Analyst Picks

Walker England , Forex Trading Instructor

My Picks:  EUR/GBP Pending Breakout
Expertise:  Technical Analysis
Average Time Frame of Trades:  1Day-1Week

Market Condition: EUR/USD Pending Breakout

Target 1: 1x Range Bullish .8601 Bearish .8253

Target 2: 2x Range Bullish .8717 Bearish .8137

EUR/GBP Daily Consolidation

EUR/GBP Pending Breakout

(Created Using TradingView Charts)

The EUR/GBP has declined in this morning’s trading, however the pair has failed to breakout to a new daily low. This has left the pair set to close the week with the creation of an inside bar. This candle patter is depicted graphically above, using Thursday’s high and lows as points of support and resistance. Traders may elect to look for bullish breakouts contra to the trend above Thursday’s high of .8485. Alternatively, a breakout below support at .8369 could be considered a bearish trend continuation signal. In either scenario, traders may extrapolate a 1X extension of the 116 pip range to find preliminary pricing targets. This places initial bullish targets near .8601 and bearish targets of .8253.

In the event that a breakout occurs next week, traders may consider this range for managing risk. In the event of a false breakout traders may consider using ½ the distance of the identified range (58 pips) to create a 1:2 risk reward ratio.

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David Song , Currency Analyst

My Picks:  Bullish AUD/JPY
Expertise:  Fundamental and Technical
Average Time Frame of Trades:  2 - 10 Days

The ongoing pickup in risk appetite may drive AUD/JPY higher throughout the remainder of the year as there appears to be a broader shift in market behavior.


AUD/JPY Daily Chart

Following the U.S. Presidential election, AUD/JPY has broken out of the bearish trend carried over from 2014, with the Relative Strength Index (RSI) highlighting a similar dynamic. In light of the meaningful developments, aussie-yen may continue to retrace the decline from earlier this year, with the broader outlook favoring opportunities to buy-dips in the exchange rate.

Nevertheless, the lack of momentum to break/close above the 84.60 (100% expansion) region raises the risk for a near-term pullback especially as the RSI appears to be making another failed attempt to push into overbought territory, with the first downside region of interest coming in around 83.70 (78.6% retracement) followed by 83.10 (78.6% expansion). Failure to hold above these levels may spur a move back towards the former resistance-zone around 81.30 (61.8% retracement) to 81.70 (38.2% expansion), which also lines up with trendline support.

For More Updates, Join DailyFX Currency Analyst David Song for LIVE Analysis!

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--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

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Jamie Saettele, CMT , Sr. Technical Strategist

My Picks:  Short USD/SEK
Expertise:  Technical
Average Time Frame of Trades:  Swing (at least several days)

USD/SEK Weekly

Please add a description for the image.

USD/SEK made a doji last week at the top of its channel and just under the 2009 high. The drop below last week's low serves as the trigger for a short bias. A possible head and shoulders top is evident on the hourly as well. I'm looking towards the April high of 8.8850. From an Elliott wave perspective, a drop to that level would probably compose wave 4 within the 5 wave advance from the May low. In other words, the rally should prove corrective.

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James Stanley , Currency Strategist

My Picks:  Long USD/JPY
Expertise:  Price Action + Macro
Average Time Frame of Trades:  Few days - Few weeks

Long USD/JPY at Market

This setup is a re-entry after our last long USD/JPY limited out two weeks ago. Since then, price action in USD/JPY has been aggressively moving-higher, offering little opportunity for re-entry on longer-term charts; and short-Yen setups have been voiced elsewhere with other base currencies like GBP. The pullback from Friday of last week and Monday of this week may be offering such a setup with support showing at the 112.50-level on shorter-term charts. We discussed this support level in this morning’s Market Talk article entitled, How to Work With the Trend That Barely Bends (JPY).

Stops on the position can be set approximately 200-pips underneath current price action in the effort of getting the stop-loss below the prior swing-low; and targets can be appropriated at 115.00, 116.00, 118.50 and then 120.00.

Long USD/JPY at Market

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for

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Michael Boutros , Currency Strategist

My Picks:  Near-term Setups in AUD/NZD, USD/CAD, AUD/USD, &EUR/GBP
Expertise:  Short-term Technicals
Average Time Frame of Trades:  1-2 Days



Last week I highlighted the risk for a rebound off key support at 1.0430/39 in AUDNZD with the subsequent rally failing just ahead of our target at the 2016 open (1.0663). We’ve been playing the pullback with the decline now eyeing areas of interest for re-entry on the long side. Initial support stands at 1.0511 and extends into our bullish invalidation level at 1.0476areas of interest for exhaustion / long-entries.

USD/CAD: Canada CPI is on tap tomorrow morning with USDCAD trading back into the weekly open today in New York. The focus heading into tomorrow’s release is on a break of the 1.34-1.3575 range with a topside breach favored. Levels highlighted in today’s Scalp Report.

AUD/USD: The pair broke below support noted yesterday at 7462 with the decline already taking out initial targets into 7420. The next support level of significance is the 61.8% retracement of the May advance at 7386. Review latest AUDUSD update (11/16)

EUR/GBP: Still looking lower while price is below 8709/36. This is a slower burning trade but the levels / slope have remained fruitful. Support targets of significance eyed at 8479 & 8349.Review latest EUR/GBP update (11/15)

Looking for trade ideas? Review DailyFX’s 2016 4Q Projections

---Written by Michael Boutros, Currency Strategist with DailyFX

Join Michael for Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

Follow Michaelon Twitter @MBForex contact him at or Click Here to be added to his email distribution list.

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