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
GBP/USD
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
USD/JPY
Bullish
Gold
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
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • -Above upper barrier of 1std dev options-implied trading range outlined last Friday -Running along top channel of its Bollinger Band with compressing width -RSI teetering into overbought territory -MACD suggests upward momentum losing steam Will BOC's Poloz spark a reversal?🧐
  • $USDCAD has recorded an impressive rally since its October 29 intraday low (roughly +2.25%), but the currency pair could be a bit overextended and due for a slight pullback. https://t.co/mMNHavTxMo
  • US Dollar Technical Outlook: GBP/USD, AUD/USD, USD/CAD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2019/11/21/us-dollar-technical-outlook-gbpusd-audusd-usdcad-js55-usd-price-chart.html
  • 🇺🇸 USD Philadelphia Fed Business Outlook (NOV), Actual: 10.4 Expected: 6.1 Previous: 5.6 https://www.dailyfx.com/economic-calendar#2019-11-21
  • 🇺🇸 USD Initial Jobless Claims (NOV 16), Actual: 227k Expected: 219k Previous: 227k https://www.dailyfx.com/economic-calendar#2019-11-21
  • 🇺🇸 USD Continuing Claims (NOV 9), Actual: 1695k Expected: 1683k Previous: 1692k https://www.dailyfx.com/economic-calendar#2019-11-21
  • 🇺🇸 USD Initial Jobless Claims (NOV 16), Actual: 227K Expected: 219k Previous: 225k https://www.dailyfx.com/economic-calendar#2019-11-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.16%, while traders in US 500 are at opposite extremes with 79.95%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XTF3Zuhmts
  • Heads Up:🇨🇦 CAD Bank of Canada's Poloz Gives Fireside Chat in Toronto due at 13:40 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-21
  • @DailyFXTeam The release of US Initial Jobless Claims data has historically tended to cause above-average volatility in the US Dollar $USD $DXY #Forex #Trading #Analysis https://t.co/KTiM0IXABT
Currency Crosses: Technical Outlook

Currency Crosses: Technical Outlook

2011-05-27 22:00:00
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

109.77

113.12

116.62

119.90

120.05

123.47

126.82

130.32

GBPJPY

UP

125.32

129.15

132.36

135.87

136.49

139.39

143.22

146.43

CADJPY

UP

78.85

81.71

83.78

86.25

87.05

88.72

91.58

93.65

AUDJPY

UP

82.28

84.04

86.49

87.91

88.60

90.70

92.47

94.91

EURGBP

UP

0.8510

0.8612

0.8733

0.8825

0.8845

0.8956

0.9058

0.9179

EURCAD

UP

1.3067

1.3328

1.3650

1.3881

1.3941

1.4232

1.4493

1.4815

EURAUD

DN

1.2968

1.3227

1.3359

1.3554

1.3681

1.3749

1.4008

1.4139

EURNZD

UP

1.8310

1.8327

0.0018

1.7246

1.7612

1.7943

1.8292

1.8327

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

TREND

S3

S2

S1

PL

PH

R1

R2

R3

EURJPY

DN

111.59

112.73

114.10

115.12

115.36

116.62

117.75

119.13

GBPJPY

DN

129.19

130.23

131.70

132.53

132.96

134.22

135.26

136.74

CADJPY

DN

80.62

81.61

82.21

83.01

83.40

83.80

84.80

85.39

AUDJPY

DN

83.96

84.71

85.61

86.29

86.44

87.27

88.02

88.92

EURGBP

DN

0.8460

0.8535

0.8602

0.8672

0.8681

0.8743

0.8818

0.8884

EURCAD

DN

1.3472

1.3574

1.3758

1.3820

1.3901

1.4044

1.4146

1.4329

EURAUD

DN

1.3089

1.3174

1.3259

1.3344

1.3344

1.3429

1.3514

1.3598

EURNZD

DN

1.6776

1.7067

1.7264

1.7507

1.7601

1.7751

1.8042

1.8238

Euro / British Pound

Daily Bars

05-27-11crosses_body_eurgbp.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele, CMT

The extent of the EURGBP decline from 9042 suggests that an important top is in place and that rallies should be sold. Currently bouncing from the 61.8% extension of the initial decline from 9042, expect resistance at 8740. Rallies should now be sold against 8850. The 100% extension of the 9042-8677 decline at 8475 is a bearish objective.

Euro / Canadian Dollar

DailyBars

05-27-11crosses_body_eurcad.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele, CMT

The latest advance may compose the right shoulder of a head and shoulders top in the EURCAD. Short term channel resistance has been reached but additional resistance surrounds 14000. With the rally from 13633 likely serving as a corrective 2nd wave, the next leg down should be sharp.

Euro / Australian Dollar

DailyBars

05-27-11crosses_body_euraud.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele, CMT

The EURAUD continues to trade sideways. Additional strength would test 13480 (former support) and resistance extends to the 61.8% retracement at 13660 but a shallow wave 2 high may be in place at 13457. The favored count treats weakness from 14343 as a series of 1st and 2nd waves. The next leg lower should extend below 12925.

Euro / Japanese Yen

Daily Bars

05-27-11crosses_body_eurjpy.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele, CMT

The EURJPY decline from 12332 is in 3 waves (to this point) and the reversal near parallel channel support increases confidence in a bullish bias. The 11340 low has held for 9 days now which is constructive so I’m looking higher towards former support at 11850 and 11920.

British Pound / Japanese Yen

Daily Bars

05-27-11crosses_body_gbpjpy.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele, CMT

“The decline in the GBPJPY from 14001 unfolded in 5 waves (impulsive) therefore expectations are for a corrective rally before additional weakness below 13027. I still expect at least a test of 13400 and probably a move into the 50%-61.8% Fibonacci zone of 13514-13629 before weakness resumes.” A rally has unfolded and I continue to favor the upside and test of Fibonacci resistance above 13600 as long as price is above 13126.

Canadian Dollar / Japanese Yen

DailyBars

05-27-11crosses_body_cadjpy.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele, CMT

The CADJPY decline from 8951 is in 3 waves and the 2 legs are equal. A 3 wave decline is corrective but the bounce from 8228 has nearly been entirely retraced. A drop below would suggest that a larger complex correction is underway towards 8000/50. As long as price is above 8228, I am looking higher (above 8530). Price is also supported by the 200 day average.

Australian Dollar / Japanese Yen

Daily Bars

05-27-11crosses_body_audjpy.png, Currency Crosses: Technical Outlook

Prepared by Jamie Saettele, CMT

The AUDJPY has held the low made early in May and the decline from 9002 is in 3 waves (to this point of course). There are many possibilities from a wave structure standpoint and most point higher from here, including a triangle, flat, or outright continuation of the bull move.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. 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.