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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • 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/MYWlQphqtb
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/paOy1oQmn3
  • US indices have a packed week ahead with earnings from the major technology names, US GDP data due and an FOMC rate decision. With so much on the docket the potential for volatility is heightened. Get your stock market forecast from @PeterHanksFX here: https://t.co/CH4WoStHvu
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/otJwnuR7qe
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
EURUSD Rare Technical Event Unfolds; Big Move Coming?

EURUSD Rare Technical Event Unfolds; Big Move Coming?

Jamie Saettele, CMT, Sr. Technical Strategist
  • EURUSD alternates up and down weeks for last 9 weeks
  • USDJPY ends the week at long term trendline
  • USDCAD trades into support

--Friday’s DailyFX Plus webinar (video is titled Jamie’s Webinar 02-7-2014).

--Subscribe to Jamie Saettele's distribution list in order to receive a free report to your inbox once a day.

--Trading specifics are availabletoJ.S. Trade Desk members.

EUR/USD

Weekly

EURUSD_Rare_Technical_Event_Unfolds_Big_Move_Coming_body_Picture_7.png, EURUSD Rare Technical Event Unfolds; Big Move Coming?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD remains capped by the trendline that connects the 2008 and 2011 highs. The break below the trendline that extends off of the September and November lows increases the probability that the late December high is significant.

-The late December failure also raises the possibility of a double top with the October and December highs. The pattern would trigger below 1.3294 and yield a 1.2757 objective. This level is in in line with the 2013 low.

-The rate ends the week just below resistance from the line that extends off of the 12/27 and 1/24 highs. 1.3527 is possible support.

GBP/USD

Weekly

EURUSD_Rare_Technical_Event_Unfolds_Big_Move_Coming_body_Picture_6.png, EURUSD Rare Technical Event Unfolds; Big Move Coming?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-After trading to its highest level since April 2011 last week, GBPUSD carved a large outside day reversal. This is the kind of action that could lead to a larger top. Weakness below the line that extends off of the 2009 and 2011 highs and specifically 1.6308 would suggest as much.

-At the same time, GBPUSD found support this week from former resistance levels; specifically the October high and top side of the line that extends off of the 2009 and 2011 highs. Key support and resistance next week are 1.6308 and 1.6495.

AUD/USD

Weekly

EURUSD_Rare_Technical_Event_Unfolds_Big_Move_Coming_body_Picture_5.png, EURUSD Rare Technical Event Unfolds; Big Move Coming?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The next major target in AUDUSD is .7937. This target is determined by the .8847-.9757 range (.8847 – (.9757-.8847). Interestingly, the 50% retracement of the decline from the 2001 low registers at .7927. ‘Chartwise’, the 2010 low is at .8067. Significant demand may not exist until this zone.

-The rate carved a doji on Friday after trading into the 12/6 low of .8989. The 1/3 high at .9004 is possible resistance along with the line that extends off of the December and January highs. Failure to stay below .9085 would open up .9167-.9267.

-If the trend has turned higher then expect .8870 to hold as support next week.

NZD/USD

Weekly

EURUSD_Rare_Technical_Event_Unfolds_Big_Move_Coming_body_Picture_4.png, EURUSD Rare Technical Event Unfolds; Big Move Coming?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-So much for the break below .8100. NZDUSD took back all of last week’s drop (mostly on Tuesday) this week. Price is back in the middle of the range…within the larger range.

-.8335/77 is possible resistance. I’d expect support at .8237.

USD/JPY

Weekly

EURUSD_Rare_Technical_Event_Unfolds_Big_Move_Coming_body_Picture_3.png, EURUSD Rare Technical Event Unfolds; Big Move Coming?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“USDJPY is respecting the gap from October 2008 at 105.30. This level and the outside day seen on January 2nd should at least warn of a pause in the uptrend.”

-USDJPY finishes the week right at the trendline that connects the lows from November 2012 and October 2013. The decline from the top is a wedge, so a return to 103.85 or even 104.80 could be in store sometime this month. Near term, price ends the week at resistance (102.24/50). I’d expect support at 101.63/77.

-Longer term, there is an Elliott case to be made for a return to the 4thwave of one less degree. The range spans 93.78 to 96.55.

USD/CAD

Weekly

EURUSD_Rare_Technical_Event_Unfolds_Big_Move_Coming_body_Picture_2.png, EURUSD Rare Technical Event Unfolds; Big Move Coming?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Measured objectives from the breakout above the 2011 high range from 1.1680 to 1.1910. The Jul 2009 high rests in this zone at 1.1724 and the 2007 high is near the top of the zone at 1.1875.

-From an Elliott perspective, it’s possible that the rally from the 2012 low composes a ‘3rd of a 3rd (or C)’ wave from the 2007 low.

-The close above the line that extends off of the 2002 and 2009 highs as well as the close above corrective channel resistance add credence to the 3rd of a 3rd wave position.

-USDCAD is at support now.

USD/CHF

Weekly

EURUSD_Rare_Technical_Event_Unfolds_Big_Move_Coming_body_Picture_1.png, EURUSD Rare Technical Event Unfolds; Big Move Coming?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDCHF may have completed a corrective decline from the 2012 high in late December. The decline is in 3 waves, channels in a corrective manner (connect the origin of waves A and C and project a parallel from the terminus of wave A to project the terminus of wave C), and consists of 2 equal waves (would be exactly equal at .8888…the lowest weekly close was actually .8885).

-The break above the trendline that originates at the July high adds credence to a larger trend change but the rate remains capped by the June and August lows. Important levels in the near term include .8940 and .9100.

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

DISCLOSURES