Technical Analysis
Technical Analysis

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0804, 1.0647, 1.0394
  • Resistance:1.0930, 1.1056, 1.1213

The Euro declined against the US Dollar as expected after negative RSI divergence hinted at ebbing upside momentum. A daily close below the 61.8% Fibonacci expansion at 1.0804 exposes the 76.4% level at 1.0647. Alternatively, a turn above the 50% Fib at 1.0930 opens the door for a challenge of the 38.2% expansion at 1.1056.

Prices are wedged too closely between near-term support and resistance levels to justify taking a in line with our long-term outlook from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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EUR/USD Technical Analysis: Support at 1.08 in Focus

Daily Chart – Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

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Talking Points:

  • USD/CHF Technical Strategy: Flat
  • Support:0.9490, 0.9357, 0.9258
  • Resistance: 0.9560, 0.9675, 0.9862

The US Dollar advanced for a third consecutive day against the Swiss Franc, with prices hitting the highest level a month. A daily close above the 61.8%Fibonacci retracementat 0.9560 exposes the 76.4% level at 0.9675. Alternatively, a reversal below the 50% Fib at 0.9466 clears the way for a test of the 0.9357-73 area (May 12 high, 38.2% retracement).

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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USD/CHF Technical Analysis: Franc Sinks to Monthly Low

Daily Chart – Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.5337, 1.5189, 1.5042
  • Resistance: 1.5498, 1.5699, 1.5814

The British Pound resumed its descent against the US Dollar after a brief pause. A daily close below the 38.2% Fibonacci retracement at 1.5337 exposes the 50% level at 1.5189. Alternatively, a move back above the April 29 high at 1.5498 clears the way for a test of the May 21 top at 1.5699.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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

GBP/USD Technical Analysis: Sellers Overcome 1.54 Level

Daily Chart – Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

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Talking Points:

  • EUR/GBP Technical Strategy: Flat
  • Support: 0.7052, 0.6950, 0.6825
  • Resistance: 0.7084, 0.7153, 0.7282

The Euro continues to edge downward having declined against the British Pound as expected after producing a Bearish Engulfing candlestick pattern. Near-term support is at 0.7052, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 0.6950. Alternatively, a reversal above trend line resistance at 0.7084 clears the way for a test of the 38.2% Fib at 0.7153.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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

EUR/GBP Technical Analysis: March Bottom Under Pressure

Daily Chart – Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2379, 1.2271, 1.2137
  • Resistance: 1.2487, 1.2621, 1.2801

The US Dollar re-accelerated higher against its Canadian namesake, setting a new six-week high below the 1.25 figure. Near-term resistance is at 1.2487, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 1.2621. Alternatively, a turn below the 50% Fib at 1.2379 clears the way for a test of the 38.2% retracement at 1.2137.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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

USD/CAD Technical Analysis: New Six-Week High Set

Daily Chart – Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

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Talking Points:

  • NZD/USD Technical Strategy: Flat
  • Support: 0.7136, 0.7035, 0.6972
  • Resistance:0.7237, 0.7299, 0.7349

The New Zealand has re-accelerated downward against its US counterpart, moving to challenge critical double bottom support above the 0.71 figure. Near-term support is in the 0.7136-75 area (100% Fibonacci expansion, February 3 low), with a break below that on a daily closing basis exposing the 123.6% level at 7035. Alternatively, a turn back above the 76.4% Fib at 0.7237 opens the door for a test of the 61.8% expansion at 0.7299.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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

NZD/USD Technical Analysis: Double Bottom in the Crosshairs

Daily Chart – Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • AUD/USD Technical Strategy: Flat
  • Support: 0.7773, 0.7681, 0.7559
  • Resistance:0.7847, 0.7922, 0.8014

The Australian Dollar re-accelerated downward against its US counterpart, producing the largest daily decline in a month. Near-term support is at 0.7691, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 0.7580. Alternatively, a reversal above the 50% Fib at 0.7781 opens the door for a test of the 38.2% expansion at 0.7871.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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

AUD/USD Technical Analysis: Support Now Below 0.77

Daily Chart – Created Using FXCM Marketscope

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.