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Forex Forum to Share, Discuss, Communicate and Trade Forex • Daily Technical Analysis
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Re: Daily Technical Analysis

PostPosted: Mon Mar 25, 2013 1:56 pm
by MartinKay
USD/JPY is turning bearish. Prices are trending downwards after reaching the high at 96.705 which is the 161.8% Fibonacci retracement. Daily USD/JPY Fractal Trading system and Parabolic SAR has triggered a sell signal last Friday with the D+ and DI- converging. Thus giving USD/JPY a bearish SENTIMENT. Last Friday USD/JPY closes below the 20-day EMA making. The first bearish signal occurs on last Thursday with the candlestick forming an engulfing bear. The engulfing bearish pattern is bearish during an uptrend is the case with US Dollar/Japanese Yen. It signifies that the momentum may be shifting from the buyers are swifting to sellers.
Currently the Hourly USD/JPY Parabolic SAR is showing a bullish sign. Hourly D+ is above the DI. Hourly Stochastics has crossed upwards with each low higher than previous low and high higher than previous high. The overall USD/JPY is trending upwards. I would suggest selling on rally for USD/JPY. Look for opprtunities to sell when USD/JPY REACHES 95.20.

Re: Daily Technical Analysis

PostPosted: Thu Mar 28, 2013 1:34 pm
by Douglas Class
EUR/USD DAILY as of Thursday, 28 March, 2013
Euro Dollar / US Dollar daily prices broke below the downside support level of 1.2800 yesterday. This is a bearish sign. This previous support level of 1.2800 may now provide upside resistance. This breakout is quite significant.
Currently the RSI does not show any Failure Swings but Prices has set a new 14-day low while the RSI has not. This is a BULLISH DIVERGENCE.
Euro Dollar / US Dollar daily closed below the lower Bollinger Band by 9.7%. This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely. Bollinger Bands are 24.78% narrower than normal.
Parabolic SAR generated a Sell signal yesterday. If long, this might be a good place to exit.
The close is currently
BELOW its 200 daily moving average
BELOW its 50 daily moving average
BELOW its 20 daily moving average
The current market condition for Euro Dollar / US Dollar is Very Bearish.
Intraday trade recommendation: Long EUR/USD on intraday retracement with profit target at 1.2840 and stop loss at 1.2694
R3 1.3012
R2 1.2906
R1 1.284
Pivot 1.28
S1 1.2734
S2 1.2694
S3 1.2588

Re: Daily Technical Analysis

PostPosted: Thu Apr 11, 2013 5:39 am
by MartinKay
USD/CHF DAILY as of Thursday, 11 April, 2013
USD/CHF yesterday closed with a a daily white body. A Daily hammer formed (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold(which appears to be the case with US Dollar / Swiss Franc) to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.A Daily hanging man has formed (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend(which appears to be the case with US Dollar / Swiss Franc) it is called a bullish hammer.A Daily long lower shadow has formed. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).A Daily spinning top has formed (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action as defined by the difference between the open and the close. During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
SAR generated a Sell signal 5 days ago.
The close is currently
BELOW its 200 daily moving average
BELOW its 50 daily moving average
BELOW its 20 daily moving average
The current market condition for US Dollar / Swiss Franc is Very Bearish
US Dollar / Swiss Franc closed above the lower Bollinger Band by 2.9%. Bollinger Bands are 23.89% narrower than normal. The current width of the Bollinger Bands does not suggest anything conclusive about the future volatility or movement of prices

Re: Daily Technical Analysis

PostPosted: Mon Apr 15, 2013 1:03 am
by MartinKay
EUR/USD DAILY as of Monday, 15 April, 2013
Last Firday EUR/USD closes with a daily black body. For the past 10 Daily candlestick bars as of 12/04/2013, there are 6 white candles versus 4 black candles with a net of 2 white candles and the past 50 Daily candlestick bars as of 12/04/2013, there are 25 white candles versus 25 black candles.
A Daily long lower shadow has formed. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).A Daily spinning top has formed (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action as defined by the difference between the open and the close. During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Elliott Waves High Volatility has detected a possible point 4 of a WolfWave (21%) pattern for Euro Dollar / US Dollar. This pattern is an expanding triangle and trades from the next point. When the peak or trough will form, usually after crossing or touching the extended line of points 1 and 3, the price will move in the opposite direction towards the target line formed by the extension of points 2 and 4.
The present wave patterns are:
fast amplitude (8%): bullish wave 1
moderate amplitude (13%): bullish wave 3
Elliott Waves High Volatility has detected an Isolated High at 1.31 one bar ago; this is usually a bearish sign
Euro Dollar / US Dollar is long term Bearish as the 144 days moving average of 1.30 is decreasing. The Relative Strength Index is at 58.44 in the neutral territory. The Relative Momentum Index is at 56.69 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 0.01, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 94.29. This value is in the overbought territory.
Intraday trading for EUR/USD for Monday 15 April, 2013: Sell EUR/USD with profit target at 1.3056 and stop loss at 1.3180

Re: Daily Technical Analysis

PostPosted: Mon Apr 22, 2013 3:36 am
by MartinKay
EUR/USD DAILY as of Monday, 22 April, 2013
EUR/USD closes with a Daily black body last Firday.
A Daily long upper shadow has formed. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
Euro Dollar / US Dollar appears to be locked in a trading range bounded by upside resistance and downside support. The most recently confirmed downside support level for Euro Dollar / US Dollar is around 1.27. Expect prices to have some difficulty falling below this level. A break below this level would be a bearish sign.
Stochastic generated a Sell signal 3 days ago.
The close is currently
ABOVE its 200 daily moving average
BELOW its 50 daily moving average
ABOVE its 20 daily moving average
The current market condition for Euro Dollar / US Dollar is Bullish
Elliott Waves High Volatility has detected a possible point 4 of a WolfWave (21%) pattern for Euro Dollar / US Dollar. This pattern is an expanding triangle and trades from the next point. When the peak or trough will form, usually after crossing or touching the extended line of points 1 and 3, the price will move in the opposite direction towards the target line formed by the extension of points 2 and 4.
The present wave patterns are:
fast amplitude (8%): bullish wave 1
moderate amplitude (13%): bullish wave 3
Euro Dollar / US Dollar is long term Bullish as the 144 days moving average of 1.30 is increasing. The Relative Strength Index is at 52.07 in the neutral territory. The Relative Momentum Index is at 55.09 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 0.00, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 11.69. This value is in the oversold territory.

Re: Daily Technical Analysis

PostPosted: Mon Jun 03, 2013 4:15 am
by MartinKay
EUR/AUD WEEKLY as of Monday, 03 June, 2013
Euro Dollar / Australian Dollar broke above the upside resistance level of 1.23, nine weeks ago which signals a bullish sign. This previous resistance level of 1.23 may now provide downside support. Prices have risen some distance since breaking out--9.29%, thereby adding more validity to the breakout.
A Weekly white body has formed during last week’s trading. Three Weekly white candles has formed during the last three Weekly bars. Although these candles were not big enough to create three Weekly white soldiers, the steady upward pattern is bullish.
Having reach a Weekly bottom 8 weeks ago at 1.2219, prices are currently moving upwards
TARGET 1: 1.2733 (Moderate Retracement)
TARGET 2: 1.3050 (Extension)
TARGET 3: 1.3564 (Extension)
TARGET 4: 1.388 (Expansion)
TARGET 5: 1.4395 (Expansion)
Projected Time: 6 weeks (Moderate Retracement)
Projected Time: 10 6 weeks (Extension)
Projected Time: 16 6 weeks (Extension)


Projected Time: 20 6 weeks (Expansion)
Projected Time: 26 6 weeks (Expansion)
MACD is currently BULLISH and the MACD is above the signal line. The MACD crossed above the signal line 3 weeks ago. Since the MACD crossed the MACD moving average, Euro Dollar / Australian Dollar's price has increased 4.49%, and has fluctuate from a high of 1.359 to a low of 1.274.
RSI has just reached its highest value in the last 14 weeks which signals a BULLISH signal.
SAR signal was a Buy 3 weeks ago.
The close is currently
BELOW its 200 weekly moving average
ABOVE its 50 weekly moving average
ABOVE its 20 weekly moving average
The current market condition for Euro Dollar / Australian Dollar is Mildly Bearish
On 31/05/2013, Euro Dollar / Australian Dollar closed above the upper Bollinger Band by 10.4%. This combined with the steep uptrend suggests that the upward trend in prices has a good chance of continuing. However, a short-term pull-back inside the Bollinger Bands is likely. Bollinger Bands are 3.81% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.
The present wave patterns are:
fast amplitude (8%): bullish wave 1
Elliott Waves High Volatility has detected a Gann Swing or Pullback that is usually a bullish pattern!

Please note that all wave counts are based on the high low price in this commentary!

Euro Dollar / Australian Dollar is long term Bearish as the 144 days moving average of 1.33 is decreasing. The Relative Strength Index is at 71.90 in the overbought territory. The Relative Momentum Index is at 67.36 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 0.05, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 100.00. This value is in the overbought territory.

*** Intra-Daily Trading Strategy: BUY EURAUD
Buy Target: 1.3619
Buy Stop: 1.3436
Enter New BUY on OPEN and exit BUY positions at Target price or at Stop price. Do not reverse after exiting as Trending & Anti-Trending mode are being used by this system.
This is a recommendation for INTRA-DAY TRADING only!!!!!

Re: Daily Technical Analysis

PostPosted: Thu Jun 06, 2013 5:11 am
by MartinKay
EUR/USD DAILY as of Thursday, 06 June, 2013
Euro Dollar / US Dollar broke above the upside resistance level of 1.29, five days ago. This is a bullish sign. A Daily white body has formed yesterday.Three Daily white candles has formed during the last three Daily bars. Although these candles were not big enough to create three Daily white soldiers, the steady upward pattern is bullish.
MACD is currently BULLISH. The MACD is currently above the signal line. The MACD crossed above the signal line 5 days ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has increased 0.41%, and has fluctuate from a high of 1.310 to a low of 1.293.
RSI has just reached its highest value in the last 14 days. This is BULLISH signal.
Directional Movement Indicators (DMI) and SAR signal was a BUY 6 days ago.
The close is currently
ABOVE its 200 daily moving average
ABOVE its 50 daily moving average
ABOVE its 20 daily moving average
The current market condition for Euro Dollar / US Dollar is Very Bullish
Elliott Waves High Volatility has detected a possible point 4 of a WolfWave (21%) pattern for Euro Dollar / US Dollar. This pattern is an expanding triangle and trades from the next point. When the peak or trough will form, usually after crossing or touching the extended line of points 1 and 3, the price will move in the opposite direction towards the target line formed by the extension of points 2 and 4.
The present wave patterns are:
fast amplitude (8%): bullish wave 1
moderate amplitude (13%): bullish wave 3
Elliott Waves High Volatility has detected a Gann Swing or Pullback that is usually a bullish pattern!

Please note that all wave counts are based on the high low price in this commentary!

Euro Dollar / US Dollar is long term Bearish as the 144 days moving average of 1.30 is decreasing. The Relative Strength Index is at 57.79 in the neutral territory. The Relative Momentum Index is at 58.40 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 0.01, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 100.00. This value is in the overbought territory.

*** Intra-Daily Trading Strategy: SELL EURUSD
Sell Target: 1.3066
Sell Stop: 1.3126
Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price. Do not reverse after exiting as Trending & Anti-Trending mode are being used by this system.

This is a recommendation for INTRA-DAY TRADING only!!!!!

Re: Daily Technical Analysis

PostPosted: Mon Jun 10, 2013 8:40 am
by MartinKay
EUR/USD WEEKLY as of Monday, 10 June, 2013
Euro Dollar / US Dollar appears to be locked in a trading range bounded by upside resistance and downside support. The most recently confirmed upside resistance level for Euro Dollar / US Dollar is around 1.49 and with the most recently confirmed downside support level for Euro Dollar / US Dollar is around 1.21
A Weekly big white candle has formed. This is a bullish candle as prices closed significantly higher than they opened. If the candle appears when prices are "low," it may be the first sign of a bottom. If it occurs when prices are rebounding off a support area (e.g., a moving average, trend line, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout. Three Weekly white candles has formed during the last three Weekly bars. Although these candles were not big enough to create three Weekly white soldiers, the steady upward pattern is bullish.
MACD is currently BEARISH. The MACD is currently below the signal line. The MACD crossed below the signal line 14 weeks ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has increased 1.57%, and has fluctuate from a high of 1.331 to a low of 1.276.
RSI has just reached its highest value in the last 14 weeks. This is BULLISH signal.
The ADX is currently below both Plus and Minus Directional indicators. The Directional Movement Indicators (DMI) currently is not indicating a specific price direction.
SAR signal was a Buy 5 weks Ago.
The close is currently
BELOW its 200 weekly moving average
ABOVE its 50 weekly moving average
ABOVE its 20 weekly moving average
The current market condition for Euro Dollar / US Dollar is Mildly Bearish
Euro Dollar / US Dollar closed below the upper Bollinger Band by 36.0%. Bollinger Bands are 39.38% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.

Elliott Waves High Volatility has detected a possible point 4 of a WolfWave (21%) pattern for Euro Dollar / US Dollar. This pattern is an expanding triangle and trades from the next point. When the peak or trough will form, usually after crossing or touching the extended line of points 1 and 3, the price will move in the opposite direction towards the target line formed by the extension of points 2 and 4.
The present wave patterns are:
fast amplitude (8%): bullish wave 1
moderate amplitude (13%): bullish wave 3
Elliott Waves High Volatility has detected a Gann Swing or Pullback that is usually a bullish pattern

Please note that all wave counts are based on the high low price in this commentary!

Euro Dollar / US Dollar is long term Bearish as the 144 days moving average of 1.32 is decreasing. The Relative Strength Index is at 55.80 in the neutral territory. The Relative Momentum Index is at 47.76 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 0.01, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 76.78. This value is in the overbought territory.

Re: Daily Technical Analysis

PostPosted: Fri Jun 28, 2013 7:24 am
by MartinKay
USD/JPY DAILY as of Friday, 28 June, 2013
A Daily white body has formed (because prices closed higher than they opened).
For the past 10 Daily candlestick bars as of 28/06/2013, there are 8 white candles versus 2 black candles with a net of 6 white candles.
For the past 50 Daily candlestick bars as of 28/06/2013, there are 27 white candles versus 23 black candles with a net of 4 white candles.
MACD is currently BULLISH. The MACD is currently above the signal line. The MACD crossed above the signal line 3 period(s) ago. Since the MACD crossed the MACD moving average, US Dollar / Japanese Yen's price has increased 0.78%, and has fluctuate from a high of 98.958 to a low of 97.064.
Stochastic Oscillator is currently above 80. This is an indication of an "overbought" condition. There were no Stochastic Buy or Sell signals generated today. Stochastic signal was a Buy 7 Period(s) Ago.
RSI has just reached its highest value in the last 14 period(s). This is BULLISH signal.
SAR signal was a Buy 7 period(s) Ago.
The close is currently
ABOVE its 200 daily moving average
ABOVE its 50 daily moving average
ABOVE its 20 daily moving average
The current market condition for US Dollar / Japanese Yen is Very Bullish
US Dollar / Japanese Yen closed below the upper Bollinger Band by 29.9%. Bollinger Bands are 41.38% wider than normal. The large width of the Bollinger Bands suggest high volatility as compared to US Dollar / Japanese Yen's normal range. Therefore, the probability of volatility decreasing and prices entering (or remaining in) a trading range has increased for the near-term. The Bollinger bands have been in this wide range for 15 period(s). The probability of prices consolidating into a less volatile trading range increases the longer the Bollinger Bands remain in this wide range.
US Dollar / Japanese Yen broke above the upside resistance level of 96.97, 6 day(s) ago. This is a bullish sign. This previous resistance level of 96.97 may now provide downside support. And with prices having only risen 1.87% since the breakout, the validity of the breakout is questionable.

Please note that all wave counts are based on the high low price in this commentary!

Elliott Waves High Volatility has detected a Gann Swing or Pullback that is usually a bullish pattern
The present wave patterns are:
fast amplitude (8%): bullish wave 4
moderate amplitude (13%): bullish wave 1
normal amplitude (21%): bullish wave 1
US Dollar / Japanese Yen is long term Bullish as the 144 days moving average of 94.29 is increasing. The Relative Strength Index is at 53.50 in the neutral territory. The Relative Momentum Index is at 49.29 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -0.01, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 95.65. This value is in the overbought territory.


*** Intra-Daily Trading Strategy: SELL USDJPY
Sell Target: 98.5127
Sell Stop: 99.3613
Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price.
(PLEASE TAKE NOTE: If necessary, adjust the Stop Loss Price according to your trading risk.)
Do not reverse after exiting as Trending & Anti-Trending mode are being used by this system.
This is a recommendation for INTRA-DAY TRADING only!!!!!

Re: Daily Technical Analysis

PostPosted: Mon Jul 01, 2013 2:34 am
by MartinKay
EUR/USD DAILY as of Monday, 01 July, 2013
A Daily black body has formed (because prices closed lower than they opened).
For the past 10 Daily candlestick bars as of 28/06/2013, there are 4 white candles versus 6 black candles with a net of 2 black candles.
For the past 50 Daily candlestick bars as of 28/06/2013, there are 27 white candles versus 23 black candles with a net of 4 white candles.
MACD is currently BEARISH. The MACD is currently below the signal line. The MACD crossed below the signal line 5 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has decreased 0.76%, and has fluctuate from a high of 1.325 to a low of 1.298.
Directional Movement Indicators (DMI) signal was a SELL 2 period(s) ago.
RSI moves out of an overbought/oversold area. The last signal was a Sell 7 period(s) ago and SAR signal was a Sell 6 period(s) ago.
The close is currently
BELOW its 200 daily moving average
BELOW its 50 daily moving average
BELOW its 20 daily moving average
The current market condition for Euro Dollar / US Dollar is Very Bearish
On 28/06/2013, Euro Dollar / US Dollar closed above the lower Bollinger Band by 18.9%. Bollinger Bands are 20.78% wider than normal.
Euro Dollar / US Dollar is in a trading range bounded by upside resistance around 1.32 and downside support around 1.28.

Please note that all wave counts are based on the high low price in this commentary!

Elliott Waves High Volatility has detected a possible point 4 of a WolfWave (21%) pattern for Euro Dollar / US Dollar. This pattern is an expanding triangle and trades from the next point. When the peak or trough will form, usually after crossing or touching the extended line of points 1 and 3, the price will move in the opposite direction towards the target line formed by the extension of points 2 and 4.
The present wave patterns are:
fast amplitude (8%): bullish wave 1
moderate amplitude (13%): bullish wave 3
Euro Dollar / US Dollar is long term Bullish as the 144 days moving average of 1.31 is increasing. The Relative Strength Index is at 41.89 in the neutral territory. The Relative Momentum Index is at 44.89 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -0.01, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 3.18. This value is in the oversold territory.


*** Intra-Daily Trading Strategy: BUY EURUSD
Buy Target: 1.3071
Buy Stop: 1.2951
Enter New BUY on OPEN and exit BUY positions at Target price or at Stop price.
(PLEASE TAKE NOTE: If necessary, adjust the Stop Loss Price according to your trading risk.)
Do not reverse after exiting as Trending & Anti-Trending mode are being used by this system.
This is a recommendation for INTRA-DAY TRADING only!!!!!