News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Over the past seven days, $EUR has been the best performing G10 major vs the #USD with a 1.66% spot return while $GBP has been the worst at -0.11% spot return $EURUSD $GBPUSD $DXY
  • The US Dollar (via the DXY Index) has hit fresh lows amid the latest headlines around US fiscal stimulus talks. Get your market update from @CVecchioFX here:https://t.co/yDXdpZIcxq https://t.co/GlSrdNjEeZ
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.22% Oil - US Crude: 0.14% Silver: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WR0TUUbAnB
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.12% 🇨🇭CHF: 0.09% 🇪🇺EUR: 0.08% 🇨🇦CAD: -0.02% 🇯🇵JPY: -0.03% 🇳🇿NZD: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mgBg1eesms
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.68%, while traders in EUR/USD are at opposite extremes with 73.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ZyugXjE2ov
  • The British Pound is eyeing a push to fresh yearly highs against the US Dollar. However, various technical setups suggest GBP could lose ground to JPY, EUR and NZD in the near term. Get your $GBP market update from @DanielGMoss here:https://t.co/NSUnZnxAdi https://t.co/Ounuyh073c
  • The Dow Jones index appears to be ranging between 22,920 to 30,000 over the past few weeks. The overall trend remains bullish biased, but its upward momentum is fading as Bollinger Band width narrows. A decisive break above 30,000 resistance may open the door for further upside. https://t.co/pvWoVloiZV
  • Update on #Cryptocurrencies #BITCOIN -0.46% #BITCOINCASH -0.24% #ETHEREUM -0.78% #RIPPLE +0.83% #LITECOIN +0.77%
  • Wall Street Futures Update: Dow Jones (-0.110%) S&P 500 (-0.082%) Nasdaq 100 (+0.086%) [delayed] -BBG
  • 🇨🇳 Caixin Services PMI (NOV) Actual: 57.8 Previous: 56.8 https://www.dailyfx.com/economic-calendar#2020-12-03
Daily Observations: May 09, 2013

Daily Observations: May 09, 2013

2013-05-09 15:10:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Current Positions:

- Flat

Pending Positions:

- Short AUD/USD from 1.0150, Stop at 1.0330 (-180-pips), Target 1 at 1.0105 (+50-pips), Target 2 at 0.9980 (+170-pips), Target 3 at 0.9900 (+250-pips), Target 4 at 0.9860 (+290-pips) [final reward:risk 1.61]

- Long USDJPY from 99.95, Stop at 98.60 (-135-pips), Target 1 at 100.65 (+70-pips), Target 2 at 102.00 (+205-pips) [final reward:risk 1.52]

Typical Time Frame: 1-day to 1-week

Despite a much stronger than expected April Australian labor market reading, the AUDUSD finds itself trading back under 1.0200 and facing the daunting task of nullifying a developing daily Inverted Hammer, typically a bearish signal (bears retake lost momentum from bulls to bring prices back to or below the opening level after earlier gains). Although the descending trendline off of the April 11 and May 3 highs at 1.0250 would have presented the best opportunity to sell the pair, I chose to stick on the sidelines given the reversal in near-term fundamentals.

However, with the labor market report's gains wiped out at this point, it seems that my original plan to short the AUDUSD once price breaks the three-day base formed above 1.0150 remains in play. I'm watching this develop, and any positive news out of the US is likely to be the accelerant for a move lower. I'm watching the USD Advance Retail Sales (APR) report on Monday, even though it is forecasted to be a disappointment.

Beating the same drum from yesterday: "The USDJPY hasn't budged the past several weeks since the initial test of 100.00, and I think that a break spurred by optimism in the US will be necessary. Otherwise, because the BoJ's near-term policy decisions are priced in, there are few irons on that fire that could weaken the Yen immediately (aside from verbal intervention). A break of 100.00, should it occur, is likely to result in a quick run higher towards 102.00 as a significant number stops are broken. "

Are you new to FX or curious about your trading IQ?

As always, any other trade ideas and general macroeconomic musings can be found in the DailyFX Real Time News feed, or by following me on Stocktwits/Twitter @CVecchioFX.

I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 07:15 EST / 12:15 GMT, in which I delve deeper into my positions and thought processes behind my analyses.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES