Daily Forex News

There are several things that we expect the Fed will announce after the 2-day meeting this week. First, the Fed will continue to keep its policy rate at 0-0.25% for an extended period of time despite signs of improvement in economic outlook. Second, the central bank should have turned more…

With 4 hours MACD crossed above signal line, an intraday low might be in place and some consolidation could be seen. Nevertheless, another fall is still expected as long as 151.16 resistance holds and current decline from 163.05 is expected to extend further to 146.75 cluster support next (38.2% retracement…

As the single currency has found renewed buying interest at 134.60, suggesting the rise from 131.30 (tentatively the start of wave iii) is still in progress and further gain towards 136.09 would be seen but break there is needed to confirm this view and signal wave (3) has commenced for…

Despite falling to 0.8590, the stronger-than-expected rebound from there suggests pullback from 0.8776 has ended and recent upmove may resume for retest of said resistance, above there would extend to 0.8813 (61.8% projection) and possibly 0.8850 before correction.

EUR/JPY’s rebound might still be in progress but after all, we’re favoring the case that price actions from 131.00 are merely consolidation to fall from 138.70 only. Hence, upside should be limited below 136.07 resistance to complete such consolidation. Below 133.40 minor support will flip intraday bias to the downside….

With 4 hours MACD crossed below signal line, an intraday top is in place in EUR/GBP. Some consolidation could now be seen with risk of pull back to 4 hours 55 EMA (now at 0.8920) but downside should be contained above 0.8837 resistance turned support and bring rally resumption. Recent…

Outlook in EUR/CHF remains neutral for the moment. As discussed before, EUR/CHF might have bottomed at 1.5109, after being supported by 1.5108, on bullish convergence conditions in 4 hours MACD. Break of 1.5242 resistance will confirm this case. Also, this will indicate that consolidation from 1.5380 has completed too and…

The British pound fell again as expected and the break of indicated support at 1.6982 (50% Fibonacci retracement of 1.5849 to 1.8114) reinforced our bearish count that c leg of wave 4 has ended at 1.8114 and test of strong support at 1.6624-1.6651 is in progress, once this level is…

Despite early rebound from 1.6113 to 1.6742, the retreat from there has retained our mildly bearish count that wave (v) of C has possibly ended at 1.7044 and a sustain break of 1.6113 support would bring at least a strong correction of recent rise to 1.5983 first.

USD/CAD’s sharp fall from 1.0852 suggests that rebound from 1.0590 has completed. With 1.0925 resistance intact, there is no confirmation of bottoming yet and recent decline might continue further. Below 1.0677 will flip intraday bias to the downside. Further break of 1.0590 will target 61.8% projection of 1.1723 to 1.0631…