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
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
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
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/40ScG8COhW
  • Will be discussing the Dow Jones and S&P 500 as retail trader signals hint bearish potential Starts in 30 minutes! https://t.co/CYP4r5v5oK
  • RT @FxWestwater: Australian Dollar Outlook: Inflationary Theme in Spotlight as $AUDUSD Sputters Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/05/11/Australian-Dollar-Outlook-Inflationary-Theme-in-Spotlight-as-AUDUSD-Sputters.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co…
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/mwYyGmK1Gf https://t.co/mvc5ajVaCh
  • 🇰🇷 Unemployment Rate (APR) Actual: 3.7% Previous: 3.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • All 9 Dow Jones sectors ended lower, with 90% of the index’s constituents closing in the red. Energy (-2.62%), financials (-2.43%) and consumer discretionary (-1.82%) were among the worst performers, while materials (-0.23%) registered small losses. https://t.co/4jHdCZ1NuL
  • RT @ZabelinDimitri: What could go wrong?! https://t.co/c6CLYsCN1d
  • Heads Up:🇰🇷 Unemployment Rate (APR) due at 23:00 GMT (15min) Previous: 3.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • (Tech Special) British Pound Analysis: GBP/USD, EUR/GBP. GBP/JPY in Focus After Sterling’s Jump $GBPUSD $EURGBP $GBPJPY #GBP #Sterling https://www.dailyfx.com/forex/technical/article/special_report/2021/05/11/British-Pound-Analysis-GBPUSD-EURGBP-GBPJPY-in-Focus-After-Sterlings-Jump.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/HkYBanDOXd
  • The British Pound gained aggressively, placing the focus on levels that may send GBP/USD and GBP/JPY lower, with EUR/GBP still open to a turn higher. Will Sterling’s advance continue? Get your $GBP market update from @ddubrovskyFX here:https://t.co/PHoCHVc20M https://t.co/IBKnW68wv2
Daily Observations: August 28, 2013

Daily Observations: August 28, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Long USDJPY from net 97.95, Stop at 96.90, Target 1 at 98.20, Target 2 at 99.20, Target 3 at 99.80

Closed Positions:

- Closed Short GBPUSD (1/2) from 1.5535 at 1.5430 (Target 2) for +105-pips

- Stopped Short GBPUSD (1/2) from 1.5535 at 1.5490 (Target 1) for +40-pips

Net gain on Short GBPUSD from 1.5535 is +72.5-pips.

The past two days have been nothing short of exciting, and both positive and negative developments have transpired on the trading side for me. Let's start with the negative.

Negative: I couldn't have been more wrong about the Yen to start the week. I was looking to go long both AUDJPY and USDJPY - both were crushed yesterday. That said, the data that I'm looking for to stoke another decline in the JPY has yet to hit the wires. The July CPI report arrives on Thursday.

Positive: Proper risk-management and identification of entry levels. The JPY soared yesterday but my long entry orders in USDJPY were far enough beneath price (at the time) that I'm only sitting ~35-pips out (at the time this report was written).

Similarly, by waiting for AUDJPY to breach intraday swing highs (was looking to get long at 89.30), I wasn't sucked into a losing position (the market topped at 89.27). Had I been long, I would have hit my stop almost immediately and would have been out -70-pips.

Lastly, the GBPUSD short was triggered on Monday and was exited today for a gain of +72.5-pips. The Carney commentary provoked the final push into my second target at 1.5430, triggering a close and moving up my stop to my previous target (1.5490). Accordingly, on the rebound higher, the remaining half of the trade was stopped out.

Overall, I'm in the same boat with my colleauge David Song - US Dollar strength could be developing amid a technical breakout.

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

I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 06:00 EDT / 10:00 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