The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
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The EUR/USD is trying to escape the Bollinger Bands and the Full Stochastic the StochRSI is trying to follow. Only the RSI is still at it's centerline. The bad employment news for the dollar last week will allow these indicators to push this pair out the top of your monitor. Trade Balance news below is also not forecast to be helpful for the dollar's efforts to be a strong currency. A retracement happened yesterday and the 1.4500 area looks like it will last.
EURUSD bulls did show their strength by breaking significant resistance barrier at 1.4444 price level. Above this level, bulls are looking forward to extend their current movement. However, neutral situation is still active for this pair, no trend is established yet.
All aiming upward and each above the centerline, they are bound for a retracement soon. The upward climbing candle price action is also likely to support this. The EUR/USD is dancing in the clouds in the Full Stochastic, StochRSI windows and with the Bollinger Bands.
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While the Forex Markets struggle to find direction to we thought it would be worthwhile to review S&R levels on the EUR and JPY versus the Greenback. We have mentioned in some of our recent pieces that when the markets move sideways we look for intra-day plays as volatility moves the market by 150+ swings a day, however, we never want to lose sight of the bigger picture.
Range-bound with it's price action, lets look at the four technicals for further wisdom from the black abyss of the forex. The Bollinger Bands and RSI request gently a move upward while the StochRSI counters that and the center-lined Full Stochastic is out for this one. The momentum for the most technicals seem to want to carry the price downward and that agrees with the trend. Hopefully the three hour charts will reveal something for a shorter term.
Investors are pondering this very question. Three weeks ago the answer was a resounding Dollar Bull. Just 9 months prior, though, the answer was an unequivocal, Dollar Bear. So what changed?
Bollinger Bands and StochRSI are riding high, while the RSI and Full Stochastics are in the mid-range. Price action does not reveal anything significant. A slight downward movement is the only thing the four technicals this EUR/USD's daily chart will reveal, how generous of them.
EURUSD bears overcome bulls side one more time by declining the price. Resistance level has moved up at 1.4444 price level. Today we should see another test of support level, a possible breakout can initiate stronger downtrend slide. Waiting action remains with selling possibilities.
The EUR has been very choppy since hitting its most recent low back on December 22nd. As traders reposition themselves for the start of this year we wait for new trends and correlations to emerge. In the interim we seek to find ways to generate PNL on intra-day moves using shorter time frames.
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The StochRSI wants to keep the RSI down, the price is low in the Bollinger Band and the Full Stochastic is mid-ranged. The forecasts for the hard hitting news items for the EUR/USD tomorrow are looking good for the dollar and that is line with the trend, your friend.
USDJPY, bears are trying to drag this pair downside towards support level at 91.16. At the moment bulls can feel more safe above support level, trend remains positive. It is better to wait for now.
The New Year is off to a volatile start with Dollar losing across the board. If we are not in an existing position then trading the intra-day trends on a fast time frame can present some decent opportunities.
The recent move upward will be held strong by the likely Pending Home Sales numbers, which are not looking good for the dollar. Though the pair is high for the Bollinger Bands and the StochRSI, it is around the centerline for the Full Stochastics and RSI. More signs say the EUR/USD will be moving up on the fifth, so that is where I will place my bet.
EURUSD bulls didn't manage to break resistance level after second attempt. A rebound back to support level occurred, at the moment waiting action is better to follow in order to confirm a possible breakout of support level. While resistance and support levels stay active, further bouncing between these barriers are expected.
The Loonie has been range bound against the Dollar since the beginning of November. When candlesticks move sideways for extended periods of time, trades refer to price as consolidating. In the chart below notice how the CAD went from trending to ranging to mini break out and then back to ranging. After an extended period of consolidation, expectations of a break out increase.