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
EUR/USD
Bullish
Oil - US Crude
Bullish
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
Gold
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/xqbUxwWgTZ
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/Gi8LHCT5sB
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/FFmRYyx4ou
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/r7aJb4qpqc
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/ERyiY47G5H https://t.co/fIGDaDW21V
  • ...even more incredible is net speculative futures positioning in $EURUSD, rounding off from a record net long position...and it hasn't even cleared 1.20... https://t.co/SfyYTMTT1x
  • Net speculative futures positioning in the Dollar (here overlaid with the $DXY) has pushed to extreme levels commensurate to the levels in Oct 2017 and April 2018 https://t.co/JqHGgVUCqc
  • The $SPX closed below the 50-day moving average Friday. The first time it has done so in 103 trading days. The 'technical' end of an exceptional run: https://t.co/HUn5Q6JmlK
  • Despite recent weakness in the #SP500, the growth-linked New Zealand Dollar has been gaining momentum ahead of the #RBNZ next week Could this trend continue, or will $NZDUSD capitulate to the mercy of risk trends? Check out my fundamental outlook - https://www.dailyfx.com/forex/fundamental/forecast/weekly/nzd/2020/09/19/New-Zealand-Dollar-Outlook-NZDUSD-May-Rise-on-RBNZ-Watch-SP-500.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/34vcR4fjpT
  • RT @FxWestwater: #Copper rose to a fresh multi-year high as Chinese demand and supply-side issues continue to support price action amid a l…
Looking for an Early Week US Dollar Low to Execute Trades

Looking for an Early Week US Dollar Low to Execute Trades

2013-06-14 20:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Trade setups are coming into focus. Look for an early week USDJPY low (final washout?) as well as turns in the EURUSD and GBPUSD. The USDCHF may have already formed an important low. There is a compelling setup in the EURAUD as well.

USDJPY

Daily

Looking_for_an_Early_Week_US_Dollar_Low_to_Execute_Trades_body_usdjpy.png, Looking for an Early Week US Dollar Low to Execute Trades

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDJPY has declined for 4 consecutive weeks. In fact, 4 week rate of change (see next chart) can be considered extreme at these levels. In the last 10 years, 4 week rate of change has only been lower just once; the week that ended 10/24/2008. Slightly less extreme RoC figures were registered in May 2006 and March 2008. A final washout into slightly lower levels would be ideal. Specific levels to keep an eye on are 92.55 and 91.96. Watch the downward sloping corrective channel as well (blue). On the upside, 96.95 is a significant level (big volume close) as is 97.52 (4/5 and 6/7 closes…both were followed by gaps higher). Friday’s DailyFX PLUS webinar provides additional detail.

FOREX Trading Strategy: Looking for an early week low.

USDJPY

Weekly

Looking_for_an_Early_Week_US_Dollar_Low_to_Execute_Trades_body_usdjpy_1.png, Looking for an Early Week US Dollar Low to Execute Trades

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

USDCHF

Weekly

Looking_for_an_Early_Week_US_Dollar_Low_to_Execute_Trades_body_usdchf.png, Looking for an Early Week US Dollar Low to Execute Trades

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDCHF rallied for 22 weeks off of the 2011 low (8/12/11 to 1/13/12) and has traded sideways for the last 73 weeks. Consolidation has lasted 3.3 times (73/22) longer than the previous trend. This week’s low was registered at the trendline that extends off of the October 2011 and 2013 lows and just 8 pips below the open for the year.

FOREXTrading Strategy: Long while above .9110

EURUSD

Daily

Looking_for_an_Early_Week_US_Dollar_Low_to_Execute_Trades_body_eurusd.png, Looking for an Early Week US Dollar Low to Execute Trades

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Decent selling pressure during the European session on Wednesday and Thursday may have been the ‘false start’ lower that are common at tops. There are levels just overhead that could produce a sharp reversal…the 2/7 close at 1.3396, 2/20 high at 1.3433, and the trendline that extends off of the 2011 and 2013 highs (a little over 1.3450 for the rest of the week).” One more high into 1.3400/50 may well finish the sequence from mid-May.

FOREXTrading Strategy: Expecting a top …watch with USDCHF. A new high in EURUSD that is not confirmed by a new USDCHF low would be a ‘tell.’

GBPUSD

Daily

Looking_for_an_Early_Week_US_Dollar_Low_to_Execute_Trades_body_gbpusd.png, Looking for an Early Week US Dollar Low to Execute Trades

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The rally from the March low would consist of 2 equal legs at 1.5783. Don’t lose sight of the big picture. A year triangle was broken to the downside in February and price has returned to the breakout point. In fact, the line that connects the 2009 and 2012 lows (in red on chart) is just above 1.5783 on Friday. The 61.8% retracement of the decline from the January high is 1.5788 and the November 2012 low is 1.5822.

FOREXTrading Strategy: Same as EURUSD…can’t say we’ve topped yet but closing in on one.

EURAUD

Daily

Looking_for_an_Early_Week_US_Dollar_Low_to_Execute_Trades_body_euraud.png, Looking for an Early Week US Dollar Low to Execute Trades

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The EURAUD has met the objective derived from the early year 1.3190-1.2220 range (add the width of the range to the breakout price of 1.3190 in order to achieve 1.4159). Action this week is consistent with a top. A gap higher Monday was followed by an outside day on Thursday. The weekly reversal also occurred slightly below the August 2011 high (1.4261) and right at the 2011 weekly closing high (1.4233). The top of former congestion at 1.3591 is of interest on the downside.

FOREXTrading Strategy: Expecting a deeper AUDUSD pullback anyway so don’t be surprised to see strength into 1.4100. Will short 1.4100 if reached.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow him on Twitter @JamieSaettele

Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES