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
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
Gold
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
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
Bitcoin
Bullish
More View more
Real Time News
  • US Dollar Price Forecast: USD/CHF Points Lower, AUD/USD Nears 11 Years Low More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2020/02/26/US-Dollar-Price-Forecast-USDCHF-Points-Lower-AUDUSD-Nears-11-Years-Low-MK.html?CHID=9&QPID=917714 https://t.co/YrHitrZQsN
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: 0.85% Silver: 0.54% Oil - US Crude: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FQkjdtvLnK
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.13% 🇪🇺EUR: 0.03% 🇨🇦CAD: -0.12% 🇳🇿NZD: -0.31% 🇦🇺AUD: -0.50% 🇬🇧GBP: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/leG989bwbs
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here: https://t.co/SIpslvhX0J https://t.co/2CzfSogTXb
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: -0.29% Wall Street: -0.49% France 40: -1.55% Germany 30: -2.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hPZB536FYs
  • First case of coronavirus in Latin America after Brazilian government confirmation $BRL
  • LIVE NOW! Currency Startegist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Housing data may be more heavily scrutinized in 2020 as softer global growth places more stress on the consumer to keep the American economy afloat. Get your market update from @ZabelinDimitri here: https://t.co/ms4EGbJ1WF https://t.co/sui80Dc5Pz
  • LIVE IN 30 MIN: Currency Startegist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/s57BFFNerk
GBP/USD Reverses from Major Market Level; Know these Levels Now

GBP/USD Reverses from Major Market Level; Know these Levels Now

2013-10-04 21:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:
  • USDJPY teeters, significant technical confluence next week.
  • GBPUSD weekly key reversal at major resistance
  • USDMXN possibly setting up for a huge move later this year

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

Jamie is the author of Sentiment in the Forex Market.

USD/JPY

Daily

British_Pound_Reverses_body_usdjpy.png, GBP/USD Reverses from Major Market Level; Know these Levels Now

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-USDJPY closed the week below the trendline that originates from the June low. It is possible that a 3 month triangle is complete. This is the working assumption as long as price is below 98.72.

-The decline from July would consist of 2 equal waves at 94.89. This level intersects channel support that originates at the July high AND the channel that originates from the March 2012 high on Wednesday!

-The channels are ‘Elliott’ channels. The short term downward sloping channel is a corrective channel. The long term upward sloping channel is an impulsive channel.

Trading Strategy: Picture is bearish below 98.72 but have to be aware of the mentioned channel confluence as a huge level at 95. What happens there likely determines the next big move (to either 90 or above the May high).

GBPUSD

Weekly

British_Pound_Reverses_body_gbpusd.png, GBP/USD Reverses from Major Market Level; Know these Levels Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The Jan 2nd close at 1.6252 nailed the high so far, which came in at 1.6259. Resistance this week was reinforced by a 4 year resistance line.

-A key reversal week (new high and close below prior close) unfolded this week.

-EURGBP (see last week) technicals are favorable for a more important top forming in GBPUSD.

Trading Strategy: Response of market to trendline and first day of year close (1.5952) bodes well for larger top. 9/24 low at 1.5954 and 21 day average at 1.5981 may inspire a pop…before another leg lower. Have 1.6140 in mind (‘no taper’ day close…huge volume that day) as level to get short. If things get ugly early next week (has to be early) then the uncovered close at 1.5876 (9/13) may come into play as support.

USD/MXN

Daily

British_Pound_Reverses_body_usdmxn.png, GBP/USD Reverses from Major Market Level; Know these Levels Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDMXN has been trading in a broad range since the June high. The pattern may take the form of a 3 point ascending triangle. Such patterns have the ability to produce intense bullish market moves.

-Thursday’s spike probably caps the advance for a bit. Levels to watch for support are the 50% and 61.8% retracements of the rally from the September low at 12.96 and 12.87.

EUR/NZD

Daily

British_Pound_Reverses_body_eurnzd.png, GBP/USD Reverses from Major Market Level; Know these Levels Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-An ending diagonal (wedge) formed from the March 2011 high to the August 2012 low. Diagonals are often fully retraced, therefore the objective is the origin of the diagonal at 1.9564.

-An inverse head(s) and shoulders may be forming since February 2012. The pattern is slightly upward sloping, making it especially (potentially) powerful (see a completed version on EURAUD below). Exceeding 1.7274 would complete the pattern. Incidentally, the measured objective would be just pips from the origin of the mentioned diagonal.

Trading Strategy: Near term picture isn’t there yet. Failed rally this week suggests that we allow for at least sideways trading if not a test of the September high.

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

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

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

DISCLOSURES

News & Analysis at your fingertips.