Daily Forex News

EUR/USD’s recovery from 1.3852 might still continue but after all, recent fall is still expected to continue with 1.3989 minor resistance intact. Current fall is still expected to continue to next key cluster support at 1.3737. However, considering bullish convergence condition in 4 hours MACD, above 1.3989 will argue that…

Intraday bias in GBP/USD remains on the downside with 1.5979 minor resistance intact. Current decline is expected to continue to 1.5829 next. Break there will confirm the whole fall from 1.6875 has resumed for 1.5706 key cluster support. On the upside, above 1.5979 minor resistance will turn intraday bias neutral…

USD/CHF’s retreat from 1.0640 might continue further but after all, another rise is still expected with 1.0481 support intact. Above 1.0640 will indicate that whole rally from 0.9916 has resumed for 100% projection of 0.9916 to 1.0506 from 1.0131 at 1.0721 next. On the downside, though, below 1.0481 minor support…

Outlook in USD/JPY remains unchanged. While further recovery cannot be ruled out, fall from 93.74 is still in favor to continue as long as 91.86 resistance holds. Below 89.97 will flip intraday bias back to the downside. Break of 89.13 will confirm fall resumption to 87.36 support next. As discussed…

Dollar continues to consolidate as global stocks recover. Sterling was lifted by better than construction PMI while Euro is lifted by stronger than expected PPI reading. Nevertheless, the retreat in dollar is so far mild. More apparent strength is seen in Canadian dollar which is supported by crude oil’s rebound…

Although the single currency rebounded after falling to 124.45 yesterday, break of 127.08 resistance is needed to confirm low has been formed there as wave v and bring stronger rebound to 128.38, then towards 129.00/10 but reckon resistance at 129.50 would hold from here.

Aussie ran into heavy offers this morning at 0.8928 this morning and fell sharply from there, suggesting the decline from 0.9331 remains in progress and weakness towards 0.8750 cannot be ruled out, however, loss of near term downward momentum should limit downside to recent low at 0.8735 and bring another…

Although the British pound has continued to edge lower and weakness to 143.00 cannot be ruled out, only a daily close below support at 142.00/05 would signal the wave ii from 139.30 has ended at 150.70, then further weakness to 141.00 and then retest of 139.30 would follow.

Cable’s retreat from 1.6459 suggests the correction from 1.5832 has ended there and downside bias remains for a retest of this support, break there would confirm wave ii has ended, then decline from 1.6879 should resume in wave iii for further weakness to 1.5708 and later to 1.5600.

The retreat from 1.6459 turned out to be stronger than expected and price just tested the Ichimoku cloud bottom on the weekly chart, however, it is necessary to see a breach of support at 1.5832 to signal a downside break of indicated range of 1.5708-1.7044 has taken place, break of…