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
  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:https://t.co/3D8s2eIVWv https://t.co/JDGNwKYyOn
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sIauS https://t.co/JIT5it2HAt
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here: https://t.co/g9QvH3L4It https://t.co/Vz98E0Bl9U
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:https://t.co/3hm1g3BHgf https://t.co/MdTQKEBCBx
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
EUR, AUD Scalps in Play- But Patience Required Ahead of ECB, BoE, NFPs

EUR, AUD Scalps in Play- But Patience Required Ahead of ECB, BoE, NFPs

Michael Boutros, Strategist

Yesterday's analyst pick title was "EUR, AUD at Key Resistance- Short Scalps Warranted below 1.0480, 1.31" and so scalps off these levels have panned out despite taking longer-than expected. Although these trades took nearly 24-hrs to play out, conditions could slow even further as we head into key interest rate decisions tomorrow and NFPs on Friday.

EURUSD- Yesterday I noted that, " The euro came into critical resistance at the 1.31-handle today with short scalps triggered off this mark. A break of the opening range low has been lackluster at best and while our immediate position is short, we may yet see another fresh high before heading lower. Initial targets at 1.3070 and 1.3055. For the complete scalp setup refer to the latest report." The 1.3070 target triggered with the pair reversing 4 just pips ahead of our secondary target at 1.3055.

We now shift our attention to the ECB interest rate tomorrow with markets likely to take cues off remarks made by central bank president Mario Draghi. Key resistance remains the 1.31 handle with a close above this mark risking a run-up to 1.3140 (50% retracement from the Oct 2011 high / October 2012 high). Daily support now stands at the 23.6% retracement taken from the November low and 1.2955.

EURUSD Daily Chart

EURUSD Scalp Chart

AUDUSD- Interim support targets noted yesterday at 1.0470 and 1.0445 triggered today with the pair rebounding sharply back into the 1.0470 soft target. The R1 monthly pivot at the 1.0480 threshold remains key resistance for the aussie with a breach above 1.05shifting our focus higher towards 1.0550. The 1.0440/45 threshold remains a key pivot both on near-term and daily timeframes.

AUDUSD Daily Chart

AUDUSD Scalp Chart

GBPUSD- The sterling has been unable to close above out initial objective reached on Monday at the 61.8% Fibonacci extension taken from the November low at 1.6105. With three days of failed attempts at a breach, the path of least resistance may lead this lower head of the BoE interest rate decision tomorrow with no change in policy expected from the central bank. Key support rests at the 61.8% retracement taken from the November decline at 1.06040 with a breach of the highs targeting the range between 1.6175-1.6195.

GBPUSD Daily Chart

GBPUSD Scalp Chart

For updates on these setups and more follow me on Twitter @MBForex

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

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael on Wednesday morning for a Live Scalping Webinar on DailyFX Plus (Exclusive to Live Clients) at 1530 GMT (10:30ET)

Introduction to Scalping Strategies Webinar

Beginner Fibonacci Expo Presentation

New to FX Trading? Watch this Video

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

DISCLOSURES