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
Wall Street
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
More View more
Real Time News
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link: https://t.co/wWFnbAwIDO https://t.co/6G…
  • US Dollar Price Action Setups Pre-FOMC: EUR/USD, GBP/USD, USD/CAD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/09/17/US-Dollar-Price-Action-Setups-pre-FOMC-EURUSD-EUR-USD-GBP-USD-GBPUSD-USD-CAD-USDCAD.html https://t.co/J25MYsXCa9
  • The US Dollar is pushing up to a fresh September high after the release of University of Michigan Consumer Sentiment data. Get your $USD market update from @JStanleyFX here:https://t.co/2CDNZh2a89 https://t.co/bULXuCaHKk
  • I have this $SPX chart taking over one of my whole screens, and I just keep staring at that 50-day moving average... https://t.co/R9LQAuL2DL
  • RT @TheStalwart: Nice chart, which shows why countries in green on the perimeter, like Iran, Peru, and Turkey are known for their stability…
  • Selling pressure strengthening in Wall Street two hours before the close. S&P 500 down roughly 1% intraday, the largest decline since August 18th #trading $SPX $SPY
  • One of the strongest correlation with Bitcoin at the moment is the US 10-Year Treasury yield https://t.co/uZBzJ7yiXf
Price & Time: Multi-Month Reversal Tiggered in Gold

Price & Time: Multi-Month Reversal Tiggered in Gold

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD rebounds from 9-year lows
  • S&P 500 loses upside momentum
  • Gold triggers inverse H&S pattern

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: Multi-Month Reversal Tiggered in Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded to a new 9-year low last week before entering into consolidation mode over the past few days
  • Our near-term trend bias remains lower in the euro while below 1.1880
  • The 1.1750 area remains a key near-term pivot with weakness below needed to trigger the next leg lower in the exchange rate
  • A medium-term turn window is seen today/tomorrow
  • A close over 1.1880 would turn us positive on EUR/USD

EUR/USD Strategy: Like the short side while below 1.1880.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.1750

1.1780

1.1805

*1.1880

1.1995

Price & Time Analysis: S&P 500

Price & Time: Multi-Month Reversal Tiggered in Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • S&P 500 stalled last week just below the 78.6% retracement of the late December – early January decline at 2070
  • Our near-term trend bias is higher in the index while above 2000
  • Traction over 2070 is needed to confirm a resumption of the broader trend
  • A minor turn window is seen today and later this week
  • A close under 2000 would turn us negative on the S&P 500

S&P 500 Strategy: Like the long side while above 2000.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

S&P 500

*2000

2022

2035

2047

*2070

Focus Chart of the Day: GOLD

Price & Time: Multi-Month Reversal Tiggered in Gold

XAU/USD has broken above a slew of key resistance levels over the past 24 hours including the 1x1 Gann angle line from the 2012 high, a trendline connecting the October and December highs and the December high itself. The trendline break is perhaps the most significant as it could also be interpreted as the neckline of a multi-month inverse head & shoulders pattern which sets the stage for a period of greater strength in the metal. From a currency trading perspective we can’t help but wonder if this strength in Gold is an early warning sign for the USD in general and suggestive of a looming counter-trend move? So far our fears on the extended nature of the dollar trend have been unfounded, but the conditions for a decent correction remain firmly in place. As for XAU, a Gann level at 1244 is the next big pivot on the upside with traction above needed to prompt another important push higher. Weakness under 1205 would cause concern, but only weakness under 1166 would turn the technical picture outright negative again.

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