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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
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
Wall Street
Mixed
Gold
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.68% 🇪🇺EUR: 0.68% 🇬🇧GBP: 0.62% 🇳🇿NZD: 0.51% 🇯🇵JPY: 0.44% 🇨🇦CAD: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/oKdgIEt1EI
  • $USD move just keeps going, April low taken out, now testing through trendline support And tues-wed-thurs produced an evening star at resistance that's continuing to fill in https://t.co/FQLxBQupZV https://t.co/HMVlZqryp5
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.30% FTSE 100: 0.84% US 500: 0.72% France 40: 0.60% Wall Street: 0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YR5dv88mRD
  • Labour shadow minister says Hartlepool loss ‘absolutely shattering’. BFTSE 100 remains in a strong multi-month uptrend. Get your #FTSE market update from @nickcawley1 here:https://t.co/WobIWbzyq0 https://t.co/VF3UpvFolF
  • Poll: How do you read the April #NFPs (+266K vs +978K expected) from a risk appetite perspective for markets?
  • While much of the attention is on the Dollar and US markets owing to the star power of NFPs, important to highlight Canadian jobs sunk -207K (only modestly worse than -175k expected but a big number for Canada). CAD is taking a hit for it as can be seen with $GBPCAD https://t.co/3dJ0XH6MMv
  • $EURUSD going for that high. already pretty stretched from this morning already https://t.co/UFCbFMtI8C https://t.co/Q67Z0xDRCI
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 1.31% Silver: 0.45% Oil - US Crude: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/W5mOyaUG5R
  • The US jobs figure did a number on the US Dollar and could have technically battered risk trends. That said, the US indices gapped up on the open. Yet, the anti-Dollar move more than offset the risk jump as can be assessed from my preferred measure of such things: $USDJPY https://t.co/IwPpgmqVe0
  • Wide miss from Nonfarm (#NFPs) and no real redeeming features to this data relative to expectations. Then again, still a hearty net increase at 266K (+1.6 mln over the past four months and +13.58 mln over the past year). https://t.co/v2aMVSmSUk
CADJPY Chart Rolling Over

CADJPY Chart Rolling Over

Paul Robinson, Strategist

CADJPY remains stuck in a longer-term downtrend that leaves it vulnerable whenever the chart starts to tilt to the downside. The high last month came at a trend-line running down off the March high, this was met with a series of rejection candles. Again, a turn lower developing off the trend-line in the form of a lower high.

However, there was still a positive tone off the June low in place with a bottom-side parallel keeping CADJPY supported within an upward channel. After yesterday’s turnabout we are seeing the channel line come under fire in today’s session. A break after respecting significantly increases odds that another leg lower will develop soon.

Furthering along the case for shorts is the bear-flag/channel forming on the 4-hr time-frame. It is currently testing the under-side parallel. A break of the parallel and low at 8213 will open up a path towards lower levels. The lower parallel off the July high will need to be monitored, but a breach through there will likely steepen the sell-off.

Overall, the chart is leaning lower and if recent support breaks it may be time to prime up for another leg towards long-term support via a trend-line from late 2016 with stops potentially at just above 81 and 8060. If the recent low at 8213 holds, then so does a bearish bias with an alternative route possibly developing via a descending wedge.

Trading Forecasts and Educational Guides for traders of all experience levels can be found on the DailyFX Trading Guides page.

CADJPY Daily Chart (chart tilting lower)

CADJPY Chart Rolling Over

CADJPY 4-hr Chart (flagging on lower parallel)

CADJPY Chart Rolling Over

***Updates will be provided on these ideas and others in the trading/technical outlook webinars held at 9 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week 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