Technical Analysis


Analyst Picks

Kristian Kerr
Sr. Currency Strategist

My Picks: Short USD/JPY
Expertise: Technical, Time Cycles
Average Time Frame of Trades: Few Days - Few Weeks

Jeremy Wagner
Head Forex Trading Instructor

My Picks: Long EUR/USD
Expertise: Elliott Wave, Technical Analysis
Average Time Frame of Trades: 2 Days – 2 Weeks

Support & Resistance

Updated:

Table Key
S  Strong
M  Moderate
W  Weak

Candlestick

Symbol Trends Bias Time Frame Candlestick Formation Candle Bias
EUR/USD
weekly PIERCING LINE

EUR/USD Candlestick Analysis: Awaiting Upside Follow-Through

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Talking Points:

  • EUR/USD Strategy: Flat
  • Reversal Signal Waiting for Follow-Through
  • Bounce to be Treated as Opening to Get Short

The Euro may be bottoming against the US Dollar following the appearance of a bullish Piercing Line candlestick pattern. A move above the 14.6% Fibonacci retracement at 1.0973 exposes the 23.6% threshold at 1.1291.Alternatively, a push belowthe 14.6% Fib expansion at 1.0535 exposes the intersection of a multi-year channel floor and the 23.6% threshold at 1.0217.

Our long-term fundamental outlook continues to favor broad-based Euro weakness. With that in mind, we will look to on-coming gains as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

EUR/USD Candlestick Analysis: Awaiting Upside Follow-Through

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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USD/JPY
weekly EVENING STAR

USD/JPY Candlestick Analysis: Support Below 119.00 in Focus

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Talking Points:

  • USD/JPY Strategy: Flat
  • Downside Reversal Cues Remain
  • Waiting for Pullback to Get Long

The US Dollar is waiting for follow-through on bearish reversal cues against the Japanese Yen established by Dark Cloud Cover and Evening Star candlestick patterns. Negative RSI divergence seemingly reinforces the chance of a pullback. Support is at 118.91, the 14.6% Fibonacci retracement, with a move below that exposing the 23.6% level at 117.00. The first layer of resistance remains at 122.01, the March swing top.

The dominant long-term USD/JPY trend continues to look bullish. With that in mind, we will look at further losses as corrective and treat them as an opportunity to enter long at more attractive levels once the pullback is exhausted.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Candlestick Analysis: Support Below 119.00 in Focus

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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GBP/USD
weekly BULLISH ENGULFING

GBP/USD Candlestick Analysis: Rebound Begins as Expected

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Talking Points:

  • GBP/USD Strategy: Flat
  • Pound Begins Recovery as Expected
  • Waiting to Sell Once Bounce Fizzles

The British Pound turned higher against the US Dollar as expected after prices put in a Bullish Engulfing candlestick pattern coupled with positive RSI divergence. From here, a push above the 23.6% Fibonacci retracement at 1.5185 exposes the 38.2% level at 1.5568. Alternatively, a reversal back below the 14.6% retracement at 1.4948 targets the 23.6% Fib expansion at 1.4561.

The overall GBP/USD trend continues to look bearish. With that in mind, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

GBP/USD Candlestick Analysis: Rebound Begins as Expected

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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AUD/USD
weekly MORNING STAR

AUD/USD Candlestick Analysis: Aussie Recovery Under Way?

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Talking Points:

  • AUD/USD Strategy: Flat
  • Aussie Tries to Make Good on Bull Signal
  • Upswing to Yield Short Trade Opportunity

The Australian Dollar is trying to make good on upside reversal cues established by the formation of a bullish Morning Star candlestick pattern. Breaking channel top resistance at 0.7806 initially exposes the 23.6% Fibonacci retracement at 0.7998. Alternatively, a reversal below the intersection of channel floor support and the 23.6% Fib expansion at 0.7478 targets the 38.2% threshold at 0.7194.

The overall AUD/USD trend continues to look bearish. With that in mind, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

AUD/USD Candlestick Analysis: Aussie Recovery Under Way?

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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USD/CAD
weekly BEARISH ENGULFING

USD/CAD Candlestick Analysis: Waiting for Long Trade Setup

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Talking Points:

  • USD/CAD Strategy: Flat
  • Pullback Tests Support Below 1.21 Mark
  • Waiting for Signal to Enter Long Trade

The US Dollar reversed downward against its Canadian namesake as expected having produced bearish Dark Cloud Cover and Bearish Engulfing candlestick patterns coupled with negative RSI divergence. A break below the 23.6% Fibonacci retracement at 1.2078 exposes the 38.2% level at 1.1611. Alternatively, a reversal back above the 14.6% Fib at 1.2366 targets the March swing high at 1.2834.

The dominant long-term USD/CAD trend continues to look bullish. With that in mind, we will look at further losses as corrective and treat them as an opportunity to enter long at more attractive levels once the pullback is exhausted.

USD/CAD Candlestick Analysis: Waiting for Long Trade Setup

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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NZD/USD
weekly MORNING STAR

NZD/USD Candlestick Analysis: Struggling Below 0.77 Figure

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Talking Points:

  • NZD/USD Strategy: Flat
  • July 2013 Bottom Now Resistance
  • Upswing to Yield Short Trade Setup

The New Zealand Dollar is struggling to maintain upside momentum having launched a recovery following the formation of a bullish Morning Star candlestick pattern. Prices continue to grind against support-turned-resistance in the 0.7608-82 area, with a break above this threshold exposing the 38.2% Fibonacci retracement at 0.7801. Alternatively, a move back below the 14.6% Fib expansion at 0.7495 aims for the 23.6% level at 0.7344.

The dominant long-term NZD/USD trend looks to be favoring the downside. As such, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

NZD/USD Candlestick Analysis: Struggling Below 0.77 Figure

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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Sentiment

Updated:

Table Key
Bearish
Signal
Bullish
Signal
Mixed
Signal
Neutral
Signal
% L
Long %
% S
Short %
% COI
Change Open Interest %
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