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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • The British Pound is under renewed selling pressure this morning after BoE deputy governor for banking and markets said that the central bank is keeping ‘our whole tool set under active review'. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/fY4HewczpL https://t.co/AX1qMeq8ks
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.31% 🇨🇦CAD: 0.19% 🇦🇺AUD: 0.18% 🇨🇭CHF: 0.04% 🇪🇺EUR: -0.05% 🇯🇵JPY: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qsrBgSzbb9
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.48% France 40: 1.56% FTSE 100: 1.37% US 500: 1.27% Wall Street: 1.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/U88jwizBUy
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.62% Gold: -0.43% Silver: -0.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/E0JIHB34kq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.33%, while traders in US 500 are at opposite extremes with 75.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KPZp80OFL7
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.74% Gold: -0.44% Silver: -0.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fdvrgxmJD4
  • On May 8, Bitcoin surged to a two and a half month-high at $10,071. Get your #Bitcoin technical analysis from @malkudsi here: https://t.co/40pZEa2ARj https://t.co/6fweAKEiP5
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.47% France 40: 1.56% FTSE 100: 1.42% US 500: 1.19% Wall Street: 1.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/lusuGg69Py
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.33%, while traders in US 500 are at opposite extremes with 76.39%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yX00FwBRaN
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.18% 🇨🇦CAD: 0.14% 🇦🇺AUD: 0.07% 🇳🇿NZD: -0.00% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4auhNzVWYV
EUR/USD Holds Under August TL While EUR/AUD Readies in Triangle

EUR/USD Holds Under August TL While EUR/AUD Readies in Triangle

2015-09-07 11:22:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Talking Points:

- EURUSD starting to treat moving average envelope as resistance.

- EURAUD may be consolidating in a bullish symmetrical triangle.

- See the September forex seasonality report.

The broader USDOLLAR Index is showing signs of stress after its recent run higher post-NFPs. On the H4 timeframe, a potential bearish key reversal or outside engulfing bar has formed, suggesting a near-term top may be looming. However, a breakdown of the components of the index reveal a different story: the move is completely driven by the jump in GBPUSD this morning; the US Dollar is the dominant currency in AUDUSD, EURUSD, and USDJPY this morning otherwise.

If EURUSD is set to resume its broader decline - bears seem to be in control at the moment, with price sustaining its break below the August 7, 19, and 30 trendline and now treating the daily 5-, 13-, 21-EMA envelope as resistance - it may not be a move that encompasses all EUR-crosses. Indeed, our fundamental outlook for this week doesn't see any reason for unison in the EUR-crosses either. Technically, our eyes are on EURAUD, which may be consolidating in yet another bullish setup during its ongoing rally from the April lows.

Despite the low liquidity conditions that are set to proliferate today thanks to both Canada and the United States on holiday for Labor (or Labour) Day, we wouldn't expect much attention to a pair like USDCAD. However, in light of recent moves in the energy complex and speculation building into the September 17 FOMC meeting, USDCAD may be this week's early dark horse for a big move: it's been consolidating in a triangle in context of the rising channel from mid-July; and a break higher from here would point to a move towards C$1.3450 in quick order.

See the above video for technical considerations in EURUSD, EURAUD, AUDUSD, USDCAD, and the USDOLLAR Index.

Read more: Euro Trades Choppy amid Falling Inflation and Central Bank Machinations

--- Written by Christopher Vecchio, Currency Strategist

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.