User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Tuesday May 25, 2004 - 07:36:55 GMT
DailyFX.com - www.dailyfx.com

Share This Story:
| | Email

Trend line and Ichimoku Clound Resistance in Euro

Daily Forex Technical Report 5-25-2004


Trend line and Ichimoku Cloud Resistance in Euro
Oscillators Overbought in British Pound


Range trading remains the persistent theme in the EURUSD. The continual contraction of short-term volatility and a symmetrical triangle on the daily increases the risk of a non-directional imminent range expansion as volatility reverts back to more normal levels. Immediate support is at 1.1930/50, the 10-day SMA / 200-day EMA / May 18, 19 & 24 low / trend line support and 38.2% fibo from 1.2182-1.1770. A move below that level would expose the May 20 low at 1.1893, which would attract bears to position for a test of the interim double-bottom support at 1.1760/70, the lower Bollinger / April-26 low / 2-yr bull channel support. Immediate resistance is at 1.2075-80, Friday's high, trend line and Ichimoku cloud. Should bulls manage to push the pair above that level, it would expose 1.2135/45, the May 7 spike high and upper Bollinger. However, bulls looking for a resumption of the uptrend would need to wait for a close above the May 5th high at 1.2180. Monday's bull candle and bounce off of 112.05, the 20-day SMA and 38.2% retracement of 125.79-103.42 gives scope for further near-term gains in USDJPY towards the previous 114.85 May 14 high. However, with daily stochastics and MACD pointing lower, the bull rally has the risk of exhausting once again below the former head and shoulders neckline at 115. A break below support at 111.75, the May 21 low would give aggressive bulls an opportunity to buy on dips. More conservative bulls will wait for 110.50, the 38.2% fibo of 103.40-114.90. A break below that level would negate the overall bullish trend. Longs have extended Friday's rally in the GBPUSD for a possible test of the head and shoulders neckline and 50-day SMA at 1.8000/1.8010. The move above 1.7955, the May 21 high / 50-day EMA / trend line resistance exposes the more crucial upper Bollinger / May 7 high at 1.8055. Overbought stochastics suggests that bulls will need to garner significant strength to sustain moves above that level. A close above 1.8055 would negate bearish momentum. Immediate support is at 1.7820, Monday's low and the 10 & 20 day EMA cross. A break below short-term support at 1.7730, the May 21 low and 10-day SMA, would give bears a stronger chance of a further decline towards the lower Bollinger at 1.7540. Oversold intraday oscillators will give bulls the opportunity to take advantage of the continual range play in USDCHF. The current sell-off will meet strong support at 1.2700, the May 5 & 17 low / 50% retracement of 1.2182 -1.3226 / lower Bollinger and 100-day SMA. A break below that level would represent a departure from the range and exposes 1.2600, the April 1 low. The moving average confluence, 20-day SMA and 61.8% fibo of 1.3085-1.2700 at 1.2830/40 should cap gains and keeps the downtrend intact. Even if that level is taken out, the 200-day SMA and psychological resistance at 1.3000 will attract a good number of renewed shorts. A close above the 1.3100 former highs would be needed to negate short-term bearish momentum and give bulls an opportunity to target a move towards 1.3200, the 50% fibo of Aug-Jan bear wave / upper Bollinger and 1.3230, the 4/26 high.







EUR/CHF Daily

Comment from 05/05
On 04/15 EUR/CHF had a low at 5441 (slightly above our 5400/40 zone) before a rally to the 04/23 High at 5617, 176pts higher. A similar scenario played out a couple of days ago with a low at 5414 on 04/29 and a high at 5557, 143pts higher yesterday. The outlook is still bullish as long as the 5400 level holds. However a nasty series of lower Highs (triangle) on the 5400 level gives good weight to the bears' case. Many breakout players will start to add in the Swiss below 5400. Bulls who are not already long will probably wait and see, but the aggressive fakeout/reversal crowd will probably take a shot at 5350/90 in order to exploit the 38.2% Fibo from the 03 - 04 bull wave. A sustained breakout below 5350 would then open the door to 5200 and the 50% Fibo from the 03 - 04 bull wave. Bears will also consider 5600/5620 (typical range/add on bounce play) thanks to the 50 SMA and High BB. Finally, 5700/30 will be to watch for the bears thanks to the 23.6% Fibo from the Jun - Mar bull wave.

05/25
On 05/10 EURCHF had a low at 5374 before a quick bounce to the 5440 high on 05/11, 66pts higher. A similar scenario played out on 05/12 (low at 5341) with a rally to the 5423 high on 05/17, 82pts higher. EURCHF is now stalling on the 5350 level but the trend is now clearly bearish. Aggressive reversal bulls will then step in at 5280/5300 in order to exploit the Low BB and 38.2% Fibo from the 03 - 04 bull wave. A sustained breakout below would then open the door to 5070. Higher, bears will have two major areas to consider: 5420/50 thanks to the 20 EMA and 50% Fibo from the May 03 - Mar 04 bull wave and 5700/5750 thanks to a robust Fibo confluence (23.6% Fibo from the May 03 - Mar 04 bull wave & 23.6% Fibo from the Jul 03 - Mar 04 bull wave).



 

Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

 
Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map


Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

Forex News

The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

Currency Trading

Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.

Forex Brokers

The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

Forex Trading

Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.

FX Trading

Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.

Forex Blog

Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.

 

WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105