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: Key Week For The Euro In More Ways Than One

Price & Time: Key Week For The Euro In More Ways Than One

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Critical timing relationship coming up in EUR/USD
  • USD/JPY rebounds off key support
  • GBP/USD probes key retracement level

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

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Price & Time: Key Week For The Euro In More Ways Than One

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY bounced sharply on Friday after breaking key support at 116.35
  • A near-term trend bias is negative on the rate while below 118.00
  • A close back under 116.35 is needed to signal a downside resumption
  • The next minor turn window is eyed around the end of the week
  • A close above 118.00 will turn us positive on USD/JPY

USD/JPY Strategy: Like the short side while below 118.00.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*116.35

116.95

117.30

117.75

*118.00

Price & Time Analysis: GBP/USD

Price & Time: Key Week For The Euro In More Ways Than One

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD retested the 88.6% retracement of the 2013/2014 advance at 1.5080 on Friday
  • A near-term trend bias is negative on the rate while below 1.5280
  • A close below 1.5080 is needed to signal the start of a more important push lower
  • A very minor turn window is eyed today
  • A close above 1.5280 will turn us positive on Cable

GBP/USD Strategy: Like the short side while below 1.5280.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

1.5030

*1.5080

1.5155

1.5185

*1.5280

Focus Chart of the Day: EUR/USD

Price & Time: Key Week For The Euro In More Ways Than One

Whenever fundamental catalysts coincide with cyclical timing relationships it usually is a strong sign that something meaningful is about to happen in a market. On Thursday of this week we have the much anticipated ECB decision where some form of quantitative easing/extraordinary policy is expected to be announced. A mere three days later we have the Greek elections and the strong possibility that an anti-Eurozone political party will gain control of parliament. Right in between these two events we have an important cyclical relationship in EUR/USD as it will be exactly 8.6 months from the 2014 high which was sparked on the day of the ECB meeting in May. As regular readers know, the 8.6 month frequency is one of the more important and reliable cyclical relationships we follow. Heading into 8.6 month turn windows we usually look for strong trends to reverse in some manner. In this case, the euro is clearly trending and perhaps dangerously so as sentiment and positioning measures remain right near historical extremes. If we are going to get a counter-trend move of any significance in EUR/USD that washes out some of the excess speculation then we would expect it to materialize sometime around this key window (Friday to Tuesday).

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