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
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
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • Crude oil prices may rise on supply-disruption fears after the outcome of the Iran election, but sentiment from #coronavirus fears may derail Brent’s recovery ahead of the G20 summit. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/83iTphwaWv #OOTT https://t.co/RgQku64XyW
  • The Australian Dollar remains severely weighed down by #coronavirus worries and a lack of domestic data points will probably keep that story in the driving seat. Get you $AUDUSD market update from @DavidCottleFX here: https://t.co/qswUnnXVwR https://t.co/NyZ0iEpILm
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/uOLKRebXB1
  • #DidYouKnow the global trade volumes dropped by close to 10% amid the Great Recession. Want to know your #tradewars history? Get it here: https://t.co/f4loFVzX6w https://t.co/GDTFHvUIf7
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
Currency Crosses: Technical Outlook

Currency Crosses: Technical Outlook

2011-02-09 23:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Long Term Trends and Pivot Points (monthly data) (updated on first of the month)

TREND

S3

S2

S1

PL

PH

R1

R2

R3

EURJPY

UP

100.90

103.86

108.09

110.41

111.68

115.28

118.23

122.46

GBPJPY

UP

120.28

123.02

127.18

129.21

130.64

134.09

136.83

140.99

CADJPY

UP

77.37

79.38

80.66

82.30

83.04

83.95

85.96

87.24

AUDJPY

UP

78.32

79.64

80.72

81.92

82.16

83.12

84.44

85.53

EURGBP

DN

0.7945

0.8115

0.8332

0.8478

0.8526

0.8720

0.8889

0.9107

EURCAD

UP

1.2060

1.2418

1.3061

1.3276

1.3561

1.4061

1.4419

1.5062

EURAUD

UP

1.2198

1.2564

1.3146

1.3404

1.3619

1.4093

1.4459

1.5040

Medium Term Trends and Pivot Points (weekly data) (updated every week)

TREND

S3

S2

S1

PL

PH

R1

R2

R3

EURJPY

UP

108.33

109.92

110.83

112.08

112.75

113.34

114.92

115.84

GBPJPY

DN

125.77

127.64

128.93

130.51

131.08

132.09

133.95

135.25

CADJPY

DN

79.84

80.89

81.44

82.24

82.75

83.04

84.10

84.64

AUDJPY

DN

79.93

80.61

81.11

81.70

81.89

82.29

82.98

83.48

EURGBP

UP

0.8310

0.8401

0.8490

0.8580

0.8581

0.8670

0.8761

0.8851

EURCAD

UP

1.3295

1.3393

1.3508

1.3599

1.3615

1.3722

1.3821

1.3935

EURAUD

UP

1.3355

1.3497

1.3594

1.3713

1.3758

1.3832

1.3974

1.4071

*on the charts below, magenta bars/candles indicate key reversals from 20 day high/low and a range for the bar that is at least as large as 20 day ATR (weekly parameter is 13 and monthly parameter is 12)

*green bars/candles indicate the first day of the month

Euro / British Pound

240 Minute Bars

02-09-11crosses_body_eurgbp.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele

As long as the EURGBP is below 8672, there is potential for a drop below 8066 and possibly a test of the downward sloping line drawn off of the June 2009 and June 2010 lows (maybe we’ll get there in June 2011-the line in June 2011 is at about 7730). The rally from 8388 is testing the 50% retracement of the decline from 8672. Additional resistance is the 61.8% level at 8563 and the 100% extension of the 8388-8507 rally at 8593. Watch the short term channel line for resistance.

Euro / Canadian Dollar

Daily Bars

02-09-11crosses_body_eurcad.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele

The EURCAD is likely to decline in the weeks and months ahead as per the impulsive decline from 14346 and subsequent advance, which has already reached the 61.8% retracement. Risk to a bearish position at this point is a move above 13776 and test of the 78.6% retracement (and former pivot high) at 14010. Coming under 13343 would put the short term bearish count back on track.

Euro / Australian Dollar

DailyBars

02-09-11crosses_body_euraud.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele

“The drop into 12925 may have completed an ending diagonal pattern (with a throwover in wave v) from the May ‘flash crash’ high. The rally from 12925 has unfolded as an impulse (5 waves) and broken above the upper diagonal line.” Weakness from 13878 found support at the 61.8% retracement and 50 day average. A powerful advance may unfold in a 3rd wave from the current level. The key level remains 12930 however.

Euro / Japanese Yen

Daily Bars

02-09-11crosses_body_eurjpy.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele

To review, the EURJPY rally from 10681 consists of 2 equal legs, which is common for corrective moves. Also, the 3 wave rally from 10538 bolsters the bearish pattern. The key level for bears is 11400. A move above there would put give scope to a test of 11566. My confidence in the larger bearish bias is low at this point, especially since the bearish count involves a leading diagonal and not a clear impulse.

British Pound / Japanese Yen

Daily Bars

02-09-11crosses_body_gbpjpy.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele

The GBPJPY continues to trade within a range. The latest advance has stalled at the December high near 13300. There appears potential for a bullish breakout though as price is holding above its 20 day average and one can see the an inverse head and shoulders pattern from the November high. Breakout potential remains as long as price is above 12950.

Canadian Dollar / Japanese Yen

DailyBars

02-09-11crosses_body_cadjpy.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele

The CADJPY is a choppy mess. Price sitting right at its 20 and 50 day averages is indicative of the lack of direction. The recent trendline break failed to produce a meaningful move as well. The first day of the month is the low thus far, so a cautious bullish bias is reasonable. Medium term directional pivots are 8468 and 8120.

Australian Dollar / Japanese Yen

Daily Bars

02-09-11crosses_body_audjpy.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele

The AUDJPY barely took out its December high this week. The new high satisfies minimum expectations for wave v of the diagonal from 7266. Still, focus remains on the trendline resistance closer to 85-86. 8260 is short term support and a drop below 8095 would indicate a reversal. Bulls should be cautious here as RSI continues to respect a downward sloping trendline.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. He is the author of Sentiment in the Forex Market. 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.