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
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/DJccj3qiig
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/UK4E7wD6s8
  • Copper is on track to make a sixth consecutive monthly gain as prices inch towards its all-time high. The global backdrop remains supportive despite a short-term pause in the rally. Get your market update from @FxWestwater here:https://t.co/STEYeIG042 https://t.co/R794ENkS3c
  • Retail trader signals still hint that the Dow Jones and S&P 500 may be at risk, placing the focus on year-long rising trendlines to see if dominant upside biases hold.Get your market update from @ddubrovskyFX here:https://t.co/lFpzIFNmzW https://t.co/FoHTLDJWJe
  • The path for the Japanese Yen seems to favor the downside looking at a majors-based index. USD/JPY may rise within its Ascending Channel, but there is some scope for a healthy correction. Get your market update from @ddubrovskyFX here:https://t.co/7XFJiCYYEM https://t.co/KfLyB2t1jP
  • The British Pound’s recent slip lower against its major counterparts may prove short-lived. Key levels to watch for GBP/USD, GBP/JPY, GBP/CHF and EUR/GBP. Get your $GBP market update from @DanielGMoss here:https://t.co/Y48cF2qi9M https://t.co/ia3Bgq0ZTp
  • Senate Democrats reach deal on jobless aid -BBG
  • The US Dollar faces its next key tests against ASEAN FX following gains in USD/SGD, USD/IDR, USD/PHP and USD/THB. Are the breakouts losing momentum? Get your market update from @ddubrovskyFX here:https://t.co/joPnWIcxEN https://t.co/4QAlUyD98V
  • Heads Up:🇨🇳 National People's Congress due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-06
  • Positive vaccine progress, fiscal stimulus hopes and an unperturbed Federal Reserve may open the door for long-term Treasury yields to continue pressing higher, and in turn weigh on gold prices. Get your market update from @DanielGMoss here:https://t.co/TdGhZ82s8r https://t.co/w6YS6Gl11K
JPY, Euro, GBP Price Action Ahead of 'Risk Thursday'

JPY, Euro, GBP Price Action Ahead of 'Risk Thursday'

James Stanley, Senior Strategist

Talking Points:

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

- If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our IG Client Sentiment.

-If you would like to attend similar webinars in the future, DailyFX offers over 20 live sessions every week. Please peruse our webinar calendar to find a session of your liking.

- Thursday of this week brings three events that could have big implications for price action across markets. We looked at each of those in this morning’s Market Talk, and during this webinar, we got more in-depth by looking at extrapolated setups around each event.

- The first market that we looked at was USD/JPY, as a significant support break of the 110.00 level took place earlier in the day, and this can be evidence of safe-haven flows driving into the Yen ahead of Thursday’s batch of event risk. Given the potential for extreme USD-volatility around the James Comey testimony on Thursday morning, we looked elsewhere for Yen plays.

- EUR/JPY has two support zones that could open the door to bullish setups. The ‘S1’ zone of support runs from 121.67-121.95, while the ‘S2’ zone of support straddles the 120.00 psychological level between 119.90-120.32.

- GBP/JPY meanwhile, has broken below a significant level of 141.59; and this can open the door to bearish continuation approaches going into Thursday.

- We then moved over to look at the Euro around this Thursday’s ECB meeting. The Euro is stronger as growth has continued running high, leading to the idea that the European Central Bank may be nearing the end of their stimulus outlays. Despite the continued dovish comments from Mario Draghi, the Euro continues to run-higher; and this can open the door for a ‘buy the dip’ setup around Thursday’s ECB meeting, much as we saw around the bank’s April rate decision.

- For topside Euro plays, EUR/JPY may have a more amenable setup, particularly if the support zone from 121.65-121.95 can come into play.

- We also looked at the prospect of bullish continuation setups in EUR/AUD around the 1.5000 level of support.

- EUR/NZD could be attractive for Euro-weakness plays.

- EUR/GBP is working with the resistance side of a recent range; and given some of the nearby swing-high points of resistance, the door can be opened for bearish plays in the pair.

- We then moved over to Sterling ahead of Thursday’s U.K. elections. GBP/USD has been working within a 400-pip area after the Theresa May fueled-breakout of April on the announcement of early elections. Thursday’s event can propel price action on either side of this zone, at which point a directional bias could be assigned.

--- Written by James Stanley, Strategist for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES