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
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
Yen Gets Smoked on ISM - HUGE Technical Implications

Yen Gets Smoked on ISM - HUGE Technical Implications

2012-05-01 14:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Traders are buzzing about the surprise 50 bps cut by the RBA (market expected 25). The immediate AUD reaction was sharp but the AUDUSD remains confined to a 10225-10475 range. From a trading standpoint, the advent of a new month is just as important as the 50 bps cut. Using early month ranges as points of reference from which to establish trades is a method that I’ve taught in seminars for years. Opening monthly range breakout strategies are shown below for the EURUSD and AUDUSD. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The strategy on AUDUSD has worked so well in recent years that it may be due for a drawdown. Keep that in mind. The EURUSD is in a range that I want no part of. The Yen crosses, specifically the USDJPY and CADJPY, have my attention. Think North America vs. Japan, Hockey (it is the playoffs) against Sumo wrestling.

Yen_Gets_Smoked_on_ISM_-_HUGE_Technical_Implications___body_Picture_4.png, Yen Gets Smoked on ISM - HUGE Technical Implications

Prepared by Jamie Saettele, CMT

Yen_Gets_Smoked_on_ISM_-_HUGE_Technical_Implications___body_Picture_3.png, Yen Gets Smoked on ISM - HUGE Technical Implications

Prepared by Jamie Saettele, CMT

Yen_Gets_Smoked_on_ISM_-_HUGE_Technical_Implications___body_usdjpy.png, Yen Gets Smoked on ISM - HUGE Technical Implications

USDJPY – Barring a full retracement of the post ISM surge, the USDJPY is going to carve out a daily key reversal on the first day of the month in front of MAJOR support (October intervention high at 7953). This is the kind of setup I dream about.

Yen_Gets_Smoked_on_ISM_-_HUGE_Technical_Implications___body_usdcad.png, Yen Gets Smoked on ISM - HUGE Technical Implications

USDCAD – The bounce off of 9800 offers the opportunity to get short for the larger breakdown. Combine the USDCAD and USDJPY and you get a super bullish CADJPY.

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.