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
EUR/USD
Bearish
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
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/wlGgQrcK3X
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/qnQ8Cx0DKv
  • 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/RJLpBgS43V
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/6GrWzkOouM
Several Key FX Crosses at Potential Turning Points

Several Key FX Crosses at Potential Turning Points

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- Several JPY-crosses face longer-term downtrends as USD/JPY attempts breakout.

- GBP/JPY and GBP/USD each may have established a short-term bottom (hourly timeframe).

- See the DailyFX Economic Calendar for Thursday, October 27.

On a broad basis (as measured by either DXY Index or USDOLLAR Index), the US Dollar remains well-supported as Fed funds futures confidently point to a December rate hike. For now, as long as these rate expectations remain firm, the US Dollar should remain insulated; the November FOMC meeting next Wednesday should do little to move the needle in context of the US elections around the corner the following Tuesday.

With such significant event risk ahead, several key FX crosses find themselves at potential inflection points. USD/JPY, for example, may be pivoting through the key ¥104.35 area outlined on Monday, which has implications for other JPY-crosses like AUD/JPY and GBP/JPY.

Speaking of GBP/JPY, the GBP-crosses have had a nice little kick higher the past few days as a few developments in the ongoing Brexit saga have relieved some growing concerns about the BOE's independence and Mark Carney's job security. However, after reassurances from UK Prime Minister Theresa May and from member of her cabinet, markets are shrugging off the notion of a politically-driven agenda for the Old Lady of Threadneedle Street.

Concurrently, with the kick higher in UK economic data the past few days - CPI and GDP have surprised to the topside - there is scope for short-term bottoming in both GBP/JPY and GBP/USD (look at the 1-hour or 4-hour timeframes).

See the video (above) for technical considerations in EUR/USD, AUD/USD, USD/JPY, GBP/USD, AUD/JPY, GBP/JPY, DXY, and the USDOLLAR Index.

Read more: In Short-Term, Fed Rate Hike Expectations Driving US Dollar Rally

--- 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