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
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
Oil - US Crude
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
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/3qXauAsm2Q
  • The Dow Jones and S&P 500 nervously face the earnings season as coronavirus deaths could reimpose lockdowns. The DAX 30 eyes an EU rescue package as the FTSE 100 awaits GDP data. Get your #equities update from @ddubrovskyFX here: https://t.co/A0k6JMMBOg https://t.co/iihbEYsfgi
  • It was a surprisingly quiet week in oil, with the net of this week’s price action showing a doji. But a longer-term formation has built that may open the door to that next trend. Get your #commodities update from @JStanleyFX here: https://t.co/zz6M2ce55V https://t.co/UxlbpgLBkq
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/beKjEODs2y
  • RT @RichDvorakFX: @Investingcom Seems to me like investors ‘high’ on central bank liquidity are fiending for more and staring down the edge…
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/b8RNJQKE1m
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/yXomAftdv8 https://t.co/wOQAHZVnxB
  • Forex trading, which is the act of exchanging fiat currencies, is thought to be centuries old – dating back to the Babylonian period. Learn about the history of Forex here:https://t.co/ePTJlbUP7c https://t.co/WS2LkCt9gX
  • Two major events will dominate #Euro trading in the coming week: an #ECB meeting on Eurozone monetary policy, followed by an #EU summit to reach agreement on a recovery fund. Get your #currencies update from @MartinSEssex here: https://t.co/wnXjTDizMv https://t.co/tmxDfkgmSv
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/UQRaKusFP7
GBP/USD & AUD/JPY Chart Patterns Developing, Could Soon Present Opportunities

GBP/USD & AUD/JPY Chart Patterns Developing, Could Soon Present Opportunities

2018-08-29 10:47:00
Paul Robinson, Strategist
Share:

Looking for forecasts, trade ideas, and educational content? Check out the DailyFX Trading Guides page.

GBP/USD ascending wedge developing

GBP/USD is in the process of building an ascending wedge, with the reversal this morning off the intra-month trend-line seen as forging out the next higher low in the sequence. It will take a little more time for a matured formation, but given its size it needs to confirm in the next couple of days.

The trend-line from April has already been surpassed, while another from July lies towards the top of the wedge. A breakout above the top-side of the wedge will have both trend-lines in the rear-view mirror and higher prices likely in store. The low from July will need to be broken, but with cable coming out of oversold conditions and having pent-up pressure (ascending wedge) it may only prove to be a minor obstacle.

Confirmation comes on a break above 12936, with a measured move target (based on height of wedge) of 13060 up to 13150, a trend-line from June. Stops should be placed sufficiently back inside the wedge down near 12900.

GBP/USD 4-hr chart (Ascending wedge potential)

gbp/usd 4-hr chart, ascending wedge potential

Check out the broader view for GBP in the Quarterly Pound Forecast

AUD/JPY turned off trend-line, building a bear-flag

AUD/JPY turned down aggressively this morning from the trend-line off the July peak and the low from last month. This keeps the developing bear-flag in play. A break of the underside trend-line counts as validation and with that look for renewed weakness. The initial target is sub-80, the monthly low, with potential for even more on a break of support. Stops should be set sufficiently above the lower parallel once broken.

These 4 tenets can be used to help Build Confidence in Trading.

AUD/JPY 4-hr Chart (Building a Bear-flag)

AUD/JPY 4-hr chart, bear-flag at resistance

***Updates will be provided on these ideas and others in the trading/technical outlook webinars held on Wednesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday’s for the Becoming a Better Trader webinar series.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

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

DISCLOSURES

News & Analysis at your fingertips.