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
Oil - US Crude
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • A recession is typically accompanied by falling stock prices, but equities are not the be-all and end-all for recession investment strategies. Get your market update from @PeterHanksFX here: https://t.co/H0Rf3AkECs https://t.co/5Il5ptMnMu
  • The $USD may rise versus the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit if capital flows out of #ASEAN countries as key U.S. data risks a selloff in equities. Get your market update from @ddubrovskyFX here: https://t.co/JWIRn6MLrK https://t.co/y2tXiYs9aV
  • The $USD may be at risk as trader positioning warns that the S&P 500 may bounce as markets look forward to fiscal stimulus. USD/CAD could rise if key support holds down the road.Get your market update from @ddubrovskyFX here:https://t.co/TMq9VZbZ7W https://t.co/H6I3MXjW06
  • As prices dance around on charts, traders are often looking for reasons to explain price movements; however, the underlying source of price movement boils down to the relationship between supply and demand. Learn more about the forces of S&D on forex here: https://t.co/8LfkLXbj2W https://t.co/ZsHdd9NFcO
  • The $USD may be at risk as trader positioning warns that the S&P 500 may bounce as markets look forward to fiscal stimulus. USD/CAD could rise if key support holds down the road.Get your market update from @ddubrovskyFX here:https://t.co/TMq9VZbZ7W https://t.co/TisnGYxllM
  • Here my weekend trading video 'Dow, VIX, Dollar and Gold: Levels and Volatility to Gauge the Markets' https://www.dailyfx.com/forex/video/daily_news_report/2020/03/28/Dow-VIX-Dollar-and-Gold-Levels-and-Volatility-to-Gauge-the-Markets-.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • #Silver and #gold prices have had a fascinating 2020, counterintuitively falling as the #coronavirus’ economic hit has become horribly apparent. A rebound is now afoot. Get your market update from @DavidCottleFX here: https://t.co/nng7lwQ22E https://t.co/JwehIVbBA2
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/mcq5Bq2Jui
  • The $USD soared against the Indonesian Rupiah, with USD/IDR eyeing its best month since the 1997-98 Asia financial crisis amid the #coronavirus outbreak. Can this trend continue? Find out from @ddubrovskyFX here:https://t.co/M3sDZOftrE https://t.co/sbIbp68UOh
  • The $USD may be at risk as technical signals show USD/SGD, USD/MYR and USD/IDR may turn lower. Ahead, the markets will likely weigh US fiscal stimulus bets against dismal data risk. Get your market update from @ddubrovskyFX here:https://t.co/iGqBrY6qyO https://t.co/kJ89YgK3Mm
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

News & Analysis at your fingertips.