Daily Forex News

After breaking indicated support at 131.01 yesterday, the single currency tumbled as indicated in our previous update, quickly broke below support at 129.02 and even 127.00 this morning, suggesting the wave 2 from 139.26 is still unfolding with only (a) leg ended at 127.00, followed by wave (b) at 138.49…

The Australian dollar dropped sharply in line with our expectation and the breach of indicated support at 0.9060 adds credence to our view that top has been formed earlier at 0.9407 as wave (5) of v. Although aussie has recovered after intra-day selloff to 0.8946, expect upside to be limited…

The single currency finally dropped below indicated support at 131.01 and then quickly penetrated another support at 129.02 and also 127.00 on risk aversion due to Dubai debt fears, suggesting wave 2 from 139.26 is still unfolding and we have re-labeled the break-down as only (a) leg has ended at…

The greenback finally broke below recent strong support at 1.0033, confirming the final leg of wave (c) has resumed and almost reached our indicated downside target at 0.9900 (yesterday’s low as 0.9910), although price has rebounded from there since, as long as minor resistance at 1.0338 holds, we see a…

Although the kiwi rebounded earlier to as high as 0.7524, as price ran into heavy offers there and fell again from there, retaining our previous view that a temporary top has been formed at 0.7635 and mild downside bias remains for correction of recent upmove to bring weakness towards the…

The single currency dropped sharply on risk aversion due to Dubai debt fears and both support at 129.02 and 127.00 were penetrated (intra-day low was 126.95), suggesting a downside break of recent 127.00-139.26 range has taken place, however, a weekly close below 126.95/00 is needed to confirm this view and…

At this point, intraday bias in EUR/GBP remains on the upside with 0.9049 minor support holds. The decisive break of 0.9064 resistance confirms the case that whole corrective fall from 0.9410 has completed at 0.8833 already. Further rise should be seen to 61.8% retracement of 0.9410 to 0.8833 at 0.9190…

Much volatility is seen in EUR/CHF in the past 24 hours and such volatility will possibly continue. Nevertheless, firstly, we’d expect downside to be contained by 1.5007 level and hence, downside potential remains limited. On the upside, above 1.5145 will be a signal that EUR/CHF has bottomed and will turn…

Despite early selloff to 0.9910, as the rebound from there is much stronger than expected and price just broke above the Ichimoku cloud area, suggesting a temporary low has possibly been formed there and upside is seen for correction of recent decline to bring further gain to 1.0224 and later…

AUD/USD’s sharp fall from 0.9321 extends further to as low as 0.8945 so far today and the break of 0.9060 support confirms that whole decline from 0.9404 has resumed. At this point, intraday bias remains on the downside for 0.8915 support first. Break there will also confirm that AUD/USD has…