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
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
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • RT @KyleR_IG: "Retail sales rose 1.4 per cent in March" https://t.co/aM9vXo5s49 #ausbiz
  • 🇦🇺 Retail Sales MoM Prel (MAR) Actual: 1.4% Expected: 1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-04-21
  • 🇦🇺 Westpac Leading Index MoM (MAR) Actual: 0.38% Previous: 0.16% https://www.dailyfx.com/economic-calendar#2021-04-21
  • Heads Up:🇦🇺 Westpac Leading Index MoM (MAR) due at 01:30 GMT (15min) Actual: 0.38% Previous: 0.16% https://www.dailyfx.com/economic-calendar#2021-04-21
  • Nasdaq 100 Outlook and Netflix Earnings Miss May Cast a Shadow on Hang Seng and ASX 200 https://www.dailyfx.com/forex/market_alert/2021/04/21/Nasdaq-100-Outlook-and-Netflix-Earnings-Miss-May-Cast-a-Shadow-on-Hang-Seng-and-ASX-200-.html https://t.co/6FEItZRKwD
  • Heads Up:🇦🇺 Westpac Leading Index MoM (MAR) due at 01:30 GMT (15min) Actual: 0.38% Previous: 0.17% https://www.dailyfx.com/economic-calendar#2021-04-21
  • Heads Up:🇦🇺 Retail Sales MoM Prel (MAR) due at 01:30 GMT (15min) Expected: 1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-04-21
  • The US Dollar is looking increasingly vulnerable to ASEAN FX, with USD/SGD and USD/THB breaching key support. USD/IDR is eyeing a Rising Wedge, USD/PHP may face February lows. Get your market update from @ddubrovskyFX here:https://t.co/7rSQzu0sx9 https://t.co/rlQpQDURMm
  • The Australian Dollar’s losses against its major counterparts may prove short-lived, as a series of bullish technical setups begin to take shape on multiple AUD crosses. Get your $AUD market update from @DanielGMoss here:https://t.co/kRtix2AW32 https://t.co/giuKDqh1Zi
  • Wall Street Futures Update: Dow Jones (+0.01%) S&P 500 (-0.06%) Nasdaq 100 (-0.3%) -BBG
EUR/USD Testing Neckline of Major Double Bottom Pattern

EUR/USD Testing Neckline of Major Double Bottom Pattern

Jamie Saettele, CMT, Sr. Technical Strategist
  • EUR/USD testing double bottom neckline
  • GBP/USD follows through on breakout
  • AUD/USD follows through on reversal

--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

--Free trading tips

EUR/USD

Weekly

EUR/USD Testing Neckline of Major Double Bottom Pattern

Chart Prepared by Jamie Saettele, CMT

See REAL TIME trader positioning

-“The importance of the current juncture in EUR/USD cannot be understated. If resistance from a parallel (August high) and horizontal levels gives way, then EUR/USD could trade to the mid-1.20s, and maybe quickly given that the rate had held a 3+ decade trendline for over a year. The key word in that sentence is ‘if’. A bearish outside week just formed at the combination of parallel and horizontal resistance so respect potential for renewed weakness.” After following through on a bearish outside week, EUR/USD rallied every day this week. We’re back at resistance, which is also the neckline from a 14 month double bottom. A break higher would complete the pattern and set an objective near 1.24.

-For forecasts and 2016 opportunities, check out the DailyFX Trading Guides.

GBP/USD

Weekly

EUR/USD Testing Neckline of Major Double Bottom Pattern

Chart Prepared by Jamie Saettele, CMT

See REAL TIME trader positioning

-There is no change to weekly GBP/USD comments. “Recent price action formed a ‘tweezer bottom’ candlestick formation (FXTW pointed out tweezer bottoms in AUD/USD at the September and January lows). This is a reversal pattern. The fact that the pattern formed amid the chaos of headlines (sentiment extreme on ‘BREXIT’) and at a confluence of trendlines indicates increased risk for a decent sized bounce. General focus is higher, probably until the low 1.50s, although continued failure at an internal trendline is a concern. A crash could then take place into early 2017, based on a 96 month (8 year) cycle low count.”

AUD/USD

Weekly

EUR/USD Testing Neckline of Major Double Bottom Pattern

Chart Prepared by Jamie Saettele, CMT

See REAL TIME trader positioning

-There is no change to AUD/USD analysis. “AUD/USD is nearing the October 2013-January 2014 line near .7800. Also, risk of a top is heightened given COT considerations. It remains to be seen whether or not the cycle week that I first presented over a month ago has any influence. Inversion is a possibility. If resistance at .7800 breaks, then the next upside level of interest is probably .7938.” AUD/USD has responded to resistance. The combination of resistance, COT (overheated), and the longer term cycle analysis (1 week off) indicates renewed downside potential.

NZD/USD

Weekly

EUR/USD Testing Neckline of Major Double Bottom Pattern

Chart Prepared by Jamie Saettele, CMT

See REAL TIME trader positioning

-NZD/USD has ‘faked out’ FXTW for about the last 2 months. In any case, NZD/USD is pressing against an important technical level marked by former support (former downtrend support) and ‘new’ uptrend resistance (channel). If NZD/USD is going lower, it needs to do so now.

USD/JPY

Weekly

EUR/USD Testing Neckline of Major Double Bottom Pattern

Chart Prepared by Jamie Saettele, CMT

See REAL TIME trader positioning

-There are a host of technical considerations for USD/JPY support between roughly 105 and 106, including the 2002-2007 line, January 2014 high, October 2014 low, and 200 week average. After the turn higher last week, I turned constructive for a run into ‘the mid-116.00s’. I was (really) wrong as USD/JPY has plunged. Watch the 200 week average closely. USD/JPY rebounded from this average following the tops in 1998, 2002, and 2007. The decline from the 1990 top did not stop at this level however.

USD/CAD

Weekly

EUR/USD Testing Neckline of Major Double Bottom Pattern

Chart Prepared by Jamie Saettele, CMT

See REAL TIME trader positioning

-FXTW views 1.2830 as a pivot. 1.2830 is both the March 2015 high and October 2015 low. Strength through 1.2830 would signal that at least a near term low is in or a near term bottoming pattern is forming. Until then, just know that USD/CAD is trading in the vicinity of support from the first half of 2015 (1.2350-1.2450).

USD/CHF

Weekly

EUR/USD Testing Neckline of Major Double Bottom Pattern

Chart Prepared by Jamie Saettele, CMT

See REAL TIME trader positioning

-There is no change to the latest USD/CHF comments. “USD/CHF made a bullish outside week at the top side of former trendline resistance lines (long and short term). Given long term considerations, the low (.9498) could be significant. Some extremely long term technical considerations are worthy of note when looking at USD/CHF. Read about them here.”

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

DISCLOSURES