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
  • Shadow MPC as hawkish as ever - They have been calling for the BoE to end QE early since June - Often a big difference in what people think a central bank should do and will do https://t.co/RAakSI8gI6
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/XfrcQXJu0Z
  • IFO lowers German 2021 GDP growth forecast to 2.5% from 3.3% - Raises 2022 forecast to 5.1% from 4.3%
  • 🇿🇦 Inflation Rate YoY (AUG) Actual: 4.9% Expected: 4.8% Previous: 4.6% https://www.dailyfx.com/economic-calendar#2021-09-22
  • 🇹🇼 Unemployment Rate (AUG) Actual: 4.08% Previous: 4.36% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇹🇼 Unemployment Rate (AUG) due at 08:00 GMT (15min) Previous: 4.36% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇿🇦 Inflation Rate YoY (AUG) due at 08:00 GMT (15min) Expected: 4.8% Previous: 4.6% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:💶 ECB Non-Monetary Policy Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-22
  • ECB's Muller - ECB to discuss raising regular QE when PEPP ends $EUR
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCZ9dzS https://t.co/PcCwPMAcBv
Price & Time: USD/JPY Flirting With Danger

Price & Time: USD/JPY Flirting With Danger

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/JPY tests key downside pivot
  • EUR/USD overcomes important resistance barrier
  • Gold closing in on big retracement

New to Currency Trading? Learn More HERE

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

PT_APR_10_body_Picture_3.png, Price & Time: USD/JPY Flirting With Danger

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD overcame last week’s 1.3820 high yesterday
  • Our near-term trend bias is now positive on the Euro
  • The 78.6% retracement of March/April range at 1.3900 is the next key upside pivot
  • A minor cycle turn window is eyed on Friday
  • A move under 1.3745 is needed to re-focus lower

EUR/USD Strategy: Square for now, looking to buy on weakness in the days ahead.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3745

1.3820

1.3865

*1.3900

1.3940

Price & Time Analysis: GOLD

PT_APR_10_body_Picture_2.png, Price & Time: USD/JPY Flirting With Danger

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD has moved steadily higher since finding support last week just under the 50% retracement of the December/March advance at 1285
  • Our near-term trend bias is lower in the metal while below 1335
  • Interim support is seen around 1300, but weakness under 1285 is required to signal a resumption of the medium-term downtrend
  • This week is an important cycle turn window
  • A daily close over 1335 will turn us positive on Gold

XAU/USD Strategy: Reduced short positions favored while below 1335.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1285

1300

1322

*1335

1349

Focus Chart of the Day: USD/JPY

PT_APR_10_body_Picture_1.png, Price & Time: USD/JPY Flirting With Danger

USD/JPY has come under steady pressure since failing at the top end of a rising trend channel near 104.00 last week. The exchange rate is now closing in on key support at 101.35, which is the 4th square root relationship of the year’s high. This level has proven to be formidable over the past couple of months as the exchange rate has only settled below it once since early February. Our big concern is that the failure around the start of the year at the long-term Fibonacci confluence in the 105.50 area was just the start of a more important and complex corrective process. Weakness below 101.35 and 100.75 in the days would be a very strong sign that a new leg lower of this process is unfolding. A minor cycle turn window is seen today, but the next truly important cyclical period looks to be the second half of NEXT week. A high during this time would be a very negative development. Only strength back over 103.35 relieves the immediate downside pressure.

To receive Kristian’s analysis directly via email, please SIGN UP HERE.

--- 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