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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
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
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/lFLqQtNpNB
  • 🇯🇵 Housing Starts YoY (SEP) Actual: -9.9% Expected: -8.6% Previous: -9.1% https://www.dailyfx.com/economic-calendar#2020-10-30
  • Heads Up:🇯🇵 Housing Starts YoY (SEP) due at 05:00 GMT (15min) Expected: -8.6% Previous: -9.1% https://www.dailyfx.com/economic-calendar#2020-10-30
  • NZD/USD appears to have reversed course ahead of the September high (0.6798) as the wave of lockdowns across Europe drags on risk appetite. Get your $NZDUSD market update from @DavidJSong here: https://t.co/xQ7sqsF0w6 https://t.co/j3glkif7tq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.20%, while traders in NZD/USD are at opposite extremes with 65.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pw6qIORHUJ
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.30% 🇯🇵JPY: 0.20% 🇨🇦CAD: 0.19% 🇨🇭CHF: 0.11% 🇳🇿NZD: 0.07% 🇬🇧GBP: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BTP4ksGwly
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.42% Germany 30: 0.08% France 40: 0.04% Wall Street: -0.60% US 500: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/m2KKGAYVla
  • Heads Up:🇸🇬 Unemployment Rate Prel (Q3) due at 04:00 GMT (15min) Previous: 2.8% https://www.dailyfx.com/economic-calendar#2020-10-30
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/LjEjTexrCg https://t.co/lELbFbVAAO
  • Market Snapshot $USD and $JPY drifting lower against their major counterparts $AUDUSD and $EURUSD pushing to fresh session-highs #Gold and #crudeoil prices moving higher #ASX200 and #SP500 futures drifting to session-lows
Near-term Trade Setups in USD/CAD, EUR/USD & AUD/USD

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

2020-01-17 17:52:00
Michael Boutros, Strategist
Share:

Near-term Technical Outlook: Trade Setups on USD/CAD, EUR/USD & AUD/USD

  • Technical charts on trade setup we’ve been tracking in USD/CAD, EUR/USD & AUD/USD
  • Key Loonie range-break pending / Aussie threatens new lows towards trend support
  • Euro approaching key support pivot - trader sentiment highlights risk of reversal

An update on trade setups we've been tracking in Loonie, Euro & Aussie. These are the targets and invalidation levels that matter next week.Review my latest Strategy Webinar for an in-depth breakdown of thesetrade setups and more.

Starts in:
Live now:
Nov 02
( 12:11 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Canadian Dollar Price Chart - USD/CAD 60min

Canadian Dollar Price Chart - USD/CAD 60min - Loonie Trade Outlook - Technical Forecast

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

In my latest Canadian Dollar Price Outlook we noted that USD/CAD was in a, “near-term consolidation just above uptrend support and the immediate focus is on a break of the weekly opening-range for guidance. From a technical standpoint, the setup remains constructive while within this formation, but we’ll respect a break of the 1.3024-1.3076 range.” The range is preserved and the game-plain is unchanged heading into the close of the week with Loonie on the defensive into the open of trade on Friday.

Initial support at 1.3050 with a break below 1.3028 still needed to fuel the next leg lower in price targeting 1.3004/10. A topside breach of this descending pitchfork still must best 1.3076 to fuel the next leg higher in price. Bottom line: From a trading standpoint, heading into next week the focus remains on a break of this key range for guidance. Review my latest Canadian Dollar Weekly Price Outlook for a closer look at the longer-term USD/CAD technical trading levels.

Canadian Dollar Trader Sentiment – USD/CAD Price Chart

Canadian Dollar Trader Sentiment - USD/CAD Price Chart - Loonie Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long USD/CAD - the ratio stands at +1.25 (55.54% of traders are long) – weak bearish reading
  • Long positions are 1.43% higher than yesterday and 5.52% lower from last week
  • Short positions are 8.74% lower than yesterday and 43.32% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CAD prices may continue to fall. Yet traders are more net-long than yesterday but less net-long from last week and the combination of current positioning & recent changes gives us a further mixed USD/CAD trading bias from a sentiment standpoint.
USD/CAD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% -20% -11%
Weekly -35% 13% -20%
Learn how shifts in USD/CAD retail positioning impact trend
Get My Guide

Euro Price Chart - EUR/USD 120min

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

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

In my most recent EUR/USD Technical Price Outlook we noted that the, “immediate focus is on a reaction as the Euro recovery approaches initial resistance objectives just higher.” The level in focus was the 100% Fibonacci extension of the advance off the monthly lows at 1.1166- price registered a high at 1.1172 before reversing sharply with the decline breaking near-term up-channel support. The sell-of is now approaching a key support zone Euro reacted too last week at 1.1080/91- looking for a reaction here into the close / open of the week.

From a trading standpoint, the near-term risk remains lower while below 1.1125 with a break from here exposing 1.1042. That said, we’re on the lookout for an exhaustion low next week closer to daily uptrend support. Review my latest Euro Weekly Price Outlook for a look at the longer-term EUR/USD technical trade levels.

Euro Trader Sentiment – EUR/USD Price Chart

Euro Trader Sentiment - EUR/USD Price Chart - Euro Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long EUR/USD - the ratio stands at +1.27 (55.89% of traders are long) – weak bearish reading
  • Long positions are 5.63% lower than yesterday and 24.56% higher from last week
  • Short positions are1.32% higher than yesterday and 3.82% 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. Yet traders are less net-long than yesterday but more net-long from last week and the combination of current positioning and recent changes gives us a further mixed EUR/USD trading bias from a sentiment standpoint.
EUR Forecast
EUR Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly Euro Price Forecasts!
Get My Guide

Australian Dollar Price Chart – AUD/USD 120min

Australian Dollar Price Chart - AUD/USD 120min - Aussie Trade Outlook - Technical Forecast

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

In this week’s Australian Dollar Price Outlook we highlighted a key technical range between 6851-6927 with the, “broader outlook weighted to the topside in Aussie while above 6809. From at trading standpoint, look for possible downside exhaustion while above the lower parallel with a breach above the median-line needed to mark resumption.” Price registered a high this week at 6933 before turning lower with Aussie testing slope support on Friday afternoon in New York.

The threat remains for a deeper correction while below 6927 with a break lower exposing 6851 and the 61.8% retracement / extension at 6821- both levels of interest for possible downside exhaustion IF reached. Topside resistance objectives unchanged at 6962 in the event of a breach. Review my latest Australian Dollar Weekly Price Outlook for a look at the longer-term AUD/USD technical trade levels.

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

Forex for Beginners
Forex for Beginners
Recommended by Michael Boutros
New to Forex Trading? Get started with this Beginners Guide
Get My Guide

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex

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

DISCLOSURES