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
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Oil - US Crude: -0.12% Gold: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7UGWflcF7Y
  • - #NZDCHF outlook bearish as the pair struggles to surmount key resistance range - #NZDCAD trading at 13-month highs, but are technical cues hinting at a pullback? - #AUDNZD is again retreating from five-year resistance – how much will it decline? https://www.dailyfx.com/forex/market_alert/2020/07/08/New-Zealand-Dollar-Analysis-NZDCHF-NZDCAD-AUDNZD.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇪🇺EUR: 0.00% 🇨🇦CAD: 0.00% 🇨🇭CHF: -0.04% 🇦🇺AUD: -0.10% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lTYr3UzRhP
  • RT @DanielGMoss: A ‘second wave’ of #COVID19 cases threatens to hamper #Australia's tentative recovery Uncertainty around the future of fi…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.26%, while traders in NZD/USD are at opposite extremes with 72.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ksJ0N2pq6W
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/F8sLZvRG1q
  • If you missed today's session on IG Client Sentiment where I discussed the outlook for the #DowJones, $AUDUSD and $USDCAD while discussing fundamentals and technicals, check out the recording below and stay tuned for a full report! - https://t.co/2wVxhtItzX
  • Wall Street Futures Update: Dow Jones (+0.213%) S&P 500 (+0.175%) Nasdaq Composite (+0.242%) [delayed] -BBG
  • RT @margaretyjy: Watch my Bloomberg TV interview at 9:00AM Singapore time. Coming in soon! https://t.co/Z6u6offept
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/jw5uvZBvRx
British Pound and Japanese Yen Highlight Current Trading Ideas

British Pound and Japanese Yen Highlight Current Trading Ideas

2013-08-09 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

The USDOLLAR took a hit this week, trading to its lowest level since 6/19 (FOMC). Aside from the psychological and volume impact that the 6/19 close has on the market, the level is defined by a line that extends off of the December 2012 and June 2013 lows.

Continue to monitor the US equity and Treasury markets. Last week’s report covered what may be going on in those markets. Moves in stocks/bonds this week were nothing to write about (not yet at least)…so I won’t! Focus this week is on the US Dollar, specifically GBPUSD and USDJPY. Additional short term trading levels and ideas were covered in Friday’s DailyFX PLUS Webinar (archived under JamieTrading08092013).

USDOLLAR

Daily

British_Pound_and_Japanese_Yen_Highlight_Current_Trading_Ideas_body_usdollar.png, British Pound and Japanese Yen Highlight Current Trading Ideas

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

The USDOLLAR declined for a 6th consecutive day and continues to trade at the line that extends off of the December 2012 and June 2013 lows. The most recent 6 day decline (consecutive) was over 2 years ago (a 7 day decline ended on 12/31/2010). In other words, we haven’t seen a market like this since the 2011 low. Failure to hold nearby levels opens up a run on the March and April highs at 10577/86 (circled above).

GBPUSD

Weekly

British_Pound_and_Japanese_Yen_Highlight_Current_Trading_Ideas_body_gbpusd.png, British Pound and Japanese Yen Highlight Current Trading Ideas

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: The recent move doesn’t do anything to change the long term implications from the 4 year triangle break that occurred in February. The line that extends off of the January and June highs is at the market. If price were to trade through the June high (1.5750), then the line that extends off of the 2007 and 2013 highs would come into play near 1.5800. 1.5600 (May top and large volume area from 6/6 close) is a big level and is reinforced by parallel channel resistance over the next several days. Parallel channels have worked well in estimating support resistance at multiple degrees of trend in recent years.

FOREX Trading Strategy: Inside day today at resistance (1.5550-1.5600) is a top warning. A reversal from 1.5600 would be something worth investigating for a position.

GBPUSD

Daily

British_Pound_and_Japanese_Yen_Highlight_Current_Trading_Ideas_body_gbpusd_1.png, British Pound and Japanese Yen Highlight Current Trading Ideas

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

USDJPY

Daily

British_Pound_and_Japanese_Yen_Highlight_Current_Trading_Ideas_body_usdjpy.png, British Pound and Japanese Yen Highlight Current Trading Ideas

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: The USDJPY found support at the 6/14-6/18 resistance area this week and formed a small range key reversal on Thursday. 95.35 (78.6% of rally from June low, 61.8% extension of decline from the top when extended from the July top and close of the low day in June) remains a potentially significant support price if reached. If trading USDJPY, it helps to have a sense for Nikkei support/resistance. Nikkei 12700-12850 is an area to watch for near term support.

FOREX Trading Strategy: Will examine the short term picture as it develops next week but looking for a low.

USDZAR

Daily

British_Pound_and_Japanese_Yen_Highlight_Current_Trading_Ideas_body_usdzar.png, British Pound and Japanese Yen Highlight Current Trading Ideas

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: “USDZAR has pulled back slowly over the last 6 weeks to test a former upward sloping resistance line. A large range key reversal unfolded on Wednesday after price dipped just under the line. The market response is promising. The daily RSI dip below 40 is characteristic of a market attempting to bottom within a larger bull trend.”

FOREX Trading Strategy: Price spiked below 9.78 today before reversing. A higher low may be in place.

--- 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

News & Analysis at your fingertips.