Daily Forex Technical Analysis by IFC Markets

[Akriti]

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.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-04

[Akriti]

Forex Technical Analysis USD/CHF 2013-09-05

Upside bias continues in the USD/CHF 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.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-05

[Akriti]

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.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-06

[Akriti]

Forex Technical Analysis EUR/USD 2013-09-09

The currency pair drew support line at 1.3104 and bounced up to falling trend line cap at 1.3186. Negative structure prevails following a reversal pattern formation earlier with SMAs also remaining above prices.
MACD is below zero confirming down trend and at the same time OsMA is approaching previous peaks area coupled with Stochastic entering its overbought zone suggesting that recent retracement is coming to an end.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-09

[Akriti]

Forex Technical Analysis AUD/USD 2013-09-10

Upside development prevails in the currency pair as indicated by the surging line. Positive bias is also reinforced by 50 SMA crossing from below both 100 and 200 SMA, in addition the pair has recently successfully breached key resistance at 0.9236 increasing its bullish strength.
However, we are concerned about the Stochastic and RSI (14) being in the overbought zones since chances for further highs are reduced coupled by upper Bollinger band placing a lid around 0.9314.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-10

[Akriti]

Forex Technical Analysis GBP/USD 2013-09-11

Bullish momentum drove the currency pair to almost 3-month peak at 1.5754 with prices today consolidating near that key cap. Positive structure dominates in the daily chart suggesting continuation to higher levels. In addition, SMAs are below prices and the Bollinger band does not set any upside hurdle.
Looking at the oscillators the RSI (14) is rising since upside development initiated early in July from support at 1.4832, Stochastic just entered overbought but there is still some room to previous peaks line at 84.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-11

[Akriti]

Forex Technical Analysis USD/JPY 2013-09-12

The currency pair dropped almost to key support at 99.13, below surging trend line but then quickly returned above that line forming a lower side shadow indicating bearish weakness. Thus, the uptrend remains valid and prices have reached a key support that could reverse the corrective attitude.

Looking at the Oscillators the MACD is still positive although OsMA dropped below zero and still has room for lower levels, that applies as well for the Momentum(7) which is bearish without providing any contrarian signal.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-12

[Akriti]

Forex Technical Analysis USD/CHF 2013-09-13

The currency pair declined to 61.8% Fibonacci retracement of the 0.9169 to 0.9453, at 0.9277 and then bounced above the 100 and 200 SMA suggesting that recent downside is a corrective move. In addition, support at 0.9277 is located at the previous double bottom reversal that shifted trend upward.
Looking at the oscillators MACD is below zero suggesting the uptrend is weak, however OsMA is positive and rising, an early indication that bullish momentum could resume.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-13

[Akriti]

Forex Technical Analysis USD/CAD 2013-09-16

The currency pair continued its downside momentum and almost reached support at 1.0277. Prices are now below 50 and 100 SMA increasing chances for lower levels, in addition support at 1.0242 represents the neckline of a swing reversal in the longer term trend.
Looking at the oscillators, Stochastic has entered in the oversold zone suggesting the upside correction is imminent. Although, MACD is negative and Average Directional Index indicates that downtrend prevails.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-16

[Akriti]

Forex Technical Analysis EUR/USD 2013-09-17

Upside resumption drove the currency pair to drew resistance line at 1.3386 slightly below the 7-month high at 1.3450. Prices are above the 10, 20 and 50 SMA suggesting bulls are stronger than otherwise.

Looking at the oscillators, MACD just crossed the zero line indicating uptrend is gaining chances, however the Average Directional Index is below 25 line concluding that any trend is weak. Lastly, the Commodity Channel Index rose above 100 and still has room for peak at 175, meaning that the positive structure may rise further.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-17