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
Gold
Mixed
GBP/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
USD/JPY
Mixed
More View more
Real Time News
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
  • Top event risk on my radar for the week ahead: Musk on SNL (Sat); run of Fed speak with Brainard, Williams, Bostic (Tues); US CPI and UK GDP (Wed); Mexico central bank rate decision (Thur); US earnings - PLTR, BABA, ABNB, DASH, DIS (Tues-Thur). What are you watching?
  • It starts. This man is living the life. https://t.co/YhD4oMNAFG
Price & Time: USD/JPY Sentiment Getting Ebullient

Price & Time: USD/JPY Sentiment Getting Ebullient

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD nearing important cycle turn window
  • XAU/USD trades to 5-month low
  • USD/JPY sentiment at historical extremes

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_DEC_3_body_Picture_3.png, Price & Time: USD/JPY Sentiment Getting Ebullient

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded to its highest level since late October on Friday before encountering resistance just ahead of the 61.8% retracement of the October/November decline at 1.3625
  • Our near-term trend bias is positive on the Euro while over 1.3430
  • A push through 1.3625 is needed to force another leg higher
  • An important cycle turn window is seen around the second half of the week
  • Only a daily close below the 6th square root relationship of the year’s low at 1.3430 would turn us negative on the rate

EUR/USD Strategy: Don’t like buying Euros this close to the cycle turn window.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3430

1.3515

1.3575

1.3595

*1.3625

Price & Time Analysis: GOLD

PT_DEC_3_body_Picture_2.png, Price & Time: USD/JPY Sentiment Getting Ebullient

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD finally broke away from the 5th square root relationship of the August high at 1242 on Monday as the metal traded to its lowest level in five months
  • Our near-term trend bias is lower in Gold while below 1286
  • The 1st square root relationship of the year’s low at 1214 is key support ahead of 1180
  • Some caution is recommended here as a Gann cycle turn window is in effect today
  • Only a daily close over 1286 would turn us positive on XAU/USD

XAU/USD Strategy: Like being square for a few days.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1180

1214

1222

1242

*1286

Focus Chart of the Day: USD/JPY

PT_DEC_3_body_Picture_1.png, Price & Time: USD/JPY Sentiment Getting Ebullient

The Daily Sentiment Index (DSI) in the Yen reached just 7% bulls on Friday. The market is very confident that USD/JPY is headed higher in the near-term. We now have our doubts. When sentiment gets so lopsided it is usually a strong sign that a market has begun to get a little ahead of itself (at least in the short-term). Additionally several short-term cyclical methodologies suggest Monday was the right time for at least a minor peak that could lead to a few days of corrective behavior. The 103.00 to 103.70 area is also full of several key resistance levels including the 161.8% extension of the Sep/Oct decline, the year’s high and a Gann angle line related to the 2007 high - all of which are important enough in their own right to inspire some sort of counter-trend reaction. Of course the counter argument to all this is that exchange rate is breaking out of a multi-month consolidation (i.e. has a lot of “stored energy”) and corrections will be limited and few and far between. We now prefer a buy into weakness strategy, but a clear move through 103.70 would change 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