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
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
More View more
Real Time News
  • $GBPUSD not far off the big 1.4000 psych level that has been in focus for much of the year https://t.co/ieYPFxCX3l
  • $USDCAD has dropped below its 20-day moving average for the first time in 38 trading days. As far as monetary policy focused crosses go, this is a good one; and the BOC has already tapered twice as the Fed drags its feet https://t.co/18gBHWKzJ8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
  • Seeing some continued US Dollar weakness post-FOMC as expected. $DXY hitting fresh monthly lows with weekly jobless claims data and the 2Q GDP report released this morning both disappointing relative to consensus. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/us-dollar-hits-monthly-low-as-jobless-claims-q2-gdp-disappoint.html https://t.co/MnaABIzbRr
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.88% US 500: 0.52% France 40: 0.50% Wall Street: 0.49% Germany 30: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7PWjwTJE5Y
  • The US 2Q GDP was technically better than the previous quarter at 6.5% (prev 6.3% revised down), but far more tame than the 8.4% forecasted. The $DXY Dollar Index is responding to the data with its fourth consecutive slide https://t.co/GsLyQwGaLC
  • White House says it is necessary for congress to extend eviction moratorium, current ban cannot be extended unilaterally after high court case -BBG
  • AUD/USD defends the advance following the Federal Reserve interest rate decision as the US Gross Domestic Product (GDP) report warns of a weaker-than-expected recovery. Get your $AUD market update from @DavidJSong here:https://t.co/6OpqGxv4ni https://t.co/eLEbTosjx9
  • RT @WVenketas: #FTSE100 index up 1% today and 9.70% YTD after several constituents posted record #earnings results with help from a #dovish…
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 3.01% Gold: 1.15% Oil - US Crude: 0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bApWwhOIbg
Price & Time: Give Me A Break

Price & Time: Give Me A Break

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/JPY holding below key pivot
  • USD/CAD testing year’s closing high
  • SPX on verge of important break

Unfamiliar with Gann Square Root Relationships? Learn more about them here.

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

PT_FEB_21_body_Picture_3.png, Price & Time: Give Me A Break

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in consolidation mode above the 4th square root relationship of the year’s high near 101.35
  • Our near-term trend bias is higher while 101.35 holds
  • The 2nd square root relationship of the year’s low at 102.75 is a major hurdle that needs to be overcome soon if a more important move higher in the rate is to take hold
  • The middle of next week is a medium-term cycle turn window
  • A daily close below 101.35 would turn us negative on the exchange rate

USD/JPY Strategy: Square for the moment. Awaiting a break of 102.75.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.35

101.70

102.40

*102.75

103.10

Price & Time Analysis: USD/CAD

PT_FEB_21_body_Picture_2.png, Price & Time: Give Me A Break

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD reversed sharply off the 3rd square root relationship of the year’s high at 1.0910 durng an important cycle turn window
  • Our near-term trend bias is positive in Funds while over 1.0910
  • The 78.6% retracement of the January/February decline at 1.1155 is interim resistance ahead of the year’s high near 1.1225
  • A minor cycle turn window is seen around the middle of next week
  • Weakness below 1.1015 would raise concern, but only aggressive weakness below 1.0910 would invalidate the important cycle turn witnessed on Wednesday

USD/CAD Strategy: Like the long side while above 1.0910.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/CAD

*1.1015

1.1060

1.1155

1.1155

*1.1225

Focus Chart of the Day: S&P 500

PT_FEB_21_body_Picture_1.png, Price & Time: Give Me A Break

A few months ago we pointed out that the the period between January 24th and the first week of February would be cyclically significant for the S&P 500. Interestingly the start of this period saw the index come under steady pressure while the end of it saw an important low recorded. Our view remains the same. A break of either of these range extremes should be significant for the index and not just for the obvious price implications, but also for time ones. A move to new all-time highs will remove a major time barrier. This would set the stage for a push higher into the next important turn window next month and probably into 3Q14. A failure, on the other hand, in the index to punch through to new highs followed by a turn lower back under this month’s low would signal an important change in behavior and remove a major level of “time support”. With the SPX so close to new highs this latter scenario is obviously very unlikely, but worth being aware of as the index flirts with 1850.

--- 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