Daily Analysis Thread

Trading Discussion
190

[B][U]EUR/USD[/U][/B] The pair continued it’s doldrums yesterday moving in a choppy fashion once again. Being in the middle of the range this is likely to continue.

Minor support is at 1.3960, 1.3930, 1.3910 and beyond this 1.3875. Volatility has decreased, but 1.3850 and 1.3825 could come into play with news out of the US today.

A push above 1.4020 would be needed to indicate a move to the former swing high at 1.4070. 1.4100 should provide resistance beyond, as well at 1.4150.

[B][U]USD/JPY[/U] [/B]The pair is still meddling below the 94 resistance area. A closer test of this area is likely, but the overall bias is still down.

Although, a push above 94.00 would indicate move to 94.40. Further resistance is at 94.60 and 94.80.

After a test of 94, or the pair can not climb higher, a downward break below 93.30 would indicate a move back down. Initial target is 93 and beyond this 92.60. 92.20 is likely to provide support further down.

Analysis by: Forexpros - Written by Cory Mitchell

[B]Disclaimer:[/B]
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

191

EUR/USD The pair did push above some resistance within the longer term range yesterday which indicates a push towards 1.4200 is likely.

Support is at 1.4040 and 1.400. A bounce is likely off these levels, but there is further support at 1.3950 and 1.3900.

Resistance is likely in the 1.4160 area and beyond that 1.4200. 1.4250 should hold, if needed through today’s sessions.

USD/JPY 94.40 was yesterday’s target, and the pair hit it and has retreated. This is an important level. A move back below 93.50 would indicate the move was a bull trap and that the pair is likely to head back lower.

IF the pair does drop to 93.50 or below, 94 should hold as resistance on bounces. Further resistance is at 94.40. 94.80 should also act as a stall to rises if in fact the pair does turn higher.

Support is 93.60 and 93.20. A break blow is likely to test former swing lows in the 92.80 region.

Analysis by: Forexpros.com - Written by Cory Mitchell

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

192

EUR/USD The pair pushed above 1.4160 to 1.4180 but has retreated for the time being. A rise above 1.4180 would target 1.4200 a major resistance level.

A break of that resistance level would target May highs at 1.4340 (not necessarily today). Intermittent resistance is likely at 1.4230 and 1.4270.

Support lies at 1.4150-1.4140. 1.4100, 1.4060 and 1.4030 provide support beyond.

USD/JPY The pair has broken above the 94.50 resistance area and is currently at a another resistance level, 94.65. A continued push above 94.75 would indicate strength and likely another swing higher.

95.00 should offer some resistance, followed by 95.50.

Support is likely by 94.15, then 93.80 and 93.50.

Analysis by: Forexpros.com - Written by Cory Mitchell

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

193

EUR/USD The pair managed to break above 1.4200 yesterday. This sets up for a likely test of the May high at 1.4340 (not necessarily today).

1.4240-1.4250 is a resistance area as well as 1.4270.

Support is at 1.4180, followed by 1.4140. If indeed we are moving higher, 1.4140 should hold on retracements. Further support is at 1.4100 and 1.4060.

USD/JPY The pair has retreated back into the middle of a range which has developed over the last week.

Minor support is at 93.75 followed by 93.50. A drop below this would shift the bias downwards. 93.20 is the support level beyond.

Minor resistance is likely at 94.20. 94.60 and 94.80 are more significant.

Analysis by: Forexpros.com - Written by Cory Mitchell

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

194

EUR/USD Uptrend Remains:

After chopping trading yesterday the pair is still holding above some important support levels which indicates the pair is likely to continue higher.

Support is at 1.4160, 1.4140 and beyond that 1.4100. A break below 1.4100 is unlikely and would shift short-term bias downwards, but further support is at 1.4060.

Targets on the upside are yesterday’s high at 1.4280 and beyond that 1.4330-1.4350.

USD/JPY
A sharp fall mid day yesterday tested the 93.25 support level, with the rate bouncing since.

This has resulted in the short-term bias being down, with a test of the 92.75 level likely. A rise above 93.90 would negate that and indicate a rise to test 94.40-94.50.

Analysis by: Forex Pros.com - Written by Cory Mitchell

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

195

EUR/USD

The pair continues to range (so far) within in a 120 pip range over the last couple of days. A breakout will eventually occur, with the bias being higher overall.

Resistance is at 1.4260 with a break to test 1.4280. A push above 1.4300 would confirm a breakout with the target being 1.4400. Intermittent resistance is at 1.4350.

Support is at 1.4200, 1.4180 and 1.4155. A break below this level is less likely than a break higher, but it could still happen. Further support is at 1.4140 and 1.4100.

USD/JPY

The pair jumped in early trading, and is trying to test the 94.40 level. This is an important intra-day level.

A rise above 94.50 indicates a move to test a former swing high at 94.80. A rise beyond is not highly likely today, but 95.00 is the resistance beyond.

Support is at 93.80, 93.40 and 93.20.

Analysis by: Forexpros.com - Written by Cory Mitchell

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

196

[B]EUR/USD[/B]

Yesterday the pair tested the lows in the current range at 1.4120. So far that level has held. A break below indicates a swing down, although a move below 1.4100 would help confirm.

1.4060 is the next support level, and a push below that level likely to test 1.4010-1.4000.

On the upside, resistance is at 1.4200, 1.4220, 1.4260 and the highs of the range just beyond 1.4300.

[B]USD/JPY Swing Down?[/B]

The pair broke below support yesterday signaling at least a short-term swing down. Although trendline support at 94.00 needs to be broken to confirm.

Support is at 94.00-93.80, 93.40 and then 93.00.

A push back above 94.80 would indicate a likely test of recent swing highs at 95.20-95.40. A break above that area indicates another move higher.

Forex Analysis by: ForexPros - Written by Cory Mitchell

[B]Disclaimer:[/B]
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

197

[B]EUR/USD[/B]

The pair broke through support at 1.4120 and more support at 1.4060 but has managed to stay above the 1.4000 level. A break below 1.4000 will likely target 1.3920 followed by 1.3880.
Resistance on the upside is at 1.4100, 1.4140 and 1.4200.
A rise back above 1.4200 nullifies the short-term downward bias and indicates a move back higher.

[B]USD/JPY[/B]

The pair failed to break the 94.00 support line yesterday, and the pair did bounce off that area to re-test the former swing highs. Those former swing highs have so far held at 95.40.
The trendline support area is now at 94.20-94.30. A break indicates a swing down with a target of 94 and then 93.80. Intermediate support is at 94.60.
Resistance is still at 95.40 with a break above indicating a swing higher. Resistance is likely in the 95.70 area, and beyond that 96.00.

Forex Analysis by: ForexPros - Written by Cory Mitchell

[B]Disclaimer:[/B]

[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
[/I]

198

[B]EUR/USD[/B]

After testing the 1.4000 level the pair made a surge to test the highs of the former range at 1.4300. A break above 1.4320 signals another swing higher. Initial resistance is at 1.4340 with targets beyond of 1.4400, 1.4450 and ultimately 1.4600 (not necessarily today).

Support is at 1.4200, 1.4150 and 1.4100.

[B]USD/JPY[/B]

The pair has consolidated just above the former support level at 94.60. This has created a flag formation. This formation is a continuation pattern indicating further declines, although a push higher is still a possibility.

Support is at 94.50 and a sustained break below would confirm another swing down. Conservative target is 94.20-94.00 with a more aggressive target being 93.80. Strong support is also at 94.00.

Resistance is at 94.90 with a break above likely to erase some of the earlier declines. Further resistance is at 95.20, 95.60 and 95.80.

Forex Analysis by: ForexPros - Written by Cory Mitchell

[B]Disclaimer:[/B]
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

199

[B]EUR/USD - Consolidation for Breakout?[/B]

The pair is consolidating in a relatively tight range after strong moves over the last several days.

The bias for the breakout is higher, with a break above 1.4450 indicating another swing up. Initial target is 1.4520 and beyond that 1.4600.

Corrections can still happen, thus a break below 1.4350 is likely to test the 1.4300 area. Further support is at 1.4260 and 1.4210.

[B]USD/JPY - Trendline Troubles[/B]

while the trend is still up over the last few weeks, the pair did temporarily break through its supporting trend line. There are also some chart patterns developing which point to some crucial levels to watch.

94.50 is right on two upward sloping trendlines currently (this number will rise over time as the line is upward sloping) and a break below would indicate a swing down and a larger correction. Intermediate support is at 94.00.

On the other hand if 94.50 is not breached and the pair pushes above 95.50 this would indicate a swing higher. Initial target is 96.00, but there is some resistance from 95.80-96.90.

[B]USD/CHF - Consolidation for Breakout?[/B]

The pair is consolidating in a relatively tight range after strong moves over the last several days.

The bias for the breakout is higher, with a break above 1.4450 indicating another swing up. Initial target is 1.4520 and beyond that 1.4600.

Corrections can still happen, thus a break below 1.4350 is likely to test the 1.4300 area. Further support is at 1.4260 and 1.4210.

Forex Analysis by: ForexPros - Written by Cory Mitchell

[B]Disclaimer[/B]:
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

200

[B]EUR/USD - Consolidation for Breakout?[/B]

The pair continues to range after strong moves a few days ago.

A break above 1.4460 indicates another swing higher with a target of 1.4550. Beyond this is 1.4600 - a daily high in back in Dec. 2008.

A move below 1.4340 would indicate a target of 1.4310-1.4300 and then 1.4250.

Containment or failure to break either side indicates a retest of the other side of the range.

[B] USD/JPY - Trendline Troubles[/B]

The pair is consolidating in a series of triangle formations on the hourly charts. A break above 95.50 would signal a move to retest recent swing highs between 95.80-95.90. Targets beyond are 96.20 and ultimately 96.50 if the prior levels are surpassed.

A break below 94.70 gives early indication of weakness but will be confirmed by a pull below 94.55. The target is ultimately 93.80 but the 94.40 and 94.00 levels need to watched as there is support at these levels which could stifle the full move.

More ranging is also a possibility as the market generates energy in a narrowing field within the chart formation.

[B] USD/CAD - One More Wave[/B]

There are certain patterns which point to at least one more wave down. This wave will not be too severe - likely targeting 1.0600. Before this can occur resistance must be broken, just below the recent swing low, at 1.0625.

A break below 1.0600 would target 1.0500-1.0480.

A move back above 1.0800 would negate the swing down at least temporarily and indicate a swing higher. Initial targets would be 1.0860 and 1.0900-1.0920.

Analysis by: ForexPros - Written by Cory Mitchell

[B] Disclaimer:[/B]
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

201

[B][B]EUR/USD[/B][/B]

Charts are setting up for a continuation of Friday’s fall. A drop below 1.4145 will confirm. First target is 1.4100 (also support). Further support is lower at 1.4180-1.4160, and a target beyond at 1.4000.

A move back above 1.4260 indicates upward strength and further erosion of Friday’s fall. Resistance beyond is 1.4340 and 1.4380.

[B][B]USD/JPY[/B][/B]

A drop below 96.85 will signal further declines. First target is 96.40, followed by 96.10-96.00. Support beyond is 95.80.

A rise above 97.80 indicates another swing higher. Targets are 98.10 and 98.45-98.55.

Forex Trading Analysis by: ForexPros - Written by Cory Mitchell

[B][B]Disclaimer:[/B][/B]
[I][I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I][/I]

202

[B]EUR/USD - Continued EUR Weakness?[/B]

The EUR lost more ground yesterday dropping below support at 1.4160. That level has now become upside resistance.
A drop below the recent swing lows just above 1.4100 indicates another swing lower and a target of 1.4040. Further support is at 1.4000.
A push above 1.4170 will try to test recent swing highs at 1.4220. Target beyond this on a further rise is 1.4320.

[B]USD/JPY[/B]

The pair is continuing to fall in early trading today after a strong up move on Friday.
Support is likely around the 50% retracement level of Friday’s move at 96.40. 96.00 and 95.80 are support levels beyond.
Resistance on the upside is likely to be seen by 97.20, 97.50 and 97.80. A break above 97.80 is not highly likely today, but indicates another swing higher over the next couple days.

Forex trading analysis by Forexpros - Written by Corey Mitchell

Disclaimer

Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

203

What are you thoughts on the EUR/USD?

It looks like Friday’s move has lost momentum.

204

[B]EURO/DOLLAR [/B]

A rather tight range yesterday. A break above the 1.4190 indicates a short term break of the range and a target of 1.4220. The target beyond is 1.4320 if the pair continues to push higher.

A break below 1.4100 indicates another swing down with target at 1.4030 and 1.4000.

[B]USD/JPY[/B]

Support is at 95.40 and 95.00. A break below 95 will likely probe into the 94.50 area. There is an upward sloping trend line which currently is running through 95.40. So a move below this level shifts the overall bias for the pair downwards.

Upside resistance is 96.10 and just below 96.60.

Forex trading analysis by Forexpros - Written by Corey Mitchell

Disclaimer

[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

205

[B]EURO/DOLLAR [/B]

The pair is in a short term widening range, with bias currently to the upside. A push above 1.4250 would confirm, with a target of 1.4310. 1.4340 and 1.4380 are resistance levels beyond.
A drop below 1.4200 will like test 1.4180. A drop below 1.4170 will need to move through further support in the 1.4160-1.4140 region and if it succeeds will target 1.4120 then 1.4080 (if needed).

[B]
USD/JPY [/B]

The pair dropped below a rising short-term trend line yesterday but has come off those lows and is now trading above it. 95.70 and 95.40 will act as support, as well as the recent lows near 95.00.
A break above 96.35 indicates a move higher with a target of 96.60. 96.90-97.00 is the resistance level beyond.

Forex trading analysis by Forexpros - Written by Corey Mitchell

Disclaimer
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

206

[B]EURO/DOLLAR[/B]

The pair is approaching support between 1.4100 and 1.4120. A bounce off this level indicates a move higher to rest resistance between 1.4260 and 1.4280. A break above indicates another move higher and a test of further resistance at 1.4320.

Support below 1.4100 is at 1.4080 followed by 1.4000.

With the trend still up the bias is to the upside.

[B]USD/JPY [/B]

Support at 94.40 has held so far, a break will likely target 94.00. Further support is at 93.80 and 93.40.

Resistance on the upside is at 95.00 and 95.50. The current trends point to a bias to the downside for the pair. But 94.40 will need to be penetrated on a sustained break for that to materialize.

Forex trading analysis by Forexpros - Written by Cory Mitchell

Disclaimer
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

207

GBP/USD’s fall extends further to as low as 1.6274 in early US session. Break of 1.6338 support serves as an important alert that a medium term top is in place at 1.7043. Intraday bias remains on the downside for the moment and further decline should be seen to 1.5983 support to confirm the bearish case. On the upside, above 1.6438 minor resistance will turn intraday outlook neutral and bring consolidation. But recovery is expected to be limited below 1.6663 resistance and bring fall resumption [actionforex]

208

[B]Euro Dollar Analysis - Aug 18[/B]

There is a band of resistance between 1.4120-1.4140 which so far has held. There was a downward break from a longer term pattern yesterday, and this is the likely pullback point after the breakout.
Targets to the downside are 1.4040, the recent swing low, followed by 1.4000 and 1.3960-1.3950.
A strong move up warns of a bear trap on the downside break from the longer term pattern. Resistance to the upside is at 1.4180 and 1.4250. A rose above this is unexpected and would likely result in a sharp rise higher over the coming days.

====

[B]USD/JPY - Aug 18[/B]

Based on trendlines and previous pullbacks the pair is likely to push into the 95.20-95.40 area. A push above this indicates further strength over the coming days.
If that area holds a swing lower is very likely. Support is at 94.50, 94.20-94.00. Targets beyond this are unlikely to be hit today but the first is at 93.40.

====
[B]
USD/Canadian Dollar Forecast - Resistance Level Cracks[/B]

In an accelerated uptrend the pair briefly broke through resistance at 1.1100. Early trading has provided support and is creating a bullish continuation pattern. A push back above 1.1100 gives early warning of a swing higher but will be comfirmed if rates move beyond 1.1130.
Resistance on the way up is just below 1.1100.
A drop below 1.1020 signals selling of the USD pushing the rate down. 1.0970 is the support beyond.

Forex Trading analysis by ForexPros - Written by Cory Mitchell

Disclaimer
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

209

[B]Euro Dollar [/B]

The pair is currently just above an important level between 1.4130-1.4120. A drop below , especially with confirmation from penetration of 1.4100, is likely to test 1.4050. The target and support beyond is at 1.4000.
A rise above 1.4180 indicates a move to test the downward sloping hourly trend line in the 1.4240 area. A break above indicates a long-term upward move, but will find resistance in the region of 1.4300.

[B]USD/JPY [/B]

Looking at the recent decline of the pair on the hourly chart, it can be seen the pullbacks (higher) have become weaker over the last several days. Selling pressure has also eased but the current trend is still down.
Containment within the area of 95.30-94.10 is quite likely. After aggressive moves higher and then back down over the last couple weeks price action contained within this range is quite probable.
If the pair does move out of the range, bias is to the downside. A break below 94.10 indicates a further slide with a target of 93.20 (not necessarily today). Support is above this at 93.80 and is expected to hold today.
A move above 95.30 is less likely. Resistance is at 95.50 and 95.80.

[B]EUR/JPY [/B]

Yesterday the pair tested and respected an old upward sloping trend line (broken last week), quickly retreating. In early trading today it has taken another run at the trend line and the highs for yesterday but has so far failed. This makes a further slide probable.
Initial support is at 133.40 and 133.10. A break below this level indicates a move for 132.50. Further support is at 132.00.
A rise above 135 is less likely, but will initially target 135.50. Target and resistance beyond is at 136.00.

Forex Trading analysis by ForexPros - Written by Cory Mitchell

Disclaimer
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]