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
Bullish
GBP/USD
Mixed
USD/JPY
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
Bearish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • RT @charliebilello: Volatility Index: +47% today, 7th largest 1-day spike w/ data going back to 1990. $VIX https://t.co/oqnst05BNi
  • RT @LiveSquawk: Fed's Mester: Economic Impact Of Coronavirus Outbreak Depends On How Deep And Long-Lasting It Is
  • US equity close: $SPX -110 (-3.3%) $DJI -1031 (-3.6%) $NDX -355 (-3.7%)
  • RT @ClevelandFed: #LorettaMester: My current view is that monetary policy is well-calibrated to support our dual mandate goals, and a patie…
  • RT @PowerLunch: Restrictions in China are still tight as the country faces the Coronavirus. @onlyyoontv tells us more about authorities co…
  • Well, that was not a very encouraging day for capital markets. Remember, flat is also an option in the markets
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.02% US 500: 0.01% Germany 30: -0.45% France 40: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/JkDZ0UQlwb
  • Gold prices have remained bid for much of the past two weeks, and of recent, as that risk aversion theme has further priced-in to global markets. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/ylBpk8vHvX https://t.co/mRbft4222q
  • #Crypto update: $BTC -2.9% $BCH -6.3% $LTC -5.5% $XRP -4.9% $ETH -3.2%
  • US Recession Watch: Recession Odds Rekindled as Coronavirus Festers -via @DailyFX https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/24/us-recession-watch-recession-odds-rekindled-as-coronavirus-festers.html
Currency Crosses: Technical Outlook 07-21

Currency Crosses: Technical Outlook 07-21

2010-07-21 21:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Euro / British Pound

CC-10-07-21-01

I maintain that the larger EURGBP trend is down towards 7600-7700 (October 2008 low and Fibonacci extension). The drop below the short term support line suggests that the larger downtrend may be ready to resume. 8480 is short term resistance. 8315 is the next level of interest on the downside.

Euro / Canadian Dollar

CC-10-07-21-02

Focus remains on 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 14230). Short term support extends to 13175 and price should remains above 12950.

Euro / Australian Dollar

CC-10-07-21-03

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). A drop below 14325 could complete wave D of a triangle.

Euro / Japanese Yen

CC-10-07-21-04

The EURJPY rally from 10730 consists of overlapping waves and is therefore probably corrective. I wrote last week 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 tested initial support at 11090. The next short term support is 10915. A long term objective remains at 9300, which is the 100% extension (in % terms) of the 17000-11360 decline.

British Pound / Japanese Yen

CC-10-07-21-05

20 day GBPJPY ATR is at its lowest level since January. Since the top above 251 in July 2007, ATR readings this low have coincided with important tops. A low ATR signals low volatility, which signals complacency. The GBPJPY is vulnerable at this level. Favor the downside against 13600 in anticipation of a drop below 12670.

Canadian Dollar / Japanese Yen

CC-10-07-21-06

The multi week CADJPY downside objective remains 7850 (100% extension and 2009 low). Another top may be in place today although strength above 8425 would expose 8480.

Australian Dollar / Japanese Yen

CC-10-07-21-07

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. The high last week may serve as the top of a right shoulder within a head and shoulders continuation pattern. Look lower.

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.