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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • So, is Ethereum considered a 'value' market to new Dogecoin traders?
  • ...but before you write off H&S patterns because more have fallen apart rather than catalyzed lately, consider the monthly chart of $AUDUSD as well. That 0.8000-0.7925 zone is no joke as its historical midpoint, trendine and other technical points confluence https://t.co/dB6edmmA1d
  • While there are other Dollar pairs getting more attention lately, I think $AUDUSD deserve a spot in the rotation. It's currently working out whether it is going to abide 2021's range as a consolidation reversal risk (H&S pattern)... https://t.co/M7dG0a8Isw
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.31% Oil - US Crude: -0.18% Silver: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/AS3CtSNbr4
  • Fed's Evans: - Tepid April jobs report was a 'head scratcher' - Welcomes wage growth as sign of a healthy jobs market - Fed has room to overshoot inflation target - 'It will be a while' before US has made enough progress to talk about tapering
  • US 10-Year Treasury yield extending to session highs and steering the Nasdaq to new lows of the day $NDX $QQQ $NQ_F https://t.co/ReXcLVpGy8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.77%, while traders in Wall Street are at opposite extremes with 78.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wI1kMvJkwU
  • The price of gold extends the series of higher highs and lows from the previous week even though the 10-Year US Treasury yield retraces the decline following the US Non-Farm Payrolls (NFP) report. Get your $XAUUSD market update from @DavidJSong here:https://t.co/kyW7ukihdY https://t.co/keRXgNxmyp
  • Fed's Evans: - Very optimistic US will get back to strong job numbers - Still expects unemployment to fall below 5% this year $USD $DXY $TNX
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.67% US 500: -0.15% France 40: -0.18% Germany 30: -0.20% FTSE 100: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/f9gTcPN7Ev
Near Term AUDUSD and EURUSD Expectations

Near Term AUDUSD and EURUSD Expectations

Jamie Saettele, CMT, Sr. Technical Strategist

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.)

Suspicions that the AUDUSD rally from the 6/25 (9968) low was unfolding as a diagonal are being proved correct with price nearing last week’s high. Watch the i-iii line, which intersects the 100% extension of wave iii at 10520 on Monday. Theoretically, the AUDUSD shouldn’t exceed 10520 (if this indeed a diagonal) as doing so would make wave iii the shortest wave from 9968 and violate the rules of Elliott. Remember also that the advance from June 1 is probably wave D of a triangle. The implications being that the next big move is lower in wave E below parity.

The anticipated reversal has materialized in the EURUSD and we can now focus on how far the rally is likely to extend. Elliott wave guidelines state that wave 4 often alternates with wave 2 of the same degree with respect to character. In other words, if wave 2 is sharp and simple then expect wave 4 to be shallow and complex. Wave 2 (13003-13384) was sharp (retracing 78.6% of wave 1) and simple (3 wave zigzag) thus we should expect wave 4 to be shallow and complex. Shallow means a 23.6%-38.2% retracement of wave 3. The corresponding levels are 12378 and 12570. Daily RSI will help us time the end of wave 4 as well but we’ll deal with that when appropriate.

AUDUSD – 240 Minute Bars

Near_Term_AUDUSD_and_EURUSD_Expectations_body_audusd.png, Near Term AUDUSD and EURUSD Expectations

Prepared by Jamie Saettele, CMT

AUDUSD – Weekly Bars

Near_Term_AUDUSD_and_EURUSD_Expectations_body_audusd_1.png, Near Term AUDUSD and EURUSD Expectations

Prepared by Jamie Saettele, CMT

EURUSD – Daily Bars

Near_Term_AUDUSD_and_EURUSD_Expectations_body_eurusd.png, Near Term AUDUSD and EURUSD Expectations

Prepared by Jamie Saettele, CMT

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.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

DISCLOSURES