Daily Forex Technical Analysis
EUR/USD
Prices dropped overnight and found support around 1.3150, which is the Feb 26 low. A break below that level is needed to confirm the overbought signals on the dailies, which feature a fresh bearish cross on the stochastic. Hourlies are in neutral territory.
GBP/USD
It has been a very choppy trading session for the pair yesterday, as the dailies produce mixed signal. The hourlies signal a slight bearishness but with an overall neutral sentiment. Staying out of this pair might be a preferable... ( read more )
Archive for March, 2007
March 1, 2007 - Daily Forex Analysis
Daily Forex Analysis
USD
The USD continued it's weakening trend which was established in the last several days. The market is still trying to bounce back from the big Chinese fall out two days ago, and the flow of negative US news.
The Chicago PMI came in at 47.9, expectations stood at 50, and the previous reading was 48.8 a further contraction of business activity in the Midwest. Furthermore, economic growth in the form of the GDP (Q4, 2nd release) dropped from the previous 3.5% to 2.2%. New home sales also came in softer, falling b... ( read more )
March 1, 2007 - Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
This pair is trying to reach the next resistance level at 1.2880, however a slight bearish reversal has been noticed on the 4 hour charts where slow stochastic is crossing above 80 and RSI is neutral at 60. In the longer term view we can notice the moving average (50) still below the 20 and the 10 period moving average and thus offer more room for another upward bullish trend.
GBP/USD
This pair has been trading in a tight range with strong support at 1.9450 and resistance at 1.9650. Indicat... ( read more )
Free Forex Tutorial
Free Forex Tutorial
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March 1, 2007 - Strong Signal to buy GBP/JPY
Strong Signal to buy GBP/JPY
I wanted to share with everybody a very interesting point regarding the GBP/JPY, which is by the way one of my favorite Forex pairs. I recognized a pattern called a channel here, which in this case is very distinct. We can clearly see that the pair is now on the lower section of the channel, and is slowly accumulating momentum to go back up again. That notion is being technically supported by the RSI and the stochastic slow, as could be seen in the chart I attached. Beyond that pure technical moment, I truly beli... ( read more )