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
EUR/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
Oil - US Crude
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • RT @RichDvorakFX: @Investingcom Seems to me like investors ‘high’ on central bank liquidity are fiending for more and staring down the edge…
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/b8RNJQKE1m
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/yXomAftdv8 https://t.co/wOQAHZVnxB
  • Forex trading, which is the act of exchanging fiat currencies, is thought to be centuries old – dating back to the Babylonian period. Learn about the history of Forex here:https://t.co/ePTJlbUP7c https://t.co/WS2LkCt9gX
  • Two major events will dominate #Euro trading in the coming week: an #ECB meeting on Eurozone monetary policy, followed by an #EU summit to reach agreement on a recovery fund. Get your #currencies update from @MartinSEssex here: https://t.co/wnXjTDizMv https://t.co/tmxDfkgmSv
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/UQRaKusFP7
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:https://t.co/vg7w10la3j https://t.co/nUvvI3WQpx
  • Australian Dollar is up fractionally this week with Aussie stalling just below the yearly range highs. Here are the levels that matter on the $AUDUSD technical chart. Get your #currencies update from @MBForex here: https://t.co/jYzBK1qH4s https://t.co/gYj4tFbsGS
  • What is the road ahead for equities this coming week? Check out my fundamental outlook below! #DowJones #SP500 #DAX30 #FTSE100 https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2020/07/11/Dow-Jones-SP-500-DAX-30-FTSE-100-Outlook-Stocks-Week-Ahead.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/HjIBDKqwvO
  • #Gold price gains seem to depend on monetary stimulus expansion and may turn lower as contraction of the Federal Reserve’s balance sheet underpins the US Dollar. Get your #metals update from @DanielGMoss here: https://t.co/8NHLc8jdhw https://t.co/0YYKXqtY9V
Price & Time: GBP/USD Touches New Multi-Year Low

Price & Time: GBP/USD Touches New Multi-Year Low

2013-03-01 17:42:00
Kristian A. Kerr,
Share:

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.

Foreign Exchange Price & Time at a Glance:

USD/JPY:

PT_gbp_multi_year_body_Picture_4.png, Price & Time: GBP/USD Touches New Multi-Year Low

Charts Created using Marketscope – Prepared by Kristian Kerr

-USD/JPY has recovered further since finding support at the 90.90 fourth square root progression of the year-to-date high

- Strength over the 61.8% retracement of last month’s range at 93.15 has shifted our bias higher

- Immediate focus now on the 78.6% retracement in the 93.80 area with a break over this level needed to confirm the integrity of the latest push higher

- A Gann level related to both extremes of last month’s range near 91.85 is immediate support, but only weakness under 90.90 signals the start of a more important downside correction

- Cyclical studies are turning more negative around the middle of next week

Strategy: Creep higher over the past few days was painful and we stopped out on the move over 93.20. Now looking to buy, but only on a break of last month’s high.

GBP/USD:

PT_gbp_multi_year_body_Picture_3.png, Price & Time: GBP/USD Touches New Multi-Year Low

Charts Created using Marketscope – Prepared by Kristian Kerr

- GBP/USD broke under the 1.5070 tenth square root progression from year-to-date high on Friday and our bias remains lower

- Immediate support comes into play at the 161.8% extension of November to January advance near 1.4990

- However, key downside pivot looks to be the next square root progression near 1.4940 with weakness under there needed to prompt another material leg lower

-Time cycle analysis is modestly positive for a few days in Cable

-The 1.5070 Gann level is now immediate resistance, but only strength over 1.5200 would signal the start of a more important counter-trend move

Strategy: Still short Cable. Lowering stop to just over 1.5080

AUD/USD:

PT_gbp_multi_year_body_Picture_2.png, Price & Time: GBP/USD Touches New Multi-Year Low

Charts Created using Marketscope – Prepared by Kristian Kerr

- AUD/USD remains weak since breaking under the 1.0230 38% retracement of the late 2012 advance and our focus is still to the downside

- A minor Fibonacci extension in the 1.0185 area is so far acting as a support and a clear break under this level is now needed to prompt another leg lower towards a measured move projection near 1.0150

- Shorter-term cyclical relationships are positive for a couple of days, but longer-term studies remain negative through much of March

- The former support at 1.0230 is now immediate resistance

- However, only strength over the 50% retracement of the decline over the past couple of weeks in the 1.0280 area would undermine the negative tone

Strategy: Still short with a stop over 1.0240. We’ll see if that is far enough away to keep us in the trade during the strength we expect in the pair over the next couple of days.

Focus Chart of the Day: S&P 500

PT_gbp_multi_year_body_Picture_1.png, Price & Time: GBP/USD Touches New Multi-Year Low

For students of Gann the month of March holds more significance than most. It is the “start of the year” for many Gann cyclical based methodologies and as such this time period is theoretically more prone to volatility and more likely to see reversals in trend. Gann theory also places importance on anniversary dates of significant market highs and lows. With this coming Wednesday (+/- a day) marking the fourth anniversary (and more importantly four revolutions around the Gann wheel) of the low of the current bull cycle at 666 in the S&P 500 it has decent potential to draw a reaction from the index. The Gann start of the year on the 20th of the month is also potentially important.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

Are you looking for other ways to pinpoint support and resistance levels? Take our free tutorial on using Fibonacci retracements.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

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

DISCLOSURES

News & Analysis at your fingertips.