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
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 66.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ElMUYZ7p9R
  • The rest of the New York trading session is absent major scheduled event risk with US markets closed for the Martin Luther King Jr holiday. There is always a risk of unscheduled developments
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.50% Gold: 0.41% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eXSdZgvVeB
  • Despite China's better-than-expected 6.5% 4Q GDP report, $USDCNH is still up on the day. There is strong external influence on this rate, but Dollar still exerts the greater pressure. If it breaks 6.50 and Biden keeps pressure on China trade, I'll be watching https://t.co/5W5tcfeTZ5
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.02% 🇨🇦CAD: -0.16% 🇦🇺AUD: -0.25% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BrmnTuolx0
  • The Capitol of the United States has been temporarily shut down ahead of President-Elect Biden's inauguration out of caution
  • Another Dollar pair on my radar is $USDCHF. Its 20-day day correlation coefficient to EURUSD is -0.90 (very strong negative). If the latter's break is sustained, both have appeal. If it stalls (soon), USDCHF is still abiding its resistance which supports establishing levels https://t.co/Pcre3xCbYd
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.13% France 40: 0.11% Germany 30: 0.09% Wall Street: 0.07% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZXdpvpEJJ3
  • Germany's central bank (Bundesbank) warned earlier today in its monthly report that if the government extended its Covid lockdown, the country could suffer "a sizeable setback"
  • The US Dollar Index rallied more than 0.6% this week marking the second consecutive weekly advance. Get your $USD update from @MBForex here: https://t.co/hVshzMbc31 https://t.co/LG0HG9fQ4c
USDCAD Bull Trend Resumption Opportunity

USDCAD Bull Trend Resumption Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

--Friday’s DailyFX Plus webinar (video is titled Jamie’s Trading Webinar 04-11-2014).

--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

USDCAD-Bigger-Bull-Trend-Resumption-Opportunity_body_Picture_7.png, USDCAD Bull Trend Resumption Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD was never able to drop under 1.3642, finding low after NFP at 1.3672. Momentum wise, I am looking for a top. RSI at each top since December has been below 70. This weak momentum profile is not suggestive of a strong bull.

-1.3909 is possible resistance before the high. If the rate does trade to a new high, then a drop back into the range would be required in order to create a tradable high. It’s worth mentioning that important tops have formed in April/May in recent years.

GBP/USD

Monthly

USDCAD-Bigger-Bull-Trend-Resumption-Opportunity_body_Picture_6.png, USDCAD Bull Trend Resumption Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-GBPUSD upside pressures remain intact. The line that extends off of the October and 1/2 highs crosses through the middle of the 2/17 high, which was tested this week. The line that extends off of the November and February lows pinpointed the 3/24 low. A break of the support line would suggest that February’s outside month was exhaustive.

-The momentum profile described regarding EURUSD applies to GBPUSD too. In fact, daily RSI hasn’t been above 70 since the October top. Don’t forget about extreme COT readings.

AUD/USD

Weekly

USDCAD-Bigger-Bull-Trend-Resumption-Opportunity_body_Picture_5.png, USDCAD Bull Trend Resumption Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“AUDUSD has broken out. The head and shoulders measured target is .9500/11 but there a good deal of levels before then that could inspire a reaction. The levels in question are .9320s (see June-July levels) and .9386-.9405 (2009 high / 2011 low).” AUDUSD closed above .9405 on Thursday before pulling back on Friday. This is a great place for a sharp pullback.

-Short term structure allows for another high but this is a great place for a pullback into at least the .9260s.

NZD/USD

Monthly

USDCAD-Bigger-Bull-Trend-Resumption-Opportunity_body_Picture_4.png, USDCAD Bull Trend Resumption Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-NZDUSD retraced last week’s outside week reversal and pulled back to end the week near the 2013 high.

-Don’t forget about the line that extends off of the 1996 and 2007 highs. That line crosses through the 2008, 2011, and highs as well. We are there now. In 2011 (record free float high), the rate surged through the line in late July before topping on August 1st.

USD/JPY

Monthly

USDCAD-Bigger-Bull-Trend-Resumption-Opportunity_body_Picture_3.png, USDCAD Bull Trend Resumption Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDJPY is trading on support from the line that extends off of the February and 3/14 lows. The rally from the February low channels in a corrective manner and makes 104.12 important from a bigger picture bearish perspective.

-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. Of course, the path to get to that level is far from clear. Respect breakdown potential as long as price is below 102.50.

USD/CAD

Monthly

USDCAD-Bigger-Bull-Trend-Resumption-Opportunity_body_Picture_2.png, USDCAD Bull Trend Resumption Opportunity

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.

-Action since the January high may compose a flat. The low at 1.0857 is in line with major inflection points on recent years as well as the 1/13 low (1.0842).

USD/CHF

Weekly

USDCAD-Bigger-Bull-Trend-Resumption-Opportunity_body_Picture_1.png, USDCAD Bull Trend Resumption Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The same momentum considerations that apply to EURUSD apply to USDCHF (the March price low occurred with RSI above 30).

-Patter wise, the decline from the 2012 high ‘fits’ well as a 3 wave correction with wave C as an ending diagonal. When (if) this market turns is up in the air. In the event of new lows, watch .8566-.8640. Above .8844 begins to turn things constructive again.

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

DISCLOSURES