Daily Forex News

Although the single currency rebounded after falling to an intra-day low of 132.80, yesterday’s sharp retreat suggests a temporary top has been formed at 136.11 and correction of recent upmove from 127.00 is under way, break of 132.80 support would extend further fall to 132.10 support later.

The retreat from yesterday’s high at 0.8339 turned out to be stronger than expected, suggesting a temporary top has been formed there (at least a wave iii) and correction of recent upmove would bring fall to 0.8099 (50% Fibonacci retracement of 0.7859 to 0.8339) but reckon 0.8042 (61.8%) should hold….

The greenback finally broke below the wave iii bottom of 1.0784 yesterday, confirming our bearish count that wave iv has ended at 1.1725 and further decline towards 1.0590 (61.8% Fibonacci retracement of 0.9059-1.3066) is in progress. Having said that, as this is going to be the final leg of recent…

The single currency remained confined within a narrow range after early rebound to 0.8699 the week before last week and further consolidation should take place and as long as said resistance level holds, mild downside bias remains and we are keeping our preferred count that the wave V of a…

The upmove from 2008 low of 55.06 looks set to resume, however, as price has eased after meeting resistance just below the Ichimoku cloud top (now at 79.77), suggesting consolidation would take place and pullback to the Tenkan-Sen (now at 75.61) cannot be ruled out, downside should be limited to…

Although the Australian dollar did resume recent upmove from 2008 low of 0.6007 as expected and rose to as high as 0.8339 yesterday, as the three white candlesticks from 0.7700 are showing a bit weakening in upward momentum, it is quite possible to see a temporary top to be seen…

No change in EUR/GBP’s outlook. While it’s staying in range below 0.8697, another rise is still in favor with 0.8546 support intact. Above 0.8697 resistance will indicate that rebound from 0.8399 has resumed and add favor to the case the EUR/GBP has already bottomed out at 0.8399 and will pave…

EUR/USD edges higher to 1.5262 before retreating mildly again. As discussed before, further rise is still in favor as long as 1.5142 support holds. Break of 1.5281 resistance will affirm that case that correction from 1.5380 has completed already and will target a retest this high and then 1.5446. On…

AUD/USD’s break of 0.8233 minor support, with bearish divergence condition in 4 hours MACD, suggests that a short term top might be in place at 0.8337. Some more consolidation should now be seen but after all, downside is expected to be contained by 0.8089 support and bring rally resumption. Above…

Considering bullish convergence conditions in 4 hours MACD and RSI, a short term bottom should be in place in USD/CAD at 1.0749. Some more consolidation should be seen with risk of stronger rebound to 4 hours 55 EMA (now at 1.0998) and above. However, note that outlook will remain bearish…