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
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
Bullish
Gold
Bullish
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
Mixed
More View more
Real Time News
  • Growth linked currencies have gained as investors hope for progress on the trade front as well as stimulus from the Fed. The global economy however remains depressed and seems likely to remain so. Get your market update from @DavidCottleFX here: https://t.co/jt1HH9AHLM https://t.co/Yz65AMJYlm
  • RT @YuanTalks: #China temporarily suspend additional tariffs of either 10% or 5% on some #US goods scheduled to take effect on Dec 15, said…
  • The gold-silver ratio is simple. It is the number of silver ounces you would need to trade to receive one ounce of #gold at current market prices. Find out how you can use this in your trading strategy here:https://t.co/kh5DZvv5ib $XAUUSD https://t.co/eJGODpfTNc
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 https://t.co/DoVBd1l1oO
  • #Silver is a precious metal commodity that investors use as an inflation hedge and safe-haven asset. Find out what are some strategies and tips to trade silver here: https://t.co/k4tVcFuwxW #CommoditieswithDailyFX https://t.co/zXCSmH2HLX
  • Markets are trying to maintain a bullish tilt as a new week rolls around, a look ahead at the charts of the #Dow, #DAX, and #FTSE. Get your technical analysis on major world indices from @PaulRobinsonFX here: https://t.co/bYjRDvQsdM https://t.co/mbg0rUbv3K
  • Trade conflict is clearly awful for the broad world economy, but some countries are already benefiting from it. More stand to do so. Spotting them early could be profitable. Get your update on the #tradewar from @DavidCottleFX here: https://t.co/og0VAPAqwm https://t.co/xB8hYUj4OA
  • #Gold prices may suffer if better-than-expected US economic data and progress on US-China trade negotiations cool 2020 Fed rate cuts and alleviate demand for anti-fiat hedges. Get your $XAUUSD market update from @ZabelinDimitri here: https://t.co/3ula2sUpqL $gld https://t.co/2iZwxcm3wP
  • What's the difference between leading and lagging indicators? Find out from @RichardSnowFX here:https://t.co/vGx8HCagF5 https://t.co/KCZ48rDnhy
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/tTXcw1b7Tp
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, Currency 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.