Daily Forex News

We have revised up our forecasts on Canadian dollar given recent strong economic outlook and upbeat BOC statements. We believe CAD should strengthen against both AUD and NZD as domestic recovery gains traction. When the BOC begins it tightening cycle, probably at the end of 2Q10, the pace would be…

Euro’s rally after early retreat to 121.46 (Tue 09 March) has retained our bullish view that wave v has ended earlier at 119.66 and consolidation with upside bias remains for gain to 124.50, then towards resistance at 125.24, however, break there is needed to provide final confirmation and bring stronger…

As aussie eased after rising to 0.9193 yesterday, suggesting minor consolidation would be seen, however, pullback should be limited to 0.9030/35 and bring another rally later. Above said resistance would extend gain to 0.9240/50 and then towards 0.9294 (100% projection of wave i)

The single currency maintained a firm undertone against the British pound and we are keeping our count that the wave B from 0.9413 has ended at 0.8603 and break of resistance at 0.9154 would encourage for headway towards 0.9300.

As the greenback broke below indicated support at 1.0225, calling for a review of our previous bullish count but it is still 50/59 chance that entire wave B ended at 1.0206 earlier or only a wave iii ended there, so the pivotal point remains at 1.0206, below there would signal…

Although the British pound fell in line with our expectation to our indicated downside targets at 135.73 and 133.00, as sterling recovered from 132.05 and closed last week near the week’s high, leaving a ‘hammer’ candlestick pattern on the weekly chart and if a white candlestick is formed this week,…

Although the single currency continued to fall according to our expectation in the previous update and met our indicated downside target at 1.4000, as the Tenkan-Sen has just started to turn sideways, suggesting recent selloff is likely to slow down and further sharp fall below 1.3800 may not be repeated…

GBP/JPY’s break of 135.69 minor resistance turns intraday bias neutral again and argues that consolidation from 132.13 might be still in progress. Another rise cannot be ruled out but after all, upside should be limited by 139.21 cluster resistance (38.2% retracement of 150.68 to 132.13 at 139.21, 61.8% retracement of…

As noted before, EUR/JPY’s strong recovery from 121.45 indicates that consolidation from 119.64 is still in progress and more rise could still be seen. But after all, upside is expected to be limited by 125.22 cluster resistance (38.2% retracement of 134.36 to 119.64 at 125.26) and bring fall resumption. Below…

AUD/USD lose some upside moment with 4 hours MACD crossed below signal line again but after all, further rally is in favor as long as 0.9053 minor support holds. Rise from 0.8577 is still expected to continue towards 100% projection of 0.8577 to 0.9070 from 0.8802 at 0.9295 next. On…