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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • U.S. State Department lowers U.K. travel advisory to level 3 - BBG $GBPUSD
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/7yjat28GJw
  • So, is Ethereum considered a 'value' market to new Dogecoin traders?
  • ...but before you write off H&S patterns because more have fallen apart rather than catalyzed lately, consider the monthly chart of $AUDUSD as well. That 0.8000-0.7925 zone is no joke as its historical midpoint, trendine and other technical points confluence https://t.co/dB6edmmA1d
  • While there are other Dollar pairs getting more attention lately, I think $AUDUSD deserve a spot in the rotation. It's currently working out whether it is going to abide 2021's range as a consolidation reversal risk (H&S pattern)... https://t.co/M7dG0a8Isw
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.31% Oil - US Crude: -0.18% Silver: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/AS3CtSNbr4
  • Fed's Evans: - Tepid April jobs report was a 'head scratcher' - Welcomes wage growth as sign of a healthy jobs market - Fed has room to overshoot inflation target - 'It will be a while' before US has made enough progress to talk about tapering
  • US 10-Year Treasury yield extending to session highs and steering the Nasdaq to new lows of the day $NDX $QQQ $NQ_F https://t.co/ReXcLVpGy8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.77%, while traders in Wall Street are at opposite extremes with 78.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wI1kMvJkwU
  • The price of gold extends the series of higher highs and lows from the previous week even though the 10-Year US Treasury yield retraces the decline following the US Non-Farm Payrolls (NFP) report. Get your $XAUUSD market update from @DavidJSong here:https://t.co/kyW7ukihdY https://t.co/keRXgNxmyp
Gold Prices Enter Hot Spot Near $1260; Yen Pairs Look Bullish

Gold Prices Enter Hot Spot Near $1260; Yen Pairs Look Bullish

Jeremy Wagner, CEWA-M, Head of Education

This is a recording of a US Opening Bell webinar from May 1, 2017.

In today’s US Opening Bell webinar, we discussed technical patterns on key markets. Gold prices are in a hot spot right now. There is a pattern that implies a strong burst higher and an opposing pattern that suggests a break down. We previously anticipated the up trend and it is possible that trend may now break down. $1260 is the key level in that above, the bullish pattern is still alive. On a break below $1260, the door is open for additional losses to $1246.

Gold may provide a teaser as to how the US Dollar may perform. A strong move in gold prices could be indicative of a broader US Dollar move. For example, in EUR/USD we are showing a collective of wave relationships and a resistance trend line coming in near 1.10. My initial bias would be to see EUR/USD reject on the first visit near 1.10. The after math of such a move would indicate if 1.10 is vulnerable to break higher or a break down.

The Yen pairs appear poised to drive higher over the medium term (JPY weakness). USD/JPY and EUR/JPY are two markets we are looking for higher prices on even after a minor dip lower. We have highlighted EUR/JPY last week and the week prior. A break outside of their respective price channels is confirmation the mood of those markets are moving to the bullish side.

Gold Prices Enter Hot Spot Near $1260; Yen Pairs Look Bullish

EUR/JPY sentiment has plummeted driving the EUR/JPY exchange rate higher. Over the past 2 weeks, sentiment has flipped from +2.8 to -2.3 now. Sentiment is a good contrarian type of signal in a strong trend. Do you want to learn more about trading with sentiment? Grab this guide.

Fed funds futures are hinting at a rate hike in the June 2017. Read page 2 of our quarterly Yen forecast to see how Japanese Yen behaved in the past during Fed rate hikes.

---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his Bio Page.

To receive additional articles from Jeremy via email, join Jeremy’s distribution list.

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

DISCLOSURES