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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • What are the Market cycles? How are #currencies impacted in these cycles? How can these cycles impact #forextrading patterns? Find out here: https://t.co/ckr2fUOWqW https://t.co/g7iT8bpi7f
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/d3OFc4yGao #tradingstyle https://t.co/wQ1MAkOb0n
  • The UK population voted the Conservative government back in with a strong majority, giving PM Johnson the backing to push Brexit through. And Sterling (GBP) likes it. Get you $GBPUSD market update from @nickcawley1 here: https://t.co/tjCHWDxoWm https://t.co/Z7Vaadxy5r
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your $gld markets news from @IlyaSpivak here:https://t.co/4lHhHsby56 https://t.co/zF4EyLIRWM
  • Lessons from Bretton Woods are forgotten, the US-China #tradewar represents a true existential threat to the post-World War II international trade order, and in turn, the globalized economy that has grown out of the ashes of history. More from @CVecchioFX :https://t.co/paaBxX6Xt0 https://t.co/tcjkQnaBWl
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/bDXG2dV3wG
  • The US Dollar technical outlook against the Euro, British Pound, Australian Dollar and New Zealand Dollar are discussed. Large wicks left signs of indecision, will reversals follow? $EURUSD $GBPUSD $AUDUSD $NZDUSD - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/15/US-Dollar-Technical-Outlook-EURUSD-GBPUSD-AUDUSD-NZDUSD.html?CHID=9&QPID=917702 https://t.co/dpuIppxo3F
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out: https://t.co/y3cckNW22W https://t.co/vUQyVl6b0e
  • Growth linked currencies have gained as investors hope for progress on the trade front as well as stimulus from the Fed. The global economy however remains depressed and seems likely to remain so. Get your market update from @DavidCottleFX here: https://t.co/jt1HH9AHLM https://t.co/Yz65AMJYlm
  • RT @YuanTalks: #China temporarily suspend additional tariffs of either 10% or 5% on some #US goods scheduled to take effect on Dec 15, said…
Price & Time: The Coiled Spring

Price & Time: The Coiled Spring

2014-07-30 12:15:00
Kristian Kerr, Sr. Currency Strategist
Share:

Talking Points

Get real time volume on your charts for free. Click HERE

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

Price & Time: The Coiled Spring

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has fallen further this morning to test the 161.8% extension of the June/July advance at 1.3395
  • Our near-term trend bias is lower in the euro while below 1.3545
  • A daily close below 1.3395 area is needed to set off a more material move lower in the rate
  • A very minor cycle turn window is eyed today, but a more important one is expected around the middle of next week
  • A move over 1.3545 would turn us positive on the euro

EUR/USD Strategy: A low next week would not surprise. We like holding only a reduced short position while under 1.3545.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3320

*1.3395

1.3400

1.3455

*1.3545

Price & Time Analysis: USD/CAD

Price & Time: The Coiled Spring

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD touched its highest level in over a month on Wednesday
  • Our near-term trend bias is higher in Funds while over 1.0795
  • The measured move of the early July advance near 1.0880 is the next major upside attraction
  • A cycle turn window is eyed next week
  • A move under 1.0795 would turn us negative on USD/CAD

USD/CAD Strategy: Like the long side while over 1.0795.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/CAD

*1.0795

1.0825

1.0860

*1.0880

1.0905

Focus Chart of the Day: USD/JPY

Price & Time: The Coiled Spring

The spring is tightly coiled in USD/JPY heading into the key event risk of US GDP and the FOMC later today. For more than five months the exchange rate has been mired in a tight range above 100.75. Will the events later today be the catalyst(s) that prompt a break from this range or will they just lead to more disappointment and continuation of the range? It is very easy to get sucked into the hype surrounding such events. As such we try to tune out as much of it as possible and concentrate on price levels and reactions around them. On the topside key levels look to be 102.25/30 and then 102.85. A daily close over these levels (especially the latter) would be a strong signal that we are indeed getting a regime change and given the compression of the past few months a move higher could happen pretty fast. One potential problem to this scenario is that a lot of the Street seems to be expecting this break as evidenced by the steady rise over the past few days leading into it. A false break higher or the wrong data could force an aggressive unwind. This is not our favored scenario, but we need to be open to it. Under 101.05 would warn something more sinister is developing.

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

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.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

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

News & Analysis at your fingertips.