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
Bullish
Oil - US Crude
Mixed
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
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
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • 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/0gwSneZjOL
  • Another week of record breaking gains in the alt-coin space, while Ethereum (ETH) continues to print fresh highs and eats into Bitcoin’s (BTC) market dominance. Get your market update from @nickcawley1 here: https://t.co/robpKfDf8U https://t.co/3sOzL01rcI
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/K1F3QlB8ik
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/cXImPrjl8x
  • Crude Oil Forecast: Oil Prices Edge Lower Toward Trend Support -via @DailyFX WTI #CrudeOil closed the week slightly higher on balance, but the commodity is struggling at resistance as bears look to challenge trend support. Link to Full Analysis: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/05/08/crude-oil-forecast-oil-prices-edge-lower-toward-trend-support.html #OOTT https://t.co/MvtP36QxY8
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/3f5sLijsVB
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/PO93mIKAZP
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/CHE6IOq3K5
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/Agl1q6EQyu
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/UmubxiDXGc
Price & Time: Key Couple of Days for the Euro

Price & Time: Key Couple of Days for the Euro

Kristian Kerr, Sr. Currency Strategist

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.

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

Foreign Exchange Price & Time at a Glance:

USD/JPY:

PT_Key_couple_body_Picture_4.png, Price & Time: Key Couple of Days for the Euro

Charts Created using Marketscope – Prepared by Kristian Kerr

-USD/JPY found support late last week just ahead of the 78.6% retracement of the April to May advance at 94.95

-Subsequent strength through the 2nd square root progression of the month-to-date low at 96.90 shifted our bias to positive in the rate

-Has since failed at the 61.8% retracement of the April to May advance (polarity) in the 99.30 area and a move through this level is now needed to signal a broader upside resumption

-A medium-term cycle turn window is seen around the end of the week, short-term counts seem to favor weakness until then

-The 1x2 Gann angle line from the 3Q12 low at 96.40 is immediate support, but only a close below 94.95 turns us negative on USD/JPY

Strategy: Cycles favor weakness for a few more days. Like buying into this weakness later in the week.

GBP/USD:

PT_Key_couple_body_Picture_3.png, Price & Time: Key Couple of Days for the Euro

Charts Created using Marketscope – Prepared by Kristian Kerr

-GBP/USD is in consolidation mode after spiking higher last week to test the 7th square root progression of the year-to-date low in the 1.5670 area

-While over 1.5425 our bias remains higher in Cable

-The 1.5670 to 1.5720 area is a serious resistance zone and clear traction above this area is required to signal the start of a more important move higher in the pound

-Some minor turn windows are seen over the next few days, but a broader cyclical pivot point is spied next week

-The 1x1 Gann angle line of the year-to-date low near 1.5500 is immediate support, but only weakness below the 2nd square root progression of the last week’s high at 1.5425 turns us negative

Strategy: Longs favored while Cable is over 1.5425.

AUD/USD:

PT_Key_couple_body_Picture_2.png, Price & Time: Key Couple of Days for the Euro

Charts Created using Marketscope – Prepared by Kristian Kerr

-AUD/USD broke below the .9360 161.8% extension of the March to April advance on Tuesday to trade to its lowest level since September of 2010

-Our bias remains lower in the Aussie, but caution is required over the next few days as the exchange rate nears a potential price & time square out point

-The 12th square root progression of the year-to-date high at .9295 and the 61.8% retracement of the 2010 to 2011 advance at .9215 look like critical support levels

-The 1x2 Gann angle line of the year-to-date closing high at .9510 is immediate resistance, but only strength over .9575 suggests the start of a more important upside correction

Strategy: Like short positions while under .9575, but only in small size. Need to be ready mentally to cover and go long around the turn window, but only when price action warrants it.

Focus Chart of the Day: EUR/USD

PT_Key_couple_body_Picture_1.png, Price & Time: Key Couple of Days for the Euro

The Euro is at an interesting short-term cyclical crossroads here. A few of our short-term cyclical methods suggest the exchange rate should try to put in a peak of some sort over the next day or two. However, some of our broader measures clearly suggest the current uptrend should extend into next week before a change in trend of some importance is seen. How EUR/USD reacts at the 1.3315 5th square root progression of the year-to-date low will likely be the tell of which cyclical forces are really influencing. A close over 1.3315 sets up a further push into next week, while a test and failure at this Gann resistance level indicates a more immediate peak.

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

Looking for a way to pinpoint sentiment extremes in the Euro in real time? Try the Speculative Sentiment Index.

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

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

DISCLOSURES