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
Oil - US Crude
Mixed
Wall Street
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
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Following last night's debate, the Commission on Presidential Debates (CPD) announced today that they: "will be carefully considering the changes that it will adopt and will announce those measures shortly". #PresidentialDebate2020
  • USD strength has shown in September but that’s been a change-of-pace to the bigger-picture trend of weakness. Which will take over in Q4? Get your $USD market update from @JStanleyFX here:https://t.co/BAFre6au9x https://t.co/SL8kg2GlH0
  • Pelosi says stimulus talks with Mnuchin will continue - BBG
  • Update on #Cryptocurrencies #BITCOIN -0.55% #BITCOINCASH -0.35% #ETHEREUM -0.68% #RIPPLE -0.46% #LITECOIN +1.08%
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.28% Gold: -0.31% Silver: -3.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/E9jn9lVQkj
  • US Dollar: Ready to Rumble with High-Impact Data - EURUSD, AUDUSD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/09/30/US-Dollar-USD-Ready-to-Rumble-High-Impact-Data-EUR-USD-AUD-USD.html https://t.co/4NyN3ROIwJ
  • Senator McConnell signals that a deal is still far off on stimulus $SPX $DJI $DXY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.18%, while traders in Wall Street are at opposite extremes with 69.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cF2BM1c9q9
  • In the very short term, price action in USD/CAD is likely to be distorted by month-end flows. The general view is that month-end is expected to be USD supportive. Get your $USDCAD market update from @JMcQueenFX here: https://t.co/skS3cCMzB4 https://t.co/4o7EFmM86G
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.89% US 500: 1.53% FTSE 100: 0.20% France 40: 0.07% Germany 30: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/o3yVsioOC5
A Weekly Technical Perspective on GBP/USD, AUD/USD, USD/CAD

A Weekly Technical Perspective on GBP/USD, AUD/USD, USD/CAD

2017-12-18 19:19:00
Michael Boutros, Strategist
Share:

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. Here are the key levels that matter on the USD Majors heading into the yearly close. Review this week’s Strategy Webinar for an in-depth breakdown of these setups and more.

GBP/USD Weekly Chart

GBP/USD Price Chart - Weekly Timeframe

Notes: Sterling has continued to trade within the confines of a well-defined pitchfork formation dating back to 2016. Price rebounded off the lower parallel last month before testing the yearly high-week reversal close at 1.3494. Heading into the start of 2018 the focus remains weighted to the topside while within this formation with a breach higher targeting the 2016 high-week reversal close at 1.3675 and the median-line / 38.2% retracement at 1.3952.

Bottom line: Cable remains constructive heading into the yearly close. A break below the November high-day close at 1.3036 (bullish invalidation) would be needed to shift the broader focus lower with such scenario targeting the 52-week moving average at ~1.2870s backed by former slope resistance at ~1.2680s.

New to Forex? Get started with this Free Beginners Guide

AUD/USD Weekly Chart

AUD/USD Price Chart - Weekly Timeframe

Notes: We’ve been tracking the Aussie decline off the yearly highs for months now with price rebounding off critical confluence support at 7476-7500. Last week’s reversal keeps the focus weighted to the topside while above this key threshold. A breach above the March spike high at 7749 would be needed to confirm that a more significant low is in place.

Bottom line: Looking to fade weakness while above 7476 with a breach higher targeting the 200-week moving average at ~7860s and the 2017 high-week close at 8054. A break lower from here would risk considerable technical damage for Aussie with such a scenario targeting 7322 backed by 7160.

See how shifts in AUD/USD retail positioning are impacting trend- Click here to learn more about sentiment!

USD/CAD Weekly Chart

USD/CAD Price Chart - Weekly Timeframe

Notes: Loonie has continued to hold below the 50% retracement of the 2017 range- note that this level converges on the downslope resistance and has continued to govern the highs since late-October. Heading into the close of the year the focus is on a break of the 1.2575-1.2927 range to offer guidance (downside break favored).

Bottom line: We’ll maintain a neutral stance here for now, but the broader outlook remains weighted to the downside while within this descending pattern- Its either a breach higher and a run into the upper parallel (near 1.3330s), OR a break lower to tempt shorts here. Ultimately a downside break would have me targeting the median-line at ~1.2320s and the key Fibonacci zone between 1.1425-1.1564.

Check out our USD/CAD projections on the in our Free DailyFX Trading Forecasts

Previous Weekly Technical Perspectives

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

DISCLOSURES