News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
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
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • It was a November to remember for US equities as multiple reports around covid vaccines brought upon a boost to equity prices. Get your #equities update from @JStanleyFX here:https://t.co/uOM86GJ5bG https://t.co/RGDs7u5pvU
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Gold: 0.81% Silver: 0.24% Oil - US Crude: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1wz5wmuHn1
  • S&P, Nasdaq Posture at All-Time-Highs: What's Holding Them Back? https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/12/02/SPX-ES-SPY-Nasdaq-Nas-NQ-Posture-at-All-Time-Highs-Whats-Holding-Them-Back.html $SPX $Nas https://t.co/Et8sKRC0Zs
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.46%, while traders in NZD/USD are at opposite extremes with 72.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Oc5jZogos7
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: France 40: -0.06% US 500: -0.07% Germany 30: -0.08% Wall Street: -0.15% FTSE 100: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I4XjECGhDZ
  • Heads Up:🇺🇸 Fed Beige Book due at 19:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-12-02
  • Looks like the President will be supporting the drive for the GOP to keep the Senate after all. The most prominent market-risk in the ongoing government transition for me at present https://t.co/5bRDov51wU
  • Fed's Williams: We are still in a very deep recession. Economy was recovering more strongly than expected until recently #Fed $SPX
  • US-EU renew push to settle Boeing-Airbus subsidy dispute Coupled with their first airworthiness certificate for some 737 Max's it seems $BA is on a win streak as of late
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.27%, while traders in EUR/USD are at opposite extremes with 72.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/21vl2I6Cd0
Euro Crosses Pressing against Channel Resistance

Euro Crosses Pressing against Channel Resistance

2012-01-24 21:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Euro / British Pound

Daily Bars

Euro_Crosses_Pressing_against_Channel_Resistance_body_eurgbp.png, Euro Crosses Pressing against Channel Resistance

Prepared by Jamie Saettele, CMT

I maintain that the EURGBP rally is a corrective 4th wave advance and that a new low will be registered (under 8221). Price is at resistance from last week’s high but a break would target 8407/20 (100% extension of move from the low and 12/29 high). Strength into this area is still within the confines of a bear move. Favor the downside against 8500 (a rally to that level would not fit within the confines of a bear).

Bottom line: short, stop 8500, target under 8220

Euro / Australian Dollar

Daily Bars

Euro_Crosses_Pressing_against_Channel_Resistance_body_euraud.png, Euro Crosses Pressing against Channel Resistance

Prepared by Jamie Saettele, CMT

I wrote last week that “the EURAUD has reached the 161.8% extension of the 10/4/11-11/1/11 decline at 12229. Additional downside is favored in the weeks ahead but the next week is likely to produce a corrective rally in order to relieve the extreme daily momentum readings. At this point, all we can do is estimate that resistance is between 12447 and 12545.” Price has reached 12445 but near term focus remains higher towards 12510/70 (former pivots). A pop into there would produce an opportunity to short against the first day of the month high of 12695.

Bottom line: short on strength above 12500, stop 12700, target under 12227

Euro / Canadian Dollar

DailyBars

Euro_Crosses_Pressing_against_Channel_Resistance_body_eurcad.png, Euro Crosses Pressing against Channel Resistance

Prepared by Jamie Saettele, CMT

I wrote last week that “the deeply oversold level (daily RSI) on the EURCAD suggests lower prices in the weeks and months ahead but strength in the days ahead. Resistance is 13095-13140 and the downside is favored against the January high (13232).” Price has reached and slightly exceeded 13140 but resistance extends to the early month high at 13230. Channel resistance also comes into play just above current price. I still favor selling strength.

Bottom line: short on strength into 13140, stop 13300, target under 12870

Euro / Japanese Yen

240 Minute Bars

Euro_Crosses_Pressing_against_Channel_Resistance_body_eurjpy.png, Euro Crosses Pressing against Channel Resistance

Prepared by Jamie Saettele, CMT

The EURJPY has soared higher to begin the week, reaching (and exceeding) the mid December low. Price is likely to see a slight pullback from channel resistance (just above the current level) but expect support at 10080 and favor the upside against today’s low (10000) towards the confluence of the 11/25 low, 12/21 high and 100% extension of the rally from the 1/16 low at 10240/50.

Bottom line: buy dips into 10080, stop 10000, target 10240

British Pound / Japanese Yen

Daily Bars

Euro_Crosses_Pressing_against_Channel_Resistance_body_gbpjpy.png, Euro Crosses Pressing against Channel Resistance

Prepared by Jamie Saettele, CMT

The GBPJPY is up for a 6th consecutive day and today’s advance is the strongest since the 10/31/11 intervention. Having already reached the 2nd standard deviation band, expect some consolidation. 12050/85 is a support zone and today’s low (large range day) serves as the pivot (above is bullish and below is bearish). The next upside levels of interest are the 12200 (former trendline support) and the 12/22 high at 12275.

Bottom line: buy weakness between 12050 and 12080, stop 11960

Australian Dollar / Japanese Yen

Daily Bars

Euro_Crosses_Pressing_against_Channel_Resistance_body_audjpy.png, Euro Crosses Pressing against Channel Resistance

Prepared by Jamie Saettele, CMT

Last week’s commentary was “AUDJPY focus remains higher towards the 11/7 high at 8146 and 100% extension of the rally from the November low at 8273.” 8146 was reached today (200 day average is at 8162) and the next level of interest is the 100% extension at 8273, which intersects trendline resistance in early February. The trendline is at 8312 tomorrow. I urge caution here for bulls however as the structure of the rally from the 1/13 low is mature and warns of a move back to 8050/70. That pullback however would present a long opportunity against 7960.

Bottom line: buy weakness below 8070, stop 7960

Canadian Dollar / Japanese Yen

Daily Bars

Euro_Crosses_Pressing_against_Channel_Resistance_body_cadjpy.png, Euro Crosses Pressing against Channel Resistance

Prepared by Jamie Saettele, CMT

“The trendline that extends off of the April, July, October, and December highs has been broken thus focus is on 7737 (December high) and 7840 (100% extension of 7348-7737 rally).” Favor the upside against 7570 towards the confluence of the mentioned 100% extension, channel resistance, and 200 day average (this zone is 7840/80). 7635/65 is support.

Bottom line: buy weakness between 7635/65, stop 7565, target 7850

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

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

DISCLOSURES