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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • 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/eRTdlhAOFN
  • The Japanese #Yen may continue to exhibit a bullish behavior as the Bank of Japan (BoJ) appears to be in no rush to alter the path for monetary policy. Get your #currencies update from @DavidJSong here: https://t.co/HFjc6KGzRw
  • The New Zealand Dollar appears poised to extend its climb against its haven-associated counterparts as long-term trend break hints at cyclical upturn. Get your $NZDUSD market update from @DanielGMoss here: https://t.co/CPxP1Q8B6d https://t.co/n2wESiqnpJ
  • The US Dollar may rise against ASEAN currencies like the Singapore Dollar if local retail sales and sentiment data disappoints. USD/IDR may fall on the Bank of Indonesia. Get your market update from @ddubrovskyFX here:https://t.co/HpH8pXFdLl https://t.co/laHmaZXpJe
  • The US Dollar may rise against the Singapore Dollar and Philippine Peso. USD/MYR’s downtrend holds, but a bullish pattern brews. USD/IDR seems stuck between key technical levels.Get youe #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/TF6DRVp6kX https://t.co/WEtxkdSwxD
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/4wlRjBTCzK
  • The #Dollar has bottoming potential, but that is starting to lose weight as it fails to sustain any lift; next week could be a big one for #USD’s near-term outlook. Get your #currencies update from @PaulRobinsonFX here: https://t.co/IifHjik7gM https://t.co/R9b4jdTPnO
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/lW1rqjpy0x
  • I’d like to thank my followers, I just reached 5,000 which is quite a milestone for someone that isn’t a huge fan of the platform. Thank you all very much ❤️
  • Technology stocks continue to be a source of weakness for US equities, undermining risk appetite. Meanwhile, US-China tensions simmer beneath the surface creating uncertainty. Get your #equities update from @PeterHanksFX here: https://t.co/yH8oTwT3iW https://t.co/tvfrXThyaC
Price & Time: First Half of Next Week Looks Key for the Dollar

Price & Time: First Half of Next Week Looks Key for the Dollar

2013-07-24 12:00:00
Kristian Kerr, Sr. Currency Strategist
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.

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/CHF:

PT_USD_nxt_wk_body_Picture_4.png, Price & Time: First Half of Next Week Looks Key for the Dollar

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CHF has declined steadily since failing at the 2x1 Gann angle line of the year-to-date high in the .9750 area
  • While below the 4th square root progression of the year’s low at .9405 our near-term trend bias will remain lower in the rate
  • Gann and Fibonacci levels between .9305 and .9325 look like the next downside pivot with clear weakness below needed to trigger another meaningful leg lower in the rate
  • Near-term time cycle studies suggest Thursday is a minor turn window
  • A close above .9405 is required to alleviate the immediate negative tone and turn us positive on the dollar

Strategy: Like holding short positions in USD/CHF while below .9405.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/CHF

*0.9305

*0.9325

0.9355

0.9380

0.9405

NZD/USD:

PT_USD_nxt_wk_body_Picture_3.png, Price & Time: First Half of Next Week Looks Key for the Dollar

Charts Created using Marketscope – Prepared by Kristian Kerr

  • NZD/USD has continued to move steadily higher since finding support near Fibonacci symmetry during the first half of the month
  • While over .7860 our near-term trend bias will remain higher in the Bird
  • The 4th square root progression of the year-to-date low in the .8030 is now key resistance and traction over this level is required to trigger a more important move higher
  • A medium-term cycle turn window is seen early next week
  • The third square root progression of the year’s low in the .7945 area is immediate support, but only weakness below .7860 will turn us negative on the Kiwi

Strategy: Like holding long positions in the Kiwi while over .7860.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

NZD/USD

*0.7860

0.7945

0.7970

*0.8030

0.8075

EUR/GBP:

PT_USD_nxt_wk_body_Picture_2.png, Price & Time: First Half of Next Week Looks Key for the Dollar

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/GBP has come under steady downside pressure since failing last week near the the 1st square root progression of the year-to-date high in the .8720 area
  • However, while above the 2nd square root progression of the year-to-date low in the .8580 area our near-term trend bias will remain higher
  • As such, the .8720 remains critical resistance with clear strength above this level needed to set up another push higher in the cross
  • Near-term cycle studies warn that the next couple of days are a turn window
  • Clear weakness back below .8580 will undermine the immediate positive structure in the rate and turn us negative

Strategy: Like holding only reduced long positions while over .8580 as some clear cyclical headwinds are approaching over the next few days.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/GBP

0.8545

*0.8580

0.8625

0.8670

*0.8720

Focus Chart of the Day: FXCM Dollar Index

PT_USD_nxt_wk_body_Picture_1.png, Price & Time: First Half of Next Week Looks Key for the Dollar

It has been a couple of weeks since we last looked at the FXCM Dollar Index. The peak we were looking for in the index at the start of the month materialized right on schedule, but the correction that has followed has admittedly lasted longer than we expected as the index traded steadily lower through last week’s cycle turn window. The next turn window of significance for the index looks to be around the first half of next week and this is an ideal time for the broader USD uptrend to attempt to reassert itself. Continued USD weakness beyond this next turn window, however, would seriously undermine the positive cyclical picture that has been developing since early May. The 10,800 level looks like a key near-term pivot.

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

Looking for a way to pinpoint sentiment extremes in 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