FXstreet.com: Technical: Forex Trading Strategies

EURJPY closes above resistance

(Learn To Trade The Market) — Thu, 09 Feb 2012 23:19:27 GMT

Chart in Focus: EURJPY daily chart The EURJPY has been surging higher recently and we can see today price broke and closed above resistance near 102.50. We now view this level as support and would look to get long on any rotations lower into 102.50 or the 8 day EMA support level, pending bullish price action confirmation. We see the next key resistance coming in near 105.00.

AUD/USD – A Counter-trend Trade Plan As Bull Market Stalls

(FXTimes) — Thu, 09 Feb 2012 21:19:09 GMT

AUD/USD The AUD/USD started the week giving back last Friday’s gains. However, after the RBA meeting revealed that it left rates unchanged at 4.25% instead of the expected cut to 4.00%, the market bid up the AUD/USD, pushing it beyond 1.0800. It has since found resistance just below 1.0845. The market is trading sideways again, in a slight congestion as the 1H chart shows higher lows and a lower high. The RSI is also starting to be stuck between 40 and 60. The RSI reading also shows that there

Mario Draghi Provided no Spark at the ECB Press Conference; EUR/USD Keeps Bullish Bias

(FXTimes) — Thu, 09 Feb 2012 21:14:13 GMT

EUR/USD I did not get much of anything new or surprising from Mario Draghi’s statement, and the market looks like it didn’t neither, at least in the EUR/USD reaction, which failed to define direction. Heading into the press conference, the EUR/USD bounced off a projected rising trendline from a low of 1.3235 to 1.33 in a very sharp manner. During the press conference however, it fell back to test 1.3240, but the trendline provided support again. The RSI reading in the 15-min chart shows that

EUR/USD: Bullish above 1.3335

analyst@fxstreet.com (FXstreet.com Independent Analyst Team) — Thu, 09 Feb 2012 17:07:13 GMT

News that Greece's political leaders reached an agreement on key austerity measures needed to secure funds from the Troika to avoid a default, boosted the Euro that touched a fresh 2-month high of 1.3320 on Thursday. Technically, EUR/USD holds a bullish tone as indicators are heading north above their midlines and the price develops above a bullish 20 SMA line in 4 hours chart. However, more range is expected today as the 100 DMA at the 1.3335 area seems a strong resistance to overcome. If the

BoE Expands QE by 50Bn Pounds Instead of 75Bn; GBP Rallies

(FXTimes) — Thu, 09 Feb 2012 13:53:26 GMT

The Bank of England was expected to expand its Bond purchasing program, aka Quantitative Easing from £275bn to £325bn. Economists had forecast a larger expansion of £75bn to £350bn. The sterling market had stalled it’s recent strength coming into the BoE’s scheduled meeting. GBP/USD GBP/USD fell from 1.5927 down to 1.58 before finding support int he Asian-European session. QE in it of itself is negative for the currency, but the market was already expecting an expansion and actually less than

USD/JPY Climbs Above 77.00; 77.32 is Resistance Before 78.25

(FXTimes) — Thu, 09 Feb 2012 12:54:14 GMT

USD/JPY After scraping the 76.00 handle, the USD/JPY has traded in an upward channel and is now climbing back above 77.00 . The next important pivot is the 77.32 level, which has acted as the central pivot of the range between 76.55 and 78.25 . It had acted as resistance in bringing the market back to range support on 1/6, 19, 20. Anticipate resistance here as the RSI also shows overbought condition in a range-bound market. If a subsequent test of 77.32 breaks to the upside, then the USD/JPY

USD/CHF Trading at Range Support with Bearish Bias

(FXTimes) — Thu, 09 Feb 2012 12:49:00 GMT

USD/CHF The USD/CHF has been consolidating since hitting 0.9113 and rallied to 0.9264 . Instead of popping up from a double bottom, it has created a range between these two pivots. There is also a middle band that can be seen between roughly 0.9160 and 0.9210 . The 4H chart shows the market trading at the range support around 0.9113 during the 2/8/2012 European-US session. The RSI rejected a brief break above 60, sign of bearish bias, and if the reading can fall back below 40 as it is

USD/CAD – Looking for Breakout in Momentum

(FXTimes) — Thu, 09 Feb 2012 12:39:54 GMT

USD/CAD The USD/CAD respected the declining channel resistance the last couple of times, but since finding support at 0.9927 , its momentum has gotten flat. The 1H chart shows the RSI reading stuck between 40 and 60, reflecting the neutral and consolidation momentum. Today, a sharp attempt to break the declining channel resistance resulted in a quick rejection as the RSI also tested 60. If the market is to find a bottom, the RSI should rally above 60, but if the market is in bearish

EURJPY: Risk Continues To Point To The 102.52 Level And Beyond

m.isah@fxtechstrategy.com (FXTechstrategy) — Thu, 09 Feb 2012 11:24:28 GMT

EURJPY: Risk Continues To Point To The 102.52 Level And Beyond EURJPY- With the cross holding above the 102.19 level and challenging the 102.52 level, its Dec 21’2011 low, further upside offensive looks to continue. Above the 102.52 level will call for a run at its Dec 12’2011 high at 103.86 and possibly higher towards its Dec 02’2011 high at 105.69. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, the risk to our analysis will be for the cross to return

Will BoE Send Pound Lower Today!?

info@ew-forecast.com (Elliott Wave Forecast) — Thu, 09 Feb 2012 09:58:17 GMT

Traders and investors are still focusing on Greek talks to approve austerity measures. "An agreement was close, but details over adjustment to pensions remained as a sole sticking point", according to Reuters. These Greek talks will be temporary muted, as ECB and BOE rate decision are approaching. There are no expectations for any rate cut! The BOE is expected to expand the quantitative easing plan from 275 to 325 billion pounds. If we consider some sharp gains on Gbp/Usd in recent days and

Daily Technical Crosses: EUR/CHF, EUR/GBP, AUD/USD, USD/CAD, NZD/USD

info@fxempire.com (FXEmpire.com) — Thu, 09 Feb 2012 08:44:53 GMT

EUR/CHF Forecast Technical Analysis EUR/CHF pair rose during the session on Wednesday as the European negotiations with Athens continue to drag on. The failure of any statement or announcement to an agreement is starting to get some traders concerned. There are a lot of analysts out there that believe the “good news” is already baked into the markets, and as such – we think the Euro’s gains could be somewhat limited. However, in this pair we see that the line in the sand at 1.20 will more than

Daily Technical Majors: EUR/USD, USD/JPY, GBP/USD, USD/CHF

info@fxempire.com (FXEmpire.com) — Thu, 09 Feb 2012 08:15:36 GMT

EUR/USD Forecast Technical Analysis EUR/USD had a fairly quiet day as the world awaits the results of the talks between Athens and the Troika. The debt negotiations continue to drag on, and one has to wonder how much longer this can go on. The area is the 38.2% Fibonacci retrace of the recent fall, and this area continues to be somewhat interesting to larger order flows. The area has held as resistive so far, but this probably is just as much due to the markets waiting for the agreement than

Euro Accelerated to 1.3300 After 1.3230 Break

info@ew-forecast.com (Elliott Wave Forecast) — Thu, 09 Feb 2012 07:52:32 GMT

Euro is accelerating higher after 1.3230 break two days back, which now opens the door for a move towards 1.3300 and 1.3400 zone. Larger wave structure still suggests we are in C) wave of a corrective wave (2), since we have only three legs up. But for now our focus is staying with the current impulsive C wave for a higher levels in the near-future. Only break below support channel line will suggest that bulls are done!

The US Dollar Index is approaching critical support of 78.20

support@gfmresearch.com (GFM Research Private Limited) — Thu, 09 Feb 2012 07:12:07 GMT

Market Commentary The US Dollar Index is approaching critical support of 78.20 and the key equity index of the Dow Jones Industrials is trading at the last year highs of 12900 ranges; DJIA Vs DX correlation suggests a word of caution though the major trend of the Greenback is bearish and the major trend of the Dow is bullish, both may trade sideways before resuming respective trends. DJIA is entering supply zone of previous year highs of 12900 ranges it may trade sideways with bullish

China CPI shocker; Greek talks still in play

info@saxobank.com (Saxo Bank) — Thu, 09 Feb 2012 06:35:02 GMT

Non-Independent Investment Research The Asian session was a little turbulent as one newswire reported China CPI data early and incorrectly, while Greek headlines suggested the latest meeting had ended inconclusively - only to subsequently inform us only one issue remained unresolved. The EUR started off on a weak note as we heard that the latest meeting between Greek coalition partners had finished without a deal being concluded. That was enough to push EURUSD down 40-50 points before it

Wheat has so far only managed to stall out at this level

info@autochartist.com (Autochartist) — Thu, 09 Feb 2012 06:32:12 GMT

Wheat futures continue holding onto a ledge after breaking out of a Channel Up chart pattern several sessions ago. As the price has proven resilient in the near term, it has also failed to muster any upside gains. This leaves the downside forecast wide open for the market as shown on the Autochartist hourly time frame. A return back inside the channel support would be needed to determine the current move to be a false breakout. The initial breach of the channel occurred just above $6.50 per

Australia 200 (AUS200) index CFD rallied two candlesticks

info@autochartist.com (Autochartist) — Thu, 09 Feb 2012 06:24:07 GMT

After reaching a near-term low at Point C or 4277.50, the Australia 200 (AUS200) index CFD rallied two candlesticks, completing an ABCD Fibonacci pattern on the 30-minute chart. Based on the completed set-up, Autochartist is forecasting a possible rally to Point D or the target price at 4316.00. The ABCD Fibonacci pattern is often called the “backbone” of all Fibonacci patterns. It is easy to spot because of its “lightening bolt” formation. The pattern is also created with precise price and

GBP/USD is expected to fall further toward the Forecast Price 1.5776

info@autochartist.com (Autochartist) — Thu, 09 Feb 2012 06:15:44 GMT

GBP/USD has recently completed the high Quality Up Channel chart pattern identified by Autochartist on the hourly charts. The overall Quality of this chart pattern is measured at the 9 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), substantial Uniformity (9 bars) and significant Clarity (7 bars). The top of this chart pattern (point C on the chart below) formed when the pair reversed down from the combined resistance standing at the intersection of the upper

Index Recommended Levels

vilks49@yahoo.com (FXtechtrade) — Thu, 09 Feb 2012 02:33:37 GMT

Dow Jones : Resistance ( daily close ) : 9382.12, 9744.26, 10 091.30, 10 935.23, 11 164.57, 344.92 and 11 520.30. Then 11 749.22, 11 970.00, 12 152.82, 12 600.24, 12 982.20 , 13 162.50 and 13 320.00. Break of the latter will lead to 13 567.60, 13 668.74 and 13 792.53 ( published on October 21, 2008). Support ( daily close ): 9630.33 and 9358.35(main), 9090.00, 8912.62 ( published on November 10, 2009) . Today’s support: - 12846.50, 12807.13, 12771.33 and 12757.44 (main), where a delay and

GBPUSD rotates down to 8 day EMA support

(Learn To Trade The Market) — Wed, 08 Feb 2012 23:38:30 GMT

Chart in Focus: Daily GBPUSD The GBPUSD moved lower today into the 8 day EMA support level. We can see price moved higher off the pin bar setup from Monday before retracing lower today. We still see momentum as bullish in this market and will watch for price action buy signals to re-join the uptrend on any rotations lower into the dynamic 8 / 21 daily EMA support layer.

USD/CHF Trading at Range Support with Bearish Bias

(FXTimes) — Wed, 08 Feb 2012 20:43:25 GMT

USD/CHF The USD/CHF has been consolidating since hitting 0.9113 and rallied to 0.9264. Instead of popping up from a double bottom, it has created a range between these two pivots. There is also a middle band that can be seen between roughly 0.9160 and 0.9210. The 4H chart shows the market trading at the range support around 0.9113 during the 2/8/2012 European-US session. The RSI rejected a brief break above 60, sign of bearish bias, and if the reading can fall back below 40 as it is attempting

USD/CAD – Looking for Breakout in Momentum

(FXTimes) — Wed, 08 Feb 2012 20:36:51 GMT

USD/CAD The USD/CAD respected the declining channel resistance the last couple of times, but since finding support at 0.9927, its momentum has gotten flat. The 1H chart shows the RSI reading stuck between 40 and 60, reflecting the neutral and consolidation momentum. Today, a sharp attempt to break the declining channel resistance resulted in a quick rejection as the RSI also tested 60. If the market is to find a bottom, the RSI should rally above 60, but if the market is in bearish

GBP/USD could extend losses below 1.5800

analyst@fxstreet.com (FXstreet.com Independent Analyst Team) — Wed, 08 Feb 2012 17:18:49 GMT

The Pound weakened during the American session, falling sharply toward the 1.5800 area versus the Greenback as risk appetite waned and ahead of tomorrow's BoE monetary policy meeting which is expected to result in a likely expansion of the QE. Short-term studies have turned negative, although GBP/USD holds a bullish tone in 4 hour charts with the price finding support at an ascendant trendline coming from Jan 13 lows (1.5795), and indicators turning south still above their midlines. However, a

EUR/USD to Consolidate Gains Ahead of ECB Meeting

(FXTimes) — Wed, 08 Feb 2012 16:49:33 GMT

EUR/USD After rallying from 1.3030 to 1.3280, the EUR/USD is seeing bearish divergence with the RSI in the 1H chart. Also it has been trading at the upper bollinger band (3 standard deviations from the 200 simple moving average). Along with anticipation of a risk-event in the ECB meeting tomorrow at 7:45 AM EST (12:45GMT), the EUR/USD is set to consolidate. Price action shows respect of 1.33, holding highs near 1.3280. (The ECB press conference at 8:30AM EST will also be widely monitored) The

Gold Eyeing 1760-65 levels

info@ew-forecast.com (Elliott Wave Forecast) — Wed, 08 Feb 2012 14:37:26 GMT

Gold found the support in the past sessions very close to previous wave four of one lesser degree. In fact, prices also retraced lower for 38.2% of wave 3 distance, where typical wave four finds the support. Well, is clearly impulsive from 1709 so all is in place for further strength into a wave 5) of (1), towards upper EW channel resistance line.

GBP/USD Trading at Resistance Cluster Around 1.59

(FXTimes) — Wed, 08 Feb 2012 13:07:54 GMT

GBP/USD The daily GBP/USD chart shows a market that has been in a bull swing that broke above a declining trendline. It is now stalling as it tests a resistance cluster. There is a pivot around 1.59 , a 200-day simple moving average, and the 50% retracement o(f 1.6616 to 1.5232 ) at 1.5924 . The RSI is also tagging 70, which shows some bullish momentum, but in the short-term signals overbought conditions. This calls for a correction, but if the trend persists afterwards, the upside is to the

Gold Respects Channel Support; Trading Toward 1800

(FXTimes) — Wed, 08 Feb 2012 13:00:51 GMT

XAU/USD (Gold) Since breaking the declining trendline seen in the daily chart, gold (XAU/USD) has rallied to the first target/resistance level near 1760 ( 1768 is 61.8% retracement of the 1920.75 to 1522.60 run). Looking at the daily chart, we also see that a break above 1770 should clear the way for 1802 , the next target/resistance. Above that opens up the record high at 1920.75 . The RSI in the above chart hit 70, reflecting the fact that gold has not turned bearish, but rather turned

EUR/USD: Further gains above 1.3290 with 1.3335 at sight

analyst@fxstreet.com (FXstreet.com Independent Analyst Team) — Wed, 08 Feb 2012 12:44:25 GMT

The Euro extended gains versus the Dollar and hit a fresh 6-month high on Wednesday amid optimism Greek leaders are near a deal on measures to secure a second bailout from the troika. After breaking above the 38.2% retracement of the 1.4246/1.2623 fall at 1.3243, EUR/USD has found resistance at the 1.3290 area. Technically, short-term studies remain positive, although momentum is lacking strength. A break above the 1.3290/1.3300 area will open the doors for a test of the 1.3335 zone, where the

EURUSD: Turns Above The 1.3233 Level, Looks To Strengthen Further

m.isah@fxtechstrategy.com (FXTechstrategy) — Wed, 08 Feb 2012 11:30:44 GMT

EURUSD: Turns Above The 1.3233 Level, Looks To Strengthen Further. EURUSD - Having climbed above its key resistance at the 1.3233 level, its Jan 27’2012 high, we are looking for EUR to strengthen further. This will aim at the 1.3375 level, its Dec 12’12 high with a breach targeting its Dec 02’2011 high at 1.3547. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, on pullbacks support lies at the 1.3233 level where a violation will aim at the 1.3000 level

Video Analysis: Commodities Supportive For Majors

info@ew-forecast.com (Elliott Wave Forecast) — Wed, 08 Feb 2012 10:15:00 GMT

Hello traders! Stocks are higher, USD reached new lows against the majors during Asian session, and it seems that this type of a price action will continue this week, especially after a sharp impulsive break on Eur/Usd yesterday out of its6-day consolidation range. USD weakness is also seen across the board because of higher commodities. Gold and oil are looking very bullish after reversal from the lows few sessions back. For more detailed analysis please check new video analysis below.

Eur/Usd Underway Towards 1.34 in Sessions Ahead

info@ew-forecast.com (Elliott Wave Forecast) — Wed, 08 Feb 2012 07:56:02 GMT

Euro broke into a new high and closed above 1.3230 area, which definitely suggests that a corrective wave B) is finished, which still has formed a W-X-Y correction, which however, found the base much higher and earlier than we anticipated. A rise from 1.3025 has an impulsive personality, so wave C) is underway that may reach 1.3400 area in coming sessions. Meanwhile, we do not want to see any break back below the support line; otherwise trend will change!. For our trading results form January,

Daily Technical Majors: EUR/USD, USD/JPY, GBP/USD, USD/CHF

info@fxempire.com (FXEmpire.com) — Wed, 08 Feb 2012 07:58:59 GMT

EUR/USD Forecast Technical Analysis The market saw the EUR/USD pair shoot straight up during the Tuesday session as the rumors of a Greek bailout agreement hit the markets (again) during the session. The agreement wasn’t done before the end of the session, and the markets could be disappointed. However, it appears that the market is ready to take the bait again, so the next move could be higher. The 1.32 level has been breached, and now the next resistance area is at the 1.35 level, assuming

Daily Technical Crosses: EUR/CHF, EUR/GBP, AUD/USD, USD/CAD, NZD/USD

info@fxempire.com (FXEmpire.com) — Wed, 08 Feb 2012 08:00:04 GMT

EUR/CHF Forecast Technical Analysis The EUR/CHF pair rose during the session on Tuesday as rumors of a possible Greek bailout agreement spread. However, there was no agreement at the end of the day, and the pair sold off a bit as a result. The 1.21 level seems to have held as resistance, and we think that it is the start of resistance to the rise in this pair going forward. With the various headline risks that are out there, we think this pair could very well fall again, and we are willing to

Index Recommended Levels

vilks49@yahoo.com (FXtechtrade) — Wed, 08 Feb 2012 07:29:21 GMT

The Dollar Index does not close above 83.50 on monthly basis

support@gfmresearch.com (GFM Research Private Limited) — Wed, 08 Feb 2012 07:13:28 GMT

Market Commentary The US Dollar continues down trend after trading sideways for couple of trading sessions on the event of stronger asset classes especially the benchmark equity index of the Dow Industrials. Though DJIA is entering supply zone of previous year highs of 12900 ranges it may trade sideways with bullish undertone; consistent close above 13000 would reinitiate major rally. Though the medium-term trend is bearish, DXH2 may trade sideways between 80.10 and 78.20. The long-term trend

Silver has identified key resistance near the current price

info@autochartist.com (Autochartist) — Wed, 08 Feb 2012 07:07:38 GMT

Silver futures rallied alongside the rest of the precious metals to move within striking distance of the $35 per ounce level by the close of the session. The broader strength in precious metals helped to underpin the technical strength seen on the silver chart. Autochartist has identified key resistance near the current price, in the form of the Ascending Wedge chart pattern show here. The pattern is shown on the 240-minute candlestick chart with the major low near $26 per ounce providing the

Japan 225 (JP225): Autochartist is able to identify a completed a pattern

info@autochartist.com (Autochartist) — Wed, 08 Feb 2012 07:02:26 GMT

The Japan 225 (JP225) index CFD completed a 3-Point Extension Fibonacci pattern on the 30-minute chart, setting up a potential break into a series of Fibonacci price levels ranging from 8931.17 to 8850.83. This Fibonacci pattern can be attractive to trend and counter-trend traders. Since the main trend is up, trend traders may choose to exit their current long positions and wait for the correction while counter-trend traders may want to consider shorting against Point C. The 3-Point Extension

USD/NOK expected to fall further toward the Forecast Price 5.7481

info@autochartist.com (Autochartist) — Wed, 08 Feb 2012 06:59:44 GMT

USD/NOK has recently completed the Clear Descending Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the average Initial Trend (rated at the 5 bar level), higher Uniformity (6 bars) and maximum Clarity (10 bars). The completion of this chart pattern continues the strong long-term downtrend visible on the daily and the weekly USD/NOK charts. The price has recently broken down through

The final act of the Greek tragedy? Another deadline looms…

info@saxobank.com (Saxo Bank) — Wed, 08 Feb 2012 06:25:47 GMT

Surprisingly, given the force of the EUR's squeeze late in the European session, Asian trading was muted Wednesday. That said, the consolidation was at its highest since December 12 and there was a lack of interest to push risk currencies and the EUR back lower. The EUR's rally was amid speculation Greek political parties were coming together to back the second Troika bailout package, with (another) meeting scheduled for today. The move was exacerbated by stops triggered above recent highs.

EURUSD breaks and closes above 1.3200 resistance

(Learn To Trade The Market) — Wed, 08 Feb 2012 00:31:52 GMT

Chart in Focus: Daily EURUSD The EURUSD broke and closed above 1.3200 today as yesterday's pin bar setup came off higher. We can see momentum is bullish and there is potential for a larger move to re-test the next key resistance at 1.3500. If price rotates lower towards the 8 / 21 daily EMA support levels, traders can watch for potential price action buy signals to re-join the uptrend.