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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/ZWwGB8J6I7
  • Ethereum is starting to outperform Bitcoin again ahead of ETH’s latest upgrade, while Binance continues to pare back business areas amid ongoing regulatory pressure. Get your crypto forecast from @nickcawley1 here: https://t.co/ul4TIfI9bv https://t.co/Ht5Mr0uu91
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/m06h4hjwVP
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/LcfxFxFrTY
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/UgYlEILK5n
  • 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/BXp2z6E0Kl
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/xGuTYZqYwh
  • 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/reRmDe1Ksp https://t.co/EvRHfRQLgk
  • The Australian Dollar remains vulnerable in the week ahead, eyeing risks such as a dovish RBA, surging Covid cases and recent crackdowns by Beijing. Might US NFPs offer some relief to AUD/USD? Get your weekly AUD forecast from @ddubrovskyFX here: https://t.co/LQzQymM3ND https://t.co/XOCJl3vbu1
  • $AUDNZD closed at its lowest since December 2020 Prices pierced the 1.0541 - 1.0564 support zone, exposing the November low at 1.0418 A confirmatory downside close under support next week may open the door to further losses #AUD #RBA https://t.co/mybbgPHNX4
Price & Time: Important Couple of Days Coming Up for USD/JPY

Price & Time: Important Couple of Days Coming Up for USD/JPY

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Cycle turn window here in USD/JPY
  • Euro rallying into important resistance
  • GOLD testing 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: EUR/USD

PT_NOV_22_body_Picture_3.png, Price & Time: Important Couple of Days Coming Up for USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD reversed sharply on Wednesday from just under the 2nd square root relationship of the year’s high at 1.3595
  • Our near-term trend bias remains lower in the Euro while below this level
  • A move back under the 6th square root relationship of the year’s low at 1.3430 is needed to re-invigorate immediate downside prospects
  • A minor cycle turn window is seen around the middle of next week
  • A daily close over 1.3595 is needed to shift our near-term trend bias to positive

EUR/USD Strategy: Like the short side in the Euro while below 1.3595.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3430

1.3474

1.3530

1.3540

*1.3595

Price & Time Analysis: GOLD

PT_NOV_22_body_Picture_2.png, Price & Time: Important Couple of Days Coming Up for USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD touched its lowest level since early July on Thursday before closing right on the 5th square root relationship of the August high at 1243
  • Our near-term trend bias is lower in the metal while below 1291
  • A daily close under 1243 is required to invalidate Thursday’s cycle turn window and set the stage for a further decline
  • The 1x2 Gann angle line of the August high at 1291 needs to be overcome to shift the near-term trend bias to positive

XAU/USD Strategy: Square here. Metal is on big support coming out of the cycle turn window. May actually look to buy if Thursday’s low can hold.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1234

*1243

1248

1275

*1291

Focus Chart of the Day: USD/JPY

PT_NOV_22_body_Picture_1.png, Price & Time: Important Couple of Days Coming Up for USD/JPY

We have been waiting for a clear break of Gann resistance near 100.60 to further confirm the breakout from the multi-month contracting range. Yesterday’s move through this key resistance puts the exchange rate in a very positive position over the medium-term and increases the possibility of a more impulsive advance in the weeks ahead. In the near-term, however, some caution is required over the next couple of trading days as a Gann cycle turn window related to the May 103.72 high could provide some decent “time resistance”. Key price resistance during this two-day period looks to come in between 101.60 and 101.70 as it marks a clear convergence of the 78.6% retracement of the May to June decline, the 127% extension of the September/October decline and the 2nd square root relationship/4x1 Gann angle line of the year’s high. We should probably note that on occasion cycle turn windows can actually lead to an acceleration of the prevailing trend and with the rate just coming out of a multi-month consolidation we cannot completely discount that happening here. However, traction over 101.70 is really required to signal this.

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