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
More View more
Real Time News
  • The US Dollar slipped last week after the Federal Reserve calmed taper timeline talks. Friday’s non-farm payrolls figure may rekindle upside USD bets if it impressive. Get your weekly USD forecast from @FxWestwater here: https://t.co/4KDanAA0Q1 https://t.co/ZZWpIZlZBo
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/J0F9xIw2I0
  • The Nasdaq 100 and Russell 2000 find themselves with significantly different technical formations but traders may find cause for optimism in both indices. Get your weekly equities technical forecast from @PeterHanksFX here: https://t.co/22fvav620W https://t.co/ajXEhMQhUp
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wRwHXFbbBW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/ZWwGB8J6I7
  • Ethereum is starting to outperform Bitcoin again ahead of ETH’s latest upgrade, while Binance continues to pare back business areas amid ongoing regulatory pressure. Get your crypto forecast from @nickcawley1 here: https://t.co/ul4TIfI9bv https://t.co/Ht5Mr0uu91
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/m06h4hjwVP
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/LcfxFxFrTY
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/UgYlEILK5n
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/BXp2z6E0Kl
GBP/USD - No Material Support Until below April Low

GBP/USD - No Material Support Until below April Low

Jamie Saettele, CMT, Sr. Technical Strategist
  • EUR/USD breaks summer lows
  • USD/JPY faces important median line
  • USD/CHF major breakout

--Subscribe to Jamie Saettele's distribution list in order to receive a free report to your inbox several times a week.

--For more analysis and trade setups (including current positions and the ‘watchlist’), visit SB Trade Desk

EUR/USD

Monthly

GBP/USD - No Material Support Until below April Low

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-For months, FX Technical Weekly has been steadfast in that “support is estimated in the mid-1.0800s. Resistance is estimated in the mid-1.1400s (May and June high are 1.1435/65). A break on either side would indicate potential for a larger move.” EURUSD cracked the summer lows today thus downside potential may be realized towards parity (parallel with line from 1995-2008 highs).

GBP/USD

Weekly

GBP/USD - No Material Support Until below April Low

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-In line with the broader trend, 9 months of sideways trade in GBP/USD has resolved to the downside. Focus is on the lower parallel supports that cross lows over the last several years. In other words, focus is on a new low (below the April low). A break of the downward sloping lower parallels could set off a crash towards the 2009 low.

AUD/USD

Weekly

GBP/USD - No Material Support Until below April Low

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-Last week, FXTW mentioned the “long term median line (albeit downward sloping)” and that “countertrend advances have materialized off of this line time and time again so respect potential for something other than another breakdown.” Friday’s move broke a channel on the daily, which negates anything constructive. A level of interest in the event of a new low is .6741 (1999 high). The range expansion objective from a break would be .6433.

NZD/USD

Weekly

GBP/USD - No Material Support Until below April Low

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-NZD/USD is wedged between a long term resistance line (was support in January) and an even longer term support line. If this long term support gives way, then focus would shift to .5673 (combination of the next parallel and the 1999 high).

USD/JPY

Weekly

GBP/USD - No Material Support Until below April Low

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-Friday’s move produced a break above an important horizontal level in 121.85. Immediate focus is on the long term upward sloping median line. This line has been support and resistance in the past. The late 2014 (BoJ on Halloween) advance commenced upon a break above this line as well. Point is, the line is a useful reference point…so pay attention!

USD/CAD

Weekly

GBP/USD - No Material Support Until below April Low

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-FXTW wrote previously that “USD/CAD has plummeted from several pips shy of the long term Fibonacci retracement at 1.3462 (61.8% retracement of 2002-2007 decline). The current juncture, defined by the March high at 1.2834 and a slope level near 1.2720, could influence for a bounce but the larger trend has changed (it’s down).” The break above last week’s high diminishes confidence in (but doesn’t destroy) the topping ‘idea’. New highs could carry to the next parallel near 1.38 (all-time high is 1.618…).

USD/CHF

Weekly

GBP/USD - No Material Support Until below April Low

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-“Alternating and contracting moves since March probably compose a triangle. The implication is that the USD/CHF range tightens some more before the rate attempts an important directional move. Which way? I don’t know but if it’s higher then the 2006-2008 trendline comes into play and a break above there would be significant (as in going to 1.20+).” USD/CHF has broken out of its triangle as well as a 9 year trendline. The breakout objective is 1.1182.

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

DISCLOSURES