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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • US Dollar Index treading water above the 92 handle ahead of Friday's jobs report $DXY $USD https://t.co/PKfMKpJBwu
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.22% Germany 30: 0.20% FTSE 100: 0.11% US 500: 0.01% Wall Street: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/WiPPINSivr
  • Stocks’ earnings data was strong; rocky 3Q’21 may be underway US economic data begins to sour, but the delta variant gives the Fed cover. Get your $USD market update from @CVecchioFX here:https://t.co/sq7BsfyNe9 https://t.co/Ado2dPBJLd
  • #Gold Price Outlook: Gold August Battle Lines Drawn- $XAUUSD Levels - https://t.co/xsdZiL8uyy https://t.co/KnGbp5nXyI
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.56% Oil - US Crude: -0.11% Gold: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ZNNdqAFGoX
  • US Senator Schumer: Senate will finish infrastructure and budget bills before August recess $USD $DXY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.95%, while traders in France 40 are at opposite extremes with 81.86%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9gsaW4yXD7
  • Fed's Bowman: - It may take time for some people to return to work - The record number of job opportunities is a good sign
  • Fed's Bowman: - There is still work to be done to get the US economy back on track - Employment remains significantly below where it was
  • USD/CAD bounced off support, but looks only corrective in nature. Short-term charts suggest we will soon see price turn down. Get your $USDCAD market update from @PaulRobinsonFX here:https://t.co/zdfLSKm6LF https://t.co/PF5ZXDBxI0
Daily Observations: May 29, 2013

Daily Observations: May 29, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Flat

Closed Positions

- Short GBPUSD (1/2) from 1.5110 at 1.5015 for +95-pips.

- Short GBPUSD (1/2) from 1.5110 at 1.5110 for 0-pips.

Typical Time Frame: 1-day to 1-week

The short GBPUSD trade I was looking at on Monday only worked out half as well as I planned, hitting my first target at 1.5015 overnight and then reversing sharply off the lows, to knock me out on the other half of my trade at breakeven. I suppose the title of the trade idea was appropriate - "Short-term Selling Opportunity in GBPUSD to Start Last Week of May" - indeed the selling opportunity was only applicable through the first full trading day of the week.

For now, I am flat, although my attention is drawn to two pairs. First, the EURUSD is not only working on a major Head & Shoulders topping pattern, but also a more near-term Symmetrical Triangle that has bullish and bearish implications alike. I'm bearish as long as price holds below 1.3030, and ideally will be able to sell rallies into 1.2975/3000.

The other pair is the USDJPY, which is riding the ascending trendline off of the April 2 and May 2 lows, in conjunction with the 21-EMA, now at 101.00/15 (previously, I've said that the April 30 low should be the second reference point, but I've adjusted to take into account more recent price action). A break here eyes a deeper pullback towards 100.00 and even 97.50, while a hold and rally through 102.55/60 would suggest new highs.

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