Daily Forex Technical Analysis by IFC Markets

[Akriti]

Forex Technical Analysis AUD/USD 2013-09-18

The currency pair has been neutral in near term, extending in the last trading sessions in 0.9386/0.9284 sideways area. Nevertheless, in the longer term is in an uptrend as indicated by the surging trend line and above the SMAs, who are currently providing natural downside hurdles.
Looking at the oscillators we get mixed signals, firstly Stochastic rose earlier this week in overbought zone providing some contrarian signal but the MACD and RSI (14) are not so revealing.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-18

[Akriti]

Forex Technical Analysis GBP/USD 2013-09-19

The currency pair sharply moved higher on Fed’s decision to keep asset purchases unchanged. Interestingly, even though fundamental developments triggered upside wave, prices found resistance at a technical level at 261.8% Fibonacci extension of 1.5715 to 1.5432, at 1.6164 and is now entering in corrective mood. In addition, the uptrend remains firm as indicated by the surging line.
Overbought oscillators, like RSI (14) that went up to 80 and Stochastic climbing above previous peaks line at 85, are suggesting that prices are more likely to retrace.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-19

[Akriti]

Forex Technical Analysis USD/CHF 2013-09-20

Downside bias is strong in the pair’s daily pattern and already dropped at support at 0.9084, breaching lower Bollinger Band. In addition, SMAs are above prices coupled by a steep falling trend line favoring further weakness. However, we must keep in mind that this sharp downward move was a result of Fed’s decision not to tighten monetary policy meaning that US dollar's weakness could not be sustainable, unless more negative news for US dollar come out.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-20

[Akriti]

Forex Technical Analysis USD/JPY 2013-09-23

Downside bias has already driven the currency pair lower in today’s trading and as the falling trend line suggests the pair could go even lower towards support at 61.8% of 97.75 to 99.66, at 98.50. At that level, we observe previous lows as well as the 200 SMA, thus appears to be a strong support.
Looking at the oscillators, MACD is neutral fluctuating around zero line but Stochastic is entering oversold area with limited free space to the negative side, therefore we cannot anticipate much downside today and tomorrow.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-23

[Akriti]

Forex Technical Analysis USD/CAD 2013-09-24

In the longer term we can observe that the penetration of the “failure swing” neckline at 1.0241 was not credible since in the weekly chart did not close below that level, instead it bounced back above that creating a spike. We could consider this as a “bear trap” in the daily chart or a fake break in the weekly chart as it is shown below.
SMA 50 provided support to the currency pair and induced it to return back up failing to close also below surging trend line in the weekly. MACD remains above zero line reinforcing the weakening up trend, whle OsMA is bearish but near previous troughs line.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-24

[Akriti]

Forex Technical Analysis EUR/USD 2013-09-25

Upper Bollinger band weighed on the currency pair coupled by overbought Stochastic and Commodity Channel Index being above 175 line, thus resistance line was drawn at 1.3562. Prices have retreated afterwards reaching almost support at 1.3450, increasing validity to uptrend pattern and previous bullish breakout.
At the moment CCI has a downward direction and OsMA is declining after reaching previous peaks line suggesting bearishness, however key support at 1.3450 make as cautious to further lows.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-25

[Akriti]

Forex Technical Analysis AUD/USD 2013-09-26

The currency pair was overextended up as was indicated by OsMA and Stochastic, thus it eventually drew a resistance line at 0.9505 and then softened to support at 0.9332. Oscillators have reset from overbought zones and therefore they do not hurdle resumption of the upside.
The “double bottom” trading pattern formed between 0.9230/0.8841 range suggests that the medium term trend has reversed to positive.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-26

[Akriti]

Forex Technical Analysis USD/CHF 2013-09-30

Downside bias remains strong with prices sliding early on Monday to fresh eight-month low at 0.9022 and drawing a support line there with the lower Bollinger also placing a downside hurdle. Moreover, prevailing trend is negative as indicated by the falling trend line.
Looking at the oscillators, MACD is below zero confirming weakness of the price pattern while there is now indication of contrarian signals.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-09-30

[Akriti]

Forex Technical Analysis USD/JPY 2013-10-01

Surging trend line was breached in earlier trading increasing potential for weakness in the currency pair. In addition, prices formed a “failure swing” pattern with neckline at 97.74 with 100 and 50 SMA weighing on prices, however today they returned back above the 97.74 underpinned by some macro events.

Concerning oscillators,MACD dropped into negative territory and RSI (14) is down trending suggesting downside bias. We consider that negative sentiment has strengthened although bulls still hold their ground due to recent return above the “failure swing” neckline.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-01

[Akriti]

Forex Technical Analysis USD/CAD 2013-10-02

Upside bias drove prices to resistance where 50 and 100 SMAs consolidate just below the 50.0% Fibonacci retracement of 1.0563 to 1.0180, at 1.0363. Previously we saw the currency pair forming a near double top pattern and breaching neckline at 1.0243 but now the pair has climbed back to 1.0340, providing signs that is trading in a wide range.

Looking at oscillators, Stochastic has been in earlier trading in the overbought zone providing a mild contrarian signal, coupled by SMAs weighing on prices and MACD being negative suggesting negative trend.

See more: http://www.ifcmarkets.com/en/technical- ... 2013-10-02