Daily Forex News

As cable has retreated sharply after meeting renewed selling right below previous resistance at 1.6382, suggesting downside risk is for a retest of 1.6153, however, break there is needed to confirm recent decline from 1.7044 has resumed and extend to 1.6100/10, however, price should stay well above chart support at…

As the greenback has rebounded again after trading above recent low at 1.0529, suggesting further consolidation would take place and above minor resistance at 1.0637 would bring correction of recent decline to 1.0682/85 (approx. 50% Fibonacci retracement of 1.0834 to 1.0529), however, reckon Ichimoku cloud top (now at 1.0694) would…

GBP/JPY recovers strongly from 150.02 and break of 152.02 minor resistance suggests that an intraday low is in place. Intraday outlook is turned neutral for the moment and some consolidation might be seen. Nevertheless, upside should be limited by 153.59 and bring fall resumption. Below 150.02 will target 146.75 key…

EUR/JPY recovers strongly after dropping to 132.14 and drew support from 132.17. Intraday outlook is turned neutral for the moment. Above 135.01 minor resistance will suggest that consolidation from 132.17 is still in progress with the final leg in progress for 136.07 and above. But upside should be limited below…

Intraday outlook in EUR/GBP remains neutral for the moment and consolidations from 0.8837 might still continue. Nevertheless, downside is expected to be contained well above 0.8652 resistance turned support and bring rally resumption. Above 0.8837 will target next 38.2% retracement of 0.9799 to 0.8399 at 0.8934 next.

Intraday bias in EUR/CHF remains mildly on the downside as long as 1.5184 minor resistance holds. Break of 1.5135 will bring fall resumption. As noted before, fall from 1.5364 should be the third leg of the whole consolidation pattern from 1.5380. Further decline could still be seen to 1.5108, and…

Although the single currency rebounded to as high as 134.15, as euro has retreated from there, suggesting as long as this level holds, consolidation with downside bias remains for test of 132.16/17, break there would confirm the wave iii of C leg of (2) is in progress for further decline…

As aussie has retreated after faltering below indicated resistance at 0.8479, suggesting further consolidation would take place and fall to 0.8300/10 cannot be ruled out, however, only break of 0.8239 minor support would bring another corrective decline towards 0.8156. On the upside, break of recent high at 0.8479 would confirm…

The British pound met renewed selling interest at 1.6625 and fell again last week to as low as 1.6153 in line with our expectation and we are keeping our bearish count that wave (v) has formed a top at 1.7044. However, the recovery from 1.6153 suggests consolidation would be seen…

The British pound has continued to move lower last week as expected (our indicated downside target at 152.96 has been met), suggesting the second c leg of the wave 4 from 118.87 has possibly ended at 163.00 earlier and consolidation with downside bias remains for further decline, a daily close…