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
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 2.28% Gold: 1.47% Oil - US Crude: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fkusw10RZZ
  • EUR/USD carves a series of higher highs and lows ahead of the European Central Bank’s (ECB) first meeting for 2021. Get your $EURUSD market update from @DavidJSong here:https://t.co/XXMha8V8dD https://t.co/r7RYOc1u6r
  • Silver noticeably higher during trade, now up over 2% $XAG $USD https://t.co/5G4QlzCdja
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MegXLHg0tp
  • Canadian #Dollar Outlook: $USDCAD BoC Breakdown– #Loonie Levels - https://t.co/3SVBLyMZTI https://t.co/9SzmpyXplC
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 1.39% Wall Street: 0.76% FTSE 100: 0.18% Germany 30: 0.15% France 40: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zBiMtLXZXw
  • US indices remain up following Biden's inauguration, with the S&P and Nasdaq hitting fresh all time highs today. DOW +0.76% NDX +1.83% SPX +1.33% RUT +0.12% $DOW $QQQ $SPY $IWM
  • USD/CAD falls to session lows as Loonie gains immediately after the BoC rate decision. Get your $USDCAD market update from @RichDvorakFX here:https://t.co/4s6kKsljCm https://t.co/FTdgwIL8cF
  • $EURJPY is trading below 125.50 today after attempting to stage a recovery yesterday. The pair had climbed back above 126.00 yesterday after falling to around 125.10, its lowest level since early December, during Monday trading. $EUR $JPY https://t.co/4mWhO9rIzA
  • US Senator Romney: Not looking for new stimulus in the immediate future. $SPY $USD
A Weekly Technical Perspective on GBP/USD, AUD/USD and U.S. Bonds

A Weekly Technical Perspective on GBP/USD, AUD/USD and U.S. Bonds

Michael Boutros, Strategist

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where price is trading with respect to trend. Here are the key technical levels that matter on the weekly charts heading into the May open.

GBP/USD Weekly Chart

GBP/USD Price Chart- Weekly Timeframe

Notes: The British Pound posted an outside-weekly reversal candle off the yearly highs this month with the decline now taking prices towards a critical support confluence at 1.3675-1.3737 – a region defined by the 23.6% retracement of the 2017 advance, the 2016 high-week close (Brexit), and the lower median-line parallel of the longer-term pitchfork formation we’ve been tracking since last year. A weekly close below this threshold would invalidate the broader uptrend in cable with such a scenario targeting the 2017 high-week close at 1.3494.

Bottom line: It’s make-or-break here for the British Pound with the immediate short-bias at risk here while above key longer-term uptrend support. A weekly close below would suggest a larger-scale pullback is underway with such a scenario targeting the 2017 high-week close at 1.3494 backed by the 52-week moving average at ~1.3400.

New to Trading? Get started with this Free Beginners Guide

AUD/USD Weekly Chart

Please add a description for the image.

Notes: The Australian Dollar crashed through long-term confluence support last week at 7635 and leaves the near-term risk lower in price while below this threshold. Subsequent support objectives are eye at the median-line / 50% retracement of the 2016 advance at 7480-7500. Broader bearish invalidation stands with the upper parallel / yearly open at 7801.

Bottom line: IF this Aussie breakdown is legit, advances should be capped by 7750s near-term with a break / close sub-7480 needed to fuel the next leg lower targeting 7327. Keep in mind we get the release of the Reserve Bank of Australia (RBA) interest rate decision tomorrow- from a trading standpoint, I would be on the lookout for a near-term exhaustion low in price to give way to a near-term recovery. The extent of that recovery will be the ‘tell’ on our directional bias heading into the start of May trade.

Check out our New AUD/USD 2018 projectionsin our Free DailyFX Trading Forecasts

TNX Weekly Chart (10Yr Yields)

TNX Price Chart - Weekly Timeframe

Notes: Yields on the 10-year have been dominating headlines lately but rates have not yet broken out! We’ve been highlighting this key level of resistance for months now, noting that, “a rally / close above the 2013 high / high-week close at 3.00/04 needed to validate the breakout of the multi-decade downtrend. That said, the immediate advance remains vulnerable while below this threshold.” The game plan remains unchanged over a month later with yields reversing off this threshold last week to close lower on the session.

Bottom line: The immediate focus is on confluence resistance at 3.00/04with the topside vulnerable while below this threshold. Interim support rests at 2.83 with broader bullish invalidation steady at 2.62/66. A topside breach of this level eyes key resistance up at 3.32 where the 100% extension converges on the upper median-line parallel.

Why does the average trader lose? Avoid these Mistakes in your trading

Previous Weekly Technical Perspectives

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

To receive Michael’s analysis directly, please sign-up to his email distribution list

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES