fri Oct 04, 2013 8:03 am

Forex Technical Analysis AUD/USD 2013-10-04

The AUD/USD found support at 0.9278 where the 100 SMA is located and resumed its upside as we have expected and currently is moving towards cap at 0.9527. Tentative surging trend line is indicating that positive structure is more likely to continue.
Our view that the pair would initially reach resistance 0.9527 and then likely to breach it targeting 161.8% of 0.9527 to 0.9278, at 0.9679 is also backed by oscillators.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-04
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Mon Oct 07, 2013 6:42 am

Forex Technical Analysis USD/CHF 2013-10-07

Negative bias strengthened in earlier trading due to risk appetite gradually fading, leading the currency pair near support at 161.8% of 0.9145 to 0.9457, at 0.8954. On Friday we saw a bounce up as prices approached a key support level but also due to investors hoping to a breakthrough of U.S. fiscal deadlock.

Falling trend line together with all SMAs being above prices suggest that downward trend is valid, which is confirmed by Average Directional Index. However, the CCI creates some concerns due to falling below -80 line but there is still room to go lower while Stochastic does not provide any contrarian signal.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-07
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Tue Oct 08, 2013 6:36 am

Forex Technical Analysis GBP/USD 2013-10-08

Valid surging trend line indicates that the currency pair positive structure is more likely to continue coupled by SMAs being below prices. Moreover, prices have recently found resistance at 1.6263 near 161.8% extension of 1.6162 to 1.5948, at 1.6300, thus we consider the 1.6300/1.6263 a cap zone.
The Average Directional Index confirms the strength of the positive structure however the short-term OsMA and RSI(14) suggests that the bias is negative.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-08
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Wed Oct 09, 2013 6:49 am

Forex Technical Analysis USD/JPY 2013-10-09

The currency pair downward structure seems damaged by the near term bullish “failure swing” that drove to resistance near the 50 SMA at 97.46. The down trend though still appears strong with a valid falling trend line providing a natural resistance coupled by upper Bollinger band at 97.75.

Concerning oscillators the Commodity Channel Index rose above previous peaks line at 180, OsMA approaches our subjective upper level of previous highs, while MACD is still negative even though above its signal line.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-09
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Thu Oct 10, 2013 7:10 am

Forex Technical Analysis USD/CAD 2013-10-10

The Canadian dollar weakened against the greenback with the USDCAD currency pair edging at 61.8% Fibonacci retracement of 1.0563 to 1.0180, at 1.0415. In the longer term we saw a double top formation, breaching neckline at 1.0243, followed by a “bear trap” formation which introduced rising prices.

Observing oscillators, the RSI(14) is positively structured confirming rising prices, while CCI is deep into overbought zone exceeding 200 line creating concerns over bullish potentials but is not confirmed by Stochastic.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-10
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Mon Oct 14, 2013 8:11 am

Forex Technical Analysis AUD/USD 2013-10-14

Tentative soaring trend line is still valid indicating growing development keeps its potential for higher prices. Double bottom trading pattern as well as 100 and 50 SMAs are below prices and moving towards a Golden Cross, all that increase chances for a bull ran. Nonetheless, prices seem unable to reach resistance at 0.9527 as they are extending into consolidation around 0.9463 in the near term.
OsMA is now turning into positive ground strengthening the price pattern signals for upside possibilities, backed by a short-term RVI that is growing and remains above its smoothing line.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-14
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Tue Oct 15, 2013 7:00 am

Forex Technical Analysis USD/CHF 2013-10-15

The negatively structured currency pair has found support at 0.8954 in the last two weeks and bounced up limited by cap at 0.9145 which was previously support. Prices have breached short-term SMA but are now creating doji candlesticks around 20 SMA with 50 SMA still way above.

Short-term oscillators are suggesting downside resumption as the Stochastic entered the overbought zone in a down trending market indicating that buyers have likely lost their power, confirmed by Williams percent range that have also rose into overbought territory and is now crossing -20 line from above.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-15
Akriti
 
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Wed Oct 16, 2013 8:01 am

Forex Technical Analysis GBP/USD 2013-10-16

The longer term resistance zone at 1.6335/1.6253 where previous peaks formed, drove the pair below 20 and 10 SMA at 23.6% of 1.4828 to 1.6253, at 1.5919. In the last two weeks a possible reversal also increased downside chances, however surging trend line remains solid as prices failed to breach support at 1.5919, backed by 50 SMA providing an extra support at 1.5805.
Looking at the oscillators, RSI(14) has correctly provided a bearish divergence as prices consequently declined but at the moment is neutral.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-16
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Re: Daily Forex Technical Analysis by IFC Markets

Postby Akriti » Thu Oct 17, 2013 7:44 am

Forex Technical Analysis USD/JPY 2013-10-17

In the longer term we have plotted a potential symmetrical triangle shape which increase chances of continuation of the last year’s initiated up trend. We would be watching the falling and surging trend lines and upside breaching would confirm theory. On the contrary downside break would increase bearish chances but we would seek for more indications to follow.
In the intraday, bias is to the downside and should the 97.72 fail to hold it then we expect prices to move as low as 97.21.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-17
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