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
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
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇫🇷 Business Confidence (OCT) due at 06:45 GMT (15min) Expected: 96 Previous: 96 https://www.dailyfx.com/economic-calendar#2020-10-22
  • 🇩🇪 GfK Consumer Confidence (NOV) Actual: -3.1 Expected: -2.8 Previous: -1.7 https://www.dailyfx.com/economic-calendar#2020-10-22
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out:https://t.co/y3cckNW22W https://t.co/DWXPd1Fa8E
  • 🇳🇴 Unemployment Rate (AUG) Actual: 5.3% Expected: 5.1% Previous: 5.2% https://www.dailyfx.com/economic-calendar#2020-10-22
  • 🇩🇪 GfK Consumer Confidence (NOV) Actual: -3.1 Expected: -2.8 Previous: -1.6 https://www.dailyfx.com/economic-calendar#2020-10-22
  • Heads Up:🇳🇴 Unemployment Rate (AUG) due at 06:00 GMT (15min) Expected: 5.1% Previous: 5.2% https://www.dailyfx.com/economic-calendar#2020-10-22
  • Heads Up:🇩🇪 GfK Consumer Confidence (NOV) due at 06:00 GMT (15min) Expected: -2.8 Previous: -1.6 https://www.dailyfx.com/economic-calendar#2020-10-22
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/O7fLzs4TqT
  • 🇳🇱 Consumer Confidence (OCT) Actual: -30.0 Previous: -28.0 https://www.dailyfx.com/economic-calendar#2020-10-22
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.60%, while traders in EUR/USD are at opposite extremes with 74.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fLkteBRqGu
USD/JPY, Gold, DAX 30 – Charts for Next Week

USD/JPY, Gold, DAX 30 – Charts for Next Week

2020-10-16 12:30:00
Paul Robinson, Strategist
Share:

Technical Outlook:

  • USD/JPY to keep filling out wedge formation
  • Gold price arriving at a potential inflection point
  • DAX 30 H&S formation getting closer to possible trigger
Advertisement

USD/JPY looks poised to continue filling out a wedge formation with the help of some more weakness. It came off the top-side of the developing pattern just last week. A drop down to near 10400 would further along its potential for becoming an explosive pattern. The coiling nature of price over time typically leads to a sizable move, something that feels like we haven’t seen in forever out of USD/JPY. A break above 10610 would negate this developing outlook and have the channel line from February in play along with the 200-day at 10735.

USD/JPY Daily Chart (could continue filling out wedge)

USD/JPY daily chart

USD/JPY Chart by TradingView

Gold could be curling up and about to break higher, or meandering before taking another leg lower. There are a couple of signposts we can use to help determine which scenario is most probable to play out. There is a channel building off the September low that if broken to the downside looks likely to lead to selling within the context of a continuing corrective sequence of a bull market. On the flipside, there is a trend-line with multiple inflection points running off a peak created in August. If this is broken along with the 1933 level, we could see the end of the correction turn into another leg higher towards the record high at 2075.

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Check out the Q4 GOLD Forecast
Get My Guide

Gold 4-hr Chart (channel meets trend-line)

Gold 4-hr chart

Gold Chart by TradingView

The DAX 30 is continuing to work on building a head-and-shoulders (H&S) formation. It has yet to confirm as a valid pattern, but if this week’s high holds we may have the right shoulder, which would leave the breaking of the neckline as the final portion of the equation. It is a big “if” still, but a possibility in the coming days/weeks. A breaking of the neckline and 200-day at 12156 is seen as leading to a meaningful decline that will likely be accompanied by a broader global risk-off situation.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Paul Robinson
Start building confidence today.
Get My Guide

DAX 30 Daily Chart (H&S still forming…)

DAX 30 daily chart

DAX 30 Chart by TradingView

Resources for Forex Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES