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
EUR/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
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
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
Mixed
More View more
Real Time News
  • South Korean Vice Finance Minister Kim Yong-Beom: South Korean stock market volatility may expand. Recent Won gains may be due to Chinese Yuan's rise -BBG
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/4zDmzLQZ3j
  • #EURUSD Selloff to Accelerate? Biden-Trump Race for Florida Tightens - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/09/23/EURUSD-Selloff-to-Accelerate-Biden-Trump-Race-for-Florida-Tightens.html
  • $AUDUSD has recorded 4 consecutive down-days for the first time since mid-June, with price collapsing below the 61.8% Fib to support at the June high (0.7064) The last time $AUDUSD recorded losses for five days in a row was during the #Coronavirus Crash in March $AUD https://t.co/RZZ5SGRMnJ
  • 🇳🇿 Balance of Trade (AUG) Actual: N$-353M Previous: N$447M https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇳🇿 Balance of Trade (AUG) due at 22:45 GMT (15min) Previous: N$282M https://www.dailyfx.com/economic-calendar#2020-09-23
  • Could #CrudeOil prices be readying to resume the former uptrend? Or will prices extend losses ahead? #WTI has lately been trading within a Symmetrical Triangle chart pattern Learn more about this formation here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/triangle-pattern.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/g9UlHCePF1
  • Australian Dollar has broken parallel support and remains at risk for further losses within the broader June uptrend. Get your $AUDUSD technical analysis from @MBForex here:https://t.co/gTmlLX5t06 https://t.co/GfEixh5aoP
  • Update on #Cryptocurrencies #BITCOIN +0.27% #BITCOINCASH +0.49% #ETHEREUM +0.21% #RIPPLE +0.49% #LITECOIN +0.38%
  • The Nasdaq 100 just pulled back near an important area of big-picture support via the top of the decade-long channel it left behind back in July. Get your #Nasdaq technical analysis from @PaulRobinsonFX here:https://t.co/XhipuEMhyN https://t.co/BhSnsxU4IJ
GBP/USD Pounding May be Over for a While

GBP/USD Pounding May be Over for a While

2015-12-04 19:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:
  • GBP/USD long term parallel support
  • AUD/USD pokes above October high
  • USD/CHF retest; long term resistance line provides support

--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

Weekly

GBP/USD Pounding May be Over for a While

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-In the last update, FXTW told readers to “be aware of the 30 year trendline that EURUSD is sitting on. In other words, be quick to abandon a bearish bias and even turn bullish on a move through resistance (summer lows) lest you be run over by a rally similar in scope to the ones that have materialized from this line in the past. I’ve been tracking SSI down here too. Typically, SSI will register a reading near 2 (or -2 for a bull move) early in a trending move. Despite one of the strongest 20 day declines in recent years (20 day RoC was lower at the Jan and March lows), SSI hasn’t even spent much time above 1.5. The implication is that retail is hesitant to buy weakness. This isn’t necessarily bullish, but it’s not extremely bearish either….a move above 1.0730 would indicate a hold of the long term support line and present a high reward/risk opportunity on the upside. My colleague David Rodriguez has done superb work on the importance of reward/risk as part of the Traits of Successful Traders series.”

-Fast forward 1 week and EUR/USD nearly reached 1.10 (which is resistance as outlined in the Daily Techs). Establishing above 1.10 (also the 200 day average) would be a ‘vote’ for more important bullish developments. Until then, the waters are murky. Recent developments in non-USD cross rates are interesting.

GBP/USD

Weekly

GBP/USD Pounding May be Over for a While

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-FXTW wrote in the most recent update that “…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).” The weekly reversal warrants bullish consideration, especially since this week’s low is at well-defined parallel support.

AUD/USD

Weekly

GBP/USD Pounding May be Over for a While

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-Recent AUD/USD comments were that “the dominant downtrend is very much intact but there have been prolonged periods of trading around this median line that gave way to decent counter trend moves (rallies). In other words, everything since the September low may very well be corrective but AUD/USD could trade in a more or less nonsensical range for a while longer before the downtrend attempts to reassert.” It’s also worth noting that AUD/USD has broken above a 14 month trendline. The break could trigger a run towards longer term slope resistance (and the 55 week average) in the mid .7600s.

NZD/USD

Weekly

GBP/USD Pounding May be Over for a While

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. Recent developments give scope to a broad bottoming process. The Daily Techs asked “is this a trend change or just a bounce within the downtrend?That question might be answered with how the rate trades around .6455-.6500. The burden of proof is on bulls to step up in order to suggest that the last few months compose a bottoming process rather than just a bear market advance.” NZDUSD has responded positively to the mentioned support zone. As such, look higher while above .6428.

USD/JPY

Weekly

GBP/USD Pounding May be Over for a While

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-FXTW wrote several updates ago that “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!” This long term median line is now acting as resistance but the near term picture is positive whilst above 121.60 (breakout level). Weakness below there would once again bring a yearlong topping process into focus.

-The below chart displays a monthly USD/JPY log chart. The 4+ year bull has stalled at the line that connects the 1990 and 1998 highs. 12 month rate of change also exhibits divergence. Basically, technical observations on the monthly chart warn of a top but the short term picture remains constructive while above the breakout level (121.60).

USD/JPY

Monthly

GBP/USD Pounding May be Over for a While

USD/CAD

Weekly

GBP/USD Pounding May be Over for a While

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-There is no change to recent comments. “Recent USD/CAD action 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…). Below 1.3175 would delay anything bullish until support near 1.2900 (slope line that crosses the February high, March high, and October low).”

USD/CHF

Weekly

GBP/USD Pounding May be Over for a While

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-There is no change to recentUSD/CHF comments other than noting that the rate has re-tested long term trendline resistance (resistance turned support is bullish). “USD/CHF has broken out from a 7+ month triangle. The rate has stalled at the year open price. The triangle breakout objective is 1.1182.”

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

DISCLOSURES