Skip to content
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
Price & Time: GBP/USD Mixed Signals

Price & Time: GBP/USD Mixed Signals

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • GBP/USD fails at key resistance, but cycles favor final push
  • USD/JPY nearing important upside pivot
  • AUD/USD fails near channel highs

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

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has moved modestly higher over the past few days
  • Our near-term trend bias is positive while above 118.40
  • A move through 120.85 is needed to signal the start of a more meaningful push higher
  • A very minor turn window is seen tomorrow
  • A close below 118.40 would turn us negative on USD/JPY

USD/JPY Strategy: Like holding only reduced longs above 118.40.

InstrumentSupport 2 Support 1SpotResistance 1Resistance 2
USD/JPY*118.40119.50119.75120.00*120.85

Price & Time Analysis: AUD/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • AUD/USD failed near the February channel highs last weeks in the .7910 area
  • Our near-term trend bias is negative while below .7910
  • A move below .7740/15 is needed to re-instill downside momentum in the exchange rate
  • A minor turn window is eyed tomorrow ahead of a more important window around the end of the week
  • A close over .7910 would turns us positive on the Aussie

AUD/USD Strategy: Like the short side while below .7910

InstrumentSupport 2 Support 1SpotResistance 1Resistance 2
AUD/USD*.7715.7740.7805.7845*.7910

Focus Chart of the Day: GBP/USD

GBP/USD failed last week almost precisely at the 1.5550 38% retracement of the September to January decline. This action warns that the exchange rate is attempting to resume the broader decline in place since July of last year. What makes the situation a little less clear is the timing aspect. The first part of next week has a nice convergence of short and longer-term cyclical relationships. Ideally we would like to see Cable make a new recovery high or come somewhat close into this key period before turning. However, the aggressive weakness from resistance last week makes us question whether we will see that. There is plenty of time and potential catalysts before next week’s “turn window” so we shall see. Traction under 1.5300/15 would probably be further evidence of an early downside resumption.

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