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
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Notice

BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.41%, while traders in France 40 are at opposite extremes with 75.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/akuL5mmcvW
  • Pfizer states it can deliver 10% more vaccine doses to the US by the end of May $PFE $SPX $NDX $RUT
  • Had the pleasure of sitting down with @GuyAdami and @RiskReversal for another episode of The Macro Setup to discuss $GLD $BTC and $SPX ahead of earnings season and the Coinbase IPO Watch here - https://t.co/6usEdkA5om
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.41% Germany 30: 0.06% Wall Street: 0.00% FTSE 100: 0.00% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0qT3sH7l3i
  • #Bitcoin breaks out to fresh all-time highs as investors cast an eye to the long awaited Coinbase IPO #BTC $BTCUSD https://t.co/qwxlzkGa9C
  • NY Fed Treasury purchase schedule remains unchanged - BBG
  • Silver posting a strong session, now up 2.3% on the day. In recent trade, silver has struggled to break above the 50-day EMA $XAG $USD https://t.co/BetnXeKLj3
  • Bitcoin sets another record high. BTC/USD gains traction in anticipation of Coinbase IPO. Get your $btc market update from @Tams707 here:https://t.co/twYdOVA0hW https://t.co/EXlj1yWjyL
  • Heads Up:🇺🇸 Fed Bostic Speech due at 19:15 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-13
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.28% Gold: 0.78% Oil - US Crude: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YIgPqIQiO8
Price & Time: EUR/USD - Sell on Strength?

Price & Time: EUR/USD - Sell on Strength?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Euro reverses at tail end of cycle turn window
  • USD/JPY touches highest level since early July
  • GBP/USD holding above key support level

Looking for real time Forex analysis throughout the day? Try DailyFX on Demand.

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

PT_NOV_21_body_Picture_3.png, Price & Time: EUR/USD - Sell on Strength?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY finally broke above the 3rd square root relationship of the year’s high at 100.65 on Thursday to trade to its highest level since early July
  • Our near-term trend bias remains higher in the exchange rate while above 99.65
  • A daily close today over 100.60 will be further confirmation than an important move higher is unfolding
  • Some caution is needed over the next couple of days, however, as a Gann time relationship related to the year’s high suggests the rate is at increased risk of undergoing some kind of turn
  • Only a daily close below the 4th square root relationship of the year’s high at 99.65 would turn us negative on USD/JPY

USD/JPY Strategy: Like the long side while above 99.65.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*99.65

99.95

100.80

101.20

*101.65

Price & Time Analysis: GBP/USD

PT_NOV_21_body_Picture_2.png, Price & Time: EUR/USD - Sell on Strength?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD is in consolidation mode above the 61.8% retracement of the October/November decline at 1.6100
  • Our near-term trend bias is higher in the exchange rate while above the 3rd square root relationship of the year’s high at 1.5950
  • A Gann convergence near 1.6215 needs to be overcome to prompt a more important move higher in Cable
  • A minor cycle turn window is seen early next week
  • A daily close below 1.5950 would turn us negative on the rate

GBP/USD Strategy: Looking to buy on weakness.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

*1.5950

1.6010

1.6135

1.6165

*1.6215

Focus Chart of the Day: EUR/USD

PT_NOV_21_body_Picture_1.png, Price & Time: EUR/USD - Sell on Strength?

EUR/USD waited until the last moment of our cycle turn window (perhaps even went through it by a few hours) before reversing course early on Wednesday. The exchange rate’s failure from just under the 2nd square root relationship of the year’s high at 1.3595 looks significant from a medium-term cyclical perspective and opens the way for further weakness in the near-term. Currently we are focused on Gann points at 1.3430 and 1.3360, with a daily close below the latter needed to confirm a resumption of the broader decline. Strength back through the 7th square root relationship of the year’s low at 1.3545 would make us seriously doubt the negative cyclical view, but only a move through Wednesday’s high of 1.3578 completely invalidates the cycle.

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

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

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 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