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.

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
EUR/USD
Bullish
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
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/lvIUu5FHoq
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/bpKdIqGxsn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/jmcAIW4w5k
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/M9isuvnzqF
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here: https://t.co/6Ct5R0H41F https://t.co/c4rXmMjMrv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/4dhCP5pnxM
  • Gold is facing the neckline of a Double Bottom Pattern after bouncing off a confirmed longer-term trendline. Is a bullish reversal in order? Get your market update from @FxWestwater here: https://t.co/kLXZewWBMd https://t.co/w1Nu0z569m
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/Gn41XsGktg
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/2AR1qgx0tz
  • The New Zealand Dollar is in a tricky spot. On one hand, rising stocks can propel NZD. On the other, a dovish RBNZ ahead could cool bond yields as the government tackles soaring housing costs. Get your market update from @ddubrovskyFX here: https://t.co/5rjm2gr3EL https://t.co/aLwhWHMPqz
Price & Time: Gold Slumps to 5-Year Low

Price & Time: Gold Slumps to 5-Year Low

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/JPY approaches key pivot area
  • GBP/USD stalls again at internal trendline
  • XAU/USD nearing “value” zone?

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: Gold Slumps to 5-Year Low

ChartPrepared by Kristian Kerr

  • USD/JPY continues to grind higher to trade at its highest level in almost a month
  • Our near-term trend bias is higher in the exchange rate while above 122.40
  • The mid-June high around 124.40 and the 78.6% retracement of June – July decline at 124.70 represent the next big hurdle for the exchange rate
  • A very minor turn window is eyed mid-week
  • A close under 122.40 would turn us negative again on USD/JPY

USD/JPY Strategy: Like the long side while over 122.40

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*122.40

123.20

124.25

*124.40

124.70

Price & Time Analysis: GBP/USD

Price & Time: Gold Slumps to 5-Year Low

ChartPrepared by Kristian Kerr

  • GBP/USD stalled last week at the internal trendline connecting the April/June lows
  • Our near-term trend bias is lower in Cable while below 1.5700
  • A move under 1.5485 is needed to re-instill some downside momentum into the exchange rate
  • A very minor turn window is eyed mid-week
  • A daily close over 1.5700 would turn us positive on the pound

GBP/USD Strategy: Like the short side while below 1.5700.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

*1.5485

1.5550

1.5570

*1.5700

1.5730

Focus Chart of the Day: GOLD (Weekly)

Price & Time: Gold Slumps to 5-Year Low

“Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited.”

– George Soros

XAU/USD fell to a 5-year low today. I have said it before and I will say it again. I view gold as a form of CDS against some of the unproven (and potentially dangerous) monetary experiments being conducted by the worlds central banks. With the S&P 500 just off all-time highs and the Federal Reserve supposedly contemplating a move to policy normalization (taper tantrum was almost two years ago now) it is not that surprising to see gold doing what is doing. The markets as a whole want to believe in the (perceived) omnipotence of central banks. But to be fair what other choice do they have? The smackdown in gold is clearly just a natural extension of the bullet proof central bank trade. If my Austrian view of the world is correct then this thinking should soon be proven false. Soon being relative (think quarters and years not days). Under $1000 an ounce XAU/USD starts to look attractive again, but arguably XAU/EUR and XAU/JPY are much more important instruments to watch.

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