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Thread: Forex Technical Analysis By Forex4you

  1. #21

    Default Forex4you Technical Analysis 03/11/10

    EUR/USD: Technical Analysis

    Longer term this pair could be in an Elliot wave 4 triangle with wave 5 targeting 1.42 to 1.45. The current rally would be labelled a wave D with E down poised to begin. Since most of the legs up until D have retraced slightly over 76.40% of the preceding wave it is likely that wave E will do the same yielding a downside target of 1.3810. Wave D appears to be composed of a zig-zag and then an impulse from November the 1st. The probabilities are that the final wave of the impulse will end in a zone between the 1.4058 highs and 20 points higher at 1.4078 before rolling over into wave E. If price goes above the October 25th highs at 1.4080 then it is less likely we are in a triangle with a bullish potential.




    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

  2. #22

    Default Forex4you Technical Analysis 04/11/10

    EUR/USD: Technical Analysis

    The exchange rate has broken out of the triangle formation it was in since the 15th October and it will not probably rally higher reaching the 1.44s at least. This is likely to be an 5th Elliot wave of the second leg of the zig-zag which started at the June lows, so once it has finished there may be a sharp decline. There has been a bullish breach of the cloud on the weekly Ichimoku chart but price will have to remain above the cloud for a further week or 2 for confirmation.

    Taking the width of the triangle and extending it higher yields an upside target of 1.4450 which is also where the R2 monthly pivot lies, whilst channelling the Elliot wave which started at the August lows yields another objective in the 1.47s. Finally the trend-line down connecting the ’08 and n’09 highs lies at roughly 1.4600 and this would be a substantial line of resistance if met. In the short term, however, it is possible there may be a pullback to 1.4200 before further upside.




    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

  3. #23

    Default Forex4you Technical Analysis 09/11/10

    EUR/USD: Technical Analysis

    The exchange rate has been falling and it may carry on until it reaches a substantial layer of support around 1.3800. Nearby 1.3806 is also the objective of yesterday’s flag pattern, so further downside may well halt there. We have also had a complete 5 Elliot wave impulse pattern down, which began at the 1.4085 highs achieved yesterday morning. There is a chance, therefore of a correction off this wave, which may occur now or at the 1.3800 support levels. This could carry the exchange rate back up to resistance at 1.3885, or perhaps higher.




    GBP/USD: Technical Analysis

    The exchange rate has fallen from the 1.62 highs made on the 4th of November. It has formed a complete impulse pattern down with 5 waves and this could be the point where there is a correction. Initial targets might be the trend-line down from the highs of the 4th at 1.6150 and then the 50% retracement of the move down at 1.6180. Further downside could lead to 1.6041 initially, where price might intersect the trend-line up for the October rally. The monthly pivot at 1.5931 could also provide support.



    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

  4. #24
    sabrinathomas
    Guest

    Default

    USD Dollar (USD) 09/11/2010– The Dollar continues to advance versus the other major currencies after Friday’s better than expected U.S. jobs data eased pressure on the Dollar in the wake of the Federal Reserve’s asset purchase plan announcement.

  5. #25

    Default Forex4you Technical Analysis 10/11/10

    EUR/USD: Technical Analysis

    Strong resistance 1.3960/70, mentioned in the previous comment, triggered a pullback downwards, which brought the price to lower than expected supports. After level 1.3730/40 the price bounced upwards and currently resides at 1.3790/80. In case the price falls below 1.3860/40, the "bearish" moods will strengthen, which is already seen on the indicators, that suggest sich a possibility. Yesterday's assumptions that support 1.3660/40 is likely to be tested are still relevant. Nevertheless, reversal higher 1.3860, i.e fixation above consolidation range support (blue line), will indicate a reversal to the "bullish trend".




    GBP/USD: Technical Analysis

    This pair has fallen from the 4th November highs. Yesterday it dropped over 150 points but has now stabilized and entered into a sideways consolidation zone. This could be a triangle whose final thrust might take the exchange rate to1.5930 at first, where the monthly pivot is and then perhaps even to 1.5900 where the exchange rate would meet the trend-line up from the May lows. An upside breakout before then might be expected to reach trend-line resistance at 1.6050.




    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

  6. #26

    Default Forex4you Technical Analysis 11/11/10

    EUR/USD: Technical Analysis

    The pair prefers a downwards movement, like it had been expected. The price descended to support 1.3660/40, but for a short period of time, and then returned upwards, so it's now consolidating around levels 1.3730/50. The consolidsation channel support has been breached but it now turns out to be a strong risistance, which which prevents the trading from moving upwards. Indicators don't suggest any particular direction, which makes the situation unclear. At the same time, SS is stuck in the oversold zone and R%'s reversal to this zone indicates the "bearish" potential to bring the trading down to 1.3650 and even to 1.3570. The alternative scenario remains the same - reversal above 1.3860 wil trigger the "bullish" trend.



    GBP/USD: Technical Analysis

    The rally up which began yesterday looks like it may be the Elliot wave 5th wave of the leg up from the 20th October lows and the correction from the 4th November highs is the wave 4. It is now a question of whether this 5th wave rally runs its full length or whether it has already finished and is truncated. If it goes higher, then it will probably match or slightly exceed the wave 3 highs at 1.6290. On the other hand if the exchange rate begins to fall from here expect support at 1.5950.



    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

  7. #27

    Default Forex4you Technical Analysis 12/11/10

    EUR/USD: Technical Analysis

    The dramatic decline of the last few days has slowed after alighting on the 50 day MA and a small countertrend rally has begun from this morning’s lows. There is a high probability that this is an Elliot wave 4 correction of yesterday’s decline. The majority of wave 4’s end in a retracement zone of 20-50% of 1-3 and so this 4 could reverse at any moment given we have retraced over 20% already. The 50% level is particularly interesting because it is exactly at the same point as the 20th October low, thus enhancing its value as resistance. Once 5 down gets underway it could match the lows at 1.3593 but caution ought to be exercised as we are at strong support levels. The correction which follows may be strong taking us back up to 1.3815.




    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

  8. #28

    Default Forex4you Technical Analysis 15/11/10

    EUR/USD: Technical Analysis

    Sideways consolidation continued within the range 1.3770/60-1.3570, like it had been previously assumed. The price still resides in this range, at level 1.3630/40. Indicators are turning downwards, which explains the anticipation of a further price fall to the new minimums. Nevertheless, to continue their trend the "bears" have to breach support 1.3570 with the following high possibility of levels 1.3500/1.3490 and 1.3380/90 tests later. At the same time, there is still a possibility for a reversal to growth in a medium-term level, which will take place if the trading raises above 1.3840/50.



    GBP/USD: Technical Analysis

    Attempts to continue growth ended at level 1.6150/60. The price failed to breach this barrier and returned downwards, where it currently resides - at level 1.6070/80. Indicators are mostly neutral, though seems like some of them, especially R%, suggest a possible decline. So, the "bearish" priority obviously remains. Support level 1.5980/70 breakout is considered a significat event, suggesting uptrend channel line (blue lines) test within the price range 1.5830/20 in the nearest future. The alternative variant - reversal to growth- will be more likely in case the price fixes above the previously mentioned resistance level 1.6200.



    EUR/JPY: Technical Analysis

    The exchange rate has been gently correcting the rise from Friday’s 111 lows. It could come back as far as 112.60 where the 50 Day MA rests, or even start to rise from its current position. The next move will probably be a rally up to slightly beyond the old highs at 113.70 where price will encounter resistance from a trend-line overhead. This could be labelled as an Elliot wave 5 of the move up from Friday’s lows and should complete the wave.



    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

  9. #29

    Default Forex4you Technical Analysis 16/11/10

    EUR/USD: Technical Analysis

    There haven't been any unexpected events in the pair and the assumptions of a possible price fall confirmed. Attempt to breach key support 1.3570, mentioned previously, is currently being made. Indicators suggest further downward movement and give reason to expect the breakout of this barrier. If it happens, a decline will proceed to support levels - 1.3500/1.3490 and 1.3380/90. Taking into account possible MACD divergence, it's a good idea to be cautious. Rise above 1.3840/50 will be a signal to a possible reversal to growth in a mid-term level.



    EUR/JPY: Technical Analysis

    In yesterday’s analysis I wrote that we were in an Elliot wave 4 correction of the rise from Friday’s 111 lows. Wave 4 seems to have completed and wave 5 up now appears to be in progress. The odds favour a target for the end of 5 at “slightly beyond the old highs at 113.70, where price will encounter resistance from a trend-line overhead.” The exchange rate currently appears to be stalling slightly at 113.30 which may mean it fails to reach its target but either way, once 5 completes and there is a correction it could go back down to the 112.60 support lows, if not as far back as the 50% Fibonacci retracement line at 112.35.



    AUD/USD: Technical Analysis

    Support 0.9840/20, mentioned previously as the key support for the continuation of a downtrend, had been breached, opening the way to the next local minimums - levels 0.9790 and 0.9750/40. At the moment the trading is carried on at level 0.9800/10. Indicators are turned downwards, giving reasons to expect the "bearish" trend to preserve. A lot will depend from support 0.9790/80 - in case this barrier is easily breached, we'll be expecting the price to fall even lower, to 0.9700/0.9680.



    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

  10. #30

    Default Forex4you Technical Analysis 19/11/10

    EUR/USD: Technical Analysis

    Resistance 1.3640/50 had been a strong berrier for the "bulls" for a long time, yet it was breached and the trading is carried on around levels 1.3680/90. Indicators say in favor of the "bullish" trend, which suggests further growth. It's worth noting though, that there are several strong barriers on the way up - resistance range 1.3720/70 and level 1.3840. And even resistance 1.3840/50 breakout shouldn't be considered the final signal for the reversal to growth. Until resistance 1.3960/70 isn't breached, the "bears" still have big chances to regain their strength and take the leading positions. A decline can begin even from the current levels.



    GBP/USD: Technical Analysis

    Resistance 1.6040, mentioned previously as the key resistance, which would determine future direction of the price, had been breached, so the “bulls” should be considered dominating for the medium-term outlook. Indicators are turned upwards, which proves that the assumption about further growth is correct. Nevertheless, the final sign for that will be growth above 1.6140/50, and even 1.6180/90. Until it happens, the “bearish” trend has all chances to recommence from currently tested resistance 1.6090.




    Analysis by: Forex4you.com written by Joaquin Monfort
    Forex4you analyst

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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