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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/uDeIMr1Ks4
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/srqRhfdKUd
  • Cable is pulling off after a strong run; near-term weakness may be the theme before trying to rally again. Get your weekly GBP technical forecast from @PaulRobinsonFX here: https://t.co/030gXzxlEc https://t.co/ux7W6OcBOm
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/FPKAoLQuuI
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/2L5DGk7cxl
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/zRBB1hmhJm
  • USD/CAD has bounced off a key support area on Friday and could potentially charge higher in the coming week as risk-aversion over coronavirus fears has started to dominate market moves. Get your weekly CAD technical forecast from @DColmanFX here: https://t.co/bySyBXTAdr https://t.co/y6UqD0quGN
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/sPcCTQfaRd
  • The US Dollar slipped last week after the Federal Reserve calmed taper timeline talks. Friday’s non-farm payrolls figure may rekindle upside USD bets if it impressive. Get your weekly USD forecast from @FxWestwater here: https://t.co/4KDanAA0Q1 https://t.co/ZZWpIZlZBo
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/J0F9xIw2I0
Euro, Gold Opening Ranges in Focus- Long AUD Scalp Setup Pending

Euro, Gold Opening Ranges in Focus- Long AUD Scalp Setup Pending

Michael Boutros, Strategist

Talking Points

  • Opening range plays on the EUR & Gold to offer conviction on near-term directional bias
  • AUDUSD price action remains constructive- interim risk for minor setback
  • Gold rally halted at channel resistance- near-term bearish momentum at risk

EURUSD Daily Chart

Forex_Euro_Gold_Opening_Ranges_in_Focus-_Long_AUD_Scalp_Setup_Pending_body_EURUSD_Daily.png, Euro, Gold Opening Ranges in Focus- Long AUD Scalp Setup Pending

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • October opening range puts focus on 1.3503 - 1.3640
  • Close below 1.3503/34 support zone targets 1.3435 & 1.3305/40 Bullish invalidation
  • Break targets at 1.32, 1.3095-1.3103 & 1.2945
  • Breach above 1.3640 targets resistance at 1.3709 & 1.3800/30
  • Daily RSI remains constructive- look for trigger break below 60 & former TL resistance

Notes: The EURUSD ran into key resistance at the bisector of an Andrew’s pitchfork formation taken from the July lows and the Feb close high at 1.3638 (actual October high so far 1.3645) with daily momentum continuing to be capped by the 70-threshold. Near-term focus remains on the October opening range with a favored break below 1.3503 putting shorts scalps into play. Topside breach keeps focus on the rally off the July lows with target eyed at 1.3709 and above.

AUDUSD Daily Chart

Forex_Euro_Gold_Opening_Ranges_in_Focus-_Long_AUD_Scalp_Setup_Pending_body_AUDUSD_DAILY.png, Euro, Gold Opening Ranges in Focus- Long AUD Scalp Setup Pending

Technical Outlook

  • Key Resistance 9510/16 backed by 9575
  • Breach targets objectives at 9714, 9811 & 9900/30
  • Daily RSI support trigger warns of possible near-term correction
  • Remains constructive above 9270 support confluence- Bullish invalidation
  • Key Events: Employment Report on Wednesday

Notes: The October opening range hasn’t been all that helpful (may still be in the process) as we continue to press higher in aussie. I’m looking for a near-term set-back to offer favorable long-side exposure with former channel resistance / current channel support possibly coming into focus in the next few days. Initial topside objectives are eyed at 9510/16 and 9575 with a breach here offering further conviction on longs into subsequent resistance targets. Wait for RSI to reset/offer topside triggers with only a break below the 9220-9270 range suggesting a deeper correction may be at hand. Overall the advance off the August lows remains constructive.

GOLD Daily Chart

Forex_Euro_Gold_Opening_Ranges_in_Focus-_Long_AUD_Scalp_Setup_Pending_body_GOLD_DAILY.png, Euro, Gold Opening Ranges in Focus- Long AUD Scalp Setup Pending

Technical Outlook

  • Gold pressing operative channel resistance
  • October opening range in focus $1278- 1337- Break to offer clarity on near-term bias
  • Support break puts larger trend back in play- objectives at $1233, $1209
  • Daily RSI divergence and trigger break suggests may see near-term correction higher
  • Bearish invalidation $1374-1379
  • Key Events: Debt Ceiling / Gov’t Shutdown debate

Notes: Few things are concerning me in the near-term on gold that could interrupt our bearish outlook. 1- Daily RSI has been unable to hold below the 40-threshold (which often suggests that the near-term pullback remains corrective within a larger up- trend) 2- The sharp rebound seen early this month came off significant technical barriers and completes key Fibonacci ratios off the August highs. Bottom line: the monthly opening ranges on gold have served us well throughout 2013 and we’ll wait for a clear break to offer further conviction on a near-term directional bias. Broader bias remains weighted to the downside below $1379 with objectives eyed at $1233, $1209 and $1181.

Review today’s Scalp Webinar for further insights and current trade setups

Trade these setups and more alongside DailyFX with DailyFX on Demand

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on these setups and more follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael Tuesday, Wednesday and Thursday mornings for a Live Scalping Webinar on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

Introduction to Scalping Strategies Webinar

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

DISCLOSURES