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
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
Oil - US Crude
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
Wall Street
Bearish
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Is there clarity on time of day? There is a material change in the risk around the event whether it is pre-NY open (gap and steady), during NY trade (volatility and steady) or after hours (let fear/greed build over the weekend for a Monday charge) https://t.co/wUSO6d44ns
  • Trump says press conference on China will be held Friday - BBG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/joAVurkmJP
  • US Treasury Yields: 2-Year: 0.174% 3-Year: 0.220% 5-Year: 0.346% 7-Year: 0.537% 10-Year: 0.705% 30-Year: 1.474% $TNX
  • White House Economic Advisor Hassett says some workers going back to their jobs is building confidence $DXY $SPX
  • Gold Price Outlook: XAU Overbought as Cycles Drive the Bullish Trend https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/05/28/Gold-Price-Outlook-XAU-Overbought-as-Cycles-Drive-the-Bullish-JS-Trend.html $Gold https://t.co/ntbvPQTHF9
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.34% Gold: 0.26% Oil - US Crude: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yvJX18QY14
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in US 500 are at opposite extremes with 74.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/l7878VS4m7
  • As long as this moves forward, the verbal (Twitter) threats of action between the US and China will garner less and less actual market movement https://t.co/pvGOJuAG4N
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.99% Wall Street: 0.76% FTSE 100: 0.08% France 40: -0.03% Germany 30: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/f3oAYUPoEj
Price & Time: High Volume Liquidation in USD/CAD

Price & Time: High Volume Liquidation in USD/CAD

2015-04-16 12:30:00
Kristian Kerr, Sr. Currency Strategist
Share:

Talking Points

  • USD/JPY flirting with important downside pivots
  • GBP/USD near key Fib zone
  • USD/CAD breaks multi-week range

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: High Volume Liquidation in USD/CAD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has come under steady pressure since failing near the 61.8% retracement of the March range at the start of the week
  • Our near-term trend bias is lower while below 120.90
  • Gann levels at 118.70 and 118.40 look critical and a move below them is needed to spark a more serious decline
  • A minor turn window is eyed today/tomorrow
  • Only a move through 120.90 would turn us positive on the exchange rate

USD/JPY Strategy: Like the short side while under 120.90.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*118.40

118.70

119.10

119.50

*120.90

Price & Time Analysis: GBP/USD

Price & Time: High Volume Liquidation in USD/CAD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD has traded steadily higher since finding support earlier this week at the 261.8% extension of the January/February advance
  • Our near-term trend bias is now higher in Cable
  • The 38% retracement of the February/April decline at 1.4940 looks to be a key pivot with traction above needed to spark a more important leg higher
  • A very minor turn window is eyed tomorrow
  • A daily close under 1.4680 would turn us negative on the pound

GBP/USD Strategy: Looking to buy on weakness.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

*1.4680

1.4800

1.4915

*1.4940

1.5050

Focus Chart of the Day: USD/CAD

Price & Time: High Volume Liquidation in USD/CAD

We have been suspicious of the action in USD/CAD since the dramatic reversal on the FOMC decision last month. It was one of the widest daily ranges in years on some of the highest volume in years. A textbook sign of exhaustion – especially after just eeking out a new high. Our fears were realized yesterday as the February lows were breached leading to another high volume liquidation. We can only assume that this decline has more to run given the clear potential overhang of “stale longs” after several weeks of range trade. Another interpretation of the price action is that a head & shoulders pattern has been triggered on the move through 1.2450. If this is the case, it could open the way for a move to 1.2000. We shall see. It is USD/CAD after all and a curve ball or two is the rule not the exception. Immediate resistance is seen at 1.2350 and 1.2450, but only a move over 1.2665 would turn the technical outlook positive.

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

News & Analysis at your fingertips.