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
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/nHXiNJhLes
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/h0TmJcZeqr
  • $USDCAD sold off aggressively last week, putting it into position to test the important 2017 low; trading bias is neutral to bearish. Get your market update from @PaulRobinsonFX here: https://t.co/sphxUAW9TB https://t.co/ZhsTeJOOM8
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/qP96xmgDVn
  • The pro-risk Australian Dollar may extend gains after the record miss in US jobs data, amplifying dovish rhetoric from the Federal Reserve and keeping the Dow Jones and S&P 500 intact. Get your market update from @ddubrovskyFX here: https://t.co/yf8mPX3O3W https://t.co/uCCmjaxUhF
  • Who else is keeping close tabs on Dogecoin $DOGE this weekend? All eyes on Elon Musk @elonmusk, the proverbial 'Dogefather,' and his Saturday Night Live @nbcsnl performance kicking off at 11:30PM ET. The #crypto is already looking nice and perky following that trendline break! https://t.co/nrQsnlUqWj https://t.co/4lOz6NLQTG
  • There is some very interesting event risk over the opening half of this coming week of trade. It starts with Elon Musk hosting SNL tonight for Dogecoin traders and moves into US inflation data to as means to stir the ongoing Fed debate and Dollar https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/LXhjv7ToWC
  • It was a big week for Gold bulls and Gold prices broke out to fresh two-month-highs, finally taking-out the 1800 level along the way. Get your market update from @JStanleyFX here: https://t.co/D222Ni37Dv https://t.co/KcMYyx3Ro4
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/PjywaPeUsl
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/AjOSPzOFLb
Price & Time: Euro at a Major Cyclical Inflection Point This Week

Price & Time: Euro at a Major Cyclical Inflection Point This Week

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Important cycle turn window seen this week in the Euro
  • USD/JPY nears important long-term retracement
  • Gold just above key support

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

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_DEC_30_body_Picture_3.png, Price & Time: Euro at a Major Cyclical Inflection Point This Week

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY recorded another multi-year high early on Monday before stalling out just ahead of the 61.8% retracement of the 2007/2011 decline at 105.55
  • Our near-term trend bias remains higher in the exchange rate while over 103.70
  • The 101.55 area looks to be the next major important inflection point for the rate
  • A minor cycle turn window is seen over the next few days
  • Weakness below 103.70 would turn us negative on USD/JPY

USD/JPY Strategy: Favor the long side while over 103.70.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*103.70

104.65

105.20

*105.55

106.10

Price & Time Analysis: GOLD

PT_DEC_30_body_Picture_2.png, Price & Time: Euro at a Major Cyclical Inflection Point This Week

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD has recovered modestly since finding support at the 1x2 Gann angle line of the 2012 high
  • Our near-term trend bias remains lower in the metal while below the 1x2 Gann angle line of the August high at 1242
  • A convergence of the year’s intraday low and the 161.8% extension of the late October advance near 1182 is a downside pivot
  • A cycle turn window is seen around the end of the week
  • A daily close over 1242 would turn us much more positive on the metal

XAU/USD Strategy: Favor the short side while under 1242.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1160

*1182

1204

1219

*1242

Focus Chart of the Day: EUR/USD

PT_DEC_30_body_Picture_1.png, Price & Time: Euro at a Major Cyclical Inflection Point This Week

We have written a lot recently on the importance of this week for EUR/USD from a timing perspective as several long-term cycles converge over the next few days. Friday’s price action and clear failure at the 61.8% retracement of the 2009/2010 decline near 1.3900 makes us wonder whether the peak we have been looking for around this time has come a little early. Complicating the matter somewhat are the holidays and the low turnover they bring. That said, given the rather dramatic extent of Friday’s reversal so close to the turn window we have to assume it marks some sort of crescendo at least on an intraday basis. However, it wouldn’t surprise us to see a few days of higher daily closes this week before the Euro attempts to make its way lower. A key pivot for us on the downside is now the 2nd square root relationship of Friday’s high at 1.3655. A move below this level would be a clear sign that a top of some importance is indeed in place. While a move through 1.3900 would surprise us this week, only strength over 1.3975 after Friday would completely negate the potential for a cycle turn.

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