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Daily Forex Reports


EURJPY Descending Triangle (May 13, 2016)

Daily Forex Reports | by Kate Curtis | Friday, 13 May 2016 02:05 UTC
EURJPY has formed lower highs and found support at 122.25, creating a descending triangle pattern on its 4-hour time frame. Price is currently testing the triangle resistance, still deciding whether to make a bounce or a break.  The 100 SMA is below the 200 SMA, confirming that the path of least r ...

USD/JPY Forecast May 12, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 12 May 2016 08:41 UTC
The USD/JPY pair fell initially during the course of the session on Wednesday, but at the end of the day will we are really looking at is the fact that we are starting to dig into significant resistance. We could go higher from here, but the 110 level will continue to act as a bit of a ceiling at th ...

USD/CAD Forecast May 12, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 12 May 2016 08:39 UTC
The USD/CAD currency pair fell during the course of the session on Wednesday, as the 50 day exponential moving average sits just above. The 1.30 level above has been resistive, and it now looks as if we are going to trying to grind down to the 1.25 handle. With this, I don’t necessarily think that ...

GBP/USD Forecast May 12, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 12 May 2016 08:37 UTC
The GBP/USD pair initially fell during the course of the session on Wednesday but bounced off of the 1.44 level in order to form a nice-looking hammer. The hammer of course is very interesting because it forms right at the previous resistance area, so seen support at this region isn’t much of a su ...

EUR/USD Forecast May 12, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 12 May 2016 08:36 UTC
The EUR/USD pair broke higher during the course of the day on Wednesday, clearing the top of the shooting star that formed on Tuesday, as well as the one that formed on Monday. With that being the case, the market looks as if it is trying to grind its way higher, perhaps reaching towards the 1.15 le ...

AUD/USD Forecast May 12, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 12 May 2016 08:35 UTC
The AUD/USD pair fell initially during the course of the session on Wednesday, but turned right back around to form a hammer. A break above the top of the hammer would be a buying opportunity and the 0.73 level below should continue to be very supportive. With this, we believe that the market will t ...

AUDUSD Long-Term Pullback (May 12, 2016)

Daily Forex Reports | by Kate Curtis | Thursday, 12 May 2016 02:08 UTC
AUDUSD recently broke above a double bottom neckline, signaling that a long-term uptrend might take place. Price reached a high of .7830 before showing signs of a correction. Applying the Fibonacci retracement tool on the latest swing high and low on the daily time frame shows that the 50% level coi ...

NZDUSD Trend Line Correction (May 11, 2016)

Daily Forex Reports | by Kate Curtis | Wednesday, 11 May 2016 02:12 UTC
NZDUSD recently broke below a long-term rising trend line, indicating that the previous uptrend might already be over. Price also formed a double top reversal pattern and broke below the neckline, adding confirmation that a downtrend could take place.  However, price found support at the .6700 han ...

NZDUSD Reversal Confirmation (May 10, 2016)

Daily Forex Reports | by Kate Curtis | Tuesday, 10 May 2016 06:10 UTC
NZDUSD has formed a double top pattern on its 4-hour chart, signaling that a reversal from the previous uptrend might take place. Price just broke below the neckline around the .6800 major psychological level, which confirms that the downtrend is starting.  However, technical indicators are hintin ...

USD/JPY Forecast May 10, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Tuesday, 10 May 2016 06:05 UTC
The USD/JPY pair rose during the course of the day on Monday, clearing the hammer that had formed on Friday. This is a very bullish sign, but keep in mind that this is a market that has been in a very negative downtrend for some time now. However, any time you get a selloff like we have seen, you ge ...

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