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.



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
Oil - US Crude
Wall Street
More View more
Real Time News
  • Swathes of South Wales to go into lockdown from 1800BST tomorrow - ITV
  • RT @benoitfaucon: According to an internal report dubbed "highly confidential" presented to the OPEC+ alliance on Aug. 17, the return of 1M…
  • Join @MBForex at 8:30 AM ET/12:30 PM GMT for his weekly strategy #webinar Register here:
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min)
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.79%, while traders in NZD/USD are at opposite extremes with 74.27%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: -0.93% Silver: -1.67% Oil - US Crude: -2.28% View the performance of all markets via
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out:
  • Prior to the oil blockade in January, Libya had been producing circa 1.1mbpd
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.42% 🇨🇦CAD: -0.23% 🇦🇺AUD: -0.39% 🇪🇺EUR: -0.50% 🇬🇧GBP: -0.58% 🇳🇿NZD: -0.65% View the performance of all markets via
  • Libya has restarted oil production by 90kbpd and will resume an extra 220kbpd on September 24th, according to sources #OOTT
DJIA Enters Zone of Wave Relationships, EUR/USD Pattern Points Higher

DJIA Enters Zone of Wave Relationships, EUR/USD Pattern Points Higher

2017-06-19 20:15:00
Jeremy Wagner, CEWA-M, Head of Education

This is a recording of a US Opening Bell webinar from June 19, 2017.

In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on key markets for this week. Some key markets we analyzed include Dow Jones Industrial Average and how the pattern appears to be near a potential pivot point. This pattern favors a turn lower from nearby levels for a dip back towards 20,200.

EUR/USD trades sideways in a consolidative fashion. An analyst pick was published on this market today in that we favor buying in the 1.10 to 1.11 price zone for an eventual break higher. The technical pattern still looks incomplete to the upside.

GBP/USD has stabilized after the UK snap election on June 8. The pattern appears bearish and we could be on the forefront of a third wave sell off. We previously wrote about GBP/USD carving a 2017 top and so far, that bearish wave picture has not been negated. However, if GBP/USD does move higher above 1.3060, it may find some resistance near 1.32 or 1.34.

USD/JPY is progressing higher in impulsive fashion and correcting lower in three waves. This is indicative of a bullish trend that is winding up for higher levels. Though prices may dip this week to 110.60, a correction of that depth would be considered typical within an uptrend.

USD/CAD is a market where we favor a resumption of a longer term downtrend. The Elliott Wave model appears incomplete to the downside. It is possible that a bump higher may begin later this week or early next week. If that takes place, then we will look for 1.35 to offer some resistance and a potential zone for shorts to consider re-entry. This also suggests crude oil prices may be supported and may move sideways to higher over the coming weeks. $43.79 is the key level to watch for crude oil prices.

Gold prices reached the $1295 mark recently and but we think it is better to wait for a dip. If prices do pivot lower, we will look for support to form in the $1220-$1230 price range.

We received the Fed rate hike, now what? Review DailyFX’s second quarter forecast for gold and US Dollar.

Lastly, AUD/USD is behaving as if it is supported. We have two patterns we are following one of which is that a bullish triangle just ended leading to higher prices. It appears as though the triangle pattern may be the one, which suggests a continuation of prices moving higher.

IG Client sentiment among EUR/USD traders continues to print near extreme levels at -2.2 and has been negative since mid-April. This suggests some continued strength in the pair may continue. Learn how to trade using sentiment data at the link above.

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

Discuss these markets with Jeremy in Monday’s US Opening Bell webinar.

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.