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  • here we go - starting right now
  • SEC Chair Gensler: - Working with Congress on crypto would help - A large number of crypto investors could be harmed
  • Pre-FOMC US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY
  • The big question is whether the Fed announces taper tomorrow or whether they punt that announcement to the November rate decision, waiting for employment data to improve to the point of ‘significant further progress. More market update from @JStanleyFX :
  • SEC Chair Gensler: - The market is in a better position to absorb global shocks - Securities rules give the SEC great power over crypto
  • feels like we haven't had one of these in quite a while Pre-FOMC Price Action Setups, starting right at 1pm, top of the hour 1. USD PA setups 2. Evergrande worries 3. Stonks - fly or die?
  • That all said, staying patient and not chasing is prudent here imo. Tomorrow will likely be better for assessing short-term directional bias (China markets open again following holiday, post-FOMC).
  • Also, S&P Global put out a report overnight that said China would likely step in to curb “far-reaching contagion” re: Evergrande. The House is scheduled to vote on a stopgap funding bill Tuesday, which might be alleviating some investor angst around the debt ceiling as well.
  • Encouraging we recoiled higher off yesterday’s closing level. Could the pre-FOMC drift be at work? Markets were priced for potential hawkish shift and increased odds of taper timeline announcement. Perhaps seeing an unwind of that in light of recent market developments.
  • Join @JStanleyFX at 13:00 EST/17:00 GMT for a webinar on trading price action. Register here:
Forex: Risk Trends, Event Risk and Technicals for AUDJPY

Forex: Risk Trends, Event Risk and Technicals for AUDJPY

John Kicklighter, Chief Strategist

Talking Points:

  • Less than a week until the FOMC is expected to Taper and the S&P 500 has climbed a 7th straight day
  • Swing or position trades are a risky venture given the uncertainty ahead
  • To adapt to the conflicting fundamental and technical picture, I look to short-term charts

Sign up for John’s email distribution list, here.

We are now less than a week out from an expected moderation of the Federal Reserve's stimulus program. Yet, that hasn't curbed the rally behind equities and yen crosses. Will the Taper spark a disorderly deleveraging of risky positions - especially after this week's build up - or has the prospect of a reduced support system already been priced in? Placing a trade on this uknown is a risky position either way, especially as progress cools the closer we come to zero hour. To mitigate the risks and take advantage of current conditions and volatility, turning to a short-term time frame with more proximate targets and stops is prudent. In today's video, we discuss setups with short-term opportunities that don't conflict the longer-term uncertainties.

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