Daily Forex News

The retreat from 136.90 turned out to be stronger than expected mainly due to cross-buying in Japanese yen on risk aversion after the release of below expectation U.S. job report, price dropped to as low as 133.58 earlier today before rebounding.

The Australian dollar fell sharply yesterday on active cross-selling versus Japanese yen due to risk aversion after the release of weaker-than-expected U.S job data, despite dropping to a low of 0.7905, the rebound from there suggests the wave (2) correction from 0.8156 has possibly ended there and upside bias is…

We have changed our preferred count as indicated on the attached daily chart, the decline from 1.6828 (10 Nov 2007) to 1.4300 is treated as D leg of a larger degree wave (B) and E leg of this triangle wave (B) is now in progress with a leg ended at…

We have revised our preferred wave count on USD/CHF and as indicated on the attached daily chart, early selloff to 0.9630 is now treated as an end of the larger degree wave (C) and major correction is unfolding from there with a leg of a larger degree wave A ended…

EUR/GBP failed 0.8633 cluster resistance (50% retracement of 0.8866 to 0.8399 and 100% projection of 0.8399 to 0.8597 from 0.8435) and retreated. Break of 0.8565 turns intraday outlook neutral first. On the upside, sustained break of 0.8633 will solidify the case that such rise from 0.8399 is developing into something…

EUR/CHF’s pull back from 1.5380 resumes after brief recovery and takes out 1.5191 cluster support. The fall from 1.5380 is admittedly deeper than expected. At this point, intraday bias On the downside as long as 1.5245 minor resistance holds and further decline could still be seen. Nevertheless, downside should be…

GBP/JPY’s break of 156.69 minor support suggests that rebound from 154.03 has completed at 160.24 already. Intraday bias if flipped back to the downside and fall from 162.56 should still be in progress for medium term channel (now at 153.21). On the upside, though, break of 160.24 will indicate invalidate…

As noted before, EUR/JPY’s rebound from 131.41, which is treated as correction to fall from 139.21 only, is likely completed at 136.87. Intraday bias is mildly on the downside for the moment and break of 133.36 support will add much credence to this case and target 131.41 low next. On…

As discussed before, AUD/USD’s rebound from 0.7788 has likely completed at 0.8154 already and intraday bias is now mildly on the downside for further fall to test 0.7788 first. Note that it’s still possibly that price actions from 0.8236 are corrective in nature and focus will be on 0.7710 cluster…

EUR/USD’s break of 1.4000 support suggests that choppy corrective recovery from 1.3747 has likely completed at 1.4196 already. Intraday bias is flipped back tot he downside and further fall should be seen to retest 1.3747 low first. Break will bring resumption of whole fall from 1.4337 and should then target…