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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
Gold
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
Oil - US Crude
Bullish
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
Bitcoin
Bearish
More View more
Real Time News
  • US Dollar Technical Forecast: USD/SGD, USD/MYR, USD/PHP Rates $USDSGD #USDMYR #USDPHP - https://www.dailyfx.com/forex/technical/article/special_report/2019/11/22/US-Dollar-Technical-Forecast-USDSGD-USDMYR-USDPHP-Rates.html?CHID=9&QPID=917702 https://t.co/Qa2IToFSOC
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.07% 🇬🇧GBP: 0.06% 🇪🇺EUR: 0.05% 🇦🇺AUD: 0.01% 🇨🇦CAD: 0.01% 🇨🇭CHF: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Cx3mHxtekq
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.19% US 500: 0.18% Wall Street: 0.16% France 40: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6LnLASL3Ho
  • China's President Xi Jinping: Says China's economy development has had huge resilience -BBG citing Xinhua
  • #Gold prices may rise along with the $SEK and $NOK if the ECB and FOMC minutes fuel rate cut bets and boost the appeal of non-interest-bearing assets and riskier currencies. Get your market update from @ZabelinDimitri here: https://t.co/LFpNQ4OwLG
  • Overnight index swaps are now pricing in about a 50.1 percent probability of a 25bp #RBNZ rate cut at the May 2020 monetary policy announcement $NZDUSD
  • The $GBP has remained quite steady as general election campaigning begins in earnest. Can it remain so given the huge #Brexit differences between candidates? Find out from @DavidCottleFX here:https://t.co/3ftWj2HhLJ https://t.co/igUoZZiqlH
  • #NOK, #SEK and #GBP are expected to be the most-active #G10 currencies #USD with one-week implied volatility at 7.68, 7.28 and 6.85 respectively
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.03% Silver: -0.06% Oil - US Crude: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NKYwNN4UKx
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.04% 🇬🇧GBP: 0.03% 🇨🇦CAD: 0.02% 🇦🇺AUD: -0.00% 🇳🇿NZD: -0.02% 🇨🇭CHF: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MhXCqXQZBS
Jamie's Pick: 05/06/11

Jamie's Pick: 05/06/11

2011-05-06 14:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

I want to buy the USD against a basket of currencies next week - specifically the EUR, AUD, and NZD. Limit orders are at 14700 EURUSD, 10830 AUDUSD, and 8000 NZDUSD.

After trading sideways, the EURUSD spiked lower on this morning’s NFP. That low will probably hold as there are now 5 waves down from the top and those late to the USD party need to suffer some pain before the trend resumes. Expect a sharp wave 2 (or B) rally back towards 14700/55 (50%-61.8% retracement and former support). Expect a secondary top early next week. The next downside objective will probably be 14275.

After reaching support from former resistance at 10580, the AUDUSD has rallied violently and there may be a bit of upside left. 10830 is defined by the 100% extension of the rally from 10536 and the 61.8% retracement of the decline from the top. Watch short term channel resistance for a top as well. I expect a secondary top in this area and an eventual drop below 10536 – 10360 is an early guesstimate at an objective.

The NZDUSD top is in place as the decline from 8121 is in 5 waves. I wrote yesterday that “near term expectations are for some consolidation / corrective strength back towards 7950 before a much larger decline takes place.” The bulk of the advance is complete but given the expected strength in the EURUSD, GBPUSD, and AUDUSD it makes sense to expect a test of 8000 (61.8% retracement) before weakness resumes. Downside objective next week are 7690 and 7500.

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

DISCLOSURES

News & Analysis at your fingertips.