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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
More View more
Real Time News
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • 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:
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • Gold is facing the neckline of a Double Bottom Pattern after bouncing off a confirmed longer-term trendline. Is a bullish reversal in order? Get your market update from @FxWestwater here:
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here:
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here:
  • The New Zealand Dollar is in a tricky spot. On one hand, rising stocks can propel NZD. On the other, a dovish RBNZ ahead could cool bond yields as the government tackles soaring housing costs. Get your market update from @ddubrovskyFX here:
Sterling Clears Key Channel Resistance- Yen's Descent Resumes

Sterling Clears Key Channel Resistance- Yen's Descent Resumes

Michael Boutros, Strategist

Daily Winners and Losers

Sterling_Clears_Key_Channel_Resistance-_Yens_Descent_Resumes_body_Picture_5.png, Sterling Clears Key Channel Resistance- Yen's Descent ResumesSterling_Clears_Key_Channel_Resistance-_Yens_Descent_Resumes_body_Picture_6.png, Sterling Clears Key Channel Resistance- Yen's Descent ResumesSterling_Clears_Key_Channel_Resistance-_Yens_Descent_Resumes_body_Picture_7.png, Sterling Clears Key Channel Resistance- Yen's Descent Resumes

The sterling is the top performer against a weaker greenback in early US trade with an advance of 0.38% on the session. The dollar was markedly higher in overnight trade before stronger than expected weekly jobless claims saw a rebound in risk appetite with the reserve currency paring nearly all the overnight advance early in the session.

The pound broke above channel resistance dating back to February 8th before encountering soft resistance at the 1.5765 mark. A break above this level eyes subsequent ceilings at 1.5790, 1.5820, and the 200% Fibonacci extension taken from the December 29th and January 13th troughs at 1.5845. Interim support rests with the 161.8% extension at 1.5730 backed by 1.5680 and the 138.2% extension at 1.5660. A break below this level risks substantial losses for the sterling with extended support targets seen at the 50-day moving average at the 1.56-figure. The pound’s breakout today suggests that the sterling could remain well supported over the next few days with only a break back below former channel resistance flipping our bias back to the downside.



200-Day SMA


100-Day SMA


50-Day SMA


2011 GBP High


Sterling_Clears_Key_Channel_Resistance-_Yens_Descent_Resumes_body_Picture_8.png, Sterling Clears Key Channel Resistance- Yen's Descent ResumesSterling_Clears_Key_Channel_Resistance-_Yens_Descent_Resumes_body_Picture_9.png, Sterling Clears Key Channel Resistance- Yen's Descent Resumes

The Japanese yen is the weakest performer against the dollar with a decline of more than 0.50% on the session. The pair broke above soft resistance at 76.80 before losing steam just above the 161.8% Fibonacci extension taken from the January 17th and February 1st troughs at 78.80. The USD/JPY continues to trade within the confines of a ascending channel formation dating back to the 13th with interim resistance now eyed at the 79-figure backed by 79.30. Support rest at the convergence of the 78.60-level and channel support with a break below eyeing subsequent floors at the 138.2% ext at 78.40 and the 123.6% extension at 78.17. We continue to favor this pair higher noting that a break below RSI support is likely to trigger a bout of consolidation before moving higher.

Key Levels/Indicators



200-Day SMA


100-Day SMA


50-Day SMA


2011 JPY High


---Written by Michael Boutros, Currency Strategist with

To contact Michael email or follow him on Twitter @MBForex

To be added to Michael’s distribution list, send an email with the subject line “Distribution List”

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