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Intraday Trading 07.27

Intraday Trading 07.27

2010-07-27 17:03:00
Michael Wright, Currency Analyst
Share:

Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Long USDCAD

1.0390

1.0215

1.0474

Pending AUDUSD

0.8940

112.121

114.718

Pending GBPUSD

1.540

1.529

1.563

*Trade updates during the course of the day will be provided through our real time news page.Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Long EURJPY

112.82

113.50

113.50

Intraday_Trading_07.27_body_x0000_i1029.png, Intraday Trading 07.27

Short USDJPY

87.24

86.84

86.84

Intraday_Trading_07.27_body_Picture_1.png, Intraday Trading 07.27

Pending Short AUDUSD

-- (entry was not triggered) --

--

--

Note: This is price action from my last report on Thursday

After falling for three consecutive days, the USDCAD has broken above the descending channel which has remained intact since the overnight session on Thursday. At the same time, our user defined Parabolic SAR has signaled for upside price action in the pair. Indeed, I entered a long position at 1.0346 after the break above the channel, while the pair reversed course at the 100-day SMA. This level is of particular importance in that it coincides with the 61.8 percent Fibonacci retracement on the April 22nd to March 25th upswing. We will look to place a stop at 1.030.

1.0346

USD/CAD 15M/5D

Intraday_Trading_07.27_body_usdcad.png, Intraday Trading 07.27

Cretated using thinkorswim – Prepared by Michael Wright

0.900

k

The Australian dollar has rallied for a fourth successive day against the greenback today to post its highest level since May 10th. I have am looking to short the pair on a break below the lower bounds of the rising channel, but as of late, the Aussie has displayed a lackluster performance. As daily studies near overbought territory, a correction to the downside seems inevitable. We will remain on the sidelines until further technical developments arise.

AUD/USD 15M/5D

Intraday_Trading_07.27_body_audusd.png, Intraday Trading 07.27

Created using thinkorswim – Prepared by Michael Wright Retail Positioning

klk

The GBP/USD has rallied to its highest level since February to test the 200-day moving average for resistance. If price action fails to make a clear break above 1.5560 and reverses course to slip below 1.550, this may in turn validate further losses towards 1.540. It is worth noting that daily studies are nearing overbought territory. On the contrary, our speculative sentiment index stands at -1.66, signaling for additional gains. Remain on the sidelines for additional developments on the next 24 hours.

1.5547

GBP/USD 15M/5D

Intraday_Trading_07.27_body_gbpusd.png, Intraday Trading 07.27

Created using thinkorswim – Prepared by Michael Wright Retail Positioning

klk

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning circle is under the chart, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. If the trade is indeed we will automatically place a stop at breakeven to control any unforeseen losses. This break-even level is illustrated by the horizontal line on each graph. The trade becomes longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

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Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

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

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