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
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
GBP/USD
Bullish
USD/JPY
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
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.28% Wall Street: 0.24% US 500: 0.22% France 40: 0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sjYJLGdIbL
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Silver: 0.30% Oil - US Crude: 0.12% Gold: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EUu80ZRcXs
  • Under 'normal' analytical circumstances, it is suggested that a week local growth update would deflate a currency. Yet, the poor Japanese 4Q GDP update didn't send $USDJPY into its bullish break https://t.co/wtLvJjvl5a
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.48%, while traders in USD/CAD are at opposite extremes with 83.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/M2mRQ3aQtT
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.33% Oil - US Crude: -0.01% Gold: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gPYjSE9yTT
  • RT @johnauthers: Yikes. Exclude the big 5 (Microsoft, Apple, Alphabet, Amazon and Google) and U.S. earnings were down 7.5% in the 4th quart…
  • RT @economics: China is considering making some purchases of U.S. agricultural goods by early March as a way to show it’s still committed t…
  • RT @YuanTalks: #China's passenger trips fell to 12.37 million on Feb. 16, 80.6% down from a year earlier, said the Ministry of Transport.…
  • RT @LiveSquawk: Coronavirus: China Urged To Delay Purchase Elements Of US Trade Deal As Outbreak Rocks Economy https://t.co/mDnhI2kKC0
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.20% Germany 30: 0.18% Wall Street: 0.17% France 40: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/N3N6LrdxPi
Currency Crosses: Technical Outlook 07-16

Currency Crosses: Technical Outlook 07-16

2010-07-16 17:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Euro / British Pound

CC-10-07-15-01

I still maintain that the larger EURGBP trend is down towards 7600-7700 (October 2008 low and Fibonacci extension). However, the break above 8430 suggests that the pair is headed to the next resistance level of 8600 (former support) before heading lower.

Euro / Canadian Dollar

CC-10-07-16-01

The break above the July 2 high (13434) shifts focus to the 100% extension of the initial bull leg, which is at 12975. 14100 is former support and now potential resistance (as is the 200 day SMA at 14260). Short term support is from 13360 to 13470.

Euro / Australian Dollar

CC-10-07-16-03

A corrective pattern of sorts may be underway from the May low as either a flat or triangle. Strength above 15020 would set sights on 15390 (100% extension of 13958-15021). Initial support is 14750.

Euro / Japanese Yen

CC-10-07-16-04

The EURJPY rally from 10730 consists of overlapping waves and is therefore probably corrective. I wrote Wednesday that “the advance channels in a corrective manner and price has stalled ahead of a June high of 11345. Coming beneath channel support would signal the potential for additional weakness.” The pair has come beneath its channel and focus is on 11090 and then 10915. 11225 is short term resistance.

British Pound / Japanese Yen

CC-10-07-16-05

The rally to 13600 appears to have been a false triangle break. Given the EURJPY position, it is reasonable to expect weakness in the GBPJPY below 13040 in what may be a B or X wave (semantics). 13370 is short term resistance.

Canadian Dollar / Japanese Yen

CC-10-07-16-06

The multi week CADJPY downside objective remains 7850 (100% extension and 2009 low). 8275 and 8310 are short term resistance levels. Above there would warn of a move back to 8450.

Australian Dollar / Japanese Yen

CC-10-07-16-07

A break below the May low is expected eventually, with weakness likely extending to 6600 (100% extension). The 3 wave rally from 7190 leaves the AUDJPY vulnerable (although one could make the case that both the decline from 8090 and advance from 7265 are impulses). The high on Wednesday could serve as the top of a right shoulder within a head and shoulders continuation pattern. 7590 is short term resistance and price should stay below 7680 if the longer term decline is underway.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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

DISCLOSURES

News & Analysis at your fingertips.