FOREXYARD: Forex News Blog | |
- Weekly Technical FX Preview – GBP Under Pressure
- FX Technical Analysis – AUD/NZD – More Downward Pressure
- FX Technical Analysis – GBP/USD – Two Merging Trend Lines
- FX Technical Analysis – EUR/USD Bullish Flag Trade
- FX Technical Analysis – GBP/USD
- Oil Prices Climb above $111 a Barrel
- USD May See Bullish Reversal Against NOK
- Sell Signals on AUD/USD
- EUR/CAD Uptrend Might be Near the End
- Crude Oil Trades near $103.50 Level
- USD/CHF Likely to Enter Upward Correction
| Weekly Technical FX Preview – GBP Under Pressure Posted: 26 Jun 2011 11:32 PM PDT
EUR/USD Momentum has now turned lower as falling stochastics appear on the monthly, weekly, and daily charts. Initial support comes in at the June low of 1.4075 and the May low of 1.3970. A break here and technical traders will target the 200-day moving average at 1.3860. While the 8 cent decline from the May high is a sharp drop, traders should keep in mind that the correction the pair is currently undergoing is just that, a correction. Buyers may be lurking at the rising trend line from the June 2010 low. Resistance comes in at the recent high of 1.4440 where the 50-day and 20-day moving averages are floating.
GBP/USD The GBP/USD has broken a significant technical barrier at the neckline from a head and shoulders pattern which measures a target at 1.5370. Monthly and weekly stochastics are turning lower so traders may expect further declines. Support is located at the March low at 1.5935 followed by the late January low at 1.5750. To the upside the neckline from the head and shoulders pattern at 1.6120 could offer traders a level to enter short as many times in a head and shoulders chart pattern the pair will revert back to the neckline only to head lower from there.
USD/JPY Yen bears are making a stand at the 80 level. A previously broken trend line from the April high comes in at this level and will also support the bears. However, once this last bastion of support is broken the fallout could be similar the price action in March. Should the move higher continue, resistance is found at 81 and 81.75.
USD/CHF The previous resistance at 0.8550 held and the all-time low at 0.8325 is continually being pressured so a break here may be in the works. An absence of supports or trend lines below this level makes it difficult to predict how low the pair could go.
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| FX Technical Analysis – AUD/NZD – More Downward Pressure Posted: 26 May 2011 01:22 AM PDT
Following today's sharp appreciation ofthe New Zealand dollar the AUD/NZD made a breach below a key support level. Expanding on this morning's Wild Card selection from the FOREXYARD Daily Analysis, the AUD/NZD has hastily fallen from its early May high and this morning the pair has moved below the significant 1.3190 support level from the mid-April low. The AUD/NZD briefly fell below the psychological support level of 1.3100 but was unable to hold this mark after the European open. Downward pressure is building on the pair after the breach and the selling may continue. Initial support is found at the trend line off of the November and January lows which comes in today at 1.3015. A breach here and the AUD/NZD would target a range between the January pivot at 1.2775 and 1.2470, the latter being the 61.8% retracement level from the 2010 low to the May 2011 high. The November low at 1.2640 would be a last stand for the Aussie dollar. To the upside, the mid-April low will now switch from support to the first resistance level followed by the mid-May low at 1.3350. The pivots from May and March also deserve a mention at 1.3700 and 1.3790 respectively. Read more forex trading news on our forex blog.
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| FX Technical Analysis – GBP/USD – Two Merging Trend Lines Posted: 16 May 2011 01:42 AM PDT
The decline in the GBP/USD is approaching a level where two trend lines merge and could provide a technical level for a bounce higher. Currently cable trades at 1.6200 but following the decline over the past two weeks momentum has shifted to the downside as shown by the falling weekly stochastics. One area on the chart stands out as the GBP/USD has two merging trend lines near the 1.6050 level. The first trend line rises off of the May and December 2010 lows while the second trend line falls off of the November 2007 and July 2008 highs. The cable bounced higher from later trend line which turned into a support level as previous trend lines often do. Below this apex further support rests at the March low at 1.5935 followed by the late December low at 1.5340. To the upside, should the bullish trend continue the GBP/USD would look to rise to this year's high at 1.6750. A breach here and traders could expect the pair to rise to the August 2009 high at 1.7040.
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| FX Technical Analysis – EUR/USD Bullish Flag Trade Posted: 04 May 2011 02:44 AM PDT
The EUR/USD has consolidated its gains over the past week, creating a bullish flag pattern on the daily chart. Given the Momentum-14 indicator is moving higher, a breakout to the upside is expected. The bullish flag pattern has been formed between the prices of 1.4750 and 1.4900. Before entering long on a breakout of the bullish flag pattern, traders should wait for confirmation of the breakout. A move above 1.4910 should suffice. A protective stop should be placed inside the chart patter below 1.4840. Judging from the chart pattern, a move following a breakout should take the pair roughly 400 pips to 1.5300. A take profit level can be placed near this level below the May and June 2008 lows.
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| FX Technical Analysis – GBP/USD Posted: 03 May 2011 07:45 AM PDT
Following today's release of disappointing UK Manufacturing PMI data, Sterling sold off sharply. Traders should be looking for a technical retracement to reenter at better levels. Looking at the daily chart for the GBP/USD, Sterling was sold today and looks to have found support near the 20-day moving average at 1.6460. Today's daily low came in at 1.6466. The support level at 1.6430 could be an area of interest for technical analysts. This price level coincides with the late April low and a 38.2% Fibonacci retracement of the April move higher. Below this key area further support is found at the mid-April low of 1.6165, followed by the rising trend line off of the May 2010 lows which comes in today at 1.5970. To the upside, the mid-April high at 1.6600 may prove to be resistive if only temporary. Traders should initially target a return to last week's high at 1.6745, followed by the November 2009 high at 1.6875 and the 2009 high at 1.7042.
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| Oil Prices Climb above $111 a Barrel Posted: 07 Apr 2011 11:27 PM PDT
Crude oil prices rose significantly yesterday and peaked at $111.36 per barrel. However, the daily chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. Forex traders involved with commodities like this can take advantage of this knowledge by going short on crude oil now, and at a great entry price! • Below is the daily chart for crude oil by ForexYard. • The technical indicators used are the Slow Stochastic, RSI and Williams Percent Range. • Point 1: There is a "doji" candlestick formed in the chart, indicating that a reversal should take place. • Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction. • Point 3: The RSI signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure. • Point 4: The Williams Percent Ranges is showing that this pair is heavily over-bought and may be experiencing strong downward pressure. Crude Oil Daily Chart |
| USD May See Bullish Reversal Against NOK Posted: 06 Apr 2011 12:08 AM PDT
After tumbling throughout the last week, technical indicators are now showing that the USD/NOK may be due for an upward correction. As we will see, now may be a good time for traders to open long positions for some potentially significant profits. • Below is the daily chart of the USD/NOK currency pair, provided by Forexyard. • The technical indicators used are the Slow Stochastic and Williams Percent Range. • Point 1: There is a "doji" candlestick that has formed on the chart, indicating that a reversal could take place in the near future. • Point 2: The Slow Stochastic has recently formed a bullish cross, signaling that the next move may be in the upward direction. • Point 3: The Williams Percent Range signals that the price of this pair is currently floating in the over-sold territory, indicating that upward pressure exists. |
| Posted: 25 Mar 2011 01:51 AM PDT
The AUD/USD experienced much bullishness in the past few days, as it now stands at 1.0240. However; it seems that this trend may be coming to an end. I will illustrate below that the AUD/USD may very well be heading for a reversal. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave. • Below is the 8 hour chart of the AUD/USD currency pair. • The technical indicators used are the Slow Stochastic, Williams Percent Ranges, and Relative Strength Index (RSI). • Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction. • Point 2: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure. • Point 3: The Williams Percent Ranges is showing that this pair is heavily over-bought and may be experiencing strong downward pressure. AUD/USD 8-Hour Chart |
| EUR/CAD Uptrend Might be Near the End Posted: 21 Mar 2011 12:44 AM PDT
The volatile of the EUR/CAD pair continues to be affected by the volatile forex market. The last two weeks has seen a lot of bullish strength in the EUR/CAD pair. However, as I demonstrated below, it seems that the pair's bullish run may have run out of steam, and a bearish correction could be underway soon. This might be a good opportunity for forex traders to enter the trend at a very early stage and at a great entry price. • Below is the daily chart of the EUR/CAD currency pair. • The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic. • Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction. • Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure. • Point 3: The Williams Percent Range signals further bearishness for the pair, which in turn indicates further downward pressure to occur anytime soon. EUR/CAD Daily Chart |
| Crude Oil Trades near $103.50 Level Posted: 18 Mar 2011 01:32 AM PDT
Crude oil prices rose significantly yesterday and peaked at $103.63 per barrel. However, the 4-hour chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. Forex traders involved with commodities like this can take advantage of this knowledge by going short on crude oil now, and at a great entry price! • Below is the 4-hour chart for crude oil by ForexYard. • The technical indicators used are the Slow Stochastic, RSI and Williams Percent Range. • Point 1: There is a "doji" candlestick formed in the chart, indicating that a reversal should take place. • Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction. • Point 3: The RSI signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure. • Point 4: Williams Percent Range also supports the downward direction. Crude Oil 4-Hour Chart |
| USD/CHF Likely to Enter Upward Correction Posted: 16 Mar 2011 01:51 AM PDT
The USD has dropped significantly versus the CHF in the past few days, and it is currently traded around 0.9180. And now as evident in the data below, the 8-hour chart is giving bullish signals, indicating that USD/CHF pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. • Below is the 8-hour chart of the USD/CHF currency pair. • The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic. • Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction. • Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure. • Point 3: The Williams Percent Range shows that this pair was heavily over-sold peaked near the highest mark it could reach, and then turned a corner and now stands in a bullish posture. USD/CHF 8-Hour Chart |
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