Daily Forex News

The single currency has continued to move lower on risk on risk aversion and the break of support at 134.76 (previous iv) confirms our view that top has been formed at 138.49 and weakness to 134.00, then 133.76 (50% Fibonacci retracement of 129.02 to 138.49) would be seen.

The Australian dollar did falter below indicated resistance a 0.9219 and fell again in line with our expectation, our downside target at 0.9050 has just been met, adding credence to our bearish count that the wave v has ended at 0.9330 and further decline to 0.9000 is seen but reckon…

Nationwide CPI should have dropped another -2.2% yoy while core CPI falling -2.4% yoy in September, indicating the pace of deflation remained the fastest since the gauge began in 1970. As a leading indicator, Tokyo CPI (headline and core) for October is expected to have declined -2.1%. After October, the…

Failure to extend early rebound suggests further consolidation would take place and another fall to 1.5073 support cannot be ruled out, however, as long as indicated key support at 1.5000/06 holds, we are keeping our bullish count that the decline from 1.5383 is still the wave (ii) and subsequent rally…

As the greenback has continued to move higher as expected in our previous update, adding credence to our view that low has possibly been formed at 1.0206 and upside bias remains for further gain to 1.0900 but only a daily close above resistance at 1.0996 would confirm and bring test…

Dollar’s retreat after rising to 1.0252 yesterday suggests a temporary top has possibly been formed and consolidation would be seen and whilst fall to the Kijun-Sen (now at 1.0142) cannot be ruled out, reckon the Ichimoku cloud bottom (now at 1.0114) would attract renewed buying interest and bring further choppy…

The British pound remained confined in narrow range in line with our expectation in our previous update and the horizontal moving Tenkan-Sen and Kijun-Sen still suggests further consolidation would take place but renewed selling interest should emerge around the Kijun-Sen (now at 1.6472) and bring another decline. A break of…

At this point, intraday bias in EUR/GBP remains on the downside with 0.9134 minor resistance intact and further decline is in favor. As noted before, break of 0.8996 support will also argue that fall from 0.9410 is correcting the whole rise from 0.8399 and should extend to 0.8704/8837 support zone….

EUR/CHF continue to be bounded in choppy sideway trading in familiar range. Risk remains on the downside with 1.5238 resistance intact and another fall in EUR/CHF cannot be ruled out. But even in that case, downside should be contained by 1.5007 key support to complete the fall from 1.5364 and…

AUD/USD’s break of 0.9111 support indicates that a short term top is at least in place at 0.9326 on bearish divergence conditions in 4 hours MACD and RSI. Intraday bias is now on the downside as long as 0.9218 minor resistance holds and further decline should be seen to 0.8857…