Action Forex (ALL)

Candlesticks and Ichimoku Trade Ideas Performance Update

Mon, 20 May 2013 10:31:36 PDT

Only one position was entered last week among the 4 majors, a long positon in USD/CHF entered at 0.9585 and if paid off and the greenback found renewed buying interest at 0.9578 and resumed recent upmove in line with our expectation, the position met its target at 0.9700 on Friday

Trade Idea Wrap-up: USD/CHF - Buy at 0.9585

Mon, 20 May 2013 08:55:44 PDT

Dollar's retreat after last week's anticipated resumption of recent upmove suggests minor consolidation below Friday's high of 0.9761 would be seen and below the Ichimoku cloud bottom(now at 0.9670) would bring correction to 0.9637 (Friday's low) but reckon support at 0.9578 would limit downside and bring another upmove later. A

Trade Idea Wrap-up: GBP/USD - Look to sell higher

Mon, 20 May 2013 08:52:13 PDT

Despite last week's resumption of decline to 1.5158 (Friday's low), lack of follow through selling on break of previous support at 1.5173 and the subsequent recovery suggest consolidation above this level would be seen and recovery to 1.5260-65 cannot be ruled out, however, still reckon resistance at 1.5323-31 would limit

Trade Idea Wrap-up: EUR/USD - Sell at 1.2950

Mon, 20 May 2013 08:46:55 PDT

Euro's rebound after last week's resumption of decline to 1.2796 suggests consolidation above this level would be seen and test of intra-day resistance of 1.2878 and possibly Friday's high of 1.2890 cannot be ruled out, however, still reckon resistance at 1.2930 would limit upside and renewed selling interest should emerge

Trade Idea Wrap-up: USD/JPY - Stand aside

Mon, 20 May 2013 08:39:20 PDT

Dollar's retreat after Friday's brief rise to 103.31 suggests a minor top is possibly formed there and consolidation below this level would take place with mild downside bias, below the Ichimoku cloud bottom (now at 102.49) would bring another test of intra-day support at 102.00, break there would confirm and

Trade Idea: EUR/GBP - Hold short entered at 0.8465

Mon, 20 May 2013 07:57:18 PDT

Although the single currency rebounded after falling to 0.8420 last week, if our view that top has been formed at 0.8516 last week is correct, upside should be limited to 0.8480 and bring another decline, break of said support would add credence to this view and signal correction from 0.8398

Trade Idea: USD/CAD - Buy at 1.0200

Mon, 20 May 2013 07:53:37 PDT

As the greenback has retreated after rising to 1.0313 last week, suggesting minor consolidation below there would be seen and pullback to 1.0240-50 is likely, however, reckon 1.0190-00 would limit downside and bring another rise later, break of said resistance would extend recent rise for a retest of previous resistance

US Session: Orders and Options Watch

Mon, 20 May 2013 07:41:43 PDT

EUR: The single currency bounced to an intra-day high of 1.2878 in European morning and indicated selling interest at 1.2880 capped upside, offers remain from 1.2880 up to 1.2900 with some stops placed above 1.2900 but fresh offers are tipped around 1.2930 and further out at 1.2950, mixtures of offers

DJIA Trading up to a Swing Projection Zone

Mon, 20 May 2013 07:20:54 PDT

Rising channel: The EUR/USD has been rallying since Nov. 2012, and appears to continue in a rising channel. All the moving averages are in bullish alignment, and the RSI has remained above 40 and tagged 70 several times, reflecting persistent bullish momentum. Swings: Since November, we have observed 4 upswings, the

AUDUSD May See a Short-Term Rebound

Mon, 20 May 2013 07:17:28 PDT

AUD/USD has experienced a sharp decline since breaking below its long-term horizontal channel and daily oscillators are indicating that the selloff may be reaching exhaustion as the RSI and stochastics indicators are in oversold territory. While oscillators oversold readings may persist for some time during a downward trend, a look

Silver Spike Shows Support Above 20

Mon, 20 May 2013 07:15:36 PDT

Bearish continuation, support: Silver ended last week testing the 2013 and April low of 22.03 and started this week by breaking below it. There was a spike lower during the European session. The chart shown here, generic MT4 price data, came down to 20.02, while a lot of charts showed

EUR/USD Mid-Day Outlook

Mon, 20 May 2013 06:40:22 PDT

No change in EUR/USD's outlook. With 1.2929 minor resistance intact, deeper decline is still expected in EUR/USD for 1.2746 low first. Break will resume whole decline from 1.3710 support. Also, this will complete a head and should top pattern (ls: 1.3171; h: 1.3710; rs: 1.3242) and should at least bring

GBP/USD Mid-Day Outlook

Mon, 20 May 2013 06:38:17 PDT

No change in GBP/USD's outlook. With 1.5322 minor resistance intact, deeper decline is still expected. As noted before, corrective rebound from 1.4830 has completed at 1.5606 after hitting 50% retracement of 1.6380 to 1.4830 at 1.5605. Current fall from 1.5606 is expected to extend to retest 1.4830 low next.

USD/CHF Mid-Day Outlook

Mon, 20 May 2013 06:36:15 PDT

As long as 0.9578 support holds, further rally is still expected. Sustained trading above 100% projection of 0.9021 to 0.9566 from 0.9206 at 0.9751 will pave the way to retest 0.9971 resistance next. On the downside, though, below 0.9578 will indicate short term topping and bring deeper pull back in stead.

GBP/JPY Awaits Break from Consolidation; Prevailing Trend is up

Mon, 20 May 2013 06:33:22 PDT

Consolidation: The 4H GBP/JPY chart shows a market that has fallen into a consolidation range roughly between 156.75 and 154.85. This range is set following a bullish market since at least the beginning of April (actually going back to June 2012). Breakout scenarios: If there is a break above 156.80, we

USD/JPY Mid-Day Outlook

Mon, 20 May 2013 06:29:18 PDT

With 101.82 minor support intact, further rise is still expected in USD/JPY and current rally is targeting 61.8% projection of 77.13 to 96.70 from 92.56 at 104.65 next. On the downside, though, below 101.82 will indicate short term topping and bring deeper pull back, possibly back towards 99.94 resistance turned

Mid-Day Report: Yen Recovery Lost Steam, Markets Consolidate

Mon, 20 May 2013 06:28:19 PDT

Markets are relatively steady in thin holiday trading today. Yen recovered earlier today but there was no follow through buying so far. Dallas Fed Fisher said today that he saw the economy "picking up as they go through the year" and might even grow at rate above 2.5%. Regarding Fed's

Trade Idea Update: USD/CHF - Buy at 0.9585

Mon, 20 May 2013 06:15:47 PDT

Despite Friday's anticipated resumption of recent upmove, lack of follow through buying and the several spikes formed on the hourly chart at the top of 0.9761 suggest minor consolidation below this level would be seen and below the Ichimoku cloud (now at 0.9658-63) would bring correction to 0.9637 (Friday's low)

Trade Idea Update: GBP/USD - Look to sell higher

Mon, 20 May 2013 06:13:48 PDT

Although cable resumed recent decline last Friday and fell to as low as 1.5158, loss of downward momentum should prevent sharp fall below 1.5125-30 (61.8% Fibonacci retracement of 1.4832-1.5607) and reckon 1.5113 (50% projection of 1.5593-1.5173 measuring from 1.5323) would limit downside and price should stay above 1.5060-65 (61.8% projection)

Trade Idea Update: EUR/USD - Stand aside

Mon, 20 May 2013 06:12:17 PDT

Despite Friday's resumption of decline to 1.2796, the subsequent rebound suggests consolidation above this level would be seen and test of intra-day resistance of 1.2878 and possibly Friday's high of 1.2890 cannot be ruled out, however, still reckon resistance at 1.2930 would limit upside and bring another decline later. A