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
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Australian Dollar is up fractionally this week with Aussie stalling just below the yearly range highs. Here are the levels that matter on the $AUDUSD technical chart. Get your #currencies update from @MBForex here: https://t.co/jYzBK1qH4s https://t.co/gYj4tFbsGS
  • What is the road ahead for equities this coming week? Check out my fundamental outlook below! #DowJones #SP500 #DAX30 #FTSE100 https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2020/07/11/Dow-Jones-SP-500-DAX-30-FTSE-100-Outlook-Stocks-Week-Ahead.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/HjIBDKqwvO
  • #Gold price gains seem to depend on monetary stimulus expansion and may turn lower as contraction of the Federal Reserve’s balance sheet underpins the US Dollar. Get your #metals update from @DanielGMoss here: https://t.co/8NHLc8jdhw https://t.co/0YYKXqtY9V
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/OjTZOQEytM https://t.co/DDCWX1In7k
  • The US Dollar is pressured as rising coronavirus cases fail to dent 2021 GDP bets. Could the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit rise? Find out from @ddubrovskyFX here:https://t.co/u1qhaIGGoC https://t.co/kvFgxQjLb0
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/O0LNvhy4eY https://t.co/mS9vLeVU5Y
  • The Dow Jones could fall based on positioning signals, will the growth-linked Australian Dollar and Canadian Dollar follow? If so, what are the technical barriers ahead? Find out from @ddubrovskyFX here:https://t.co/yJrlR5C00P https://t.co/W45z2yNjr0
  • Further gains in USD/IDR could be curbed as USD/PHP establishes a floor around 2017 lows. USD/MYR may fall next as USD/SGD fast approaches a key falling trend line.Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/9JgZm2n8Fl https://t.co/Yg6WSFxt8T
  • The New Zealand Dollar is aiming higher, with NZD/USD eyeing fresh yearly highs while AUD/NZD may be carving out a bearish Head and Shoulders chart pattern. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/osFxXvq5xF https://t.co/zcmqsFR9tg
  • RT @FxWestwater: $EURUSD & $AUDUSD in Focus Ahead of #ECB, Jobs & Retail Sales - @DailyFX https://www.dailyfx.com/forex/market_alert/2020/07/10/eurusd-audusd-eur-usd-aud-usd-in-focus-ahead-of-ecb-jobs-retail-sales.html https://t.co/uBR27tPwgF
Sterling Clears Key Channel Resistance- Yen's Descent Resumes

Sterling Clears Key Channel Resistance- Yen's Descent Resumes

2012-02-16 16:36:00
Michael Boutros, Strategist
Share:

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.

Level/Indicator

Level

200-Day SMA

1.5915

100-Day SMA

1.5680

50-Day SMA

1.5598

2011 GBP High

1.6745

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

Level/Indicator

Level

200-Day SMA

78.03

100-Day SMA

77.22

50-Day SMA

77.28

2011 JPY High

75.50

---Written by Michael Boutros, Currency Strategist with DailyFX.com

To contact Michael email mboutros@dailyfx.com 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.

DISCLOSURES

News & Analysis at your fingertips.