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. See our updated Privacy Policy here.



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
Wall Street
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
More View more
Real Time News
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • The Australian Dollar remains vulnerable to most of its major counterparts, with AUD/USD and AUD/JPY resuming losses. Did AUD/NZD bottom? AUD/CAD may consolidate. Get your weekly Australian Dollar forecast from @ddubrovskyFX here:
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here:
  • While the meetings of central bankers in the US, Japan and the UK will be front, left and center of traders’ minds this coming week, it would be wise not to ignore next Sunday’s German Federal Election. Get your euro forecast from @MartinSEssex here:
  • Take a closer look visually at the most influential global importers and exporters here:
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here:
Are We There Yet?  EUR/USD Closes Higher 6 of the Last 7 Days

Are We There Yet? EUR/USD Closes Higher 6 of the Last 7 Days

Jeremy Wagner, CEWA-M, Head of Education

EUR/USD has been in a monster move to the upside closing higher in six of the last seven trading days. In fact, the daily RSI (Relative Strength Index) has surpassed the highest level since August 2015. Many traders look to RSI as a measure of overbought. Few look to RSI as a means to determine trend, which for EUR/USD, is firmly pointed to the upside.

According to the Elliott Wave model, it appears the trend is incomplete to the upside and further highs may be on the horizon. The break above the red trend line near 1.10 allowed us to elevate our alternate wave count that favors a retest of the 1.16 highs. This would effectively create a large flat or complex correction that began in March 2015.

(Grab out Beginner and Advanced Elliott Wave guide for more on what idealized flat and complex corrections may look like.)

EUR/USD Flat or Complex Correction

The Elliott Wave model suggests this move to the upside is incomplete because we are looking for five waves to unfold higher beginning in January 2017. It appears the strong moves witnessed last week may have been the middle of circle wave iii. That implies a dip in wave iv and more pressure towards the 1.16 highs. Currently, there is a wave relationship near 1.1244. If this relationship holds, we may see a dip towards 1.10 that offers longs an opportunity to position towards higher levels.

Bottom line, a correction to 1.10 is not required within the wave model, but would be a normal correction in an uptrend of this nature. The wave model suggests a couple more bursts higher may be seen prior to a longer term top forming.

Sentiment has consistently shifted towards the net bears, which ends up being a bullish signal. IG Client Sentiment currently sits at -2.88. We will see symptoms of a turn coming if the sentiment reading shifts towards bulls and begins to move towards the positive side of the coin. Check out the live trader sentiment reading and learn how to trade with sentiment with our IG client sentiment guide.

---Written by Jeremy Wagner, CEWA-M

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

Above, we previously discussed how a break of the red trend line hinted towards a test of 1.16. View the webinar recording at the 21:25 mark to hear the context of those comments.

Will AUD/USD be a late bloomer to the USD correction? Read more to find out.

Dow Jones Industrial Average appears to be grinding in a sideways triangle. See more on critical levels to follow.

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