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
Mixed
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
Bearish
Gold
Bullish
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.13% France 40: 0.11% Germany 30: 0.09% Wall Street: 0.07% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZXdpvpEJJ3
  • Germany's central bank (Bundesbank) warned earlier today in its monthly report that if the government extended its Covid lockdown, the country could suffer "a sizeable setback"
  • The US Dollar Index rallied more than 0.6% this week marking the second consecutive weekly advance. Get your $USD update from @MBForex here: https://t.co/hVshzMbc31 https://t.co/LG0HG9fQ4c
  • There are a few Dollar pairs that have offered up a provocative, tentative technical break to suggest a reversal is possible. EURUSD is the top of my list to watch but $NZDUSD is of interest as well with many kiwi crosses offering similar view https://t.co/Ss74IIOdc7
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.05% 🇨🇦CAD: -0.27% 🇳🇿NZD: -0.28% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/uDoBCy0PfZ
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.34% France 40: 0.18% US 500: 0.07% Wall Street: -0.02% FTSE 100: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sjo06l6WZa
  • $EURUSD traders are in for a busy week with a raft of important economic releases, the latest ECB policy meeting and President-elect Joe Biden’s inauguration all hitting the market in a matter of a few days. Get your $EURUSD update from @nickcawley1 here: https://t.co/mOOzNnfwLL https://t.co/DEVMWKiZ0l
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Silver: 0.69% Gold: 0.39% Oil - US Crude: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UiZvDLCvUl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 68.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Od7eL4ih4L
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.38% Gold: 0.30% Oil - US Crude: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wQaxDJ4OL5
Learn Forex: Trading Ranges With The Trend

Learn Forex: Trading Ranges With The Trend

Walker England, Forex Trading Instructor

Article Summary:The EURNZD has declined as much as 470 pips in the last seven trading sessions. As the pair stalls in a range, traders will size up fresh market entries.

The EURNZD has been making headlines recently as the pair has been one of the Forex markets biggest movers over the last week. As of December 6th the pair had broken through its daily support levels to effectively end its previous 537 pip daily trend. Below we can get a better look at the breakout and follow the pair as it has now declined as much as 470 pips over the last seven trading days.

After dropping to fresh weekly lows, the EURNZD can now be seen consolidating. This is represented in our graph through a series of doji candles. As the pair temporarily moves sideways, traders will look to position themselves for the market next move.

Learn Forex – EURNZD Daily Trend

Learn_Forex_Trading_Ranges_With_The_Trend_body_Picture_2.png, Learn Forex: Trading Ranges With The Trend

(Created using FXCM’s Marketscope 2.0 charts)

Even though the EURNZD has briefly come to a pause, traders may still look for fresh opportunities to enter in the direction of our primary trend. One way to identify potential entries is through spotting potential pricing patterns. Below we can see the GBPNZD pausing in a range on the 15 minute chart. Range resistance is found by connecting the December 10th and 11th high on our chart. Support can be found using the same technique matching the lows of December 9th , 10th and 11th. Identifying a range will then allow us to identify potentail trading opportunites.

Normally, when traders spot ranges they have the ability to sell resistance and buy support without a specific direction bias. However, when a range occurs after a breakout, it is important to remember the direction of the primary trend. Traders can use this information to look to sell the EURNZD as it approaches resistance near 1.5520. In the event that a fresh entry to sell is taken, stops can be placed above resistance. Primary targets may still be near support, however these targets may be extended upon price breakout out towards lower lows.

Learn Forex – EURNZD Range

Learn_Forex_Trading_Ranges_With_The_Trend_body_Picture_1.png, Learn Forex: Trading Ranges With The Trend

(Created using FXCM’s Marketscope 2.0 charts)

My preference is to look to sell the GBPNZD. Selling opportunities may come near current resistance levels or upon a breakout of support. Stops can be placed approximately 35 pips away from an entry which coincides with half the distance of our range. Primary profit targets should be set for 70 pips or more, creating a 1:2 risk reward ratio for the position.

Alternatives include price breaking out of the mentioned range.

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com . Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list, CLICK HERE and enter in your email information.

Want to learn more about trading RSI? Take our free RSI training course and learn new ways to trade with this versatile oscillator.Register HERE to start learning your next RSI strategy!

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

DISCLOSURES