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
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
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
Wall Street
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
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • It’s been relatively quiet in FX-land, but the USD did push below a big zone of support earlier today. Get your $USD currency pairs technical analysis from @JStanleyFX here:https://t.co/ZC8g3lVxoO https://t.co/lchSrr9hBO
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.02% Gold: 0.15% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SN5ZJQwiRu
  • White House Chief of Staff Mark Meadows: -Mnuchin and Pelosi made good progress on stimulus talks today -We still have a ways to go toward reaching a deal -Talks productive enough to continue again tomorrow -Trump admin offer currently stands at $1.88-trillion
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in EUR/USD are at opposite extremes with 73.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PUSjs4XLSS
  • US Treasury opposes extension of Federal Reserve's Municipal Lending Facility (MLF) -BBG $USD $SPX $XAU $RUT $DJI
  • Netflix 3Q earnings shows EPS at $1.74 vs expectations of $2.13 on revenue of $6.44 Bln vs expectations of $6.38 Bln. Not the greatest start for FAANG earnings
  • As of today, it is officially two weeks until the #2020Election with the final presidential debate coming up on October 22. Crazy to think how fast time flies.
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.01% US 500: -0.01% Germany 30: -0.19% FTSE 100: -0.28% France 40: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zxL5TzfUnp
  • US Dollar Price Action Setups: EUR/USD, AUD/USD, GBP/USD https://www.dailyfx.com/forex/video/live_events/2020/10/20/US-Dollar-Price-Action-Setups-EURUSD-EUR-USD-AUD-USD-AUDUSD-GBP-USD-GBPUSD.html https://t.co/zzMSzNAu7E
  • Renewed hopes of additional US stimulus combined with economic uncertainty increased the demand for Gold, Silver and other safe-haven assets temporarily. Get your market update from @Tams707 here:https://t.co/tdpnGJAdZp https://t.co/d3DlqqcAde
Anywhere But Here

Anywhere But Here

2011-06-06 13:07:00
Walker England , Trading Instructor,
Share:

The Aussie and Yen are two polar opposite currencies that are currently consolidating against its previous high at 90.11, established on April 11th of this year. The pair has failed to create no higher highs or new lows at this point and is consolidating in a classic wedge pattern. With price staying between support and resistance, this is a great chart to use for a breakout scenario.

Fundamentally, Australia has a much higher yielding currency (4.75%) comparatively to the Japanese (.10%). Traditionally, money follows yield and becomes apparent when viewing our current trend which is still running from its inception in 2009. Today’s meeting of the RBA (Reserve Bank of Australia) resulted in rates staying the same, however statements suggest that further hikes are not out of the question if signs of an inflating economy continue. With the fundamental picture still looking up for the Aussie we can look for our established trend to continue.

Aud.Jpy.06.06_body_Picture_1.png, Anywhere But Here

Price Action

Taking price in to an 8Hr chart we can see price finding support currently near the 86.00 figure. This coincides directly with our opinion of a consolidating triangle being created. Normally these wedge patterns are considered as an interruption within an existing trend. We can use support and resistance levels to spot a break in the direction of the daily trend.

Aud.Jpy.06.06_body_Picture_2.png, Anywhere But Here

Trading Opportunity

My preference is to buy the AUD/JPY with the existing trend on a break of resistance over 88.00. Stops should be set under support near 86.00. Profit targets will look for new yearly highs near 92.00. This 400 pip target gives us a clear 1:2 risk/ reward level.

Alternative scenarios include using entry to sell the AUD/JPY upon break of support.

Walker England contributes to the Instructor Trading Tips articles. To receive more timely notifications on his reports, email instructor@dailyfx.com to be added to the distribution list.

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

DISCLOSURES