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AceTraderfx : DAILY TECHNICAL OUTLOOK ON Majors
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acetraderforex
post Aug 23 2013, 08:13 AM
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DAILY TECHNICAL OUTLOOK ON GBP/USD
23 Aug 2013 00:08GMT

Trend Daily Chart: Sideways

Daily Indicators: Rising

21 HR EMA: 1.5597

55 HR EMA: 1.56620

Trend Hourly Chart: Near term down

Hourly Indicators: Falling

13 HR RSI: 47

14 HR DMI: -ve

Daily Analysis: Consolidation with downside bias

Resistance
1.5753 - Jun 17 high
1.5718 - Wed's high
1.5666 - Wed's NY res

Support
1.5563 - Y'day's low
1.5520 - Last Thur's NY low
1.5496 - Last Thur's Australian low

. GBP/USD - 1.5600 ... The British pound ratcheted lower in Asia n Europe y'day n cable dropped to an intra-day low of 1.5563 on dlr's broad-based strength, however, the pound rebounded briefly to 1.5614 on short-covering after the release of worse-than-expected U.S. jobless claims data b4 trading sideways.

. As mentioned in our previous update, the reversal fm Wed's high at 1.5718 signals recent erratic upmove fm Jul's 3-year low at 1.4814 has formed a temp. top there n as hourly technical indicators are still declining, suggesting a much-needed correction has taken place n as long as 1.5666 (Wed's NY res) holds, choppy consolidation with downside bias remains for further weakness twds 1.5520 sup (last Thur's NY low) but anticipated low readings on hourly oscillators shud limit downside to 1.5483 (38.2% r of 1.5102-1.5718) n yield rebound later.

. Today, selling cable again on intra-day recovery in anticipation of further weakness is favoured n only a breach of 1.5666 res wud signal the pullback is over instead n yield resumption of aforesaid upmove fm 1.4814 to 1.5718, abv wud encourage for re-test of key daily res at 1.5753 (Jun).


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acetraderforex
post Aug 28 2013, 04:01 AM
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DAILY TECHNICAL OUTLOOK ON GBP/USD
28 Aug 2013 01:00GMT


Trend Daily Chart: Sideways

Daily Indicators: Turning down

21 HR EMA: 1.5543

55 HR EMA: 1.5558

Trend Hourly Chart: Sideways

Hourly Indicators: Turning up

13 HR RSI: 46

14 HR DMI: +ve

Daily Analysis: Consolidation with upside bias

Resistance
1.5696 - Last Tue's high
1.5638 - Last Fri's high
1.5592 - Y'day's high

Support
1.5482 - Y'day's low
1.5423 -Last Wed's low
1.5392 - Aug 06 high

. GBP/USD - 1.5538 ... Although the pound traded sideways in Asia on Tue, traders gave sterling a broad-based bashing at European open, price easily penetrated last Fir's low 1.5538 n tumbled to 1.5482 at NY open, dlr's renewed weakness due partly to escalation of Middle East tension lifted cable to 1.5556 .

. Cable's rebound fm 1.5582 signals decline fm last Wed's 2-month peak at 1.5718 has made a temporary bottom there as this low was accompanied by 'bullish convergences' on the hourly oscillators n choppy consolidation is envisaged in next 1-2 days. Looking at the bigger picture, sterling's aforesaid retreat fm 1.5718 signals the 3-legged erratic rise fm Jul's 3-year trough at 1.4814 has possibly made a temporary top there n breach of 1.5423 sup wud add credence to this view, then further subsequent weakness to 1.5373 wud be seen, this is a 'minimum' 38.2% r of aforesaid upmove fm 1.4814.

. Today, expect initial sideways trading in Asia n as long as 1.5510/20 holds, upside bias remains for a retracement of the said decline fm 1.5718 twd 1.5612 but res 1.5638 wud cap upside. Below 1.5582 may risk 1.5423 b4 rebound.


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acetraderforex
post Sep 2 2013, 04:13 AM
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DAILY EUR/USD OUTLOOK - 1.3203

01 Sep 2013 23:14GMT

Despite euro's brief retreat to 1.3193 in Asian
morning, subsequent rebound suggests the pullback
fm Fri's NY res at 1.3224 has possibly ended n
consolidation abv Fri's low at 1.3173 wud continue
with upside bias for gain to 1.3230 n 1.3255.

For st trade, hold long with stop as indicated,
break wud abrt n risk weakness to 1.3173.

STRATEGY : Sell at 1.3240

OBJECTIVE : 1.3160

STOP-LOSS : 1.3280

RES : 1.3224/1.3255/1.3299

SUP : 1.3173/1.3154/1.3128
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acetraderforex
post Sep 6 2013, 07:51 AM
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AceTraderfx Sept 6: Daily Market Outlook on Majors EUR/USD

DAILY EUR/USD OUTLOOK - 1.3131
06 Sep 2013 02:13GMT

Despite y'day's selloff to a fresh 6-week low at
1.3110 (NY), intra-day rebound suggests initial con
solidation wud be seen b4 decline fm Aug's peak at
1.3453 resumes twd 1.306, 'loss of momentum' shud
keep price abv 1.3015 n yield correction later.

Exit prev. short n sell again on further recovery
as only abv 1.3173 may risk retrace. twd 1.3223/27.

STRATEGY : Exit short n sell at 1.3150

POSITION : Short at 1.3180

OBJECTIVE : 1.3070

STOP-LOSS : 1.3190

RES : 1.3173/1.3223/1.3255

SUP : 1.3110/1.3066/1.3015
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acetraderforex
post Sep 9 2013, 10:09 AM
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AceTraderforex Sept 9 : WEEKLY TECHNICAL OUTLOOK ON GBP/USD

WEEKLY TECHNICAL OUTLOOK ON GBP/USD
09 Sep 2013 02:00GMT

Trend Daily Chart: Sideways

Daily Indicators: Neutral

21 HR EMA: 1.5620

55 HR EMA: 1.5608

Trend Hourly Chart: Up

Hourly Indicators: Bearish divergences

13 HR RSI: 58

14 HR DMI: +ve

Daily Analysis: Consolidation with upside bias

Resistance
1.5753 - JUn 17 high
1.5718 - Augs' high (21)
1.5681 - Last Fri's high

Support
1.5564 - Last Fri's low
1.5522 - Last Tue's low
1.5462 - Aug 30 low

. GBP/USD - 1.5633... Trading cable proved to be tricky due to its daily large swings last week. Price ratcheted higher fm 1.5507 (Mon) to 1.5681 Fri on dlr's broad-based weakness after U.S. payrolls were less than market forecast.

. Looking at the daily chart, sterling's erratic rise fm 1.5427 signals early retreat fm Aug's peak at 1.5718, although strg, has ended there n abv said res wud extend upmove fm 2013 3-year trough at 1.4814 (Jul) to test chart obj. at 1.5753, abv wud encourage for gain to 1.5781, this is the 'natural' 50% r of the MT fall fm 1.6747 (2011 top), abv needed to extend aforesaid move to 1.5879, being 50% proj. of 1.4814 to 1.5718 measured fm 1.5427. Having said that, as the daily indicators wud display 'bearish divergences' on such move, reckon 1.5986 (61.8% proj. ) wud remain intact. On the downside, only below 1.5522 wud abort abv mildly bullish scenario n may yield re-test of 1.5427 later.

. Today, although sterling's retreat fm said Fri's 1.5681 high in NY sug- gests initial consolidation is in store in Asia, below 1.5564 needed to confirm temp. top is made n yield retrace. twd 1.5522 whilst abv 1.5681 risks 1.5718.


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acetraderforex
post Sep 13 2013, 10:21 AM
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AceTraderforex Sept 13, 2013 : DAILY USD/CHF OUTLOOK

DAILY USD/CHF OUTLOOK - 0.9324
13 Sep 2013 07:10GMT

Although dlr has recovered after extending fall
fm last Thur's 6-week 0.9455 high to 0.9272 y'day,
as long as 0.9371 holds, aforesaid decline to re-
trace upmove fm Aug's low at 0.9147 shud resume n
extend marginally to 0.9265 (61.8% r).

Trade fm short side for this move with stop abv
0.9371, break risks gain to 0.9395 n 0.9420/30.

STRATEGY : Hold short

POSITION : Short at 0.9340

OBJECTIVE : 0.9270

STOP-LOSS : 0.9375

RES : 0.9335/0.9371/0.9395

SUP : 0.9272/0.9239/0.9206
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acetraderforex
post Sep 17 2013, 08:34 AM
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AceTraderForex Sept 17 : DAILY TECHNICAL OUTLOOK ON EUR/USD

DAILY TECHNICAL OUTLOOK ON EUR/USD

17 Sep 2013 04:01GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
1.3341

55 HR EMA
1.3328

Trend Hourly Chart
Sideways

Hourly Indicators
Turning down

13 HR RSI
47

14 HR DMI
0

Daily Analysis
Consolidation b4 upmove resumes

Resistance
1.3453 - Aug 20 high
1.3410 - Aug 23 high
1.3385 - Y'day's high

Support
1.3325 - Sep 11 high
1.3298 - Y'day's low
1.3254 - Last Fri's low

. EUR/USD - 1.3335 ... The single currency jumped to 1.3382 in NZ after WSJ reported that former U.S. Treasury Secretary Lawrence Summers withdrew his nomination for Chairman of the Federal Reserve, euro retreated briefly to 1.3340 b4 rising to 1.3385 but only to fall to 1.3330 near NY close.

. Looking at the hourly & daily charts, although euro's retreat fm y'day's
2-week high at 1.3385 suggests 1-2 days of consolidation wud be seen with initial downside bias, as early rally fm this month's low at 1.3105 signals the
correction fm Aug's 6-month high at 1.3453 has ended there, reckon pullback wud be ltd n as long as 1.3298 sup holds, bullishness remains for aforesaid upmove to resume n extend marginal gain twds 1.3410, however, as 'bearish divergences' wud appear on hourly oscillators on such move, suggesting key daily res at 1.3453 shud hold on 1st testing n yield retreat later.

. Today, buying euro on dips is still favoured in expectation of such rise. On the downside, only a breach of 1.3254 sup (last Fri's low) wud signal top is made n further 'gyration' inside 1.3105-1.3453 wud be seen with downside bias.


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acetraderforex
post Sep 18 2013, 10:44 AM
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AceTraderfx Sept 18 : DAILY TECHNICAL OUTLOOK ON USD/CHF

DAILY TECHNICAL OUTLOOK ON USD/CHF
18 Sep 2013
00:11GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
0.9263

55 HR EMA
0.9276

Trend Hourly Chart
Sideways

Hourly Indicators
Turning up

13 HR RSI
47

14 HR DMI
0

Daily Analysis
Consolidation b4 decline resumes

Resistance
0.9371 - Sep 11 high
0.9341 - Last Fri's high
0.9279 - Y'day's high

Support
0.9225 - Mon's NZ low
0.9171 - Aug 27 low
0.9147 - Aug 20 low

. USD/CHF - 0.9258.. Despite dlr's retreat after extending gain fm Mon's 2-
week low at 0.9225 to 0.9279 in Asia y'day, buying of eur/chf cross lifted price
fm 0.9253 in Europe but failure to penetrate said intra-day high prompted
another round of dlr selling in NY morning n price later dropped to 0.9257.

. Looking at the hourly chart, dlr's rebound fm 0.9225 to 0.9279 suggests
decline fm Aug's 0.9455 high has made a minor low there n another day of choppy
sideways trading abv said sup wud be seen, stronger gain twd 0.9298/01 cannot be
ruled out but as the selloff fm 0.9455 indicates correction fm Aug's low at
0.9147 has 'possibly' ended there earlier, suggesting bias for dlr remains to
the downside n measured res at 0.9313 (38.2% r of 0.9455-0.9225) shud hold n
yield decline later this week. A firm breach of 0.9225 wud extend weakness to
0.9171 (Aug 27 low) but as 'bullish converging signals' shud appear on hourly
oscillators on next decline, reckon 0.9147 low wud remain intact on 1st testing.

. In view of abv analysis, selling dlr on intra-day recovery in anticipa-
tion of another fall is still favoured. Only abv 0.9341 signals low, 0.9367/71.

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acetraderforex
post Sep 24 2013, 09:24 AM
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AceTraderForex Sept 24 : Daily Market Outlook on Major GBP/USD

DAILY GBP/USD OUTLOOK - 1.6029
24 Sep 2013 07:26GMT

Despite sterling's retreat fm 1.6073 to 1.6017 in NY y'day, below said sup needed to signal recovery fm 1.5986 (Fri) has ended n bring resumption of decline fm last Wed's 8-month peak at 1.6163 to 1.5958, 'loss of momentum' wud keep cable abv 1.5920/25.

Sell again on intra-day recovery as only abv 1.6100 indicates pullback is over, risks 1.6142/47.

STRATEGY : Sell at 1.6060

OBJECTIVE : 1.5965

STOP-LOSS : 1.6098

RES : 1.6073/1.6100/1.6163

SUP : 1.6017/1.5986/1.5958
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acetraderforex
post Sep 27 2013, 09:17 AM
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AceTraderForex Sept 27 : Daily Outlook on Major GBP/USD


DAILY GBP/USD OUTLOOK - 1.6092
27 Sep 2013 07:04GMT

Cable's intra-day spike to 1.6133 after media
report of hawkish comments by BoE's Carney suggests
correction fm last Wed's 8-month peak at 1.6163 has
ended at 1.5955 n abv said res wud extend MT upmove
fm 1.4814 to 1.6188, then twd 1.6255 next week.

Hold long for 1.6160 1st n only below 1.6043 pro
longs choppy consolidation, risks 1.5999/04.

STRATEGY : Hold long

POSITION : Long at 1.6090

OBJECTIVE : 1.6160

STOP-LOSS : 1.6055

RES : 1.6163/1.6188/1.6255

SUP : 1.6043/1.5999/1.5955
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acetraderforex
post Oct 3 2013, 06:05 AM
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smile.gif AceTraderFx Oct 3: Forex Market Outlook on Majors GBP/USD

MEDIUM TERM OUTLOOK on GBP/USD - 1.6175
02 Oct 2013 04:19GMT


Cable's rally abv 1.5753 (Jun) to a fresh 9-month high at 1.6260 confirms MT uptrend fm this year's low at 1.4814 (Apr) has resumed n further gain to 1.6380 res (Jan) is likely, abv wud extend to 1.6500 but 1.6747 res wud hold fm here.


Only below 1.5955 wud signal a temporary top is made n risk stronger retrace- ment to 1.5753 (prev. res, now sup) b4 rebound.
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acetraderforex
post Oct 4 2013, 08:45 AM
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smile.gif AceTraderFx Oct 4 : Daily market outlook on EUR/USD

DAILY MARKET OUTLOOK : EUR/USD - 1.3625
04 Oct 2013
00:53 GMT

Yesterday's rise to a fresh near 8-month high at 1.3646 suggests medium term rise from April's low at 1.2745 would extend towards 1.3657/60 after initial consolidation, however, near term loss of momentum would prevent strong rise above there and reckon resistance at 1.3711 would limit upside and bring a much-needed correction later.

On the downside, only below 1.3577 would indicate a temporary top has been made and risk would shift to the downside for a retracement to 1.3505.
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acetraderforex
post Oct 7 2013, 09:38 AM
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AceTraderFx Oct 7: Daily Market Outlook on EUR/USD


DAILY MARKET OUTLOOK on EUR/USD - 1.3565
07 Oct 2013
00:38 GMT

Euro's strong retreat from last Wednesday's near 8-month high at 1.3646 to 1.3538 on Friday suggests medium-term uptrend has made a temporary top over there and consolidation with downside bias would be seen for a stronger retracement to 1.3505 but good support at 1.3462 would remain intact and yield rebound later.

On the upside, only above 1.3607 would indicate aforesaid pullback has ended and yield re-test of said high, break extends rise to 1.3679/80.
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acetraderforex
post Oct 7 2013, 10:13 AM
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smile.gif AceTraderFx Oct 7 : Daily outlook on Asian Exotic – USD/IDR


USD/IDR DAILY OUTLOOK - 11530
07 Oct 2013
07:52GMT

Although usd has retreated fm last Mon's peak at
11660 n consolidation is seen, as long as sup 11505
holds, upside bias remains to re-test said res.

Hold long with stop as indicated, below wud
risk stronger retracement twd 11455 n 11430.

STRATEGY : Long at 11520

POSITION : Long at 11520

OBJECTIVE : 11610

STOP-LOSS : 11480

RES : 11660/11700/11750

SUP : 11505/11455/11430
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acetraderforex
post Oct 8 2013, 08:47 AM
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smile.gif AceTraderFx Oct 8 : Daily Outlook on EUR/USD


DAILY MARKET OUTLOOK EUR/USD - 1.3565
08 Oct 2013
06:58 GMT

Although y'day's rebound fm 1.3543 to 1.3585 sug
gests euro's 'choppy' trading abv last Fri's low at
1.3538 wud continue, as long as 1.3607 res holds,
corrective fall fm last Thur's 8-mth peak at 1.3646
wud extend to 1.3500 but 1.3462 shud remain intact.

Hold short for this move with stop abv 1.3607,
break may risk re-test of 1.3646, then 1.3660.

STRATEGY : Hold short

POSITION : Short at 1.3580

OBJECTIVE : 1.3500

STOP-LOSS : 1.3610

RES : 1.3591/1.3607/1.3646

SUP : 1.3538/1.3505/1.3462
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acetraderforex
post Oct 10 2013, 08:56 AM
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smile.gif AceTraderFx Oct 10: DAILY TECHNICAL OUTLOOK ON GBP/USD


DAILY TECHNICAL OUTLOOK ON GBP/USD
10 Oct 2013
03:18GMT

Trend Daily Chart : Sideways

Daily Indicators : Turning down

21 HR EMA :1.5977

55 HR EMA :1.6023

Trend Hourly Chart : Down

Hourly Indicators : Rising fm o/s

13 HR RSI : 37

14 HR DMI : -ve

Daily Analysis : Consolidation b4 one more fall

Resistance
1.6070 - Tue's NY low
1.6006 Last Fri's low
1.5968 - Y'day NY res

Support
1.5916 - Y'day's low
1.5886 - Sep 17 low
1.5844 - 50% r of 1.5427-1.6260

. GBP/USD - 1.5960..Cable's traded wildly initially y'day as news of nomin-
ation of Fed Vice Chair Yellen as next Fed Chief led to a bout of dlr-buying in
Aust., price bounced to 1.6122 but quickly fell in Asia. Intra-day fall accele-
rated after weaker-than-expected U.K. prod. data n cable tanked to 1.5916 in NY.

. Y'day's selloff to 1.5916 has justified our weekly bearish view that MT
rise fm Jul's 3-year low at 1.4814 has made a top last week at 1.6260 (Tue) n as
indicated in previous update, cable's aforesaid fall fm 1.6260 is at least cor-
recing MT intermediate rise fm 1.5427, since price has already reached the 'mini
mum' 38.2% r obj. at 1.5942, next downside target is pointing at the 'natural'
50% r obj. at 1.5844, a daily close below there wud turn outlook even more bear-
ish for further selloff to 1.5708 (38.2% r of 1.4814-1.6260).

. Today, the o/n rebound fm y'day's post-FOMC low at 1.5916 suggests the
pound wud gain some respite in Asia n range trading is in store, as price is tra
ding below the 21-hr & 55-hr emas, downside bias remains for decline fm 1.6260
to extend twd next chart obj. at 1.5886 but 1.5844 shud remain intact.


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acetraderforex
post Oct 15 2013, 10:34 AM
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AceTraderFx Octr 15 : DAILY TECHNICAL OUTLOOK ON GBP/USD

DAILY TECHNICAL OUTLOOK ON GBP/USD
15 Oct 2013
00:51GMT

Trend Daily Chart :Sideways

Daily Indicators :Turning down

21 HR EMA :1.5982

55 HR EMA
:1.5980

Trend Hourly Chart :Sideways

Hourly Indicators
:Neutral

13 HR RSI :41

14 HR DMI :-ve

Daily Analysis : Consolidation b4 one more fall

Resistance
1.6070 - Last Tue's NY low
1.6046 - 38.2% r of 1.6260-1.5914
1.6018 - Y'day's high

Support
1.5914 - Last Thur's low
1.5886 - Sep 17 low
1.5844 - 50% r of 1.5427-1.6260

. GBP/USD - 1.5968 ... Trading cable proved to be tricky y'day as despite
initial weakness to 1.5955 in European morning, renewed buying lifted the pair n
to a session high at 1.6018 in NY morning. However, the British pound pared its
gains and dropped to 1.5979 in NY afternoon n then 1.5966 ahead of Asian open.

. Despite y'day's rebound to 1.6018, as mentioned in previous updates,
cable's early fall below 1.6006 sup (now res) to 1.5914 last Thur suggests MT
rise fm Jul's 3-year low at 1.4814 has made a top at 1.6260 n as long as 1.6046
(38.2% r of 1.6260-1.5914) holds, downside bias remains for said fall fm 1.6260
to at least correct the MT intermediate upmove fm 1.5427 n yield weakness to 50%
r target at 1.5844, a daily close below there wud retain bearish scenario for
further losses twd 1.5708 (38.2% r of 1.4814-1.6260). On the upside, abv 1.6046
res wud abort bearishness n risk stronger gain to 1.6076 (last Tue's NY low) but
res at 1.6122/24 shud remain intact.

. Today, in view of aforementioned bearish scenario, selling cable on intra-
day recovery for a re-test of sup 1.5914 is favoured.


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acetraderforex
post Oct 17 2013, 08:36 AM
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smile.gifAceTraderFx Oct 17 : DAILY TECHNICAL OUTLOOK ON USD/CHF

DAILY TECHNICAL OUTLOOK ON USD/CHF
17 Oct 2013
00:21GMT

Trend Daily Chart : Down

Daily Indicators : Falling

21 HR EMA : 0.9137

55 HR EMA : 0.9129

Trend Hourly Chart : Sideways

Hourly Indicators
: Neutral

13 HR RSI : 53

14 HR DMI : 0

Daily Analysis : Choppy trading to continue

Resistance

0.9279 - Sep 17 high
0.9225 - Sep 15 low, now res
0.9178 - Tue's high

Support
0.9093 - Tue's low
0.9064 - Mon's low
0.9016 - Last Mon's n Tue's low

USD/CHF - 0.9140 ... U.S. dollar went through a 'roller-coaster' session
y'day. Despite Tue's rally to a fresh 4-week high at 0.9178, price retreated to
0.9118 in Australian morning y'day n then 0.9098 in NY morning due to U.S. debt
deadlock b4 rebounding to 0.9175 after U.S. Senate reached a bipartisan deal.

. Looking at the hourly n daily charts, as mentioned in our previous
updates, dlr's firmness suggests erratic upmove fm Oct's 19-month low at 0.8968
to at least retrace MT intermediate downtrend fm 0.9455 (Sep's high) remains in
progress n as long as Mon's low at 0.9064 holds, mild upside bias remains for
further gain to 0.9212, (being 50% r of 0.9455-0.8968), however, anticipated
high readings on hourly oscillators wud prevent strg gain abv 0.9225 (Sep 15
low, now res) n reckon 0.9269 (61.8% r) shud cap upside n yield retreat later.

. Today, we're standing aside in the meantime n wud look to buy dlr on dips
as only a breach of 0.9064 sup wud violate recent series of higher lows n higher
highs fm 0.8968 n signal aforesaid corrective rise has made a top there n yield
weakness twds 0.9016 sup (last Mon's n Tue's low).


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acetraderforex
post Oct 24 2013, 09:20 AM
Post #19
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smile.gif AceTraderFx Oct 24 : DAILY TECHNICAL OUTLOOK ON GBP/USD

DAILY TECHNICAL OUTLOOK ON GBP/USD
24 Oct 2013
01:03GMT

Trend Daily Chart
: Up

Daily Indicators : Neutral

21 HR EMA : 1.6172

55 HR EMA : 1.6172

Trend Hourly Chart : Sideways

Hourly Indicators : Rising fm o/s

13 HR RSI : 43

14 HR DMI : -ve

Daily Analysis : Consolidation b4 marginal fall

Resistance
1.6260 - 01 Oct high
1.6225 - Last Fri's high
1.6181 - Mon's high

Support
1.6119 - Y'day's low
1.6064 - Last Wed's high, now sup
1.6010 - Last Tue's high, now sup

. GBP/USD - 1.6195... Despite edging higher to 1.6258 in Asian morning on
Wed, failure to penetrate Oct's 1.6260 top triggered profit-taking. Cable tanked
in early European morning b4 extending fall to session low of 1.6119 after MPC
minutes. The pound later pared its losses n rebounded to 1.6176 in NY afternoon.

. Looking at the hourly n daily charts, as y'day's rise to 1.6258 was accom-
panied by bearish divergences on the hourly indicators, subsequent selloff to
1.6119, which also happened to be the minimum 38.2% r of 1.5894-1.6258 suggests
price wud consolidate below Oct's 1.6260 top n choppy trading with downside bias
remains. However, as mentioned in our previous update, cable's rally fm 1.5894
signals upmove fm Jul's 3-year trough at 1.4814 has resumed n abv 1.6260 wud
extend to 1.6310/11 (Sep 2012 peak n 50% proj. of 1.5427-1.6260 measured fm
1.5894 respectively) but price wud hold well below 2013 peak at 1.6380.

. Today, we are holding a short position in anticipation of weakness to
1.6100 but 1.6076 (50% r of 1.5894-1.6258) shud hold. Only a daily close abv
1.6225 wud confirm correction fm 1.6258 is over, yields 1.6258/60.


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acetraderforex
post Oct 25 2013, 08:58 AM
Post #20
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smile.gif AceTraderFx Oct 25 : DAILY TECHNICAL OUTLOOK ON GBP/USD

DAILY TECHNICAL OUTLOOK ON GBP/USD
25 Oct 2013
00:47GMT

Trend Daily Chart : Up

Daily Indicators : Neutral

21 HR EMA : 1.6189

55 HR EMA : 1.6182

Trend Hourly Chart : Sideways

Hourly Indicators : Neutral

13 HR RSI : 55

14 HR DMI : -ve

Daily Analysis :
Consolidation b4 marginal fall

Resistance
1.6310 - Sep 21 2012 high
1.6260 - 01 Oct high
1.6223 - Y'day's high

Support
1.6119 - Y'day's low
1.6064 - Last Wed's high, now sup
1.6010 - Last Tue's high, now sup


. GBP/USD - 1.6187... The British pound proved to be a little tricky to trade
y'day as despite initial bounce to 1.6223 in European morning, price retreated
sharply to 1.6138 at NY open. However, cable pared its losses n staged a strg
recovery to 1.6213 in NY afternoon b4 falling again at Asian open.

. Y'day's choppy trading suggests price wud be confined inside nr term range
of 1.6119-1.6258 for today n consolidation with mild downside bias wud be seen
but said lower lvl wud hold. Looking at the bigger picture, as mentioned in our
previous update, cable's rally fm 1.5894 to 1.6258 on Wed signals upmove fm
Jul's 3-year trough at 1.4814 wud resume soon n abv Oct's peak at 1.6260 wud
extend gain to 1.6310/11 (Sep 2012 peak n 50% proj. of 1.5427-1.6260 measured fm
1.5894 respectively) next week/early Nov but price wud hold well below 2013 peak
at 1.6380 due to loss of momentum.

. Today, we are holding a short position in anticipation of a re-test of
y'day's low at 1.6138 but sup at 1.6116/19 shud hold n yield rebound. Only a
daily close abv 1.6223 wud abort near term bearish bias on the pound.


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