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
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
Gold
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
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • 🇬🇧 GBP BOE Asset Purchase Target (SEP), Actual: N/A Expected: 435b Previous: 435b https://www.dailyfx.com/economic-calendar#2019-09-19
  • 🇬🇧 GBP Bank of England Bank Rate (SEP 19), Actual: N/A Expected: 0.75% Previous: 0.75% https://www.dailyfx.com/economic-calendar#2019-09-19
  • European parliament favours Breixt extension if one is to be requested $GBP
  • Having a consistent trading strategy can’t be understated when it comes to the process of trading. How can having a consistent strategy avoid #FOMOintrading? Find out from @WVenketas here: https://t.co/f4y1FOOZnM https://t.co/2QHVgRlMc7
  • Heads Up:🇺🇸 USD MBA Mortgage Applications (SEP 13) due at 11:00 GMT (15min), Actual: N/A Expected: N/A Previous: 2.0% https://www.dailyfx.com/economic-calendar#2019-09-18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.42%, while traders in France 40 are at opposite extremes with 79.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ReHxHQMPBJ
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.01% Oil - US Crude: -0.45% Silver: -0.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rq2EKnzq0p
  • Bitcoin breakout nears...#bitcoin #btc https://t.co/5si6ROEIBy
  • EUR/USD, EUR/JPY Technical Forecast: Failure at Crucial Resistance More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2019/09/18/EURUSD-EURJPY-Technical-Forecast-Failure-at-Crucial-Resistance-MK.html https://t.co/9sYz3Ee5wq
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.08% 🇨🇦CAD: -0.14% 🇪🇺EUR: -0.20% 🇬🇧GBP: -0.25% 🇳🇿NZD: -0.40% 🇦🇺AUD: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/kYlPKUJuaW
Near-term Trade Setups in EUR/USD & AUD/USD

Near-term Trade Setups in EUR/USD & AUD/USD

2019-08-14 17:02:00
Michael Boutros, Technical Strategist
Share:

Review this week’s Strategy Webinar for an in-depth breakdown of these setups and more.

Euro Price Chart - EUR/USD 120min

Euro Price Chart - EUR/USD 120min - Technical Outlook

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

In my most recent Euro Technical Price Outlook we noted that EUR/USD was, “testing downtrend resistance - From a trading standpoint, the immediate focus is on a breakout of this near-term consolidation for guidance.” The weekly opening-range resolved lower this today with the decline now testing a near-term support confluence at 1.1138/43 – looking for a reaction here. A break below this zone would keep the focus lower towards the 61.8% retracement / last week’s open at 1.1106/12. Look for initial resistance back at 1.1182/87 with a breach above 1.1223 needed to shift the broader focus higher in Euro.

New to Forex? Get started with our Beginners Trading Guide!

EUR/USD Trader Sentiment

Euro Trader Sentiment - EUR/USD Price Chart - Technical Outlook
  • A summary of IG Client Sentiment shows traders are net-long EUR/USD - the ratio stands at -1.22 (55.0% of traders are long) – weak bearish reading
  • Traders have remained net-long since July 1st; price has moved 2.0% lower since then
  • Long positions are 2.9% higher than yesterday and 2.1% lower from last week
  • Short positions are 8.5% lower than yesterday and 6.7% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger EUR/USD-bearish contrarian trading bias from a sentiment standpoint.

See how shifts in Euro retail positioning are impacting trend- Learn more about sentiment!

Aussie Price Chart - AUD/USD 240min

Aussie Price Chart - AUD/USD 240min - Technical Outlook

Chart Prepared by Michael Boutros, Technical Strategist; AUD/USD on Tradingview

In last week’s Australian Dollar Price Outlook we highlighted a major support confluence at 6733/45 – a region defined by the January swing low and the 1.618% extension of the decline off the yearly highs. Aussie is testing this zone yet again today – a break below would expose another run at the lows near 6677 and beyond. We’re on the lookout for a pivot in price down here. Initial resistance at the weekly open backed by 6828/32 - a breach / close above 6855 would be needed to suggest a larger recovery is underway. Review my latest AUD/USD Weekly Price Outlook for a look at the longer-term technical trade levels.

AUD/USD Trader Sentiment

Aussie Trader Sentiment - AUD/USD Price Chart - Technical Outlook
  • A summary of IG Client Sentiment shows traders are net-long AUD/USD - the ratio stands at -3.18 (76.1% of traders are long) – bearish reading
  • Traders have remained net-long since July 19th; price has moved 3.8% lower since then
  • Long positions are 1.3% lower than yesterday and 1.6% lower from last week
  • Short positions are 11.9% lower than yesterday and 8.4% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/USD prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current Aussie positioning and recent changes gives us a stronger AUD/USD-bearish contrarian trading bias from a sentiment standpoint.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex

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

DISCLOSURES

News & Analysis at your fingertips.