Technical Analysis

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  • EUR/USD Weekly Outlook and Trading Idea

    April 14 2013 4:55 PM

    EUR advanced last week and that further justified our bullish view here. However, we need a move above 1.3195 for a final confirmation that wave E up is undeed unfolding. I expect this to happen this coming week. The daily oscillators point up which is positive, but the daily Stochastics is getting overbought. Ultimately a move twd 1.3720 is expected once we can confirm the presented wave count is indeed unfolding. On the downside, below 1.2870 negates and turns the daily chart negative again....

  • Spot USD/JPY Forecast for 03/13 by Daytradeideas.com

    March 13 2013 8:21 AM

    USDJPY held on above 95.34/29 support as hoped. Below 95.71/64 today we look for a test of 95.34/29 & we could see a bounce from here again. However a break of 94.85 could keep the pressure on for 94.48/42 to offer a potential buying opportunity this week. If we can hold above 95.85 we could reach for 96.30. Above here there is a chance we can retest 96.55/71 highs. A push through 96.80 can then target 97.14 & although we are getting very overbought in the short term, 99.74/79 is not out of the question.

  • Spot EUR/USD Forecast for 03/12 by Daytradeideas.com

    March 12 2013 8:24 AM

    EURUSD reached resistance at 1.3041 & over ran slightly to 1.3054. A push through 1.3045/54 does look possible today for a crawl higher to 1.3094, possibly a retest of 1.3134/37 which would be expected to cap a move to the upside. 1.2965/55 support marked the low last week. A break today however cannot be ruled out in this down trend, to target 1.2890/80 & if this fails we should test the 200 day MA at 1.2862. We will be watching for a bounce in this area today.

  • Spot EUR/USD Forecast for 03/11 by Daytradeideas.com

    March 11 2013 8:43 AM

    EURUSD got to with in 10 pips of the next target at 1.3145 which was expected to hold the topside. 1.2965 support did just about hold again as hoped. A break today however cannot be ruled out in this own trend & should target 1.2890/80 & if this fails we should test the 200 day MA at 1.2860. We will be watching for a bounce in this area today. A move higher runs in to resistance at 1.3041. If we manage a push through here look for 1.3094, possibly a retest of 1.3134/37 which would be expected to cap a move to the upside again today.

  • USD/JPY Weekly Outlook and Trading Idea

    March 10 2013 6:40 PM

    The suggested long strategy in our last update has worked extremely well. USD/JPY initially traded near 93.12 Fibonacci pivot level but then rallied strongly at the end of last week. Now, the daily chart remains bullish and overbought. Ideally we will see further gains this week twd the 98.90 Fibonacci level. On the downside, a move below 93.75 will indicate that at least a temp. top is in place, below 92.90 this view will be confirmed.

  • Spot EUR/USD Forecast for 03/08 by Daytradeideas.com

    March 08 2013 8:59 AM

    EURUSD reached our target of 1.3077/80 & if we can hold above here we look for the next target of 1.3145 today, which should hold the topside at this stage. If we push through 1.3165 we look for a test of 1.3199 resistance with 1.3250/55 likely to hold a bounce this week. 1.2965 support is providing a floor to the recent sell off & could hold again if we fall this far, but a break should target 1.2890/80 before finding support in this down trend. However if this fails we should test the 200 day MA at 1.2846.

  • Spot USD/JPY Forecast for 03/08 by Daytradeideas.com

    March 08 2013 8:47 AM

    USDJPY has pushed through the Feb highs at 94.77 & reached 95.51. We are now back at levels not seen since mid 2009 & could push on for 95.86. We are getting over bought in the short term so we could fail to push through here but if we do manage to keep heading higher look for 96.31 next. Support seen today at 95.09/07 & then the previous high at 94.77. If we sink any further look for good support at 94.55/94.48.

  • Spot EUR/USD Forecast for 03/07 by Daytradeideas.com

    March 07 2013 8:43 AM

    EURUSD hit resistance at 1.3077 which held the bounce again. We have tested support at last week’s low of 1.2967. A break is unlikely as stated yesterday & we have in fact bounced off here. We have a bullish double bottom formation indicating a move back to 1.3077/80 now. A break above here targets 1.3145 which should hold the topside at this stage but if we push through 1.3165 we look for a test of 1.3199 resistance with 1.3250/55 likely to hold a bounce this week. 1.2965 support is providing a floor to the recent sell off but a break should target 1.2890/80 before finding support in this down trend. However if this fails we should test the 200 day MA at 1.2846.

  • Spot USD/JPY Forecast for 03/07 by Daytradeideas.com

    March 07 2013 8:37 AM

    USDJPY is now holding above our support level of 93.05 & below our resistance level of 93.75. A push through 93.75 resistance targets 93.93/94.14. If this does not hold us back look for a move towards the Feb highs at 94.77. A break below 92.90 however, targets 92.64. Below here there is good support at 92.30 but failure could see us testing the next level of 91.97.

  • Spot EUR/USD Forecast for 03/06 by Daytradeideas.com

    March 06 2013 8:46 AM

    EURUSD hit resistance at 1.3077 which did hold the bounce as predicted, but a break above here today looks more likely & targets 1.3145 which should hold the topside now. If however we push through 1.3165 we look for a selling opportunity at 1.3199 with our stop needed above 1.3225. Support today at 1.3016/10 then last week’s low at 1.2967 offers better support. A break is unlikely now but could target 1.2890/80 before finding support in this down trend. However below here we should test the 200 day MA at 1.2846.

  • Spot EUR/USD Forecast for 03/05 by Daytradeideas.com

    March 05 2013 8:51 AM

    EURUSD has initial resistance at 1.3077 today which could hold a bounce, but above here we could see 1.3145 which should hold the topside. If we push through 1.3165 however, we look for a good selling opportunity at 1.3199 with a stop needed above 1.3225. This pair are severely over sold on the daily chart so there is always the risk of a sharp bounce but there is no other sign of a bottom. Last week’s low at 1.2967 offers support but a break could target 1.2890/80 before finding support in this down trend. However below here we should test the 200 day MA at 1.2846.

  • Spot USD/JPY Forecast for 03/05 by Daytradeideas.com

    March 05 2013 8:38 AM

    USDJPY holding below trend line resistance at 93.68 throughout Monday. We are starting to look over bought in the short term so we could see some profit taking for a test of 93.28/18 support. Below here 92.82 and then 92.36/27 could be seen. A break below 91.80 could then lead to a test of 90.88 February lows. A push through 93.70 targets 93.93/94.14. If this does not hold us back look for a move towards the Feb highs at 94.77.

  • Spot USD/JPY Forecast for 03/04 by Daytradeideas.com

    March 04 2013 8:08 AM

    USDJPY unexpectedly beat resistance at 93.20/30 to hit trend line resistance at 93.68. We are starting to look over bought in the short term so we could see some profit taking in this session for 93.28/18. Below here 92.82 and then 92.36/27 could be seen. A break below 91.80 could then lead to a test of 90.88 February lows. A push through 93.70 targets 93.93/94.14. If this does not hold us back look for a move towards the Feb highs at 94.77.

  • EUR/USD Weekly Outlook and Trading Idea

    March 04 2013 8:01 AM

    Our entry point at 1.3010 was elected last week and we are now bullish. The decline from the early March top is a bit faster than we wanted to see, but still it remains a clearly corrective move. And the wave structure from the July 2012 low still favors the Diametric formation which means the current decline will end in the next 2-3 weeks and will likely bring higher prices. Based on the price relationships between the waves from the July 2012 low, we think that wave D is likely over in terms of price and a move below 1.2870 level seems unlikely at this stage. So, most likely we will see sideways trading for a week or two before the next leg higher (wave E) starts...

  • Spot EUR/USD Forecast for 02/26 by Daytradeideas.com

    February 26 2013 9:47 AM

    EURUSD made it much further than expected to 1.3314 but then collapsed. We are just holding on to support in the 1.3060/40 area & could see a bounce back to 1.3132, possibly 1.3190/00. Here we could hit selling pressure so watch for a high but a push through 1.3240 could see us reaching 1.3282/96. We are back in the long term down trend so any rally is expected to be short lived. A break below 1.3030 is very possible for 1.3000. Below here we could fall as far as 1.2890/80 before finding support.

  • Spot USD/JPY Forecast for 02/26 by Daytradeideas.com

    February 26 2013 8:51 AM

    USDJPY took a huge tumble towards weekly Fibonacci support at 90.61. We bounced just above here & have failed below 92.36 resistance so far. Although the daily outlook remains negative there is still a small chance we can push higher for 92.82. Doubtful we will continue up from here but if we do see a break look for very tough resistance at 93.20/30 & what could be a good selling opportunity. Immediate support is at 91.80 but below 91.40 we should retest 90.90/60 support. The daily picture remains negative so a break of 90.30 would not a be a surprise and could target 89.86/70.