Daily Forex News

Although the British pound found renewed buying interest last week at 154.08, once again the Ichimoku cloud bottom (now at 159.75) is still putting pressure on sterling and it is necessary to see the currency pair overcome this resistance to confirm the rise from 118.87low has resumed for retest of…

Although the greenback rose marginally to 1.1655 (just below the 38.2% Fibonacci retracement of 1.3066 to 1.0784 at 1.1656), as this move is still viewed as the correction of the decline from 1.3066, upside should be limited to 1.1810/15 and Ichimoku cloud top (currently locating at 1.1866) should cap the…

EUR/GBP rebounds strongly but after all, it’s still staying in established range of 0.8399/8603. Outlook remains neutral for the moment. Note that while another fall to below 0.8399 cannot be ruled out for the moment, EUR/GBP will continue to lose downside momentum as it approaches 100% projection of 0.9799 to…

Intraday outlook in EUR/CHF remains neutral for the moment as choppy sideway trading continues. However, note that while another fall conned be ruled out, we’d still expect downside to be contained by 1.5191 cluster support and bring strong rebound. On the upside, above 1.5282 minor resistance will flip intraday bias…

At this moment, further rise is still in favor in GBP/JPY as long as 156.69 minor support holds. Corrective fall from 162.56 should have completed at 154.03 already and retest of this high should be seen. Break will confirm resumption of whole rise from 138.99 and should target 61.8% projection…

Although the single currency retreated from 135.95 to 134.35 yesterday, the single currency then staged another rally as expected, justifying our view that an impulsive move is unfolding from 131.41 and once again our upside target at 135.70 was met with another 100 points profit.

Despite falling to 0.8024 earlier today, the Australian dollar found renewed buying interest there as anticipated and aussie has rebounded, retaining our view that the retreat from 0.8156 is still a correction. As indicated in our attached hourly chart, we are treating the wave (1) from 0.7777 ended at 0.8088…

Intraday outlook in AUD/USD remains neutral for the moment as the pair is staying in tight range of 0.7983/8154. Note that on the downside, below 0.7983 minor support will indicate that rebound from 0.7788 has completed and flip intraday bias back to the downside and put focus back to this…

Intraday bias in USD/CAD remains mildly on the upside as long as 1.1508 minor support holds and further rise should still be seen towards 1.1814 resisteance next. However, on the downside, below 1.1508 minor support will argue that USD/CAD is still bounded in sideway consolidation instead and bring another fall….

On the daily chart, the rebound from 131.41 has finally broken above indicated upside target at 135.70 and this suggests the pullback from 139.26 has ended at 131.41 and our bullish count is that wave 1 of larger degree wave C ended at 137.42 and the 3-legged wave 2 from…