Daily Forex News

Intraday bias remains neutral for the moment as USD/CAD was supported by lower trend line resistance and rebounded strongly. Note that break of 1.0744 resistance is still needed to indicate that choppy consolidation from 1.0851 has completed. Otherwise, such consolidation might still continue with risk of another fall. Below 1.0461…

AUD/USD’s rebound from 0.8734 resumes after brief retreat and at this point, further rise could still be seen as long as 0.8899 minor support holds. Nevertheless, with 0.9013 resistance intact, our view remains unchanged. That is, rebound from 0.8743 is treated as correction to fall from 0.9321 only. Below 0.8899…

EUR/USD’s fall was contained at 1.4272 and rebounded strongly. The development indicates that correction from 1.4217 is still in progress and intraday bias is flipped to the upside for 1.4457 and above. Nevertheless, we’d still expect upside of the consolidation to be limited by 38.2% retracement of 1.5143 to 1.4217…

USD/CHF’s recovery was limited at 1.0420 as reversed. The development suggests that correction from 1.0506 is still in progress and intraday bias is flipped back to the downside for 1.0278 and below. Nevertheless, we’d still expect downside to be contained by 1.0175 resistance turned support and bring resumption of rise…

USD/JPY retreats after hitting as high as 92.75 but still, with 91.12 support intact, short term outlook remains bullish. Rise from 84.81 is still in favor to extend to 100% projection of 84.81 to 90.75 from 87.36 at 93.30. On the downside, though, notice bearish divergence condition in 4 hours…

Although the British pound resumed recent decline to 1.5832, cable rebounded after holding above calculated level at 1.5826 (50% projection of 1.6412 to 1.5923 measuring from 1.6070) and gain to the Ichimoku cloud bottom (now at 1.6022) is likely, however, only break of resistance at 1.6070 would confirm temporary low…

As the greenback has continued to move higher after rebounding from 1.0279, suggesting the correction from 1.0509 has possibly ended there and consolidation with upside bias remains and price just tested the Ichimoku cloud top (now at 1.0419), however, only break of said resistance at 1.0509 would signal recent rise…

Although the retreat from 1.4459 has kept euro under pressure and suggest correction from 1.4218 has ended there, break 1.4250/60 is needed to confirm recent decline has resumed for retest of 1.4218, break there would extend weakness towards 1.4140/50, however, loss of downward momentum should prevent sharp fall below there…

As dollar has maintained a firm undertone, suggesting the upmove from 84.82 low is still in progress and gain to 93.00 cannot be ruled out, however, reckon upside would be limited to 93.32 (100% projection of 84.82 to 90.78 measuring from 87.36) and loss of upward momentum would cap price…

As discussed before, EUR/USD’s recovery from 1.4217 should have completed at 1.4457 already after hitting 4 hours 55 EMA. Intraday bias remains mildly on the downside for 1.4217 support. Break will confirm fall resumption and should target 38.2% retracement of 1.2329 to 1.5143 at 1.4068 next. On the upside, above…