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
Bullish
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
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/3qXauAsm2Q
  • The Dow Jones and S&P 500 nervously face the earnings season as coronavirus deaths could reimpose lockdowns. The DAX 30 eyes an EU rescue package as the FTSE 100 awaits GDP data. Get your #equities update from @ddubrovskyFX here: https://t.co/A0k6JMMBOg https://t.co/iihbEYsfgi
  • It was a surprisingly quiet week in oil, with the net of this week’s price action showing a doji. But a longer-term formation has built that may open the door to that next trend. Get your #commodities update from @JStanleyFX here: https://t.co/zz6M2ce55V https://t.co/UxlbpgLBkq
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/beKjEODs2y
  • RT @RichDvorakFX: @Investingcom Seems to me like investors ‘high’ on central bank liquidity are fiending for more and staring down the edge…
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/b8RNJQKE1m
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/yXomAftdv8 https://t.co/wOQAHZVnxB
  • Forex trading, which is the act of exchanging fiat currencies, is thought to be centuries old – dating back to the Babylonian period. Learn about the history of Forex here:https://t.co/ePTJlbUP7c https://t.co/WS2LkCt9gX
  • Two major events will dominate #Euro trading in the coming week: an #ECB meeting on Eurozone monetary policy, followed by an #EU summit to reach agreement on a recovery fund. Get your #currencies update from @MartinSEssex here: https://t.co/wnXjTDizMv https://t.co/tmxDfkgmSv
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/UQRaKusFP7
EUR/USD Breakdown, GBP/CAD, USD/CAD Breakouts Eyed this Week

EUR/USD Breakdown, GBP/CAD, USD/CAD Breakouts Eyed this Week

2014-07-21 11:00:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Talking Points:

- EURUSD below July 2012-July 2013 TL, needs below 1.3475.

- GBPCAD and USDCAD still both point to breakouts higher.

- Reminder that July forex seasonals in QE era work against USD.

It's admittedly another quiet start to the trading week, with fewer than ten economic data releases (including central banker speeches) on the calendar for Monday, July 21. Nevertheless, with geopolitical tensions brimming in Eastern Europe and the Middle East, now's not the time to stay away from the trading screen.

Rather, the low frequency of economic data combined with the high intensity of emotional news headlines crossing the wires makes for trading conditions better suited for technical traders as timing and precision increase in importance.

One overarching theme removed from the crisis gauntlet, renewed Euro depreciation, has a chance at influencing prices this week so long as focus continues to shift to the weak inflation, weak growth environment. It is within this context that we continue to eye EURUSD as it tests the ascending trendline from the July 2012 and July 2013 lows.

Additionally to start the week, we continue to monitor the GBP-crosses, but not necessarily for direct impact from the British Pound. Instead, GBPCHF serves our preferred proxy for EURGBP given the relationship between CHF and EUR since September 2011. GBPCAD remains a prime breakout opportunity, especially as USDCAD attempts to base off of major trendline support from the September 2012 and September 2013 lows.

See the video above for the aforementioned technical setups in GBPCAD, GBPCHF, EURUSD, and USDCAD, our four main non-crisis pairs (i.e., the JPY-crosses) that we're monitoring for potential breakout moves over the next several days.

Read more: EUR/USD Falls to Crucial July 2012 Trendline; GBP-crosses Resilient

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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

DISCLOSURES

News & Analysis at your fingertips.